Opsens : Interim Consolidated Financial Statements for the nine-month period ended May 31, 2023

Condensed Consolidated Interim Financial Statements

OpSens Inc.

Nine-month periods ended May 31, 2023 and 2022 (unaudited)

OpSens Inc.

Nine-month periods ended May 31, 2023 and 2022

Table of contents

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss	................................................ 1
Condensed Consolidated Interim Statements of Changes in Equity	2-3
Condensed Consolidated Interim Statements of Financial Position	4
Condensed Consolidated Interim Statements of Cash Flows	5
Notes to the Condensed Consolidated Interim Financial Statements	6-16

OpSens Inc.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

(in Canadian dollars) (unaudited)

	Three-month periods	Nine-month periods
	ended May 31,	ended May 31,
	2023	2022	2023	2022
	$	$	$	$
Revenues
Sales	13,196,638	10,044,441	33,821,353	26,074,571
Other	(42,007)	31,833	335,690	196,875
	13,154,631	10,076,274	34,157,043	26,271,446
Cost of sales	5,421,165	4,938,567	14,405,957	12,846,127
Gross margin	7,733,466	5,137,707	19,751,086	13,425,319
Operating expenses
Administrative	2,544,324	1,885,939	7,574,029	5,949,769
Sales and marketing	5,694,570	3,638,560	14,713,084	8,237,030
Research and development	3,514,748	2,322,175	8,468,564	6,113,891
	11,753,642	7,846,674	30,755,677	20,300,690
Financial expenses (income)	12,039	75,132	(27,906)	311,117
Loss (gain) on foreign currency	35,903	63,161	(321,928)	120,097
Loss before income taxes	(4,068,118)	(2,847,260)	(10,654,757)	(7,306,585)
Current income tax expense	87,651	9,066	116,366	43,362
Net loss	(4,155,769)	(2,856,326)	(10,771,123)	(7,349,947)
Other comprehensive income (loss)
Item that may be reclassified subsequently to net
income (loss)
Net changes in unrealized gain (loss) on	12,593		(14,749)
translation of foreign operations	(20,359)	(21,879)
Comprehensive loss	(4,143,176)	(2,876,685)	(10,785,872)	(7,371,826)
Basic and diluted net loss per share (Note 6)	(0.04)	(0.03)	(0.10)	(0.07)

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

1

OpSens Inc.

Condensed Consolidated Interim Statements of Changes in Equity

Nine-month period ended May 31, 2023

(in Canadian dollars) (unaudited)

				Accumulated
				other
				comprehensive
				income (loss) -
				Foreign
	Common shares		Reserve - Stock	operations		Total
	Share capital	option plan	translation	Deficit
	(number)	$	$	$	$	$
Balance as at August 31, 2022	108,835,039	85,943,567	4,090,989	(2,135)	(55,773,679)	34,258,742
Common shares issued in connection with a	6,052,632					10,306,188
public bought deal offering (Note 5a)	10,306,188	-	-	-
Common shares issued pursuant to the stock	450,937					425,906
option plan (Note 5a)	620,043	(194,137)	-	-
Stock-based compensation costs	-	-	923,008	-	-	923,008
Other comprehensive income (loss) - Net
changes in unrealized gain (loss) on	-					(14,749)
translation of foreign operations	-	-	(14,749)	-
Net loss	-	-	-	-	(10,771,123)	(10,771,123)
Balance as at May 31, 2023	115,338,608	96,869,798	4,819,860	(16,884)	(66,544,802)	35,127,972

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

2

OpSens Inc.

Condensed Consolidated Interim Statements of Changes in Equity

Nine-month period ended May 31, 2022

(in Canadian dollars) (unaudited)

				Accumulated
				other
				comprehensive
				income (loss) -
				Foreign
	Common shares		Reserve - Stock	operations		Total
	Share capital	option plan	translation	Deficit
	(number)	$	$	$	$	$
Balance as at August 31, 2021	107,157,039	82,894,802	3,821,980	8,662	(44,395,449)	42,329,995
Common shares issued pursuant to the stock	1,370,000					1,773,639
option plan (Note 5a)	2,456,365	(682,726)	-	-
Stock-based compensation costs (Note 5b)	-	-	912,016	-	-	912,016
Other comprehensive income (loss) - Net
changes in unrealized loss on translation of	-					(21,879)
foreign operations	-	-	(21,879)	-
Net loss	-	-	-	-	(7,349,947)	(7,349,947)
Balance as at May 31, 2022	108,527,039	85,351,167	4,051,270	(13,217)	(51,745,396)	37,643,824

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

3