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 ofNovember 30, 2020 ($10.9 million as ofAugust 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 acrossthe 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
Financial Results – Quarter ended
Total revenue was
Sales of products for the measurement of coronary artery stenosis (Fractional Flow Reserve ("FFR") and diastolic pressure ratio ("dPR")) were
Sales of optical medical systems, including the Company's 5-year supply agreement for ventricular assist device sensors, were
Industrial sales increased 89% to
Operating expenses in the first quarter of fiscal 2021 were
Net income was
Table A
Consolidated statement of results (In thousands of Canadian dollars, except for information per share) | For the quarter ended | For the quarter ended |
$ | $ | |
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 |
$ | $ | |
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 |
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