OpSens Inc has announced first-quarter fiscal 2023 consolidated revenue that rose 26% year over year to $10.2 million, a new quarterly record for the company.
The medical device cardiology-focused firm also saw its gross margin improve to 58% during the quarter, from 51% in the same period last year, driven by better product mix, more direct sales and higher volume sales.
OpSens stock jumped as much as 11% on Thursday and is currently trading at $1.90 per share.
“We experienced growth in each of our business lines during the first quarter, with particular strength in the US where we have placed a strategic focus to enhance sales of OptoWire and launch our recently cleared SavvyWire for TAVR procedures,” OpSens CEO Louis Laflamme said in a statement.
“Fiscal 2023 will be an exciting year as we expect growth in each of our historical business lines and expand upon the successful launch of our SavvyWire,” Laflamme added.
OpSens noted its top-line results were boosted by sales of optical medical products, including the supply agreement with Abiomed, which increased 38% year over year to $3.3 million.
The company added that it is seeing increased demand for its sensors with expectations for continued growth in the future.
OpSens ended the quarter with cash and equivalents of $17.5 million as of November 30, 2022.
The company also recorded a 1Q net loss of $3.6 million, or $0.03 per diluted share, compared to a net loss of $2.1 million, or $0.02 per diluted share, a year earlier as OpSens’ operating expenses increased by $3.7 million due primarily to more sales and marketing activities, including an increase in the company's direct US sales force in advance of the launch of SavvyWire, coupled with an increase in research and development (R&D) due to structural heart and coronary artery projects.
OpSens offers an advanced optical-based pressure guidewire that aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a second-generation fiber optic pressure guidewire designed to provide the lowest drift in the industry and excellent lesions access.
The OptoWire has been used in the diagnosis and treatment of more than 200,000 patients in more than 30 countries. It is approved for sale in the US, European Union, Japan, and Canada.
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