Opsens reports third quarter 2013 results

QUEBEC CITY, July 4, 2013 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSXV:OPS) today released results for its third quarter ended May 31, 2013.

Highlights

  • Opsens' Oil and Gas segment preparing to begin instrumentation for 48-well contract;
  • Opsens producing OptoWire devices for the Verification and Validation phase toward commercialization of its FFR products for the measurement of Fractional Flow Reserve ("FFR");
  • FFR project for commercialization in 2014 on schedule;
  • Opsens presents at Emerging Healthcare Series hosted by Goldman Sachs.

Opsens in preparation phase for growth

Both in the Oil and Gas and the medical instrumentation sectors, Opsens is preparing for the next phase of growth. Revenues were lower in the last quarter, as several oil and gas installations were carried over to the next quarters. Opsens is getting ready to start installing the first OPP-W sensor systems from the 48-well contract placed by an oil and gas producer for an Alberta SAGD oil sands project announced last March. "With installations expected to start soon, oil & gas revenues will show improved growth over comparative periods," said Louis Laflamme, President and CEO of Opsens.

As for FFR activities in medical instrumentation, Opsens is moving rapidly toward the commercial release of the OptoWire, planned for 2014. Opsens is currently producing devices of its innovative instruments for the Verification and Validation phase.

Financial players in the market taking notice of Opsens' FFR products

Opsens was invited to make a presentation at the Emerging Healthcare Series hosted by Goldman Sachs, an event featuring up-and-coming companies with exciting products and technologies for the healthcare market. Opsens talked about its OptoWire and derivative products targeting the fast growing FFR market which reached $207 million last year and is expected to reach between $1 and $2 billion in annual revenues in the near future, explaining how penetration of a fraction of this market, currently shared by two players, will have a significant impact on Opsens' sales.

Financial results - Three-month period ended May 31, 2013

Consolidated revenues reached $1,706,000 in the three-month period ended May 31, 2013, compared with revenues of $2,174,000 for the same period in 2012. Sales for the oil and gas segment were lower for the third quarter of 2013 at $1,355,000 compared with $1,594,000 for the same period in 2012. The net loss for the quarter ended May 31, 2013 was $689,000, compared with a net loss of $357,000 for the same period ended May 31, 2012.

 
       
(In thousands of Canadian dollars, except for information per share) Three-month
period ended
May 31, 2013
Three-month
period ended
May 31, 2012
Nine-month
period ended
May 31, 2013
Nine-month
period ended
May 31, 2012
  $ $ $ $
         
Sales 1,706 2,174 6,075 7,046
Cost of sales 1,142 1,315 3,650 4,711
Gross margin 564 859 2,425 2,335
         
Administrative expenses 546 553 1,695 1,810
Marketing expenses 254 304 729 747
R&D expenses 426 418 1,238 1,186
Financial expenses (revenues) 27 (59) 53 (117)
  1,253 1,216 3,715 3,626
         
Loss before income taxes (689) (357) (1,290) (1,291)
Net loss and comprehensive loss (689) (357) (1,290) (1,291)
         
Net loss per share - Basic (0.01) (0.01) (0.03) (0.03)
Net loss per share - Diluted (0.01) (0.01) (0.03) (0.03)

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 growth markets: oil and gas and FFR in 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.

For further information:

Thierry Dumas, CPA, CA, Chief Financial Officer, 418.682.9996

Louis Laflamme, CPA, CA, President and Chief Executive Officer, 418.682.9996


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