Opsens, the Canadian cardiology-focused medical device company, announced its financial results for the fiscal third quarter. Despite better-than-expected revenue growth, the company experienced a widened loss as it concentrated on sales and marketing initiatives.

Financial Performance

In the period ending on May 31, Opsens reported a net loss of 4.1 million Canadian dollars ($3.1 million), or C$0.04 per share. This represents an increase from a loss of C$2.8 million, or C$0.03 per share, in the same period last year. However, revenue showed a positive trend, with a 31% increase from C$10.1 million to C$13.2 million. Analysts polled on FactSet had predicted a revenue increase of C$11.5 million.

Increased Costs

Opsens saw a rise in costs during this quarter, with a significant portion of the increase allocated to sales and marketing activities. The company mentioned that this includes its efforts in expanding its U.S. sales force, which is currently focused on the launch of SavvyWire. SavvyWire is Opsens’ solution for structural heart transcatheter aortic valve replacement procedures. Operating expenses for the quarter amounted to C$11.8 million, compared to C$7.8 million in the same period last year.

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