Opsens Inc (fka OPSSF)

[MasterChi]

Opsens Reports Q1 2018 Results - Record Quarterly Revenues With Growth in all Geographic Regions
Jan 15, 2018

OTC Disclosure & News Service

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Opsens Reports Q1 2018 Results - Record Quarterly Revenues With Growth in all Geographic Regions

Canada NewsWire

QUEBEC CITY, Jan. 15, 2018

QUEBEC CITY, Jan. 15, 2018 /CNW Telbec/ - Opsens Inc. ("Opsens" or the "Company") (TSX: OPS) (OTCQX: OPSSF) today reported its results for the first quarter ended November 30, 2017.

Highlights

Consolidated revenues reached $6,364,000 for Q1 2018 compared with $3,745,000 for the same period last year, an increase of $2,619,000 or 70%;
Fractional Flow Reserve ("FFR") revenues for the first quarter of fiscal 2018 amounted to $3,359,000 compared with $2,743,000 for the same period last year, an increase of $616,000 or 22%;
Other medical revenues in the quarter reached $1,352,000 compared with $496,000 for the same period last year, an increase of $856,000 or 173%;
Conversion of the US$2,000,000 convertible debenture into common shares of the Company. As at November 30, 2017, Opsens had a cash position of $13.4 million ($12.6 million as at August 31, 2017).

Execution of the growth strategy

FFR revenues grew in all key markets in the first quarter of 2018. "We are convinced that the OptoWire's distinctive features, widely recognized by industry key opinion leaders in the field of interventional cardiology, will enable us to capitalize on the fast-growing FFR market," said Louis Laflamme, President and CEO of Opsens.

"We continue to focus on improving sales, production and innovation to capitalize on the FFR market," added Mr. Laflamme.

Financial results - quarter ended November 30, 2017

Opsens' product sales reached $5,336,000 for the three-month period ended November 30, 2017, compared with $3,654,000 for the corresponding period the previous year. This significant increase is mainly explained by an increase in FFR income, other medical income and in industrial income compared with the corresponding quarter in 2016. Also, the Company recognized a non-recurring licensing revenues of $1,028,000 for a total consolidated revenues of $6,364,000.

Gross margin increased to $3,336,000 for the quarter ended November 30, 2017 compared with $1,191,000 for the same period a year earlier. An amount of $937,000 of this increase was driven by the non-recurring licensing revenues.

The net loss amounted to $936,000 for the three-month period ended November 30, 2017, compared with a net loss of $2,541,000 for the corresponding period last year. The change in the fair value of the debenture converted into shares during the quarter resulted in a non-cash charge of $501,000 during the quarter ended November 30, 2017.




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