QUEBEC CITY, June 29, 2017, OPSSF, OPS, /CNW Telbec/ – Opsens Inc. (“Opsens” or the “Company”) (TSX: OPS) (OTCQX: OPSSF) today reported its results for the third quarter ended May 31, 2017.
HIGHLIGHTS
- Growth in sales of products to measure Fractional Flow Reserve (“FFR”) in Q3 2017 to $3,710,000 compared with $982,000 in Q3 2016, an increase of $2,728,000 or 278%;
- Growth in FFR revenues in the first nine months of 2017 to $9,570,000 compared with $3,127,000 for the corresponding period in 2016, an increase of $6,443,000 or 206%;
- Growth in consolidated revenues for Q3 2017 to $4,892,000 compared with $2,125,000 for Q3 2016, an increase of $2,767,000or 130%;
- Growth in consolidated gross margin for Q3 2017 at $ 2,050,000 compared with $ 514,000 for Q3 2016;
- Appointment of Robin Villeneuve as Chief Financial Officer.
IMPLEMENTATION OF THE GROWTH STRATEGY
Opsens’ commercial networks continue to demonstrate success from quarter to quarter. FFR revenues for the first nine months of 2017 are significantly higher than FFR revenues recorded for the entire previous year. “We are confident that the OptoWire’s distinctive features, which are widely appreciated by key opinion leaders in interventional cardiology, will allow us to capitalize on the fast-growing FFR market,” said Louis Laflamme, Opsens’ President and Chief Executive Officer.
“The continued improvement in our production processes over the past months has allowed us to increase our competitiveness and our ability to meet the growing demand for our products. Opsens’ cash position now stands at approximately $14 million, giving the Company the flexibility to execute its commercialization plan worldwide, including the acceleration of marketing activities related to our FFR business,” added Laflamme.
FINANCIAL RESULTS FOR THE THREE-MONTH PERIOD ENDED MAY 31, 2017 – SALES GROWTH
In the third quarter, consolidated sales increased by 130%, supported by FFR sales growth. In addition to the increase in FFR sales, other medical income also increased 354% to $889,000 from $196,000 offsetting lower industrial revenues of $654,000.
Gross margin increased to $2,050,000 for the quarter ended May 31, 2017 compared with $514,000 for the same period last year.
Net loss decreased to $1,842,000 for the three-month period ended May 31, 2017 compared with a net loss of $3,076,000 for the corresponding period last year. The increase in sales and gross margin were the main contributors to the decrease in the loss.
(In thousands of Canadian dollars, except for information per share) | Three-Month May 31, 2017 | Three-Month May 31, 2016 | Nine-Month May 31, 2017 | Nine-Month May 31, 2016 |
$ | $ | $ | $ | |
Revenues | ||||
Sales | 4,800 | 2,033 | 12,164 | 6,301 |
Licensing | 92 | 92 | 1,282 | 275 |
4,892 | 2,125 | 13 446 | 6,576 | |
Cost of Sales | 2,842 | 1,611 | 7,951 | 4,813 |
Gross margin | 2,050 | 514 | 5,495 | 1,763 |
Administration expenses | 1,258 | 1,304 | 3,007 | 2,851 |
Sales and marketing expenses | 1,938 | 1,178 | 5,270 | 2,427 |
R&D expenses | 844 | 733 | 2,395 | 2,042 |
Financial expenses (revenues) | 4 | (41) | 127 | 55 |
Change in fair value of embedded derivative | (152) | 416 | 80 | 645 |
3,892 | 3,590 | 10,879 | 8,020 | |
Net loss and comprehensive loss | (1,842) | (3,076) | (5,384) | (6,257) |
Net loss per share – Basic | (0.02) | (0.05) | (0.07) | (0.10) |
Net loss per share – Diluted | (0.02) | (0.05) | (0.07) | (0.10) |
About Opsens Inc. (www.opsens.com or www.opsensmedical.com)
Opsens focuses mainly on the measure of FFR in interventional cardiology. Opsens offers an advanced optical-based pressure guidewire (OptoWire) that aims at improving the clinical outcome of patients with coronary artery disease. Opsens is also involved in industrial activities, offering solutions for critical applications, such as the monitoring of oil wells and other demanding industrial applications.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Opsens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE OPSENS INC.
