• Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Cision Canada
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

  • Advanced Search
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • Analytics
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • Analytics
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

Opsens reports 2015 results


News provided by

OPSENS INC.

Nov 24, 2015, 08:00 ET

Share this article

Share this article


QUEBEC CITY, Nov. 24, 2015 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSXV: OPS) (OTCQX: OPSSF) today released results for the year ended August 31, 2015.

Highlights

  • Revenues rise 28% to $8.7 million in fiscal 2015 from $6.8 million a year earlier;
  • Net loss at $2.9 million in fiscal 2015 reduced from $3.1 million a year earlier;
  • OptoWire II receives CE marking approval – cleared to sell in Europe;
  • OptoWire I cleared to sell in U.S., Japan, Europe and Canada;
  • Opsens receives positive feedback on the OptoWire's performance from renowned cardiologist;
  • Opsens marks 1,000th procedure with the OptoWire, Opsens' guidewire to measure Fractional Flow Reserve ("FFR");
  • OptoWire used for the first time in the U.S.;
  • Opsens hires Tony Gibbons as Vice President, Sales and Marketing.

Setting Up for the Expansion of Opsens FFR Products Commercial Activities

Aiming to become a key player in the FFR guidewire market, Opsens has put together a plan to commercialize its FFR products. To respond to the expected uptick in demand, Opsens will move into an expanded state-of-the-art facility to accommodate the growing workforce and equipment needed to ramp up production at the beginning of 2016. Opsens has also hired a seasoned leader to extend Opsens' sales activities.

OptoWire II chosen for the Expansion of Opsens FFR Products Commercial Activities

The OptoWire, Opsens' first FFR product designed for the diagnostic of the functional severity of coronary stenoses and to guide their treatment, received positive comments from cardiologists in the limited market release phase. As part of its continuous improvement process and aiming to provide interventional cardiologists with the most efficient tools, Opsens has added a hydrophilic coating and increased the flexibility profile of its guidewire for easier navigation through the vascular system. This new version, the OptoWire II, is following the regulatory path at an accelerated pace in the jurisdictions Opsens targets in priority, the U.S., Japan, Europe and Canada. Opsens has recently announced clearance for Europe. The OptoWire II is the version Opsens will market on a large scale.

"Our actions and our progress will help us drive our sales activities. We are confident that the OptoWire's distinctive features will allow Opsens to capitalize on the fast-growing FFR market," said Louis Laflamme, President and CEO of Opsens.

Industrial

In the Industrial sector, Opsens is extending the applications of its versatile technologies to increase its business in various highly profitable markets. Opsens' products perform in the most demanding environments and provide benefits in terms of improved production, cost reduction and security of sites. For example, Opsens announced an order worth more than $1 million with one of the world's largest mining companies at one of the world's largest copper mining operations in South America.

Strong Financial Position for Successful Commercialization of its FFR Products

As of August 31, 2015, Opsens had $7.2 million in cash and, in addition, held milestone payments receivables from partners for a total of US$4.5 million, giving the Company the flexibility to implement a rational yet ambitious plan to launch its FFR products while supporting activities in other sectors adequately. Opsens' solid financial position will be a strong asset for the successful penetration of the FFR market. This position has allowed the Company to work on the ramp up of production and on the distribution of its products.

Financial Results – Year Ended August 31, 2015

Opsens' revenues were higher for the year ended August 31, 2015 at $8,665,000, compared with $6,788,000 for 2014. The increase in revenues is explained by revenues arising from a milestone payment of $1,115,500 (US$1,000,000) received when the Company obtained Shonin approval in October 2014 and by the CE mark approval obtained in November 2014 that allowed the Company to record in the results $2,002,000 (US$2,000,000) in deferred revenues. This was partly offset by lower revenues in the oil and gas sector, where major producers significantly reduced their investments because of the dramatic drop in crude oil prices.  

Gross margin increased for the year ended August 31, 2015 when compared with last year, from $2,389,000 to $4,744,000. Higher revenues, as previously mentioned, explain the increase in gross margin. This was partly offset by costs incurred by the Company to increase its manufacturing capacity.




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

Year Ended
August 31, 2015

Year Ended
August 31, 2014

$

$




Sales

8,665

6,788

Cost of sales

3,921

4,399

Gross margin

4,744

2,389




Administrative expenses

2,616

2,398

Sales and marketing expenses

1,501

1,131

R&D expenses

2,303

1,743

Financial expenses (revenues)

(1)

114

Change in fair value of embedded derivative

73

102

Impairment of assets

796

-


7,288

5,488




Loss before income taxes

(2,544)

(3,099)




Current income tax expense

340

-

Net loss and comprehensive loss

(2,884)

(3,099)




Net loss per share – Basic

(0.05)

(0.06)

Net loss per share – Diluted

(0.05)

(0.06)

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

Opsens focuses mainly on the measure of Fractional Flow Reserve ("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.

SOURCE OPSENS INC.

For further information: Thierry Dumas, CPA, CA, Chief Financial Officer, 418.682.9996; Louis Laflamme, CPA, CA, Chief Executive Officer, 418.682.9996

Modal title

Organization Profile

Opsens Inc.

    Also from this source

  • OPSENS APPOINTS JOHN HANNIGAN AS CHIEF FINANCIAL OFFICER

  • OPSENS AWARDED INTERVENTIONAL SPECIALTY DIAGNOSTICS AGREEMENT WITH PREMIER FOR SAVVYWIRE™

  • OPSENS ANNOUNCES SAVVYWIRE™ USED DURING TWO LIVE CASES AT CRT CONFERENCE

Contact Cision

  • 877-269-7890
    from 8 AM - 10 PM ET

  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices

Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers
  • Accessibility Statement

My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2023 CNW Group Ltd. All Rights Reserved. A Cision company.