Conference call will be held today at
- Consolidated sales were
$8.1 million in Q2 2022, compared with$8.8 million in Q2 2021 due to supply chain disruptions and reductions in hospitals procedure volumes due to COVID; - Sales in coronary artery disease at
$4.6 million in Q2 2022, compared with$6.1 million , in Q2 2021, reflecting the aforementioned impacts from COVID; - Filed a 510(k) submission with the
U.S. Food & Drug Administration ("FDA") for regulatory clearance of its new guidewire ("SavvyWire") for transcatheter aortic valve replacement, or TAVR procedures. The Company also filed for approval withHealth Canada and CE Mark; - Four-year extension of the supply agreement with Abiomed to continue supplying
OpSens' Sensor Technology for Abiomed's Impella® heart pump throughApril 2028 ; -
Brad Davis appointed as new Chief Commercial Officer to lead global commercialization and expandingU.S. commercial operations; - Expanded hiring of salesforce dedicated to hospitals and cathlabs in
the United States , and - Cash and cash equivalents of
$30.9 million atFebruary 28, 2022 ($38.6 million atAugust 31 , 2021).
"The recent challenges from COVID, including supply chain disruptions and a decrease in hospitals procedure volumes, continued to impact the business in the second quarter. However, with the Omicron variant subsiding in
"We remain on track in the development of SavvyWire, our new guidewire for TAVR procedures. In the second quarter, we successfully completed our clinical human study and filed our regulatory submission to the
Consolidated sales were
Sales of coronary artery disease products, Fractional Flow Reserve ("FFR") and diastolic pressure ratio ("dPR"), were
Sales of optical medical systems, including the supply agreement to Abiomed, totaled
Industrial sales were flat at
Gross margin slipped slightly at 51% in Q2 2022 from 52% in Q2 2021.
Operating expenses in Q2 2022 were
Net loss was
(In thousands of Canadian dollars, except for information per share)
| Three-month period ended 2022 | Three-month period ended 2021 | Six-month period ended 2022 | Six-month period ended 2021 |
$ | $ | $ | $ | |
Revenues | ||||
Sales | ||||
Medical | 6,967 | 7,831 | 14,308 | 15,150 |
Industrial | 1,017 | 979 | 1,722 | 1,979 |
7,984 | 8,810 | 16,030 | 17,129 | |
Other | 116 | 19 | 165 | 37 |
8,100 | 8,829 | 16,195 | 17,166 | |
Cost of sales | 3,930 | 4,260 | 7,908 | 7,925 |
Gross margin | 4,170 | 4,569 | 8,287 | 9,241 |
Gross margin percentage | 51% | 52% | 51% | 54% |
Operating expenses | ||||
Administrative | 1,927 | 1,488 | 4,064 | 2,957 |
Sales and marketing | 2,490 | 1,554 | 4,598 | 3,142 |
Research and development | 2,026 | 1,284 | 3,792 | 2,580 |
6,443 | 4,326 | 12,454 | 8,679 | |
Other income | - | (110) | - | (600) |
Financial expenses | 124 | 293 | 293 | 508 |
Income (loss) before income taxes | (2,397) | 60 | (4,460) | 654 |
Current income tax expense | 7 | 19 | 34 | 19 |
Net income (loss) | (2,404) | 41 | (4,494) | 635 |
Basic and diluted net income (loss) per share | (0.02) | 0.00 | (0.04) | 0.01 |
CONSOLIDATED BALANCE SHEET HIGHLIGHTS (in thousands of Canadian dollars) | As at | As at |
|
| |
$ | $ | |
Cash and cash equivalents | 30,947 | 38,563 |
Trade and other receivables | 4,294 | 4,135 |
Inventories | 5,662 | 6,115 |
Total Current Assets | 42,358 | 49,783 |
Property, plant, and equipment | 2,453 | 2,731 |
Intangible assets | 1,697 | 1,677 |
Right-of-use assets | 4,003 | 4,322 |
Total Assets | 50,511 | 58,513 |
Current liabilities | 5,723 | 7,395 |
Long-term debt | 892 | 4,595 |
Lease liabilities | 3,922 | 4,193 |
Total Liabilities | 10,537 | 16,183 |
Shareholders' equity | 39,974 | 42,330 |
Interested parties can access the conference call by dialing 1-833-756-0865 or 1-412-317-5754 or can listen via a live webcast, from the link available in the Investors section of the Company's website at https://opsens.com/investors/ or at https://app.webinar.net/ABoWM6pRJ6q, 5 to 10 minutes before the beginning of the conference call.
A replay will be available after the call, in the Investors section of the Company's website at https://opsens.com/investors/.
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