OPSENS REPORTS Q2 RESULTS

QUEBEC CITY, April 19 /CNW Telbec/ - Opsens Inc. (TSXV: OPS) ("Opsens") today released its financial results for the three- and six-month periods ended February 28, 2011.

Highlights

  • Q2 revenue increased by 28% to $1,336,000 from $1,047,000 a year earlier;
  • Oil and Gas segment reports an 80% Q2 revenue increase to $853,000 from $474,000 a year earlier;
  • Opsens successfully completes pre-clinical animal study on the EasyWire and OptoWire devices.

Oil and Gas

"The oil & gas activities recorded an 80% revenue growth for the second quarter 2011" said Pierre Carrier, President and CEO. "The OPP-W and DTS combination is becoming an increasingly popular option. Opsens' OPP-W fiber optic sensor system provides oil sands producers with reliable real-time downhole pressure and temperature information. The DTS measures temperature along the wellbore. With this integrated solution, the customer obtains a comprehensive wellbore profile which can be used to improve steam/oil ratios and reduce operating and lifting costs" added Mr. Carrier.

Development of FFR products

The development of Opsens' tool box for cardiologists to use in the measurement of Fractional Flow Reserve (« FFR») has reached a critical milestone by the successful completion of a pre-clinical animal study. Data from the animal study showed that EasyWire is safe, delivers good trackability (ability to advance the device through the artery to reach all types of lesions), and that the pressure measurements taken during the study were optimal.

The EasyWire is a miniature catheter that slides over a variety of guide wires to provide a no-drift, highly accurate and reliable measurement of blood pressure in coronary arteries. With the freedom to use their favourite guide wire, cardiologists could reach areas under investigation faster and easier than with other products on the market, simplifying the procedure.

The OptoWire is a guide wire instrumented with a fiber optic pressure sensor which is drift free and provides a high-fidelity measurement of blood pressure in coronary arteries. In addition to more reliable measurement, the OptoWire could offer better mechanical performance in terms of trackability, torquability and support over existing pressure guide wires.

Opsens is convinced that the development of the oil and gas and medical instrumentation markets is the right direction for Opsens. "The work performed so far will be a strong foundation for growth in the up-coming years" said Pierre Carrier, President and CEO of Opsens.

Second-quarter Results

Sales totalled $1,336,000 in the three months ended February 28, 2011, up from $1,047,000 a year earlier. The oil and gas sector had the strongest performance, with sales of more than $853,000.

The quarterly loss was $683,000, compared with a loss of $586,000 a year earlier. This decline in the net result reflects an increase in administrative and R&D expenses.

R&D expenses increased to $324,000 from $261,000, due to higher spending for FFR products.

Six-month Results

Sales totalled $2,483,000 in the six months ended February 28, 2011, compared with $2,117,000 a year earlier.  The net loss increased to $1,390,000 from $1,082,000.

         
(In thousands of Canadian dollars, except data per 
share) 
Three-month
period ended 
February 28,
2011
Three-month
period ended 
February 28,
2010
Six-month
period ended 
February 28,
2011
Six-month
period ended
February 28,
2010
$ $ $ $
         
Sales 1,336 1,047 2,483 2,117
Cost of sales 998 721 1,852 1,342
Gross margin 338 326 631 775
         
Administrative expenses 436 334 886 735
Marketing expenses 141 214 263 419
Research and development expenses 324 261 674 473
Stock option based compensation 52 47 90 102
Amortization of property, plant and equipment 44 44 90 86
Amortization of intangible assets 5 16 12 21
Financial (income) expenses 19 (4) 6 21
  1,021 912 2,021 1,857
         
Loss before income taxes (683) (586) (1,390) (1,082)
Income taxes - - - -
Net loss (683) (586) (1,390) (1,082)
         
Basic loss per share (0.01) (0.01) (0.03) (0.02)
Diluted loss per share (0.01) (0.01) (0.03) (0.02)

As of today, there was no significant progress on ACIST Medical Systems Inc. lawsuit announced on March 9, 2011.

About Opsens (www.opsens.com)

Opsens is a leading developer, manufacturer and supplier of a wide range of fiber optic sensors and associated signal conditioners based on proprietary patented and patent pending technologies. Opsens' sensors provide long-term accuracy and reliability in the harshest environments. Opsens provides sensors to measure pressure, temperature, strain and displacement to original equipment manufacturers (OEM) and end-users in the oil and gas, medical and laboratory fields. Opsens provides complete technical support, including installation, training, after-sales service, for its fiber optics systems that are regulated by the ISO 9001-2008 norm.

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.

For further information:

Pierre Carrier, President and Chief Executive Officer, 418.682.9996

Louis Laflamme, CA, Chief Financial Officer, 418.682.9996


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