OpSens Announces First Quarter Fiscal 2021 Financial Results


2021-01-14 01:00:27 BioSpace


QUEBEC CITY, Jan. 13, 2021 /CNW Telbec/ - Opsens Inc.  , a medical device cardiology-focused company delivering diagnostic and treatment solutions based on its proprietary optical technology, today reported its financial results for the first quarter of fiscal 2021, ended November 30, 2020. First Quarter Financial Highlights Total revenue of $8.3 million, an increase of 19%, compared with $7.0 million for the first quarter of fiscal 2020; FFR and dPR sales of $5.3 million, an increase of 23%, compared with $4.3 million for the first quarter of fiscal 2020; Net income of $0.6 million, an improvement of $2.5 million, compared with the first quarter of fiscal 2020; Cash and cash equivalents were $12.2 million as of November 30, 2020 ($10.9 million as of August 31, 2020). Recent Developments Awarded 3-year contract in October 2020 with major American group purchasing organization ("GPO") to provide access to the OptoWire to their member hospitals across the United States; Progress in the development of a guidewire for transcatheter aortic valve replacement (TAVI or TAVR) procedures. Management Commentary "I am pleased with the financial results of the first quarter of fiscal 2021, as we achieved solid double-digit top- and-bottom line growth. These positive results reflect the continued confidence of our customers and partners in our team, products and technologies," said Louis Laflamme, President and CEO of OpSens. "During the first quarter, we made strong progress to increase the adoption of the OptoWire in the coronary artery stenosis measurement market, particularly in the United States where we executed our first group purchasing agreement. We are in discussions with others and believe this, coupled with the introduction of the OptoWire III, will be key to the expansion of the OptoWire going forward." Financial Results – Quarter ended November 30, 2020 Total revenue was $8.3 million, an increase of 19% in the first quarter of 2021 compared with $7.0 million in the first quarter of 2020. Sales of products for the measurement of coronary artery stenosis (Fractional Flow Reserve ("FFR") and diastolic pressure ratio ("dPR")) were $5.3 million in the first quarter of 2021 compared with $4.3 million in the same period in 2020, an increase of 23%. The increase in sales is primarily the result of growth in the Japanese, American, European, and Canadian markets despite several cardiology laboratories operating at reduced levels due to COVID-19. Sales of optical medical systems, including the Company's 5-year supply agreement for ventricular assist device sensors, were $2.0 million in the first quarter of 2021 compared with $2.2 million in the first quarter of 2020. Industrial sales increased 89% to $1.0 million during the first quarter of 2021 due to overall increase of activities in aeronautic and power electronics applications. Operating expenses in the first quarter of fiscal 2021 were $4.4 million, down $1.2 million compared with $5.6 million in the first quarter of 2020. The improvement in operating expenses is attributable to a decrease in sales and marketing expenses. Net income was $0.6 million in the first quarter of 2021 compared with a net loss of $1.9 million in the first quarter of 2020. The $2.5 million improvement is due to a $0.8 million increase in gross margin, a $1.2 million improvement in operating costs, and a $0.5 million subsidy from the Canadian government. OpSens had a cash and cash equivalents of $12.2 million as of November 30, 2020 ($10.9 million as of August 31, 2020). Table A Consolidated statement of results (In thousands of Canadian dollars, except for information per share) For the quarter ended November 30, 2020 For the quarter ended November 30, 2019 $ $ Revenues Sales Medical 7,336 6,461 Industrial 1,000 528 8,336 6,989 Cost of Sales 3,664 3,079 Gross margin 4,672 3,910 Gross margin (%) 56% 56% Operating Expenses Administration 1,469 1,475 Sales and marketing 1,588 2,850 R&D 1,295 1,296 4,352 5,621 Other income (490) - Financial expenses 216 160 Net earnings (loss) and comprehensive income (loss) 594 (1,871) Net earnings (loss) per share – Basic and diluted 0.01 (0.02) Table B CONSOLIDATED BALANCE SHEET HIGHLIGHTS (in thousands of Canadian dollars) As at As at November 30, 2020 August 31, 2020 $ $ Cash and cash equivalents 12,158 10,884 Trade and other receivables 3,777 4,041 Inventories 6,989 6,505 Total Current Assets 24,202 22,543 Property, plant, and equipment 3,048 3,230 Intangible assets 1,682 1,622 Right-of-use assets 4,368 4,513 Total Assets 33,300 31,908 Current liabilities 6,723 5,655 Long-term debt 6,348 6,608 Lease liabilities 4,213 4,298 Total Liabilities 17,284 16,561 Shareholders' equity 16,016 15,347 About OpSens Inc. (www.OpSens.com or www.OpSensmedical.com) OpSens focuses mainly on coronary artery stenosis measurement in interventional cardiology. The Company offers an advanced optical-based pressure guidewire that aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a second-generation fiber optic pressure guidewire designed to provide the lowest drift in the industry and excellent lesions access. The OptoWire has been used in the diagnosis and treatment of over 100,000 patients in more than 30 countries. It is approved for sale in the United States, European Union, Japan, and Canada. OpSens is also involved in industrial activities in developing, manufacturing, and installing innovative fiber optic sensing solutions for critical 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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. SOURCE OPSENS Inc.
