OpSens Swings to Loss in Q4


OpSens (OPS) reported Tuesday its fourth quarter and Fiscal Year 2021 financial results. The manufacturer of fiber optic sensors offering solutions for interventional cardiology posted a loss in Q4 despite higher sales.

Revenue & Earnings

Total revenue came in at C$8.1 million in Q4 2021, an increase of 7% from C$7.6 million in Q4 2020. Sales of coronary artery disease products were C$5.3 million in the three months ended August 31, up C$0.5 million from the same quarter a year ago.

Sales of optical medical systems, including the company’s partnership for ventricular assist device sensors, amounted to C$2 million, down from C$2.3 million in the prior-year quarter. Industrial sales increased C$0.2 million to C$0.7 million.

Net loss amounted to C$1.2 million in the fourth quarter of 2021, compared with a net income of C$0.6 million a year ago. (See Analysts’ Top Stocks on TipRanks)

Management Commentary

OpSens president and CEO Louis Laflamme said, “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 C$34.5 million in fiscal 2021, while advancing our TAVR pipeline product with the completion of our in-man study.

“The many exciting developments of the past few months are setting OpSens up for continued growth, as we remain on track to commercialize our innovative product for TAVR in 2022. The closing of the C$28.75 million financing in February will contribute to the enhancement of the commercialization and marketing strategy for TAVR and coronary artery disease products.”

Laflamme added that OpSens has made great strides in the U.S. market, signing two three-year contracts with major U.S. Group Purchasing Organizations (GPOs).

Wall Street’s Take

Two months ago, RBC Capital analyst Douglas Miehm maintained a Buy rating on OPS with a C$3.50 price target. This implies 7.7% upside potential.

Overall, consensus among Wall Street analysts is that OPS is a Strong Buy based on three Buys. The average OpSens price target of C$4.75 implies 46.2% upside potential to current levels.

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