Shares of OpSens Inc (OPS), a manufacturer of fiber optic sensors offering solutions for interventional cardiology, announced record third-quarter results.
Total revenue came in at C$9.2 million in Q3 2021, an increase of 39% from C$6.6 million in Q3 2020. OpSens saw record sales of coronary artery disease products of C$6.2 million in the three months ended May 31, up 41% from the same quarter a year ago.
Net loss amounted to C$570,000 in the third quarter of 2021 compared with a net income of C$52,000 in the prior-year quarter.
OpSens President and CEO Louis Laflamme said, “We are excited by the continued commercial adoption of our proprietary optical solutions in cardiology to address some of the industry’s most challenging applications. Our OptoWire solution has surpassed the 150,000-procedure mark and is gaining further traction within the U.S. with record sales of coronary artery disease products. Additionally, we continue to expand on the signing of high-quality contracts with U.S. GPOs. Further, with the closing of our $28.75 million bought-deal financing earlier this year, we are accelerating the development of our next generation TAVR product, including the hiring of key technical, clinical, and commercial talent and the conduct of our first in-man study.”
At the end of the quarter, OpSens had cash and cash equivalents of C$38.8 million. (See OpSens Inc stock charts on TipRanks)
Three months ago, RBC Capital analyst Douglas Miehm maintained a Buy rating on OPS while raising its price target to C$3.50 (from C$2.25). This implies 46.4% upside potential.
Overall, consensus among Wall Street analysts is that OPS is a Moderate Buy based on 2 Buys. The average OpSens price target of C$3.23 implies 43.6% upside potential to current levels. Shares have gained approximately 240% over one year.
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