Globe & MailAside from tax losses, it doesn't make much sense to sell at this price. They've completed the painful part and now we will hopefully reap the benefits once we get the full scale launch of SavvyWire in the new year. GLTA
08:12 AM EST, 11/22/2022 (MT Newswires) -- OpSens Inc. (OPS.TO), a medical device cardiology-focused company, on Tuesday reported its Q4 2022 results.
Total revenue was $9.1 million, compared with $8.1 million in Q4 2021, a 12% increase.
Gross margins fell to 48% in Q4 022 from 50% last year. The decrease is mainly due to the costs related to the phasing out of the production of the OptoWire 2.
Net loss was $4.0 million, or $(0.04) per diluted share, compared with a net loss of $1.2 million, or $(0.01) per diluted share, in the prior year period. The increased loss is primarily due to higher operating expenses to drive growth in coronary products and preparation of the large-scale launch of SavvyWire for TAVR (Transcatheter Aortic Valve Replacement). The first TAVR procedure was performed with the SavvyWire in the US by Dr. Philippe Genereux of Morristown Medical Center.
"The past year has been marked by both record fiscal sales and successful completion of regulatory steps for the SavvyWire in Canada and most recently in the United States, allowing us to proceed with our commercialization plans in both markets in FY2023," said Louis Laflamme, President and CEO. "We have successfully completed the controlled release phase for the SavvyWire in Canada and are now entering the full-scale release. In the U.S. we are entering the controlled release phase that will lead to the full-scale launch of the SavvyWire in calendar year 2023."