Opsens Inc.

Opsens reported Q3 revenue of $13.2 million, up 31% from Q3 2022 and up 22% sequentially. Revenue by segment included coronary artery disease at $6.8 million versus $6.6 million a year ago, SavvyWire at $760,000 versus nominal revenue in the prior-year quarter, other business partnerships at $4.9 million versus $2.6 million, and industrial revenue at $700,000 versus $900,000. Gross margin was 58.8%, up 780 basis points year over year. Net loss was $4.2 million, or $0.04 per diluted share, versus a net loss of $2.9 million, or $0.03 per diluted share, last year. Cash was $20.5 million at quarter-end, down from $21.9 million last quarter, and working capital was $31.7 million. For Q4, management said sequential revenue growth should continue but at a relatively modest percentage; they also expect R&D to return to a more normal run rate, gross margin to keep improving over the next several quarters, and inventory to decline versus Q3.

Louis Laflamme framed the quarter as evidence that Opsens is executing across all business lines, with record revenue, record gross margin, and expanding customer adoption. He emphasized SavvyWire as the company’s strategic centerpiece, calling it the world’s first and only sensor-guided TAVR solution and saying full market release is imminent. His tone was optimistic and confident, with repeated references to commercialization progress, product synergy between SavvyWire and OptoWire, and a belief that real-time hemodynamic information is the future of TAVR.

John Hannigan highlighted the key financial drivers: revenue of $13.2 million, gross margin of 58.8%, and a net loss of $4.2 million. He said the margin improvement came from more direct sales, favorable product mix, and operational scale, and that margins should continue to rise as U.S. and Canadian direct sales and SavvyWire grow; he even said the company would be hopeful to get north of 60% over the next number of quarters. He also noted operating expenses rose to $11.8 million from $7.8 million, mainly from higher sales and marketing and R&D tied to the U.S. launch, while cash ended at $20.5 million and working capital at $31.7 million.

Analysts pressed management on whether the strong jumps in coronary and OEM/business-partnership revenue were sustainable, and Louis said Q4 coronary growth should still improve but sequential growth should be smaller, while OEM growth was expected to remain positive but not as strong sequentially. Questions also focused on SavvyWire rollout economics, with management saying it is too early to give an average revenue per account but that the company is on track for 60 accounts by fiscal year-end and expects another 20 new accounts this quarter. Analysts raised Japan, competition from Teleflex’s Wattson wire, and balance-sheet needs; management said Japan is pressured partly by yen weakness, SavvyWire’s value proposition remains stronger than Wattson because it combines delivery, pacing, and real-time hemodynamics, and they do not expect a dilutive equity raise soon.