Mr. Louis Laflamme reports
OPSENS ANNOUNCES FIRST QUARTER FISCAL 2021 FINANCIAL RESULTS
Opsens Inc. has released its financial results for the first quarter of fiscal 2021 ended Nov. 30, 2020.
First quarter financial highlights:
Total revenue of $8.3-million, an increase of 19 per cent, compared with $7-million for the first quarter of fiscal 2020;
- FFR (fractional flow reserve) and dPR (diastolic pressure ratio) sales of $5.3-million, an increase of 23 per cent, compared with $4.3-million for the first quarter of fiscal 2020;
- Net income of $600,000, an improvement of $2.5-million, compared with the first quarter of fiscal 2020;
- Cash and cash equivalents were $12.2-million as of Nov. 30, 2020 ($10.9-million as of Aug. 31, 2020).
Awarded three-year contract in October, 2020, with major American group purchasing organization (GPO) to provide access to the OptoWire to its member hospitals across the United States;
- Progress in the development of a guide wire for transcatheter aortic valve replacement (TAVI or TAVR) procedures.
"I am pleased with the financial results of the first quarter of fiscal 2021 as we achieved solid double-digit top- and bottom-line growth. These positive results reflect the continued confidence of our customers and partners in our team, products and technologies," said Louis Laflamme, president and chief executive officer of Opsens. "During the first quarter, we made strong progress to increase the adoption of the OptoWire in the coronary artery stenosis measurement market, particularly in the United States, where we executed our first group purchasing agreement. We are in discussions with others and believe this, coupled with the introduction of the OptoWire III, will be key to the expansion of the OptoWire going forward."
Financial results -- quarter ended Nov. 30, 2020
Total revenue was $8.3-million, an increase of 19 per cent in the first quarter of 2021, compared with $7-million in the first quarter of 2020.
Sales of products for the measurement of coronary artery stenosis (FFR and dPR) were $5.3-million in the first quarter of 2021, compared with $4.3-million in the same period in 2020, an increase of 23 per cent. The increase in sales is primarily the result of growth in the Japanese, American, European and Canadian markets despite several cardiology laboratories operating at reduced levels due to COVID-19.
Sales of optical medical systems, including the company's five-year supply agreement for ventricular assist device sensors, were $2-million in the first quarter of 2021, compared with $2.2-million in the first quarter of 2020.
Industrial sales increased 89 per cent to $1-million during the first quarter of 2021 due to overall increase of activities in aeronautic and power electronics applications.
Operating expenses in the first quarter of fiscal 2021 were $4.4-million, down $1.2-million, compared with $5.6-million in the first quarter of 2020. The improvement in operating expenses is attributable to a decrease in sales and marketing expenses.
Net income was $600,000 in the first quarter of 2021, compared with a net loss of $1.9-million in the first quarter of 2020. The $2.5-million improvement is due to an $800,000 increase in gross margin, a $1.2-million improvement in operating costs and a $500,000 subsidy from the Canadian government.
Opsens had cash and cash equivalents of $12.2-million as of Nov. 30, 2020 ($10.9-million as of Aug. 31, 2020).
About Opsens Inc.
Opsens focuses mainly on coronary artery stenosis measurement in interventional cardiology. The company offers an advanced optical-based pressure guide wire that aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a second-generation fibre optic pressure guide wire 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 100,000 patients in more than 30 countries. It is approved for sale in the United States, European Union, Japan and Canada.
Opsens is also involved in industrial activities in developing, manufacturing and installing innovative fibre optic sensing solutions for critical applications.
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