QUEBEC CITY, Nov. 16, 2016 /CNW Telbec/ - Opsens Inc.
("Opsens") (TSXV: OPS) (OTCQX: OPSSF) today reported its
results for the year ended August 31,
2016.
HIGHLIGHTS
- The OptoWire II, Opsens' guidewire to measure Fractional Flow
Reserve ("FFR") has been authorized for sale in the U.S.,
Europe, Japan and Canada;
- FFR product sales
- FFR revenues were $2.1 million in
the fourth quarter of 2016 compared with $0.3 million in the corresponding quarter of
2015;
- FFR revenues were $5.2 million
for fiscal 2016 compared with $0.5
million in fiscal 2015;
- The performance of the OptoWire was highlighted in
Circulation Journal, a recognized medical publication;
- Opsens extended its range of applications with 510(k) clearance
from the U.S. Food and Drug Administration ("FDA")
for the OptoMonitor II, a monitor combining the ability to measure
FFR along with measuring intravascular and intracatheter
pressure.
EXECUTING GROWTH STRATEGY
Opsens' commercial channels are demonstrating success from
quarter to quarter, with Q4 revenues up more than 600% compared
with the fourth quarter of the previous year. "We are confident
that the distinctive features of the OptoWire, widely recognized by
key opinion leaders in interventional cardiology, will allow us to
capitalize on the rapidly growing FFR market," said Louis Laflamme, President and Chief Executive
Officer of Opsens.
"Our move into a modern facility and the ongoing production
process improvement will enhance our competitiveness and our
ability to meet the growing demand for our products. We are taking
the necessary measures to become a disruptive player in the
industry. For 2017, we are targeting significant gains in global
market share," concluded Mr. Laflamme.
OPTOWIRE'S PERFORMANCE HIGHLIGHTED IN A MEDICAL
JOURNAL
The performance of Opsens' OptoWire was highlighted in the
Circulation Journal, the official journal of the Japanese
Circulation Society. The article reports that the use of
approximately 100 OptoWire units was performed without any drift of
the measurement and also mentions the shortcomings in the
performance of competitive products in terms of reliability of the
measurement.
FINANCIAL RESULTS - YEAR ENDED AUGUST
31, 2016
Opsens' revenues were higher for the year ended August 31, 2016 at $9.6
million compared with $8.7 million in 2015. This revenue increase
reflects higher revenues in FFR of $4.7
million, partly offset by a decrease of $3.4 million from non-recurring revenues recorded
in 2015 from distribution rights.
|
|
|
(In thousands of
Canadian dollars, except for information per share)
|
Year Ended
August 31, 2016
|
Year Ended
August 31, 2015
|
$
|
$
|
|
|
|
Sales
|
9,601
|
8,665
|
Cost of
sales
|
7,970
|
3,921
|
Gross
margin
|
1,631
|
4,744
|
|
|
|
Administrative
expenses
|
3,685
|
2,616
|
Sales and marketing
expenses
|
3,694
|
1,501
|
R&D
expenses
|
2,744
|
2,303
|
Financial expenses
(revenues)
|
57
|
(1)
|
Change in fair value
of embedded derivative
|
733
|
73
|
Impairment of
assets
|
-
|
796
|
|
10,913
|
7,288
|
|
|
|
Loss before income
taxes
|
(9,282)
|
(2,544)
|
|
|
|
Current income tax
expense
|
-
|
340
|
Net loss and
comprehensive loss
|
(9,282)
|
(2,844)
|
|
|
|
Net loss per share
– Basic
|
(0,14)
|
(0,05)
|
Net loss per share
– Diluted
|
(0,14)
|
(0,05)
|
FINANCIAL RESULTS FOR THE THREE MONTH PERIOD ENDED
AUGUST 31, 2016
In the fourth quarter of fiscal 2016, consolidated sales reached
$3.0 million compared with
$1.1 million for the same period in
2015, an increase of 173%, driven mainly by a growth in FFR sales,
which amounted to $2.1 million
for the fourth quarter of 2016 compared with $0.3 million in 2015.
For the three-month periods ended August
31, 2016 and 2015, the gross margin was stable at negative
$0.1 million. In 2016, gross
margin was affected by higher production losses due to the arrival
a high number of employees that needed to be trained and other ramp
up costs. In addition, non-recurring inventory write-offs in the
oil and gas activities of $0.5
million also impacted gross margin. Management expects that
production yield for fiscal year 2017 will increase to reach higher
targeted level given the improvements in operations that are
already in effect.
GRANT OF STOCK OPTIONS
Opsens' Board of Directors authorized, on November 15, 2016, the grant of 810,000 stock
options, of which 100,000 were granted to a Director, 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 November 14, 2021 at a price
equal $1.55 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 grant of options, with the exception of stock options
granted to the Director that allows 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.