Opsens earns $41,000 in fiscal Q2 OPSENS ANNOUNCES SECOND QUARTER FISCAL 2021 FINANCIAL RESULTS AND RECORD FFR AND DPR REVENUES
Opsens Inc. has released its financial results for the second quarter of fiscal 2021, ended Feb. 28, 2021.
Second Quarter Financial Highlights
Total revenue of $8.8 million, compared with $8.3 million for the second quarter of fiscal 2020;
Record FFR and dPR sales of $6.1 million, compared with $5.2 million for the second quarter of fiscal 2020;
Net income of $41,000, an improvement of $1.4 million, compared with the second quarter of fiscal 2020;
Closing of a $28.75 million bought deal offering; and
Cash and cash equivalents were $39.3 million as of February 28, 2021 ($10.9 million as of August 31, 2020).
Recent Developments
Receipt of CE marking in Europe for the OptoWire III; and
OpSens awarded three-year contract agreement with Vizient, Inc., one of the largest group-purchasing organizations (GPO) in the United States, to provide its members with the Company's OptoWire.
Management Commentary
"The second quarter of fiscal 2021 continued to highlight our positive momentum, including top line growth with leverage to the bottom line," said Louis Laflamme, President and CEO of OpSens. "We are excited by the continued commercial adoption of our proprietary optical solutions in the cardiac industry to address some of the industry's most challenging applications. In particular, our OptoWire solution is gaining further traction within key GPO's in the U.S. which opens the door to more than half of the cathlabs in the country. Further, with the closing of a $28.75 million bought deal financing in February 2021, we are now better positioned to accelerate the development our next generation TAVR product which we believe could be a significant game changer in the treatment of aortic stenosis. Overall, I am very pleased with the accomplishments achieved by the Opsens team to deliver value to physicians, patients and our loyal shareholders by improving patient outcomes," Louis Laflamme concluded.
F inancial Results - Quarter Ended February 28, 2021
Total revenue reached $8.8 million for the three-month period ended February 28, 2021 compared with $8.3 million for the same period the previous year. This increase is mainly the result of an increase of $0.9 million in coronary artery stenosis revenues (Fractional Flow Reserve ("FFR") and diastolic pressure ratio ("dPR")), partially offset by lower other medical revenues.
Sales of products for the measurement of coronary artery stenosis (Fractional Flow Reserve ("FFR") and diastolic pressure ratio ("dPR")) were $6.1 million in the second quarter of 2021 compared with $5.2 million in the same period in 2020, an increase of 17%. The increase in sales is primarily the result of growth in the Japanese, European and American markets despite several cardiology laboratories operating at reduced levels due to COVID-19.
Sales of optical medical systems, including the Company's 5-year supply agreement for ventricular assist device sensors, were $1.8 million in the second quarter of 2021 compared with $2.2 million in the second quarter of 2020.
Industrial sales were stable going from $0.9 million in the second quarter of 2020 to $1 million in the second quarter of 2021.
Gross margin increased to 52% for the quarter ended February 28, 2021 from 51% for the quarter ended February 29, 2020.
Operating expenses in the second quarter of fiscal 2021 were $4.3 million, down $1.2 million compared with $5.5 million in the second quarter of 2020. The improvement in operating expenses is attributable to a decrease in sales and marketing expenses.
Net income was $41,000 in the second quarter of 2021 compared with a net loss of $1.4 million in the second quarter of 2020. The $1.4 million improvement is mainly due to a $0.3 million increase in gross margin and a $1.2 million improvement in operating costs.
About OpSens Inc. (www.OpSens.com or www.OpSensmedical.com)
OpSens focuses mainly on coronary artery stenosis measurement in interventional cardiology. The Company 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 100,000 patients in more than 30 countries. It is approved for sale in the United States, European Union, Japan, and Canada.