Opsens reports 2Q results

QUEBEC CITY, April 21 /CNW Telbec/ - Opsens Inc. (TSX VENTURE EXCHANGE: OPS) ("Opsens") today released its financial results for the three- and six-month periods ended February 28, 2010.

Highlights

    
    - Increased revenue by 72% to $1,047,000 from $606,000 a year earlier.

    - Reported 2Q loss of $586,000 or 1 Canadian cent a share, compared with
      $682,000 or 2 cents a share a year earlier.

    - Named as part of 2010 TSX Venture 50.

    - Signed a partnership with Abiomed to introduce Opsens' sensor
      technology to Impella, the world smallest heart pump.

    - Closed a $3.6 million private placement.
    

"Our recent private placement leaves us in a strong financial position to continue both the commercialization of our OPP-W sensor for the oil and gas sector, and our new medical instrumentation device," said Pierre Carrier, president and CEO.

"Our work in the medical sector is progressing rapidly," Mr. Carrier said. "Development of our medical instrumentation product for the measure of pressure is on schedule. In addition, our partnership with Abiomed (NASDAQ: ABMD), a leading medical instrumentation company, to insert our miniature pressure sensor in their cardiac pump will contribute to the penetration of our medical instrumentation device."

Second-quarter Results

Sales totalled $1,047,000 in the three months ended February 28, 2010, up from $606,000 a year earlier. The oil and gas sector had the best performance, with sales of more than $474,000.

The quarterly loss was $586,000, compared with a loss of $682,000 a year earlier. The narrower loss resulted from a higher gross margin and lower marketing costs.

R&D expenses increased to $261,000 from $205,000, due to the higher number of employees in the latest quarter.

Quarterly administrative expenses totalled $334,000, compared with $316,000 a year earlier, due to the growth in the activities of Opsens Solutions and an increase in the number of employees.

Six-month Results

Sales totalled $2,117,000 in the six months ended February 28, 2010, compared with $1,218,000 a year earlier. The net loss decreased to $1,082,000 from $1,237,000.

    
                                     ----------------------------------------
    (In thousands of Canadian            Three-    Three-      Six-      Six-
     dollars, except data per share)     month     month     month     month
                                        period    period    period    period
                                         ended     ended     ended     ended
                                      February  February  February  February
                                      28, 2010  28, 2009  28, 2010  28, 2009
                                     ----------------------------------------
                                             $         $         $         $
                                     ----------------------------------------

    Sales                                1,047       606     2,117     1,218
    Cost of sales                          721       464     1,342       886
                                     ----------------------------------------
    Gross margin                           326       142       775       332

    Administrative expenses                334       316       735       631
    Marketing expenses                     214       243       419       437
    Research and development expenses      261       205       473       410
    Stock option based compensation         47        60       102       127
    Amortization of property, plant
     and equipment                          44        39        86        75
    Amortization of intangible assets       16         6        21        11
    Financial (income) expenses             (4)      (45)       21      (122)
                                     ----------------------------------------
                                           912       824     1,857     1,569

    Loss before income taxes              (586)     (682)   (1,082)   (1,237)
    Income taxes                             -         -         -         -
                                     ----------------------------------------
    Net loss                              (586)     (682)   (1,082)   (1,237)

    Basic loss per share                 (0.01)    (0.02)    (0.02)    (0.03)
    Diluted loss per share               (0.01)    (0.02)    (0.02)    (0.03)


    About Opsens (www.opsens.com)
    -----------------------------
    

Opsens is a leading developer, manufacturer and supplier of a wide range of fiber optic sensors and associated signal conditioners based on proprietary patented and patent pending technologies. Opsens' sensors provide long-term accuracy and reliability in the harshest environments. Opsens provides sensors to measure pressure, temperature, strain and displacement to original equipment manufacturers (OEM) and end-users in the oil and gas, medical, high-power transformers, and laboratory fields. Opsens provides complete technical support, including installation, training, after-sales service, for its fiber optics systems that are regulated by the ISO 9001-2008 norm.

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.

Opsens Inc was recognized as a TSX Venture 50(R) company in 2010. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.

For further information: Pierre Carrier, President and Chief Executive Officer, [phone]; Louis Laflamme, CA, Chief Financial Officer, [phone]