Conference call on the results today at
Second Quarter Fiscal 2023 Financial Highlights (all metrics compared to second quarter fiscal 2022 unless otherwise noted)
- Consolidated revenues of
$10.8 million , compared with$8.1 million , a 33% increase and a new quarterly record. - Gross margin improved to 56.9% in the second quarter of 2023 compared with 51.5%.
- Coronary artery disease sales of
$5.7 million in the second quarter of 2023 compared with$4.6 million , a 23% increase. - Structural Heart sales of
$0.5 million in the second quarter of 2023, driven by a 31% sequential increase in sales as compared to the first quarter of 2023. - Sales of optical medical products were
$3.4 million in the second quarter of 2023, an increase of 43%, compared with$2.4 million . - Cash and cash equivalents of
$21.9 million atFebruary 28, 2023 ($17.5 million atNovember 30 , 2022). - In
December 2022 , the Company closed a public bought deal offering for aggregate gross proceeds of$11.5 million .
Recent Highlights
- SavvyWire used during two live cases at
CRT Conference . - Awarded interventional specialty diagnostics agreement with Premier for SavvyWire.
- Appointed
John Hannigan as Chief Financial Officer.
Management Commentary
"I am pleased with the results of the quarter, which reflect record quarterly revenues, driven by 38% growth in our medical segment as we expand worldwide adoption of the OptoWire, continue with our strategic launch of SavvyWire and benefit from the increased demand in optical sensors for business partnerships" said
Segmented Revenues Information
($ in Millions Canadian) | Three-month | Three-month | Six-month | Six-month | |||
Medical segment | |||||||
Coronary Artery Disease | 5.7 | 4.6 | 10.9 | 9.5 | |||
Structural Heart | 0.5 | 0.0 | 0.9 | 0.0 | |||
Optical Medical Products | 3.4 | 2.4 | 6.7 | 4.8 | |||
Other | 0.3 | 0.1 | 0.6 | 0.1 | |||
Total Medical Revenues | 9.9 | 7.1 | 19.1 | 14.5 | |||
Industrial | 0.9 | 1.0 | 1.9 | 1.7 | |||
Total Revenues | 10.8 | 8.1 | 21.0 | 16.2 |
Financial Commentary
Consolidated revenues were
Coronary Artery Disease
Sales of coronary artery disease products (Fractional Flow Reserve ("FFR") and diastolic pressure ratio ("dPR")) were
Sales of optical medical systems, including the Company's multi-year supply contract of sensors for ventricular assist devices, were
Structural Heart
Structural heart sales, despite being in controlled release in the U.S. market, were
Industrial
Industrial sales were at
Gross Margin
Gross margin was 56.9% compared to 51.5% during the prior year period. The increase was driven by favorable product mix, a higher weighting of direct sales to hospitals and higher sales volume.
Operating Expenses
Operating expenses in the second quarter of 2023 were
Net Loss
Net loss for the second quarter of fiscal 2023 was
Balance Sheet
Table A
(In thousands of Canadian dollars, | Three-month period ended | Three-month period ended | Six-month period ended | Six-month period ended |
$ | $ | $ | $ | |
Revenues | ||||
Sales | ||||
Medical | 9,820 | 6,967 | 18,714 | 14,308 |
Industrial | 894 | 1,017 | 1,911 | 1,722 |
10,714 | 7,984 | 20,625 | 16,030 | |
Other | 95 | 116 | 378 | 165 |
10,809 | 8,100 | 21,003 | 16,195 | |
Cost of sales | 4,658 | 3,930 | 8,985 | 7,908 |
Gross margin | 6,151 | 4,170 | 12,018 | 8,287 |
Gross margin percentage | 57 % | 51 % | 57 % | 51 % |
Operating expenses | ||||
Administrative | 2,430 | 1,927 | 5,030 | 4,064 |
Sales and marketing | 4,390 | 2,490 | 9,018 | 4,598 |
Research and development | 2,486 | 2,026 | 4,954 | 3,792 |
9,306 | 6,443 | 19,002 | 12,454 | |
Financial (income) expenses | (33) | 77 | (40) | 236 |
(Gain) loss on foreign currency | (163) | 47 | (358) | 57 |
Loss before income taxes | (2,959) | (2,397) | (6,586) | (4,460) |
Current income tax expense | 18 | 7 | 29 | 34 |
Net loss | (2,977) | (2,404) | (6,615) | (4,494) |
Basic and diluted net loss per share | (0.03) | (0.02) | (0.06) | (0.04) |
Table B
CONSOLIDATED BALANCE SHEET HIGHLIGHTS (in thousands of Canadian dollars) | As at | As at |
|
| |
$ | $ | |
Cash and cash equivalents | 21,935 | 23,816 |
Trade and other receivables | 6,907 | 5,855 |
Inventories | 10,711 | 6,672 |
Total Current Assets | 41,876 | 39,016 |
Property, plant, and equipment | 3,254 | 2,683 |
Intangible assets | 1,689 | 1,786 |
Right-of-use assets | 8,250 | 5,026 |
Total Assets | 55,069 | 48,511 |
Current liabilities | 7,616 | 8,601 |
Long-term debt | 400 | 639 |
Lease liabilities | 8,340 | 5,012 |
Total Liabilities | 16,356 | 14,252 |
Shareholders' equity | 38,713 | 34,259 |
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://app.webinar.net/Xz9d83makB1, 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/.
About
The TAVR procedure is growing rapidly globally, driven by the aging population and recent studies that demonstrate its benefits for a broader array of patients. The global TAVR market is currently estimated at over 200,000 procedures and is expected to reach 400,000 in 2027.
SOURCE
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