Second Sight Reports Second Quarter 2015 Financial Results Sylmar, CA

Sight Reports Second Quarter 2015 Financial Results

Sylmar, CA, August 04, 2015 - Second Sight Medical

Products, Inc. (NASDAQ: EYES) ("Second Sight" or "the Company"), a developer, manufacturer and marketer of

implantable visual prosthetics to provide some useful vision to blind patients, today reported financial results for the three-month

period ended June 30, 2015.

Second Quarter 2015 Highlights

"This was our strongest quarter to-date, highlighted

by record revenue of $2.7 million," said Dr. Robert Greenberg, President and CEO of Second Sight. "These significant

gains versus the same period last year were driven by our focus on expanding implanting centers around the world, and our efforts

to expand reimbursement coverage in the US and abroad. We now have 29 active implanting centers and are in ongoing discussions

with more centers around the world. We are also advancing our R&D strategy to help more of the 1.5 million people worldwide

that suffer from Retinitis Pigmentosa. Our continued growth will be driven by further penetration in our existing markets, increased

volume at current centers and additional implanting centers in new geographic markets," he added.

"We remain committed to further enhance and develop the

Argus II as we explore its potential use in new indications, such as Age-Related Macular Degeneration. We are hopeful that the

small pilot study we initiated in June to test the safety and efficacy of the Argus II in patients with Dry AMD will offer hope

to the nearly two million people worldwide that suffer from AMD. In addition, we continue to make progress on the Orion I Visual

Cortical Prosthesis, a device that would allow us to expand into direct visual cortical stimulation to treat patients with nearly

all forms of blindness in which the optic nerve or retina is completely damaged. This market has an estimated six million people,"

concluded Dr. Greenberg.

Sight Reports Second Quarter 2015 Financial Results

Second Quarter 2015 Financial Results

Total revenue was $2.7 million for the second quarter

of 2015, up 335% compared with $611,000 in the second quarter of 2014. The increase was primarily due to a higher number

of implanted Argus II retinal prostheses in the second quarter of 2015 versus the year-ago quarter. There were 20 Argus II retinal

prostheses implanted in the second quarter of 2015, compared to three for the second quarter of 2014.

Gross profit was $1.1 million in the second quarter of

2015, compared to a gross loss of $382,000 in the second quarter of 2014. The improvement reflects the higher levels of production

to meet demand, which allowed Second Sight to lower the overall cost per unit by spreading manufacturing overhead across more

Total operating expenses in the second quarter of 2015 were $6.0

million, compared with $5.2 million in the second quarter of 2014, reflecting the Company's increased investment in sales

and marketing, as well as costs associated with being a publicly-traded company. This increase was offset by a decrease in research

and development expense due the utilization of $512,000 of grant funding in second quarter of 2015.

Operating loss in the second quarter of 2015 was $4.9

million, compared to an operating loss of $5.6 million for the same period last year.

Net loss in the second quarter of 2015 was $4.9 million,

or $0.14 per share, compared with a net loss of $7.5 million, or $0.32 per share, in the prior year quarter. The Company

recorded non-cash charges of $640,000 during the second quarter, compared with non-cash charges of $2.2 million during the second

Non-GAAP adjusted net loss in the second quarter of 2015, excluding

non-cash expenses, was $4.3 million, or a non-GAAP net loss of $0.12 per share, compared to a non-GAAP adjusted net loss of $5.3

million, or $0.23 per share in the second quarter of 2014.

Six Months Ended June 30, Financial Results

For the six months ended June 30, 2015, total revenue was $4.4

million in 2015, compared to $1.3 million in 2014. The increase reflects volume growth in the number of implanted Argus

II retinal prostheses.

Gross profit in 2015 was $1.5 million, versus a gross loss

of $452,000 in 2014. The improvement is primarily due to increased sales of implants.

Sight Reports Second Quarter 2015 Financial Results

Total costs and operating expenses in during the first six

months of 2015 were $11.4 million versus $9.6 million during the same period in 2014. This increase is primarily due

to additional investments in the business, as well as costs associated with Second Sight being publicly-traded. During the first

six months of 2015, the Company utilized $530,000 of grant funding to offset higher research and development spending.

Operating loss in 2015 was $9.9 million, compared to an

operating loss of $10.0 million in 2014.

Net loss for the six months ended June 30, 2015 was $9.9

million, or $0.28 per share, compared with a net loss of $14.0 million, or $0.60 per share, in the prior year period.

Non-GAAP adjusted net loss for the six months ended June 30, 2015, excluding non-cash expenses, was $8.7 million, or a loss of

$0.24 per share compared with Non-GAAP adjusted net loss of $9.2 million and $0.40 per share in the prior year period.

As of June 30, 2015, Second Sight had $26.6 million in

cash, cash equivalents and investments, compared to $34.6 million as of December 31, 2014.

As previously announced, Second Sight management will host

its second quarter conference call as follows:

Sight Reports Second Quarter 2015 Financial Results

A replay of the conference call will be available for two weeks

after the call's completion by dialing (800) 633-8284 (U.S.) or (402) 977-9140 (International). The conference ID for

the replay is 21772680. The archived webcast will be available for 30 days via the aforementioned URL.

About the Argus II Retinal Prosthesis System

Second Sight's Argus II System provides

electrical stimulation that bypasses the defunct retinal cells and stimulates remaining viable cells inducing visual perception

in individuals with severe to profound Retinitis Pigmentosa. The Argus II works by converting images captured by a miniature video

camera mounted on the patient's glasses into a series of small electrical pulses, which are transmitted wirelessly to an array

of electrodes implanted on the surface of the retina. These pulses are intended to stimulate the retina's remaining cells, resulting

in the perception of patterns of light in the brain. The patient then learns to interpret these visual patterns, thereby regaining

some visual function. The Argus II is the first artificial retina to receive widespread approval, and is offered at approved centers

in Canada, France, Germany, Italy, Netherlands, Saudi Arabia, Spain, Switzerland, Turkey, United Kingdom, and the U.S.

Second Sight's mission is to develop,

manufacture and market innovative implantable visual prosthetics to enable blind individuals to achieve greater independence.

Second Sight has developed and manufactures the Argus II Retinal Prosthesis System. Enrollment is underway in a trial to

test the safety and utility of the Argus II in individuals with Dry Age-Related Macular Degeneration. Second Sight is also developing

the Orion I Visual Cortical Prosthesis to restore some vision to individuals who are blind due to causes other than

preventable or treatable conditions. U.S. Headquarters are in Sylmar, CA, and European Headquarters are in Lausanne, Switzerland.

For more information, visit www.secondsight.com.

This press release contains forward-looking

statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange

and Exchange Act of 1934, as amended, which are intended to be covered by the "safe harbor" created by those sections.

All statements in this release that are not based on historical fact are "forward looking statements." These statements

may be identified by words such as "estimates," "anticipates," "projects," "plans," or

"planned," "seeks," "may," "will," "expects," "intends," "believes,"

"should" and similar expressions or the negative versions thereof and which also may be identified by their context.

All statements that address operating performance or events or developments that Second Sight expects or anticipates will occur

in the future are forward-looking statements. While management has based any forward looking statements included in this release

on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve

inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements,

as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion

and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K as filed on March

17, 2015 and our other reports filed from time to time with the Securities and Exchange Commission. We urge you to consider

those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon

any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities

laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement