QUEBEC CITY, April 19, 2016 /CNW Telbec/ - Opsens Inc.
("Opsens" or the "Company") (TSXV: OPS) (OTCQX: OPSSF) today
released the results for its second quarter ended February 29, 2016.
Highlights for the Quarter and for the Last Few Weeks
- Revenue growth for Fractional Flow Reserve ("FFR") at
$1,252,000 compared with $112,000 in the comparative quarter of 2015;
- Move into new plant nearly completed;
- Receipt of 510(k) approval from the U.S. Food and Drug
Administration ("FDA") for the sale in the United States of the OptoWire II, the
improved version of Opsens' guidewire to measure FFR;
- Consolidated revenue growth of over 20% for the second quarter
2016. Revenue reached $2,741,000 in
the second quarter of 2016 compared with $2,286,000 the previous year;
- FFR revenue growth for the first half of 2016. Revenue
increased from $163,000 in the first
half of 2015 to $2,145,000 for the
same period in 2016;
- Opsens named in the TSX Venture 50®;
- Hiring of a Vice President/General Manager Sales and Commercial
Operations, United States;
- Closing of $5 million equity
financing.
Update On Activities for Opsens' FFR Products
"Almost everything is in place for the expansion of our
marketing activities in FFR," said Louis
Laflamme, President and Chief Executive Officer of Opsens.
"In addition, the very positive feedback on the performance of the
OptoWire II allows us to believe that we hold all the elements to
gain share in the growing FFR market and reach our goal to become
the first choice of cardiologists," concluded Mr. Laflamme.
In March 2016, Opsens began to
occupy its new headquarters for medical activities into its new
state-of-the-art facilty. After a short interruption in the
production to allow relocation, production has resumed and
gradually, the pace is accelerating. The move will affect revenue
growth in the third quarter 2016. However, completion of the move
will accelerate growth to meet the increasing demand for Opsens'
FFR products.
Opsens has also recently announced receipt of the 510(k)
approval from the U.S. Food and Drug Administration ("FDA") for the
marketing of the OptoWire II in the
United States. Opsens has taken steps to ensure a successful
launch in the U.S. and in other selected markets. For the American
market, Opsens has assembled a strong team with experience and
expertise in the sale of FFR products in the U.S. This team has
started to deploy the sales and marketing strategy that will lead
to the full product launch in the U.S. territory.
Financial Results for the Quarter Ended February 29, 2016 - Sales Growth
In the second quarter, consolidated sales reached $2,741,000, an increase of 20%, supported by
growth in FFR sales. This was partially offset by lower revenue of
$390,000 in the industrial sector,
the result of a major contract in the mining sector in the
comparative quarter in 2015.
Gross margin decreased from $1,109,000 to $767,000 for the quarter ended February 29, 2016, compared with the same period
last year. The decrease in the gross margin is explained by the
relocation of the medical activities into the new facility that has
temporarily interrupted the production during the second quarter of
fiscal 2016.
In the end, net loss amounted to $1,523,000 for the three-month period ended
February 29, 2016, compared with a
net loss of $880,000 for the
corresponding period last year.
For the first half of 2016, sales of FFR products reached
$2,145,000 compared with $163,000 for the same period last year, an
increase of $1,982,000. Consolidated
revenue totaled $4,452,000 and
$6,724,000 for the first half of 2016
and 2015. In 2015, non-recurring revenue of $3,458,000 related to a distribution agreement
had been accounted for. The move into the new facility is expected
to increase significantly the production capacity. Consequently, we
are confident that the sales growth will continue as Opsens expands
commercialization of its FFR products.
Industrial
In the industrial sector, Opsens' versatile technology
applications meet the needs of various markets. Opsens' products
perform in the most demanding environments, offering advantages in
terms of improved production, cost reduction and security of sites.
In the second quarter of 2016, several proposals and discussions
were conducted with clients of importance.
|
|
|
|
|
(In thousands of
Canadian dollars, except for information per share)
|
Three-Month Period
Ended
February 29,
2016
|
Three-Month Period
Ended
February 28,
2015
|
Six-Month Period
Ended
February 29,
2016
|
Six-Month Period
Ended
February 28,
2015
|
$
|
$
|
$
|
$
|
|
|
|
|
|
Sales
|
2,741
|
2,287
|
4,452
|
6,724
|
Cost of
Sales
|
1,974
|
1,178
|
3,202
|
2,107
|
Gross
margin
|
767
|
1,109
|
1,250
|
4,617
|
|
|
|
|
|
Administration
expenses
|
815
|
716
|
1,548
|
1,373
|
Sales and marketing
expenses
|
773
|
416
|
1,249
|
841
|
R&D
expenses
|
625
|
484
|
1,309
|
989
|
Financial expenses
(income)
|
77
|
33
|
325
|
(5)
|
Impairment of
assets
|
-
|
-
|
-
|
796
|
|
2,290
|
1,649
|
4,431
|
3,994
|
|
|
|
|
|
Earnings (loss)
before income taxes
|
(1,523)
|
(540)
|
(3,181)
|
623
|
|
|
|
|
|
Current income tax
expense
|
-
|
340
|
-
|
340
|
|
|
|
|
|
Net earnings
(loss) and comprehensive income
(loss)
|
(1,523)
|
(880)
|
(3,181)
|
283
|
|
|
|
|
|
Net earnings
(loss) per share - Basic
|
(0.02)
|
(0.01)
|
(0.05)
|
0.00
|
Net earnings
(loss) per share – Diluted
|
(0.02)
|
(0.01)
|
(0.05)
|
0,00
|
Grant of Stock Options
Opsens' Board of Directors authorized, on April 18, 2016, the grant of 147,500 stock
options, of which 60,000 were granted to Directors, as
provided in Opsens' stock option plan adopted by shareholders on
January 18, 2016.
Under the terms of the Stock Option Plan, each option granted
entitles the holder to purchase one common share of Opsens no later
than April 17, 2021 at a price equal
to $1.20 per share. The stock options
granted will vest over a period of four years at 25% per year, the
first portion vesting at the end of the first year following the
granting of the options, with the exception of stock options
granted to Directors that allow the holder to subscribe immediately
for common stock of Opsens.
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.