Conference call on the results today at
Highlights for the Quarter
- Consolidated sales of
$8.1 million in Q1 2022, a decrease of 3%, compared with$8.3 million in Q1 2021. Sales were negatively impacted by$0.4 million due to unfavorable exchange rates and by the continuation of COVID-related impacts on the industry. - Coronary artery disease sales of
$4.9 million in Q1 2022, a decrease of 7% compared with$5.3 million in Q1 2021 reflecting the negative exchange rate and COVID-related impacts; - Full repayment of the bank loan for an amount of
$5.8 million ; and - Cash and cash equivalents of
$32 million atNovember 30, 2021 ($38.6 million atAugust 31 , 2021).
Recent Highlights
- Filed a 510(k) submission with the
U.S. Food & Drug Administration ("FDA") for regulatory clearance of its new guidewire ("SavvyWire") for transcatheter aortic valve replacement, or TAVR procedures. The Company also filed for approval withHealth Canada .
Management Commentary
"The first quarter remained challenging due to the ongoing impact of the pandemic. We remain optimistic about our opportunity to gain market share and adoption as we invest in commercial infrastructure," said
First Quarter Ended
Consolidated sales were
Sales of products for the measurement of coronary artery disease (Fractional Flow Reserve ("FFR") and diastolic pressure ratio ("dPR")) were
Sales of optical medical systems, including the Company's multi-year supply contract for sensors for ventricular assist devices, were
Industrial sales were at
Operating expenses in Q1 2022 were
Also, the Company received a
Net loss was
Table A
(In thousands of Canadian dollars, except for information | Three-month period ended | Three-month period ended |
$ | $ | |
Revenues | ||
Sales | ||
Medical | 7,342 | 7,319 |
Industrial | 705 | 1,000 |
8,047 | 8,319 | |
Other | 49 | 17 |
8,096 | 8,336 | |
Cost of sales | 3,978 | 3,664 |
Gross margin | 4,118 | 4,672 |
Gross margin percentage | 51% | 56% |
Operating expenses | ||
Administrative | 2,137 | 1,469 |
Sales and marketing | 2,108 | 1,588 |
Research and development | 1,766 | 1,295 |
6,011 | 4,352 | |
Other income | - | (490) |
Financial expenses | 169 | 216 |
Income (loss) before income taxes | (2,062) | 594 |
Income taxes | 27 | - |
Net income (loss) | (2,089) | 594 |
Basic and diluted net income (loss) per share | (0.02) | 0.01 |
Table B
CONSOLIDATED BALANCE SHEET HIGHLIGHTS (in thousands of Canadian dollars) | As at | As at |
$ | $ | |
Cash and cash equivalents | 31,965 | 38,563 |
Trade and other receivables | 4,408 | 4,135 |
Inventories | 5,635 | 6,115 |
Total Current Assets | 43,223 | 49,783 |
Property, plant, and equipment | 2,623 | 2,731 |
Intangible assets | 1,672 | 1,677 |
Right-of-use assets | 4,162 | 4,322 |
Total Assets | 51,680 | 58,513 |
Current liabilities | 5,073 | 7,395 |
Long-term debt | 993 | 4,595 |
Lease liabilities | 4,059 | 4,193 |
Total Liabilities | 10,125 | 16,183 |
Shareholders' equity | 41,555 | 42,330 |
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 at https://opsens.com/investors/ or at https://www.webcaster4.com/Webcast/Page/2512/44128, 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/.
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SOURCE
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