QUEBEC CITY, July 11, 2019 /CNW Telbec/ – Opsens Inc. (“Opsens” or the “Company”) (TSX: OPS) (OTCQX: OPSSF) today reported its results for the third quarter of 2019.
HIGHLIGHTS
- Consolidated revenues of $7.9 M for the third quarter of 2019 compared with $6.4 M for the third quarter of 2018, an increase of $1.5 M or 23%;
- Fractional Flow Reserve (“FFR”) sales of $5.2 M for the third quarter of 2019 compared with $3.5 M for the same period last year, an increase of 49%;
- 44% increase in FFR revenues in the United States compared with the same quarter in 2018;
- Landmark supply agreement signed with Abiomed, Inc. (“Abiomed”).
GROWTH STRATEGY
Opsens’ medical sales reached a record level in the third quarter of 2019. FFR revenues increased by 49% year over year. “These results reflect cardiologists’ acceptance of the OptoWire’s distinctive features and the positive evolution of our sales approach deployed in the past year,” said Louis Laflamme, President and Chief Executive Officer of Opsens. “We are also pleased with Opsens’ extended collaboration with Abiomed through the signing of a five-year contract to supply a critical portion of their Impella CP® heart pump technology widely used in the United States. The agreement follows a co-development project to integrate Opsens’ miniature optical pressure sensor into the Impella CP®. This partnership highlights the benefits of our optical technology for cardiac applications, as well as the accuracy of our measurement technology and the quality of our manufacturing capabilities,” added Laflamme.
FINANCIAL RESULTS – QUARTER ENDED MAY 31, 2019
Opsens’ product sales reached $7.5 M in the three-month period ended May 31, 2019, compared with $5.7 M in the same period, the previous year. This increase is mainly explained by an increase in FFR revenues compared with the quarter ended May 31, 2018. In addition, the Company recorded non-recurring license revenues of $0.4 M ($0.7 M for the same quarter 2018) for a consolidated total income of $7.9 M ($6.4 M in 2018) for the quarter.
Gross margin increased for the quarter ended May 31, 2019, compared with the same period last year, from $3.6 M to $4.5 M.
Net loss was $1.1 M for the period ended May 31, 2019, compared with $0.8 M for the same period last year.
As of May 31, 2019, the Company had a cash position of $17.1 M compared with $10.9 M as of August 31, 2018.
About Opsens Inc.
Opsens focuses mainly on physiological measurements, such as FFR and dPR in interventional cardiology. Opsens offers an advanced optical-based pressure guidewire that aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a second-generation fiber optic pressure guidewire 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 70,000 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.
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:
Louis Laflamme, CPA, CA, Chief Executive Officer, 418.781.0333
Robin Villeneuve, CPA, CA, Chief Financial Officer, 418.781.0333