Quebec City, Quebec, January 15, 2018 – Opsens Inc. (“Opsens” or the “Company”) (TSX:OPS) (OTCQX:OPSSF) today reported its results for the first quarter ended November 30, 2017.
- Consolidated revenues reached $6,364,000 for Q1 2018 compared with $3,745,000 for the same period last year, an increase of $2,619,000 or 70%;
- Fractional Flow Reserve (“FFR”) revenues for the first quarter of fiscal 2018 amounted to $3,359,000 compared with $2,743,000 for the same period last year, an increase of $616,000 or 22%;
- Other medical revenues in the quarter reached $1,352,000 compared with $496,000 for the same period last year, an increase of $856,000 or 173%;
- Conversion of the US$2,000,000 convertible debenture into common shares of the Company. As at November 30, 2017, Opsens had a cash position of $13.4 million ($12.6 million as at August 31, 2017).
Execution of the growth strategy
FFR revenues grew in all key markets in the first quarter of 2018. “We are convinced that the OptoWire’s distinctive features, widely recognized by industry key opinion leaders in the field of interventional cardiology, will enable us to capitalize on the fast-growing FFR market,” said Louis Laflamme, President and CEO of Opsens.
“We continue to focus on improving sales, production and innovation to capitalize on the FFR market,” added Mr. Laflamme.
Financial results – quarter ended November 30, 2017
Opsens’ product sales reached $5,336,000 for the three-month period ended November 30, 2017, compared with $3,654,000 for the corresponding period the previous year. This significant increase is mainly explained by an increase in FFR income, other medical income and in industrial income compared with the corresponding quarter in 2016. Also, the Company recognized a non-recurring licensing revenues of $1,028,000 for a total consolidated revenues of $6,364,000.
Gross margin increased to $3,336,000 for the quarter ended November 30, 2017 compared with $1,191,000 for the same period a year earlier. An amount of $937,000 of this increase was driven by the non-recurring licensing revenues.
The net loss amounted to $936,000 for the three-month period ended November 30, 2017, compared with a net loss of $2,541,000 for the corresponding period last year. The change in the fair value of the debenture converted into shares during the quarter resulted in a non-cash charge of $501,000 during the quarter ended November 30, 2017.
|(unaudited – in thousands of Canadian dollars, except for information per share)||Three-month
November 30, 2017
November 30, 2016
|Cost of sales||3,028||2,554|
|Sales and marketing expenses||2,197||1,770|
|Financial expenses (revenues)||(26)||152|
|Change in fair value of embedded derivative||501||186|
|Net loss and comprehensive loss||(936)||(2,541)|
|Net loss per share – Basic and diluted||(0.01)||(0.03)|
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 in developing, manufacturing and installing innovative fibre optic sensing solutions for critical 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.
For further information, please contact:
Louis Laflamme, CPA, CA, Chief Executive Officer, 418.781.0333
Robin Villeneuve, CPA, CA Chief Financial Officer, 418.781.0333