OpSens Posts Record FFR And dPR Sales In 2Q


OpSens (OPS) announced second quarter fiscal results on April 14 which included record Fractional Flow Reserve (FFR) and diastolic pressure ratio (dPR) revenues.

Total revenue came in at C$8.8 million in 2Q 2021, increasing from C$8.3 million reported for the prior-year quarter. This increase is mainly attributable to a C$0.9 million increase in coronary artery stenosis revenues (FFR and dPR), partially offset by lower other medical revenues.

Net income was C$41,000 in 2Q 2021, compared to a net loss of C$1.4 million in 2Q 2020.

OpSens President and CEO Louis Laflamme said, “We are excited by the continued commercial adoption of our proprietary optical solutions in the cardiac industry to address some of the industry’s most challenging applications. In particular, our OptoWire solution is gaining further traction within key GPO’s in the U.S. which opens the door to more than half of the cathlabs in the country. Further, with the closing of a C$28.75 million bought deal financing in February 2021, we are now better positioned to accelerate the development our next generation TAVR product which we believe could be a significant game changer in the treatment of aortic stenosis.”

OpSens had cash and cash equivalents of C$39.3 million as of February 28, 2021. (See OpSens stock analysis on TipRanks)

In February, Raymond James analyst Rahul Sarugaser launched coverage of the stock with a Buy rating and a C$2.50 price target (36% upside potential).

“We appreciate OPS for its now-profitable core OptoWire business (>60 per cent of FY20 revenue), but see OPS’s capacity to apply its highly-accurate, highly-reliable fibre optic measurement technologies to applications beyond CAD,” stated Sarugaser.

Overall, OpSens stock scores a Moderate Buy consensus rating by Wall Street analysts based on 2 Buys. The average analyst price target of C$2.25 implies upside potential of about 22.3% to current levels.

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