Conference call on the results today at
Fiscal Year Highlights
- Record total revenue of
$34.5 million in FY 2021 compared with$29.5 million in FY 2020, a 17% increase; - Record sales of coronary artery disease products at
$22.9 million in FY 2021, compared with$18.7 million in FY 2020, a 22% increase; - Signed two agreements with major
U.S. Group Purchasing Organizations (GPO) to provide its members with the Company's OptoWire; - OpSens Solutions received funding to develop an optical-based fuel monitoring system for aerospace applications, including civil aircrafts;
- Awarded a contract to supply fiber optic absolute and differential pressure sensors for the International Thermonuclear Experimental Reactor (ITER);
- The Company closed a
$28.75 million bought deal public offering inFebruary 2021 ; - Cash and cash equivalents at
$38.6 million as ofAugust 31, 2021 , an increase of$27.7 million versus last year period endedAugust 31, 2020 .
Recent Highlights
OpSens successfully completed first in-man study with the SavvyWire, its new guidewire for transcatheter aortic valve replacement (TAVR or TAVI) procedures, can file product for regulatory 510(k) clearance with theU.S. Food and Drug Administration ("FDA").
Management Commentary
"I am pleased with the strong progress made on both the operating and development sides of our business, as we report record annual revenues of
"The Company made great progress in the U.S. market, signing two, three-year contracts with major
"We are optimistic as we look ahead to fiscal 2022 and beyond. Our continued progress over the past few years to create, manufacture and deliver innovative medical products was highlighted throughout the year. I congratulate the
Fiscal Year Financial Results - Year Ended
Total revenue was
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 partnership for ventricular assist device sensors, were
Industrial sales increased 36% to
Operating expenses in FY 2021 reached
Gross margins were 54% in FY 2021 compared to 53% in FY 2020 driven by increased higher sales volumes and related economies combined with enhanced productivity and lower cost of goods sold for the OptoWire III.
Net loss was
Fourth Quarter Financial Results – Three-Month Period Ended
Total revenue was
Sales of products for the diagnosis and treatment of coronary artery disease (FFR and dPR) were
Sales of optical medical systems, including the Company's partnership for ventricular assist device sensors, were
Industrial sales increased to
Gross margins were stable at 50% in Q4 2021 compared in Q4 2020.
Operating expenses in Q4 2021 were
Net loss was
Table A
Consolidated statement of results (In thousands of Canadian dollars, except for information per share) | Three-month period ended 2021 | Three-month period ended 2020 | For the year ended | For the year ended | |||
$ | $ | $ | $ | ||||
Revenues | |||||||
Sales | |||||||
Medical | 7,335 | 7,060 | 30,985 | 26,996 | |||
Industrial | 671 | 516 | 3,363 | 2,457 | |||
8,006 | 7,576 | 34,348 | 29,453 | ||||
Other | 60 | - | 116 | - | |||
8,066 | 7,576 | 34,464 | 29,453 | ||||
Cost of Sales | 4,050 | 3,760 | 15,783 | 13,834 | |||
Gross margin | 4,016 | 3,816 | 18,681 | 15,619 | |||
Gross margin (%) | 50% | 50% | 54% | 53% | |||
Operating Expenses | |||||||
Administration | 1,794 | 1,015 | 6,473 | 5,041 | |||
Sales and marketing | 2,191 | 1,458 | 7,649 | 8,780 | |||
R&D | 1,340 | 1,312 | 5,510 | 5,441 | |||
5,325 | 3,785 | 19,632 | 19,262 | ||||
Other income | (19) | (882) | (740) | (1,683) | |||
Financial expenses (income) | (62) | 356 | 918 | 684 | |||
Income (loss) before income taxes | (1,200) | 557 | (1,129) | (2,644) | |||
Income taxes | 15 | - | 21 | - | |||
Net income (loss) | (1,215) | 557 | (1,150) | (2,644) | |||
Net income (loss) per share – Basic and diluted | (0.01) | 0.01 | (0.01) | (0.03) |
Table B
CONSOLIDATED BALANCE SHEET HIGHLIGHTS (in thousands of Canadian dollars) | As at | As at |
$ | $ | |
Cash and cash equivalents | 38,563 | 10,884 |
Trade and other receivables | 4,135 | 4,041 |
Inventories | 6,115 | 6,505 |
Total Current Assets | 49,783 | 22,543 |
Property, plant, and equipment | 2,731 | 3,230 |
Intangible assets | 1,677 | 1,622 |
Right-of-use assets | 4,322 | 4,513 |
Total Assets | 58,513 | 31,908 |
Current liabilities | 7,395 | 5,655 |
Long-term debt | 4,595 | 6,608 |
Lease liabilities | 4,193 | 4,298 |
Total Liabilities | 16,183 | 16,561 |
Shareholders' equity | 42,330 | 15,347 |
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/2512/43575, 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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