Conference call on the results to be held today at
Third Quarter Financial Highlights
- Record total revenue of
$9.2 million , compared with$6.6 million for the third quarter of fiscal 2020, a 39% increase; - Record sales of coronary artery disease products of
$6.2 million , compared with$4.4 million for the third quarter of fiscal 2020, a 41% increase; - Cash and cash equivalents at
$38.8 million as ofMay 31, 2021 ($10.9 million as ofAugust 31, 2020 ); OpSens awarded three-year contract agreement withVizient, Inc. , one of the largest group-purchasing organizations (GPO) inthe United States , to provide its members with the Company's OptoWire;OpSens signs an agreement withCathmedical Cardiovascular S.A. ("Cathmedical") for the integration of its coronary physiology algorithms into the Picasso hemodynamic system, initially focusing on the Spanish cardiology market where the Picasso has a dominant market share.
Recent Developments
- The SavvyWire,™,
OpSens' innovative pressure guidewire, for the percutaneous delivery and assessment of aortic valve stenosis ("TAVR"), is scheduled to be evaluated in a 20-patient study by the end of the summer. This study is one of the last steps beforeOpSens files for regulatory 510(k) clearance with theU.S. Food and Drug Administration ("FDA"); OpSens surpasses 150,000 procedures with the OptoWire;- OpSens Solutions receives advisory and funding support to develop an optical-based fuel monitoring system for aerospace applications, including civil aircrafts with partner.
Management Commentary
"We achieved strong financial performance in the third quarter of fiscal 2021, as we continued to build on our positive momentum, with solid double-digit top line growth," said
Financial Results - Quarter Ended
Total revenue reached
Sales of products in coronary artery disease were
Sales of optical medical systems, including the Company's 5-year supply agreement for ventricular assist device sensors, were
Industrial sales increased 40% to
Gross margin reached 59%, an increase of 400 basis points for the quarter ended
Operating expenses in the third quarter of fiscal 2021 were
Net loss was
Conference Call Today
Interested parties can access the conference call by dialing (833) 756-0865 or (412) 317-5754 or can listen via a live webcast, from the link available in the Investors section of the Company's website or at Investors section of the Company's website or at https://www.webcaster4.com/Webcast/Page/2512/41951, 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/.
Table A
(In thousands of Canadian dollars, except for information per share and gross margin %)
| Three-Month Period Ended | Three-Month Period Ended | Nine-Month Period Ended | Nine-Month Period Ended |
$ | $ | $ | $ | |
Revenues | ||||
Sales | ||||
Medical | 8,501 | 6,124 | 23,651 | 19,936 |
Industrial | 713 | 506 | 2,692 | 1,941 |
9,214 | 6,630 | 26,343 | 21,877 | |
Other | 19 | - | 56 | - |
9,233 | 6,630 | 26,399 | 21,877 | |
Cost of Sales | 3,809 | 2,986 | 11,734 | 10,074 |
Gross margin | 5,424 | 3,644 | 14,665 | 11,803 |
Gross margin (%) | 59% | 55% | 56% | 54% |
Operating Expenses | ||||
Administration | 1,722 | 1,301 | 4,679 | 4,025 |
Sales and marketing | 2,316 | 1,637 | 5,458 | 7,322 |
Research and development | 1,590 | 1,411 | 4,170 | 4,130 |
5,628 | 4,349 | 14,307 | 15,477 | |
Other income | (121) | (801) | (721) | (801) |
Financial expenses | 471 | 44 | 980 | 328 |
Income (loss) before income taxes | (554) | 52 | 99 | (3,201) |
Income taxes | 16 | - | 35 | - |
Net income (loss) | (570) | 52 | 64 | (3,201) |
Basic and diluted net income (loss) per share | (0.01) | 0.00 | 0.00 | (0.04) |
Table B
CONSOLIDATED BALANCE SHEET HIGHLIGHTS (In thousands of Canadian dollars) | As at | As at |
$ | $ | |
Cash and cash equivalents | 38,778 | 10,884 |
Trade and other receivables | 5,364 | 4,041 |
Inventories | 6,163 | 6,505 |
Total Current Assets | 51,090 | 22,543 |
Property, plant, and equipment | 2,929 | 3,230 |
Intangible assets | 1,680 | 1,622 |
Right-of-use assets | 4,481 | 4,513 |
Total Assets | 60,180 | 31,908 |
Current liabilities | 7,568 | 5,655 |
Long-term debt | 5,305 | 6,608 |
Lease liabilities | 4,324 | 4,298 |
Total Liabilities | 17,197 | 16,561 |
Shareholders' equity | 42,983 | 15,347 |
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