Opsens announces results for its second quarter 2016

QUEBEC CITY, April 19, 2016 /CNW Telbec/ - Opsens Inc. ("Opsens" or the "Company") (TSXV: OPS) (OTCQX: OPSSF) today released the results for its second quarter ended February 29, 2016.

Highlights for the Quarter and for the Last Few Weeks

  • Revenue growth for Fractional Flow Reserve ("FFR") at $1,252,000 compared with $112,000 in the comparative quarter of 2015;
  • Move into new plant nearly completed;
  • Receipt of 510(k) approval from the U.S. Food and Drug Administration ("FDA") for the sale in the United States of the OptoWire II, the improved version of Opsens' guidewire to measure FFR;
  • Consolidated revenue growth of over 20% for the second quarter 2016. Revenue reached $2,741,000 in the second quarter of 2016 compared with $2,286,000 the previous year;
  • FFR revenue growth for the first half of 2016. Revenue increased from $163,000 in the first half of 2015 to $2,145,000 for the same period in 2016;
  • Opsens named in the TSX Venture 50®;
  • Hiring of a Vice President/General Manager Sales and Commercial Operations, United States;
  • Closing of $5 million equity financing.

Update On Activities for Opsens' FFR Products

"Almost everything is in place for the expansion of our marketing activities in FFR," said Louis Laflamme, President and Chief Executive Officer of Opsens. "In addition, the very positive feedback on the performance of the OptoWire II allows us to believe that we hold all the elements to gain share in the growing FFR market and reach our goal to become the first choice of cardiologists," concluded Mr. Laflamme.

In March 2016, Opsens began to occupy its new headquarters for medical activities into its new state-of-the-art facilty. After a short interruption in the production to allow relocation, production has resumed and gradually, the pace is accelerating. The move will affect revenue growth in the third quarter 2016. However, completion of the move will accelerate growth to meet the increasing demand for Opsens' FFR products.

Opsens has also recently announced receipt of the 510(k) approval from the U.S. Food and Drug Administration ("FDA") for the marketing of the OptoWire II in the United States. Opsens has taken steps to ensure a successful launch in the U.S. and in other selected markets. For the American market, Opsens has assembled a strong team with experience and expertise in the sale of FFR products in the U.S. This team has started to deploy the sales and marketing strategy that will lead to the full product launch in the U.S. territory.

Financial Results for the Quarter Ended February 29, 2016 - Sales Growth

In the second quarter, consolidated sales reached $2,741,000, an increase of 20%, supported by growth in FFR sales. This was partially offset by lower revenue of $390,000 in the industrial sector, the result of a major contract in the mining sector in the comparative quarter in 2015.

Gross margin decreased from $1,109,000 to $767,000 for the quarter ended February 29, 2016, compared with the same period last year. The decrease in the gross margin is explained by the relocation of the medical activities into the new facility that has temporarily interrupted the production during the second quarter of fiscal 2016.

In the end, net loss amounted to $1,523,000 for the three-month period ended February 29, 2016, compared with a net loss of $880,000 for the corresponding period last year.

For the first half of 2016, sales of FFR products reached $2,145,000 compared with $163,000 for the same period last year, an increase of $1,982,000. Consolidated revenue totaled $4,452,000 and $6,724,000 for the first half of 2016 and 2015. In 2015, non-recurring revenue of $3,458,000 related to a distribution agreement had been accounted for. The move into the new facility is expected to increase significantly the production capacity. Consequently, we are confident that the sales growth will continue as Opsens expands commercialization of its FFR products.


In the industrial sector, Opsens' versatile technology applications meet the needs of various markets. Opsens' products perform in the most demanding environments, offering advantages in terms of improved production, cost reduction and security of sites. In the second quarter of 2016, several proposals and discussions were conducted with clients of importance.

(In thousands of Canadian dollars, except for information per share)


Three-Month Period Ended

February 29, 2016

Three-Month Period Ended

February 28, 2015

Six-Month Period Ended

February 29, 2016

Six-Month Period Ended

February 28, 2015










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Grant of Stock Options

Opsens' Board of Directors authorized, on April 18, 2016, the grant of 147,500 stock options, of which 60,000 were granted to Directors, as provided in Opsens' stock option plan adopted by shareholders on January 18, 2016.

Under the terms of the Stock Option Plan, each option granted entitles the holder to purchase one common share of Opsens no later than April 17, 2021 at a price equal to $1.20 per share. The stock options granted will vest over a period of four years at 25% per year, the first portion vesting at the end of the first year following the granting of the options, with the exception of stock options granted to Directors that allow the holder to subscribe immediately for common stock of Opsens.

About Opsens Inc. (www.opsens.com or www.opsensmedical.com)

Opsens focuses mainly on the measure of FFR in interventional cardiology. Opsens offers an advanced optical-based pressure guidewire (OptoWire) that aims at improving the clinical outcome of patients with coronary artery disease. Opsens is also involved in industrial activities. The Company develops, manufactures and installs innovative fibre optic sensing solutions for critical applications, such as the monitoring of oil wells and other demanding industrial applications.

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.

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.



For further information: Thierry Dumas, CPA, CA, Chief Financial Officer, 418.781.0333; Louis Laflamme, CPA, CA, Chief Executive Officer, 418.781.0333


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