QUEBEC CITY, April 19, 2017 /CNW Telbec/ - Opsens Inc. ( OPSSF
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) ("Opsens" or the "Company") (
OTCQX: OPSSF) today reported its results for the second quarter ended
February 28, 2017.
HIGHLIGHTS
- Growth in sales of products to measure Fractional Flow Reserve ("FFR") in Q2 2017 at $3,117,000 compared with $1,252,000 in Q2 2016, an increase of $1,865,000 or 149%;
- Growth in FFR revenues in first half of 2017 at $5,860,000 compared with $2,145,000 for the same period in 2016, an increase of $3,715,000 or 173%;
- Growth in consolidated revenues for Q2 2017 at $4,808,000 compared with $2,741,000 for Q2 2016, an increase of $2,067,000 or 75%;
- Closing of a $15 million equity financing;
- Opsens ( OPSSF
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) graduates to the Toronto Stock Exchange ("TSX"), Canada's largest stock market.
IMPLEMENTATION OF THE GROWTH STRATEGY
Opsens' ( OPSSF
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) commercial networks continue to demonstrate success from quarter to quarter. FFR revenues for the first half of 2017 are already higher than FFR revenues recorded for the entire previous year. "We are confident that the OptoWire's distinctive features, which are widely recognized by key opinion leaders in interventional cardiology, will allow us to capitalize on the fast-growing FFR market," said
Louis Laflamme, Opsens' (
{C} OPSSF | |
| | {C} {C} OPSSF OPSENS INC1.1163
Change +0.0163 (+1.48%)  AS OF 9:30 AM ET 04/13/17.
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) President and Chief Executive Officer.
"The improvement in our production processes over the past few months has allowed us to increase our competitiveness and our ability to meet the growing demand for our products. Opsens' ( {C} OPSSF
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) cash position now stands at approximately
$16 million, giving the Company the flexibility to execute its commercialization plan worldwide, including the expansion of marketing of our FFR products," added Laflamme.
FINANCIAL RESULTS FOR THE THREE-MONTH PERIOD ENDED FEBRUARY 28, 2017 - SALES GROWTH
In the second quarter, consolidated sales increased by 75%, supported by FFR sales growth. This increase was partially offset by lower revenues of $582,000 in the industrial sector.
Gross margin increased to $2,254,000 for the quarter ended February 28, 2017 compared with $767,000 for the same period last year.
Net loss decreased to 1,001,000 for the three-month period ended February 28, 2017 compared with a net loss of $1,523,000 for the corresponding period last year.
During the quarter, licensing revenues of $1,007,750 (US$750,000) related to a technical milestone payment received were recorded.