QUEBEC CITY, July 5, 2016 /CNW Telbec/ - Opsens
Inc. ("Opsens" or the "Company") (TSXV: OPS) (OTCQX:
OPSSF) today released the results of its third quarter ended
May 31, 2016.
Highlights for the quarter and the last weeks
- Move into the new plant completed;
- Revenues for Fractional Flow Reserve ("FFR") at $982,000 compared with $41,000 in the corresponding quarter 2015;
- FFR revenues for the first nine months of 2016 increased from
$204,000 to $3,127,000 when compared with last year;
- Receipt of Health Canada approval for the sale in Canada of the OptoWire II, the improved
version of Opsens' guidewire to measure FFR;
- New plant receives regulatory approval to deliver products to
U.S., European, Japanese and Canadian markets;
- Closing of a $5 million private
placement;
- Allowance for doubtful accounts was increased by approximately
$500,000 due to the continued
economic difficulties in Western
Canada associated with the oil and gas sector.
Update for Opsens' FFR activities
"During the third quarter of 2016, Opsens completed the move
into its new state-of-the-art facility. This solid foundation and
the expansion of our marketing activities in FFR positions Opsens
for sustained growth in the coming quarters," said Louis Laflamme, Opsens' President and Chief
Executive Officer. "In addition, the very positive feedback on the
performance of the OptoWire II allows us to believe that we have in
hand all the elements to gain market share in the growing FFR
segment and to reach our goal to become the first choice for
cardiologists," concluded Mr. Laflamme.
Opsens' new plant has been housing the Company's medical
activities since March 2016. As
previously announced, the move has affected Opsens' third quarter
2016 revenues, as new authorizations were required in some markets
to manufacture and deliver products from the new plant. Now that
these authorizations are secured, the move gives Opsens the much
needed space and equipment required to accelerate growth to meet
the growing demand for its FFR products.
Opsens has also recently announced approval from Health Canada
for the commercialization of the OptoWire II in Canada. Opsens now has regulatory approval for
the OptoWire II in the United
States, Japan, Europe and Canada.
Financial results for the quarter ended May 31, 2016
In the third quarter, consolidated sales reached $2,125,000 compared with $831,000 in 2015, an increase of 156%, supported
by growth in FFR and oil and gas sales.
Gross margin increased from $232,000 to $514,000 for the quarter ended May 31, 2016, compared with the same period last
year. The increase in the gross margin is explained by higher
revenues as explained previously. The gross margin percentage
decreased from 28% for the three-month period ended May 31, 2015 to 24% for the three-month period
ended May 31, 2016. The gross margin
percentage was affected by downtime caused by the relocation of the
Company in its new facility.
Net loss amounted to $3,076,000
for the three-month period ended May 31,
2016 compared with a net loss of $1,355,000 for the corresponding period last
year. In the third quarter of fiscal 2016, the Company had to
record an additional allowance for doubtful accounts in the
industrial sector for one of its client in Western Canada as a result of challenging
economic conditions. The increase in net loss also reflects
investments made by the Company, mainly in sales and marketing, to
support its growth plan. Management expects the net loss to
diminish in the upcoming quarters as revenues grow. The relocation
of the Company is expected to significantly increase the production
capacity and the Company will continue to expand commercialization
efforts for its FFR products.
For the nine-month period ended May 31,
2016, sales of FFR products reached $3,127,000 compared with $204,000 for the same period last year, an
increase of $2,923,000. Consolidated
revenues totaled $6,576,000 and
$7,555,000, respectively, for the
nine-month periods ended May 31, 2016
and 2015. In 2015, non-recurring revenues of $3,458,000 related to a distribution agreement
had been accounted for.
|
|
|
|
|
(In thousands of
Canadian dollars except per share information)
|
Three-month period
ended
May 31,
2016
|
Three-month period
ended
May 31,
2015
|
Nine-month period
ended
May 31,
2016
|
Nine-month period
ended
May 31,
2015
|
$
|
$
|
$
|
$
|
|
|
|
|
|
Sales
|
2,125
|
831
|
6,576
|
7,555
|
Cost of
sales
|
1,611
|
599
|
4,813
|
2,706
|
Gross
margin
|
514
|
232
|
1,763
|
4,849
|
|
|
|
|
|
Administrative
expenses
|
1,304
|
612
|
2,851
|
1,985
|
Sales and marketing
expenses
|
1,178
|
342
|
2,427
|
1,183
|
Research and
development expenses
|
733
|
635
|
2,042
|
1,624
|
Financial expenses
(revenues)
|
375
|
(2)
|
700
|
(7)
|
Impairment of
assets
|
-
|
-
|
-
|
796
|
|
3,590
|
1,587
|
8,020
|
5,581
|
|
|
|
|
|
Loss before income
taxes
|
(3,076)
|
(1,355)
|
(6,257)
|
(732)
|
|
|
|
|
|
Current income tax
expense
|
-
|
-
|
-
|
340
|
|
|
|
|
|
Net loss and
comprehensive loss
|
(3,076)
|
(1,355)
|
(6,257)
|
(1,072)
|
|
|
|
|
|
Net loss per share
- Basic
|
(0.05)
|
(0.02)
|
(0.10)
|
(0.02)
|
Net loss per share
- Diluted
|
(0.05)
|
(0.02)
|
(0.10)
|
(0.02)
|
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. The Company develops, manufactures and
installs innovative fibre optic sensing 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 Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE OPSENS INC.