QUEBEC CITY, Nov. 15, 2011 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSXV:
OPS) today released results for the year ended August 31, 2011.
Highlights
-
Revenue rose to $6.0 million in fiscal 2011 from $5.3 million a year
earlier, a 14% increase.
-
Oil and Gas revenues have grown 75% during FY 2011.
-
Net loss of $2,511,000 or 5 cents a share in FY 2011 compares with a net
profit of $593,000 or 1 cent a share a year earlier. The difference is
explained by a gain of $2,375,000 on the disposal of the company's
high-power transformers activities in 2010.
«In the past years, Opsens has established the necessary foundation to
offer sustained growth to its shareholders. In 2011, Opsens has
continued building with an increase of its consolidated sales and major
developments towards its objective to commercialize its first medical
instrumentation product. We are confident that our products and team's
expertise will allow us to continue in that direction and that our
efforts will translate into tangible results» said Pierre Carrier,
President and Chief Executive Officer.
Oil and gas - Strong Growth
Opsens continues commercialization of its patented pressure/temperature
OPP-W sensor to Alberta's
Steam Assisted Gravity Drainage (« SAGD ») market. Opsens' Oil and Gas revenues have grown 75% during
FY 2011. Opsens received its second commercial order to instrument 21
wells with its OPP-W sensor. The Company also extended its customer
base in heavy oil. Opsens Solutions' innovative ways for the creation
and deployment of new applications translated into diversification of
uses for the OPP-W, a promising element for sales growth related to
this product.
Medical Instrumentation - Development of the FFR products is progressing
fast
Fractional Flow Reserve or FFR is an index of the functional severity of
coronary stenoses calculated from pressure measurements taken before
and after narrowing of arteries discovered during coronary angiography.
FFR measurement is an increasingly popular method used in the treatment
of cardiac lesions. The FAME Study, published in 2009, outlined the
positive result this cost effective procedure has on patients' overall
outcome.
In FY 2011, Opsens has made great strides in the development of its
portfolio of product for the measurement of FFR with the presentation
of the EasyWire and OptoWire. Opsens has notably reported on the
results of the animal study. Those results showed that the EasyWire and
OptoWire performed exceptionally well, that they were safe, that they
had a remarkable ability to advance through the artery to reach all
types of lesions, and that pressure measurements taken during the study
were optimal.
The FFR market is growing strongly and Opsens is determined to provide
cardiologists with products that really answer to their needs.
At the same time Opsens is developing these products, the Company has
added to its intellectual property with the filing of several patents.
Opsens has received the Canadian Patent for the EasyWire. This patent
is especially important because it defines the unique character of the
product, demonstrates the legitimacy and strength of our intellectual
property and reinforces our business model in the medical sector.
Opsens also received ISO 13485 certification, an internationally
recognized reference standard that incorporates the quality and safety
constraints specific to medical devices. By obtaining ISO 13485
certification, Opsens has shown its ability to develop products that
are capable of meeting the strictest regulatory requirements and of
respecting the industry's highest standards.
Year ended August 31, 2011
The Company reported revenue of $6,005,000 for the year ended August 31,
2011, compared with $5,281,000 a year earlier, an increase of 13.7%.
The growth in the sales is explained by growth of close to $1,800,000
in the oil and gas market. Rising income in this sector is due to the
emphasis on the superior performance of our products.
Sales in the oil and gas sector totalled $4,200,000, compared with
$2,405,000 for 2010. Management anticipates that revenues from oil and
gas will continue to grow as the OPP-W sensor becomes more mature and
as we expand its applications and market other products.
Sales in medical instrumentation were close to $430,000 in fiscal 2011
compared with $483,000 for 2010. For the year ended August 31, 2011, a
significant proportion of medical sales were made to OEM for pressure
measurement for preclinical use.
Research and development expenses increased to $1,417,000 in fiscal year
2011 from $1,047,000 in 2010. The augmentation reflects an increase in
the number of employees linked to the development of our new medical
device.
Outlook
Opsens wants to capitalize on continuing investment in the oil sector to
continue growth of its oil and gas related products. The approach to
offer a wide range of products and services in this field is essential
to Opsens' development because it will help long-term revenue growth.
Thanks to its miniature optical sensing technology, its intellectual
property, its team and scientific advisory board, Opsens has all the
elements to secure required approval for commercializing its high sale
potential medical products in FY 2013. While focusing on the
development, Opsens is considering partnership possibilities to insure
a distribution platform well-suited for interventional cardiology.
|
|
|
(In thousands of Canadian dollars, except for information
per share)
| Year Ended
August 31, 2011 | Year Ended
August 31, 2010 |
|
| $ | $ |
| Sales |
6,005
|
5,281
|
|
Cost of sales
|
4,095
|
3,173
|
| Gross margin |
1,910
|
2,108
|
|
|
|
Administrative expenses
|
2,036
|
1,521
|
|
Marketing expenses
|
645
|
870
|
|
R&D expenses
|
1,417
|
1,047
|
|
Financial income
|
(89)
|
(41)
|
|
Stock option-based compensation
|
185
|
282
|
|
Amortization of property, plant and equipment
|
200
|
179
|
|
Amortization of intangible assets
|
27
|
32
|
|
Gain on disposal
|
-
|
(2,375)
|
|
|
4,421
|
1 515
|
|
|
| Profit (Loss) before income taxes |
(2,511)
|
593
|
|
Income taxes
|
-
|
-
|
| Net Profit (Net loss) |
(2,511)
|
593
|
| Net Profit (Net loss) per share - Basic |
(0.05)
|
0.01
|
| Net Profit (Net loss) per share - Diluted |
(0.05)
|
0.01
|
Grant of stock options
Opsens' Board of Directors also authorized yesterday the grant of a
total of 870,000 stock options, of which 350,000 were granted to
certain directors and officers and 520,000 to certain employees, as
provided in the Opsens' stock option plan adopted by the shareholders
on January 21, 2011.
Under the provisions of Opsens' stock option plan, each stock option
granted entitles the holder to subscribe for one Opsens' common share
at the latest on November 14, 2016 and at a price equal of $0.23 per
share. The stock options granted to the directors entitle the holders
to subscribe immediately for Opsens' common share whereas the stock
options granted to the employees will be vested over a period of four
years at a rate of 25 % per year, the first tranche being vested at the
end of the first year following the granting of the stock options.
About Opsens Inc. (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 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 and ISO 13485 norms.
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.