魁北克市2021年1月13日电-Opsens Inc.,一家专注于心脏病医疗设备的公司,提供基于其专有光学技术的诊断和治疗解决方案,今天报告了其截至2020年11月30日的2021财年第一季度的财务结果。 第一季度财务概要 总收入830万,同比增长19%,而2020财年第一季度为700万; FFR和dPR销售530万辆,增长23%,相比于2020财年第一季度的430万辆; 净收入60万英镑,比2020财年第一季度增加250万英镑; 截至2020年11月30日,现金及现金等价物为1,220万元(截至2020年8月31日,为1,090万元)。 最近的事态发展 于2020年10月与美国主要集团采购组织(GPO)签订为期3年的合同,为其在全美的成员医院提供OptoWire的接入; 经导管主动脉瓣置换术(TAVI或TAVR)导丝的研究进展。 管理评论 Opsens总裁兼首席执行官Louis Laflamme表示:“我对2021财年第一季度的财务业绩感到高兴,因为我们实现了坚实的双位数的顶部和底部增长。这些积极的业绩反映了我们的客户和合作伙伴对我们的团队,产品和技术的持续信心。”“在第一季度,我们在增加OptoWire在冠状动脉狭窄测量市场的应用方面取得了重大进展,特别是在美国,我们签署了第一份集团采购协议。我们正在与其他公司进行讨论,并相信这一点,加上OptoWire III的推出,将是OptoWire今后扩展的关键。” 截至2020年11月30日的季度财报 总收入为830万,与2020年第一季度的700万相比,2021年第一季度增长了19%。 2021年第一季度用于测量冠状动脉狭窄的产品(血流储备分数(FFR)和舒张压比(DPR))的销售额为530万,而2020年同期为430万,增长了23%。销售额的增长主要是由于日本,美国,欧洲和加拿大市场的增长,尽管由于Covid-19的影响,一些心脏病实验室的运营水平有所下降。 2021年第一季度光学医疗系统的销售额,包括该公司5年的心室辅助装置传感器供应协议,为200万,而2020年第一季度为220万。 由于航空及电力电子应用业务的整体增长,2021年第一季度工业销售额增长89%至100万件。 2021财年第一季度的运营费用为440万,与2020年第一季度的560万相比下降了120万。营运开支改善乃由于销售及市场推广开支减少所致。 2021年第一季度净收入为60万欧元,而2020年第一季度净亏损190万欧元。这250万的改善是因为毛利率增加了80万,运营成本改善了120万,加拿大政府补贴了50万。 截至2020年11月30日,OpSens的现金及现金等价物为1,220万欧元(截至2020年8月31日为1,090万欧元)。 表A 综合业绩报表 (单位:千加元,每股信息除外) 截至本季度 2020年11月30日 截至本季度 2019年11月30日 $ $ 收入 销售 医疗 7,336 6,461 工业 1,000 528 8,336 6,989 销售成本 3,664 3,079 毛利 4,672 3,910 毛利(%) 56% 56% 营业费用 行政管理 1,469 1,475 销售和市场营销 1,588 2,850 研发 1,295 1,296 4,352 5,621 其他收入 (490) - 财务费用 216 160 净收益(亏损)和综合收益(亏损) 594 (1,871) 每股基本及摊薄净收益(亏损) 0.01 (0.02) 表B 合并资产负债表概要 (单位:千加元) 截至 截至 2020年11月30日 2020年8月31日 $ $ 现金及现金等价物 12,158 10,884 贸易和其他应收款 3,777 4,041 库存 6,989 6,505 流动资产总额 24,202 22,543 不动产,厂场和设备 3,048 3,230 无形资产 1,682 1,622 使用权资产 4,368 4,513 总资产 33 300 31,908 流动负债 6,723 5,655 长期债务 6,348 6,608 租赁负债 4,213 4,298 负债共计 17,284 16,561 股东权益 16,016 15,347 关于OpSens Inc.(www.OpSens.com或www.opsensmedical.com) OpSens主要专注于介入心脏病学中的冠状动脉狭窄测量。该公司提供一种先进的光学压力导丝,旨在改善冠心病患者的临床结果。其旗舰产品OptoWire是第二代光纤压力导丝,旨在提供业界最低的漂移和出色的病灶访问。OptoWire已经用于30多个国家超过10万名患者的诊断和治疗。它被批准在美国,欧盟,日本和加拿大销售。 OpSens还参与开发,制造和安装关键应用的创新光纤传感解决方案的工业活动。 本新闻稿中包含的前瞻性陈述涉及已知和未知的风险,不确定性和其他因素,这些因素可能导致OpSens的实际结果,业绩和成就与上述前瞻性陈述中明示或暗示的任何未来结果,业绩或成就有重大差异。 TSX及其监管服务提供商(该术语在TSX政策中定义)均不对本版本的充分性或准确性承担责任。 来源:OPSENS Inc。