Results QUEBEC CITY, Jan. 14, 2019 /CNW Telbec/ - Opsens Inc. ("Opsens" or the "Company") (TSX: OPS) (OTCQX: OPSSF) today reported its results for the first quarter of 2019.
Highlights
- Consolidated revenues totaled $9.1 M in the first quarter of 2019 compared with $6.4 M in the corresponding period in 2018, an increase of $2.7 M or 43% and a record quarterly high;
- Fractional Flow Reserve ("FFR") revenues of $4.7 M for the first three months of fiscal 2019 compared with $3.4 million for the same period last year, an increase of 38%;
- FFR revenues increase by 51% in the United States compared with the same quarter in 2018;
- Opsens achieves CE Marking and Health Canada clearance for the diastolic pressure algorithm or dPR to measure pressure at rest in combination with the OptoWire.
Growth strategy
Consolidated revenues reached a record level, a result of the growth of Opsens' medical business lines. FFR revenues grew significantly, notably in the United States, with an increase of 51%. "These results reflect cardiologists' acceptance of the OptoWire's distinctive features and the optimization of our sales approach deployed in the past year," said Louis Laflamme, President and Chief Executive Officer of Opsens.
"We continue to focus on improvements in sales, production and innovation processes to capitalize on the growing physiology measurement market in cardiology," added Mr. Laflamme.
Financial results - quarter ended November 30, 2018
Opsens' product sales reached $6.8 M in the three-month period ended November 30, 2018compared with $5.3 M in the same period the previous year. This increase is mainly explained by an increase in FFR and other medical revenues compared with the same quarter the year before. In addition, the Company recorded non-recurring license revenue of $2.3 M ($1.0 M for November 30, 2017) for consolidated total revenues of $9.1 M ($6.4 M for November 30, 2017) for the quarter.
Gross margin increased to $5.6 M for the quarter ended November 30, 2018 from $3.3 M in the same period last year. Non-recurring licensing revenues accounted for $1.3 M of this increase.
Net earnings totaled $1.1 M for the three-month period ended November 30, 2018, compared with a net loss of $0.9 M for the same period last year.
As of November 30, 2018, the Company had a cash position of $11.7 M ($10.9 M as of August 31, 2018).
| (unaudited - in thousands of Canadian dollars, except for information per share) | Three-month period ended November 30, 2018 | Three-month period ended November 30, 2017 |
| | $ | $ |
| Revenues | | |
| Sales | | |
| | Medical | 6,207 | 4,711 |
| | Industrial | 594 | 625 |
| | 6,801 | 5,336 |
| Licensing | 2,302 | 1,028 |
| | 9,103 | 6,364 |
| Cost of sales | 3,462 | 3,028 |
| Gross Margin | 5,641 | 3,336 |
| | | |
| Expenses (revenues) | | |
| Administrative expenses | 1,112 | 729 |
| Sales and marketing expenses | 2,423 | 2,197 |
| R&D expenses | 1,073 | 871 |
| Financial revenues | (59) | (26) |
| Change in fair value of embedded derivative | - | 501 |
| | 4,549 | 4,272 |
| | | |
| Net earnings (loss) and comprehensive earnings (loss) | 1,092 | (936) |
| | | |
| Basic and diluted net earnings (loss) per share | 0.01 | (0.01) |