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Opsens Inc
Symbol OPS
Shares Issued 89,868,817
Close 2018-11-28 C$ 0.80
Market Cap C$ 71,895,054
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Opsens loses $4.55-million in fiscal 2018

2018-11-28 08:29 ET - News Release

Mr. Louis Laflamme reports

UPDATE - OPSENS REPORTS Q4 AND FY2018 RESULTS

Opsens Inc. has provided its results for the fourth quarter and fiscal year ended Aug. 31, 2018.

Highlights for the quarter and for the year

  • Fractional flow reserve (FFR) revenues reach $4.1-million in the fourth quarter of 2018 compared with $2.8-million in the same quarter of 2017, an increase of 46 per cent;
  • Record consolidated revenues at $24.1-million for fiscal year 2018 compared with $17.8-million for fiscal year 2017, a 35-per-cent increase;
  • Gross profit margin increases to 53 per cent from 42 per cent compared with last year;
  • FFR sales at $14.3-million for FY2018 compared with $12.4-million for FY2017, an increase of 15 per cent;
  • FFR product revenues for FY2018 increase by 94 per cent in the United States compared with last year;
  • Japan's Ministry of Health, Labor and Welfare (MHLW) introduces new regulations requiring a physiology assessment of all coronary artery stenosis prior to treatment utilizing FFR products, including the OptoWire.

Growth strategy

Consolidated revenue growth in FY2018 demonstrates the evolution of Opsens's business. In addition to the progression of its FFR activities in the United States and around the world, Opsens's technologies are also increasingly used by medical companies within their products. "We are pleased with the sales growth in product for the measurement of FFR, particularly in the United States, where sales grew substantially over FY2017. The OptoWire and the future commercialization of our new algorithm to measure pressure at rest, Opsens dPR, will strengthen revenue growth in cardiology in 2019," said Louis Laflamme, president and chief executive officer of Opsens.

"Key opinion leaders in interventional cardiology increasingly recognize the value and benefits of the OptoWire, a key driver of our growth. We will continue to focus on increasing our penetration into cath labs, on launching new products and on improving production processes to stimulate market share growth while increasing profit margins," added Mr. Laflamme.

Financial results -- year ended Aug. 31, 2018

Opsens's consolidated products sales reached $22.1-million for the year ended Aug. 31, 2018, compared with $16.4-million the previous year. This increase is explained by a $5.1-million increase in medical revenues and of $600,000 in industrial revenues, compared with 2017. In addition, the company recorded non-recurring licensing revenues of $2.0-million compared with $1.4-million the previous year.

Gross margin for the year ended Aug. 31, 2018, compared with the same period last year, increased from 42 per cent to 53 per cent. Excluding non-recurring licensing revenue, the gross margin increased from 37 per cent to 49 per cent ($6.1-million for the year ended Aug. 31, 2017, to $10.8-million for the year ended Aug. 31, 2018). This increase is the result of the optimization of FFR production activities as well as the increase in other medical income.

Net loss amounted to $4.5-million for the year ended Aug. 31, 2018, compared with a net loss of $6.5-million for the same period last year, a positive change of $2.0-million. This variation is mainly explained by an increase in the gross margin partially offset by an increase in sales and marketing expenses.

Opsens had a cash position of $10.9-million as at Aug. 31, 2018 ($12.6-million as at Aug. 31, 2017).

  
                       (in thousands of dollars)

                                                                    Year ended
                                                                       Aug. 31,
                                                                2018      2017
Revenues
Sales
Medical                                                      $19,991   $14,895
Industrial                                                     2,121     1,483
                                                              22,112    16,378
Licensing                                                      1,958     1,374
                                                              24,070    17,752
Cost of sales                                                 11,330    10,252
Gross margin                                                  12,740     7,500
Administration expenses                                        3,869     3,774
Sales and marketing expenses                                   9,273     6,975
R&D expenses                                                   3,697     3,131
Financial expenses (revenues)                                    (50)       (7)
Change in fair value of embedded derivative                      501       164
                                                              17,290    14,037
Net (loss) and comprehensive (loss)                           (4,550)   (6,537)
Net (loss) per share -- basic and diluted                      (0.05)    (0.08)


Financial results for the three-month period ended Aug. 31, 2018

Consolidated revenues reached $5.9-million for the three-month period compared with $4.3-million for the same period last year, an increase of $1.6-million or 37 per cent. This increase is mainly related to the increase in FFR sales that reached $4.1-million compared with $2.8-million in the 2017 comparative quarter.

For the three-month periods ended Aug. 31, 2018, and 2017, gross margin was $3.0-million (51 per cent) and $2.0-million (47 per cent), respectively.

About Opsens Inc.

Opsens focuses mainly on the measure of FFR and dPR in interventional cardiology. Its flagship product, the OptoWire, is a second-generation fibre optic pressure guidewire designed to provide the lowest drift in the industry and excellent lesions access. The OptoWire has been used in the diagnosis and treatment of over 50,000 patients in more than 30 countries. It is approved for sale in the United States, European Union, Japan and Canada.

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