OPSENS REPORTS FIRST QUARTER 2011 RESULTS

QUEBEC CITY, Jan. 21 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSX-V: OPS) today released results for its first quarter ended November 30, 2010.

Highlights

  • Receipt of breakthrough order of OPP-W sensors associated with Distributed Temperature Systems ("DTS") from a major Alberta oil and gas producer;

  • Receipt of order for OPP-W from new client, a major oil producer;

  • Opsens selected by PTRC to design and produce well integrity assessment tool;

  • Modest revenue increase at $1.15 million in the first quarter of 2011;

  • First-quarter loss amounted to $707,000 or 1 cent a share, compared with a loss of $496,000 or 1 cent a share, a year earlier;

  • Cash and cash equivalents of $5.3 million as at November 30, 2010.

Oil and Gas

In the first quarter of fiscal 2011, Opsens received, from a new client, an order to instrument SAGD wells with our OPP-W proprietary systems to measure pressure and temperature. Opsens also received orders for the installation of combined OPP-W - DTS systems. With this integrated solution, the customer will have the ability to monitor pressure and temperature at a precise point in the well, in addition to temperature along the entire wellbore.  The result will be a complete thermal profile of the well which can be used for enhanced optimization and improved well management.

Opsens was also selected to design and produce a portable tool to measure pressure and to test and assess well integrity in existing wellbores.

Medical instrumentation

Recently, Opsens presented the EasyWire and the OptoWire, a complete tool box for cardiologists to use in the measurement of Fractional Flow Reserve (« FFR»). EasyWire, a miniature catheter that slides over a variety of guide wires provides a no drift, highly accurate and reliable measurement of blood pressure in coronary arteries. With the freedom to use their favourite guide wire, cardiologist can reach areas under investigation faster and easier than with other products on the market, simplifying the procedure. Unlike traditional guide wires, 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 offers better mechanical performance in terms of trackability, torquability and support over other existing pressure guide wires.

Fractional Flow Reserve (FFR) is an index of the functional severity of a coronary stenosis that is calculated from pressure measurements taken before and after a narrowing of the arteries during coronary arteriography. This increasingly used approach enables an "on the spot" diagnosis for a better assessment as to whether a stent is an appropriate intervention to improve blood circulation in the cardiovascular system.

The FFR market represents a real and significant opportunity for Opsens, using its unique fiber optic sensing technology.

Opsens is now aggressively developing the oil and gas and the medical instrumentation markets. "We are confident that the work performed so far will be a strong foundation for future growth in the up-coming year." said Pierre Carrier, President and CEO of Opsens.

Quarterly Results

The Company reported revenue of $1,147,000 for the three-month period ended November 30, 2010, compared with $1,070,000 in the comparative period, an increase of 7.2%. The growth includes a sales increase of more than $550,000 in the oil & gas market. Sales in the oil and gas sector totalled $750,000, compared with $200,000 in the comparative period. An improved revenue growth for this sector is expected in the upcoming quarters for fiscal 2011 based on backlog and discussions with customers.

     
(In thousands of Canadian dollars, except for
information per share) 
Three-month
  period ended  
November 30,
2010  
Three-month
  period ended  
November 30,
2009  
$ $
     
Sales 1,147 1,070
Cost of revenues 854 621
Gross margin 293 449
     
Administrative expenses 450 401
Marketing expenses 122 205
R&D expenses 350 212
Financial expenses (income) (13) 25
Stock option-based compensation 38 55
Amortization of property, plant and equipment    46 42
Amortization of intangible assets 7 5
  1,000 945
     
Loss before income taxes (707) (496)
Income taxes - -
Net loss (707) (496)
     
Net loss per share - Basic (0.01) (0.01)
Net loss per share - Diluted (0.01) (0.01)

About Opsens Inc. (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 - Tel: 418.682.9996
Louis Laflamme, CA, Chief Financial Officer - Tel: 418.682.9996


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.