QUEBEC CITY, Nov. 26, 2013 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSXV: OPS) today released results for the year ended August 31, 2013.
Highlights for the year
- Opsens signs first agreement in the medical field granting distribution rights for its FFR products for Japan, Korea and Taiwan in US$5 million transaction;
- Opsens producing OptoWire devices for the Verification and Validation phase toward commercialization of its FFR products;
- Opsens presents its FFR technologies at the Goldman Sachs Emerging Healthcare Series;
- Opsens receives order for 48 OPP-W systems in the oil and gas segment, its largest to date;
- Opsens successfully deploys a pressure and temperature system on PTRC's Aquistore project in Saskatchewan, Canada.
Recent Highlights
- Opsens earns a spot on the Deloitte Technology Fast 50™ Award Program;
- Opsens begins installations for 48 OPP-W systems contract;
- FFR project: on target for commercialization in second half of calendar 2014.
Efforts starting to pay off as pieces are falling into place
Medical Instrumentation - FFR market within reach
Opsens is sparing no effort to become a key player in the guidewire FFR market with its OptoWire, the first nitinol-based optical guidewire for FFR designed to provide cardiologists with a pressure guide wire delivering optimized performance for navigating in the coronary arteries to reach blockages with ease while also measuring intra-coronary blood pressure. In addition, the pressure guide wire is instrumented with a unique optical sensor immune to adverse effects related to blood contact, while also allowing easy and reliable connectivity that leads to reliable FFR measurements. Opsens' significant competitive advantages are expected to come from its innovative guidewire and its use of new technologies, which include Opsens' proprietary miniature optical pressure sensing technology. Since 2008, the FFR market had a compound annual growth rate of 43%. In 2012, the FFR market was already above the US$200-million mark. Market participants estimate the FFR market will reach US$1 billion in a foreseeable future.
Opsens is getting closer to tapping into this exciting opportunity. "We are very anxious to present our products to the market and confident that their distinctive features will allow Opsens to take a significant share in this fast-growing FFR market," said Louis Laflamme, President and CEO of Opsens.
In fiscal 2013, Opsens produced a large number of OptoWire to be used in the verification and validation phase required by the regulatory authorities for medical device approval processes for Europe, Japan and the United States.
Opsens' signing of a US$5-million agreement with a Japanese partner for the distribution rights in Japan, Taiwan and Korea should facilitate penetration of Opsens' products in the Asian market. The signing of additional agreements is part of our strategy.
O&G - financial results - Year ended August 31, 2013
Both for the oil and gas and the medical instrumentation sectors, Opsens' 2013 fiscal year has positioned the company for its next phase of growth.
Opsens' revenues ended up lower for the year ended August 31, 2013 at $7,526,000 compared with $8,462,000 for 2012, as several oil and gas installations were carried over to fiscal 2014. In addition, installations of the first OPP-W sensor systems for the 48 OPP-W systems were delayed and only began being implemented in September 2013. Also, the revenues under a manufacturing agreement in the high-transformers field for the year ended August 31, 2013 totalled $119,000 compared with $674,000 for 2012. This decrease reflects the termination of Opsens' manufacturing agreement following the sale of this business in 2010, marking the end of Opsens' involvement in the high-power transformer business. The first quarter of 2014 should reflect an improvement, compared with the most recent quarters, as Opsens just started installing the first OPP-W systems for the 48-well contract announced in March 2013.
Net loss for fiscal year 2013 was $2,366,000 compared with a net loss of $1,930,000 for the same period last year. The increase in net loss mainly reflects the higher research and development expenses required to produce OptoWire devices for the Verification and Validation phase.
| (In thousands of Canadian dollars, except for information per share) | Year Ended August 31, 2013 |
Year Ended August 31, 2012 |
| $ | $ | |
| Sales | 7,526 | 8,462 |
| Cost of sales | 4,780 | 5,722 |
| Gross margin | 2,746 | 2,740 |
| Administrative expenses | 2,314 | 2,304 |
| Marketing expenses | 953 | 929 |
| R&D expenses | 1,762 | 1,534 |
| Financial expenses (revenues) | 100 | (97) |
| Change in fair value of embedded derivative | (17) | - |
| 5,112 | 4,670 | |
| Loss before income taxes | (2,366) | (1,930) |
| Net loss and comprehensive loss | (2,366) | (1,930) |
| Net loss per share - Basic | (0.05) | (0.04) |
| Net loss per share - Diluted | (0.05) |
(0.04) |
Resignation of Mr. Colin Cook as Director
Opsens also announces today the resignation of Mr. Colin Cook as director of the Company. Such resignation is effective immediately. "We thank Mr. Cook for his contribution to the development of Opsens and wish him the very best in his future endeavours" said Mr. Pierre Carrier, Chairman of the Board of Opsens.
Grant of stock options
Opsens' Board of Directors authorized, yesterday, the grant of 60,000 stock options to three Directors, as provided by the Opsens stock option plan adopted by the shareholders on January 21, 2013.
Under the provisions of Opsens' stock option plan, each stock option granted entitles the holder to subscribe to one Opsens' common share at the latest on November 24, 2018 and at a price equal to 0.85$ per share. The stock options granted to the Directors entitle the holder to subscribe immediately to Opsens' common shares.
About Opsens Inc. (www.opsens.com) - Focusing on two main growth markets, oil and gas and FFR in medical instrumentation, Opsens develops, manufactures and installs systems to measure pressure, temperature and others parameters using fiber optic sensing technologies. These systems are designed around patented technologies that are effective and durable in extreme conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 Opsens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
SOURCE: OPSENS INC.
Thierry Dumas, CPA, CA, Chief Financial Officer, 418.682.9996
Louis Laflamme, CPA, CA, President and Chief Executive Officer, 418.682.9996
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