Opsens Revenues Climb Following Regulatory OKs
QUEBEC CITY, Nov. 24, 2015 — Preparing to introduce to the global market its fiber optic sensor system for diagnosing and treating clogged arteries, Opsens Inc. ended its fiscal year with a 28 percent rise in revenue.
The company reported a net loss of $2.9 million CAD (about $2.2 million USD) for the year ended Aug. 31, a slightly better result than fiscal 2014's net loss of $3.1 million CAD.
Revenues rose to $8.7 million CAD (about $6.5 million) from $6.8 million CAD the previous year — a change Opsens attributed to regulatory approvals and certifications for its OptoWire product.
Opsens also produces fiber optic sensors for the oil and gas industry, but said revenues in this area were down after a dramatic drop in crude oil prices reduced demand.
The company said it expects an uptick in demand for its products, and so plans to move into a larger facility, grow its workforce and ramp up production in the beginning of the next calendar year.
OptoWire is designed for diagnosing the functional severity of coronary stenoses and guiding their treatment. It is approved to sale in Europe and is now in a limited market release phase.
The company recently added a hydrophilic coating and increased the flexibility profile of the product for easier navigation through the vascular system. This new version, which Opsens plans to market on a large scale, is going through regulatory processes in the U.S., Japan, Europe and Canada.
For more information, visit www.opsens.com.
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