QUEBEC CITY, April 23, 2013 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSXV:
OPS) today released results for its second quarter ended February 28,
2013.
Second Quarter 2013 Highlights
-
Largest oil and gas order received to date: 48 OPP-W systems;
-
Verification and Validation phase continues for Opsens' OptoWire for
Fractional Flow Reserve ("FFR");
-
Gross margin reaches 35%, a 5% increase over last year;
-
Net loss decreased to $623,000, an improvement of $53,000 over last
year.
"The net result and gross margin improved during this quarter,
reflecting our focus on higher value markets. Opsens' revenues
decreased in the last quarter, as some oil and gas installations were
carried over to the next quarters. We expect increased revenues in the
remaining portion of our 2013 fiscal year, as the backlog already
reflects a sustained growth with an increase in OPP-Ws sales," said
Louis Laflamme, President and CEO of Opsens.
Laflamme continued "as for the medical instrumentation segment, the
commercial release of the OptoWire, scheduled for 2014, is approaching
rapidly. Opsens is anxious to enter the fast growing FFR market which
reached $207 million in 2012 and can realistically expect to reach
between $1 billion to $2 billion in annual revenues in the near future.
Our penetration of a fraction of this market currently shared by two
players will have a significant impact on our sales."
Second Quarter Results
Consolidated sales reached $1,837,000 in the three-month period ended
February 28, 2013 compared with revenues of $2,377,000 a year earlier.
Phasing out of the transformers sector had a negative impact on the
revenues, as sales decreased by almost $300,000 in the second quarter
of 2013. Sales for the oil and gas segment were lower for the second
quarter of 2013 at $1,485,000 compared with $1,834,000 for the same
period in 2012. Opsens is confident that its focus on the oil and gas
and FFR markets will largely offset in the near future the decrease in
revenues arising from the sale of the transformers business.
Opsens' gross margin rate rose from 30% to 35% in the second quarter of
2013 compared with the second quarter of 2012, due to Opsens' focus on
higher margin markets and the termination of the high-power
transformers agreement which was affecting Opsens' gross margin rate.
As a result of the foregoing, net loss amounted to $623,000 compared
with $675,000 for the same period last year.
|
|
|
|
(In thousands of Canadian dollars, except for information per share)
|
Three-month
period ended
February 28,
2013
|
Three-month
period ended
February 29,
2012
|
Six-month
period ended
February 28,
2013
|
Six-month
period ended
February 29,
2012
|
|
$
|
$
|
$
|
$
|
|
|
|
|
|
|
|
Sales
|
1,836
|
2,377
|
4,370
|
4,872
|
|
Cost of sales
|
1,193
|
1,659
|
2,508
|
3,396
|
|
Gross margin
|
643
|
718
|
1,862
|
1,476
|
|
|
|
|
|
|
|
Administrative expenses
|
611
|
705
|
1,149
|
1,257
|
|
Marketing expenses
|
226
|
239
|
476
|
442
|
|
R&D expenses
|
424
|
460
|
811
|
768
|
|
Financial expenses (revenues)
|
5
|
(11)
|
27
|
(57)
|
|
|
1,266
|
1,393
|
2,463
|
2,410
|
|
|
|
|
|
|
|
Loss before income taxes
|
(623)
|
(675)
|
(601)
|
(934)
|
|
Net loss and comprehensive loss
|
(623)
|
(675)
|
(601)
|
(934)
|
|
|
|
|
|
|
|
Net loss per share - Basic
|
(0.01)
|
(0.01)
|
(0.01)
|
(0.02)
|
|
Net loss per share - Diluted
|
(0.01)
|
(0.01)
|
(0.01)
|
(0.02)
|
About Opsens Inc. (www.opsens.com)
Opsens is a leading developer, manufacturer, supplier and installer of a
wide range of fiber optic solutions based on proprietary patented
technologies for the measurement of pressure, temperature and other
parameters. The qualities of our sensors allow us to offer measuring
instruments that are effective and durable in extreme conditions.
Opsens is using its competitive advantages to focus primarily on two
strong growth markets: oil and gas and FFR medical instrumentation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties and other factors that may cause
actual results, performance and achievements of Opsens to be materially
different from any future results, performance or achievements
expressed or implied by the said forward-looking statements.
SOURCE: OPSENS INC.
