Second Sight Reports Third Quarter 2015 Financial Results Sylmar, CA

Sight Reports Third Quarter 2015 Financial Results

CA, October 29, 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 and nine-month periods ended September 30, 2015.

of and Subsequent to the Third Quarter 2015:

was our fourth consecutive quarter of year-over-year growth since our IPO, highlighted by steady growth in U.S. implants, increasing

revenue and expanding margins. Our reimbursement efforts are progressing. We secured our third MAC and now have favorable coverage

in four out of 12 MAC jurisdictions, spanning 16 states. As we add to the increasing body of published evidence supporting the

safety and benefits of the Argus II implant, we expect to make further inroads with the remaining MACs and private insurance companies

who continue to issue favorable coverage decisions on a case by case basis," said Will McGuire, President and CEO of Second

goal is to develop superior products, deliver exceptional user experiences and provide the necessary infrastructure to support

commercial success. We continue to advance our research and development programs to further enhance the Argus II, explore its

potential in new indications such as AMD and leverage the technology to potentially treat patients with nearly all forms of blindness.

As the leader in an emerging industry, we are focused on building a solid foundation for sustained growth. We are confident that

executing our strategic plan will deliver long-term value to customers and shareholders alike," concluded McGuire.

2: Second Sight Reports Third Quarter 2015 Financial Results

Quarter 2015 Financial Results

was $2.2 million for the third quarter of 2015, up 265% compared with $609,000 in the third quarter of 2014. The

increase was primarily due to a higher number of implanted Argus II retinal prostheses in the third quarter of 2015 versus the

year-ago quarter. There were 15 Argus II retinal prostheses implanted in the third quarter of 2015, compared to five for the third

quarter of 2014. In the third quarter of 2015, the Company collected and recognized approximately $400,000 in net deferred revenue

related to implants performed in prior quarters.

was $1.5 million in the third quarter of 2015, compared to $193,000 in the third 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 units.

expenses in the third quarter of 2015 were $6.1 million, compared with $5.8 million in the third quarter of 2014, reflecting

the Company's increased investment in sales and marketing to support unit growth, as well as costs associated with being a publicly-traded

company partially offset by a decrease in research and development expense due to the utilization of $778,000 in grant funding

during the third quarter of 2015.

loss in the third quarter of 2015 was $4.7 million, compared to an operating loss of $5.6 million for the same period

in the third quarter of 2015 was $4.7 million, or $0.13 per share, compared with a net loss of $7.6 million, or $0.31

per share, in the prior year quarter. The Company recorded non-cash charges of $942,000 during the third quarter of 2015,

compared with non-cash charges of $3.0 million during the third quarter of 2014.

adjusted net loss in the third quarter of 2015, excluding non-cash expenses, was $3.7 million, or a non-GAAP net loss of $0.10

per share, compared to a non-GAAP adjusted net loss of $4.7 million, or $0.19 per share in the third quarter of 2014.

Months Ended September 30, 2015 Financial Results

nine months ended September 30, 2015, total revenue was $6.6 million in 2015, compared to $1.9 million in 2014.

The increase reflects volume growth in the number of implanted Argus II retinal prostheses.

during the nine months ended September 30, 2015 was $3.0 million, versus a gross loss of $259,000 in 2014. The improvement

is primarily due to increased sales of implants.

3: Second Sight Reports Third Quarter 2015 Financial Results

and operating expenses during the first nine months of 2015 were $17.5 million versus $15.4 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 nine months of 2015, the Company utilized $1.3 million of grant funding to offset

higher research and development spending.

loss in the first nine months of 2015 was $14.6 million, compared to an operating loss of $15.7 million in 2014.

for the nine months ended September 30, 2015 was $14.5 million, or $0.41 per share, compared with a net

loss of $21.6 million, or $0.91 per share, in the prior year period. Non-GAAP adjusted net loss for the nine months ended

September 30, 2015, excluding non-cash expenses, was $12.4 million, or a loss of $0.35 per share compared with non-GAAP adjusted

net loss of $13.8 million and $0.59 per share in the prior year period.

30, 2015, Second Sight had $21.7 million in cash and cash equivalents and no debt.

4: Second Sight Reports Third Quarter 2015 Financial Results

previously announced, Second Sight management will host its third quarter conference call as follows:

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 21780255. The archived webcast will be available for

30 days via the aforementioned URL.

the Argus II Retinal Prosthesis System

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.

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

has been completed 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.

5: Second Sight Reports Third Quarter 2015 Financial Results

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 contained herein (or elsewhere) to reflect any change in our expectations with regard

thereto or any change in events, conditions or circumstances on which any such statement is based.

to Non-GAAP Financial Measures

addition to reporting all financial information required in accordance with generally accepted accounting principles (GAAP), the

Company is also reporting Non-GAAP net loss and Non-GAAP net loss per share which are non-GAAP financial measures. Non-GAAP net

loss and Non-GAAP net loss per share are not measurements of financial performance under GAAP and should not be used in isolation

or as a substitute or alternative to net income, operating income or any other performance measure derived in accordance with

GAAP, or as a substitute or alternative to cash flow from operating activities or a measure of our liquidity. In addition, the

Company's definition of Non-GAAP net loss and Non-GAAP net loss per share may not be comparable to similarly titled non-GAAP financial

measures reported by other companies. Non-GAAP net loss and Non-GAAP net loss per share, as defined by the Company, represent

net loss adjusted for non-cash stock-based compensation, interest expense on convertible notes and amortization of discount on