QUEBEC CITY, April 24, 2012 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSXV: OPS) today released results for its second quarter ended February 29, 2012.
- Consolidated revenue increased by 78% to $2,377,000 from $1,336,000 a year earlier;
- Oil and Gas revenue increased by 115% to $1,834,000 from $853,000 a year earlier;
- FFR lawsuit settled
"A few years ago, we decided to focus on the development of the Oil and Gas and medical instrumentation sectors. Our patented fiber optic sensing technology for Oil and Gas is gaining acceptance and business in this sector has been increasing in the past quarters - including this one. Pressure and temperature are constant concerns for SAGD producers who want to lower steam cost and improve production. Controlling these factors allows producers to use pressure and temperature to their advantage. A new application has been developed for high-temperature observation wells for our unique fiber optic sensors," said Pierre Carrier, President and CEO of Opsens.
The development of our product for the Fractional Flow Reserve (« FFR») market, the OptoWire, is progressing at a very fast pace. Work conducted in the last months has put forward the qualities of the OptoWire, in terms of mechanical performance, market opportunities and regulatory path. We are looking at scenarios that will turn our game-changing product for FFR into value for our shareholders.
The OptoWire is a guide wire designed to navigate through the human body to reach lesions with ease. In addition, our optical sensing technology, immune to fluids, will allow doctors to connect and reconnect the guide wire, while maintaining reliability of the measurement.
Opsens' timing to access the market is ideal as several interventional cardiology companies want to add FFR to their offering, to profit from this new and fast growing market. The Company is targeting 2013 for market release.
Consolidated sales totalled $2,377,000 in the three months ended February 29, 2012, up from $1,336,000 a year earlier. The quarterly loss was $675,000, compared with a loss of $669,000 a year earlier. The Oil and Gas sector had the best performance, with sales of $1,834,000. The doubling in sales for Oil and Gas shows continued progress and market acceptance.
Administrative expenses were $705,000 and $475,000 respectively for the three-month periods ended February 29, 2012 and February 28, 2011. The increase in administrative expenses is the result of an increase in legal fees related to the EasyWire lawsuit settled on March 1, 2012.
Sales and marketing expenses were $239,000 for the three-month period ended February 29, 2012, compared with $145,000, for February 28, 2011. Sales and marketing increased due to the addition of staff to handle increased sales activities in the Opsens Solutions Inc. operating unit.
R&D expenses increased to $460,000 from $324,000 for the three-month periods ended February 29, 2012 and February 28, 2011. The variation reflects an increase in subcontracting for the development of the OptoWire.
| (In thousands of Canadian dollars, except for
information per share)
|Cost of revenues||1,659||1,014||3,396||1,882|
|Financial expenses (income)||(11)||19||(57)||6|
|Loss before income taxes||(675)||(669)||(934)||(1,373)|
|Net loss and comprehensive loss||(675)||(669)||(934)||(1,373)|
|Net loss per share - Basic||(0.01)||(0.01)||(0.02)||(0.02)|
|Net loss per share - Diluted||(0.01)||(0.01)||(0.02)||(0.02)|
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.
For further information:
Pierre Carrier, President and Chief Executive Officer, 418.682.9996
Louis Laflamme, CA, Chief Financial Officer, 418.682.9996