results Quebec City, Quebec, July 11, 2019 – 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 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.