Financial Highlights
- Sales of product at
$29.5 million in FY 2020 compared to prior FY 2019; - Delivered Q4 2020 a
$2.2 million improvement in profitability compared with Q4 2019; - The Company ended fourth quarter with a cash balance of
$10.9 million compared to$10.0 million as ofMay 31, 2020 .
Recent Developments
- Awarded 3-year contract with major American group purchasing organization ("GPO") to provide access to the OptoWire to their members 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 way the company is successfully navigating the COVID-19 pandemic," said
"As we look ahead to fiscal 2021, we are cautiously optimistic about continued improvement in access to our commercial customers as hospital protocols for managing the pandemic are being implemented. In addition to continued traction in our currently commercialized products, we are accelerating the development of our new guidewire for TAVR procedures, a
"Our continued progress over the past few years to create, manufacture and deliver world-class products, that contribute to health through our expertise in innovative medical products was highlighted during the last quarter. I congratulate the
Financial Results - Year Ended
Sales of product were stable at
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 partnership for ventricular assist device sensors, were
Operating expenses in fiscal 2020 were
Net loss was
EBITDAO1 (see table B) was
Financial Results - Three-Month Period Ended
Total revenue was
Sales of products for the measurement of coronary artery stenosis (FFR and dPR) were
Sales of optical medical systems including the Company's partnership for ventricular assist device sensors were
Operating expenses in the fourth quarter of 2020 were
Net income was
EBITDAO1 (see table B) was
Table A
Consolidated statement of results (In thousands of Canadian dollars, except for information per share) | For the year ended | For the year ended |
$ | $ | |
Revenues | ||
Sales | ||
Medical | 26,996 | 27,032 |
Industrial | 2,457 | 2,418 |
29,453 | 29,450 | |
Licensing | - | 3,302 |
29,453 | 32,752 | |
Cost of Sales | 13,834 | 14,037 |
Gross margin | 15,619 | 18,715 |
Gross margin (%) | 53% | 57% |
Operating Expenses | ||
Administration | 5,041 | 4,593 |
Sales and marketing | 8,780 | 11,116 |
R&D | 5,441 | 4,801 |
19,262 | 20,510 | |
Other income | (1,683) | - |
Financial expenses | 684 | 157 |
Net loss and comprehensive loss | (2,644) | (1,952) |
Net loss per share – Basic and diluted | (0.03) | (0.02) |
*Comparative figures have not been adjusted to reflect the adoption of IFRS 16 – Leases as set out in the accounting policy |
Table B
Reconciliation of net earnings (loss) to EBITDAO
The Earnings Before Interest, Taxes, Depreciation, Amortisation and Stock-based compensation costs (EBITDAO) has no normalized sense prescribed by IFRS. It is not very probable that this measure is comparable with measures of the same type presented by other issuers. EBITDAO is defined by the Company as the addition of net loss, financial expenses (income), depreciation and amortisation and stock-based compensation costs. The Company uses EBITDAO for the purposes of evaluating its historical and prospective financial performance. This measure also helps the Company to plan and forecast for future periods as well as to make operational and strategic decisions. The Company believes that providing this information to investors, in addition to IFRS measures, allows them to see the Company's results through the eyes of management, and to better understand its historical and future financial performance.
Reconciliation of consolidated Net loss to EBITDAO (In thousands of Canadian dollars) | For the year ended | For the year ended |
$ | $ | |
Net loss | (2,644) | (1,952) |
Financial expenses | 684 | 157 |
Depreciation of PP&E and right-of-use-assets | 1,548 | 802 |
Amortization of intangible assets | 120 | 91 |
Stock-based compensation cost | 438 | 489 |
EBITDAO | 146 | (413) |
Reconciliation of consolidated Net Earnings (loss) to EBITDAO (In thousands of Canadian dollars) | For the quarter ended | For the quarter ended |
$ | $ | |
Net earnings (loss) | 558 | (1,618) |
Financial expenses | 356 | 160 |
Depreciation of PP&E and right-of-use-assets | 386 | 205 |
Amortization of intangible assets | 24 | 25 |
Stock-based compensation cost | 78 | 121 |
EBITDAO | 1,402 | (1,107) |
*Comparative figures have not been adjusted to reflect the adoption of IFRS 16 – Leases as set out in the accounting policy |
Table C
CONSOLIDATED BALANCE SHEET HIGHLIGHTS (in thousands of Canadian dollars) | As at | As at |
$ | $ | |
Cash and cash equivalents | 10,884 | 14,856 |
Trade and other receivables | 4,041 | 5,115 |
Inventories | 6,505 | 5,133 |
Total Current Assets | 22,543 | 26,099 |
Property, plant, and equipment | 3,230 | 2,962 |
Intangible assets | 1,622 | 1,027 |
Right-of-use assets | 4,513 | - |
Total Assets | 31,908 | 30,088 |
Current liabilities | 5,655 | 4,787 |
Long-term debt | 6,608 | 7,135 |
Lease liabilities | 4,298 | - |
Total Liabilities | 16,561 | 12,648 |
Shareholders' equity | 15,347 | 17,441 |
*Comparative figures have not been adjusted to reflect the adoption of IFRS 16 – Leases as set out in the accounting policy |
About
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
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.
________________________ |
1 This non-IFRS measure is presented for additional information and should be used in conjunction with the IFRS financial measures presented. Definition of non-IFRS measures is explained at table B to provide the reader with a better understanding of the metrics used by management. Comparative figures have not been restated to reflect the adoption of IFRS 16 - Leases, as set out in the accounting policy. |
SOURCE
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