QUEBEC CITY, Jan. 17, 2012 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSXV: OPS) today released results for its first quarter ended November 30, 2011.
Highlights
- 118% revenue increase at close to $2,5 million in the first quarter of 2012;
- Receipt of order to instrument eight high-temperature wells with OPP-W and DTS combinations;
- Canadian patent granted for the EasyWire, a catheter device for FFR measurement;
- Receipt of key ISO 13485 certification for FFR products.
"The aggressive development of the oil and gas and medical instrumentation sectors is the cornerstone of our growth. We focused in these areas because we identified unmet needs and developed, on the basis of our patented fiber optic sensing technology, solutions that significantly improve the results of their users. We are confident that the market will recognize the benefits of our solutions", said Pierre Carrier, President and CEO of Opsens.
Oil and Gas: eight-well order
In the first quarter of fiscal 2012, Opsens received an order to instrument eight high-temperature observation wells with a combination of its proprietary OPP-W system for single-point pressure and temperature measurement, and a Distributed Temperature Sensing ("DTS") system. Opsens Solutions has developed a proprietary zonal isolation technology that is making its credential in the high temperature observation segment.
Medical instrumentation: Opsens reaches two new milestones
FFR is a major business opportunity for Opsens. The Company is targeting 2013 for its products' market release.
FFR is an index of the functional severity of coronary stenoses calculated from pressure measurements taken before and after narrowing of arteries discovered during coronary angiography. FFR measurement is an increasingly popular method used in the treatment of cardiac lesions. The FAME Study, published in 2009, outlined the positive result this cost effective procedure has on patients' overall outcome.
During this quarter, Opsens obtained the Canadian patent for its EasyWire. The granting of this patent defines the uniqueness of our product, demonstrates the legitimacy and strength of its intellectual property and supports our business plan in the medical sector.
Opsens also received ISO 13485 certification, a key milestone in the development and marketing of its FFR products. ISO 13485 is an internationally recognized reference standard that incorporates the quality and safety constraints specific to medical devices. Obtaining this certification demonstrates Opsens' ability to develop products that meet the strictest regulations, ensure quality processes and comply with the highest industry standards.
Quarterly Results
The Company reported revenue of $2,495,000 for the three-month period ended November 30, 2011, compared with $1,147,000 in the comparative period, an increase of 118%. Sales in the oil and gas sector totalled $1,838,000, compared with $750,000 in the comparative period.
| (In thousands of Canadian dollars, except for information per share) | Three-month period ended November 30, 2011 |
Three-month period ended November 30, 2010 |
| $ | $ | |
| Sales | 2,495 | 1,147 |
| Cost of revenues | 1,737 | 868 |
| Gross margin | 758 | 279 |
| Administrative expenses | 552 | 489 |
| Marketing expenses | 203 | 126 |
| R&D expenses | 308 | 381 |
| Financial expenses (income) | (46) | (13) |
| 1 017 | 983 | |
| Loss before income taxes | (259) | (704) |
| Income taxes | - | - |
| Net loss | (259) | (704) |
| Net loss per share - Basic | (0.00) | (0.01) |
| Net loss per share - Diluted | (0.00) | (0.01) |
Grant of stock options
Opsens' Board of Directors also authorized yesterday the grant of a total of 100,000 stock options to a director, as provided by the Opsens stock option plan adopted by the shareholders on January 16, 2012.
Under the provisions of Opsens' stock option plan, each stock option granted entitles the holder to subscribe to one Opsens' common share at the latest on January 15, 2017 and at a price equal to 0.20$ per share. The stock options granted to the director entitle the holder to subscribe immediately to Opsens' common shares.
New Director and changes to stock option plan
During the annual meeting held on January 16, 2012, Opsens' shareholders elected Mr Jean Lavigueur as Director of the Company. He will be Chairman of Opsens' Audit committee.
The shareholders also adopted the stock option plan updated 2011, which provides for a number of options equal to a maximum of 10% of the issued and outstanding shares of the Company to be issued.
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 and ISO 13485 norms.
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.
Pierre Carrier, President and Chief Executive Officer, 418.682.9996
Louis Laflamme, CA, Chief Financial Officer, 418.682.9996
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