Opsens Inc
TSX:OPS
If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.
Utilize notes to systematically review your investment decisions. By reflecting on past outcomes, you can discern effective strategies and identify those that underperformed. This continuous feedback loop enables you to adapt and refine your approach, optimizing for future success.
Each note serves as a learning point, offering insights into your decision-making processes. Over time, you'll accumulate a personalized database of knowledge, enhancing your ability to make informed decisions quickly and effectively.
With a comprehensive record of your investment history at your fingertips, you can compare current opportunities against past experiences. This not only bolsters your confidence but also ensures that each decision is grounded in a well-documented rationale.
Do you really want to delete this note?
This action cannot be undone.
| 52 Week Range |
2.85
2.9
|
| Price Target |
|
We'll email you a reminder when the closing price reaches CAD.
Choose the stock you wish to monitor with a price alert.
This alert will be permanently deleted.
Opsens Inc
You don't have any saved screeners yet
Good morning and welcome to the OpSens Incorporated Fourth Quarter and Fiscal Year 2022 Financial Results. [Operator Instructions] Please note that this event is being recorded.
I would now like to turn the conference over to Robert Blum with Lytham Partners. Please go ahead, sir.
All, right. Thank you very much and thank you all for joining us today for the OpSens fourth quarter, fiscal year 2022 conference call for the period ending August 31, 2022. With us on the call representing the company today are Louis Laflamme, OpSens President and Chief Executive Officer and Robin Villeneuve, OpSens Chief Financial Officer. At the conclusion of today's prepared remarks, we will open the call for a question-and-answer session.
Before we begin with prepared remarks, just a couple of comments. Today's call will contain forward-looking statements that are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected and the Company undertakes no obligation to update these statements except as required by law. Information about these risks and uncertainties are included in the company's filings, as well as periodic filings with regulators in Canada and the United States, which you can find on SEDAR and the OpSens website.
In addition, the company will be providing certain information on number of accounts and units shipped to SavvyWire for informational purposes on the initial launch, but will not necessarily be provided on a go forward basis. Today's discussion will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to and not a substitute for IFRS financial measures. Finally, today's event is being recorded and will be available for replay through both the webcast and conference call dial-in information provided in the press release.
With that said, let me turn the call over to Louis Laflamme, President, Chief Executive Officer for OpSens. Louis, please proceed.
Thank you, Robert, and good morning to all of you. OpSens is entering into a new era, which is making us excited to speak with you today to discuss the developments within the business. Let me also take a minute to greet the French speaking audience. [Foreign Language] This is an exciting call for us today because it marks the beginning in many ways of the next phase of growth for OpSens, following the recent regulatory clearances in the US and Canada for our SavvyWire and innovative guidewire for TAVR.
This is a tremendous opportunity for OpSens in the U.S. and in Europe to improve outcomes with a new treatment that improves workflows for cardiologists. As we enter fiscal 2023, OpSens will be moving forward with a much stronger platform, having 2 leading synergic products, OptoWire and SavvyWire, targeting similar interventional cardiology customers. The SavvyWire is providing OpSens with a new opportunity in the large and quickly growing TAVR market. The TAVR market is growing at a CAGR of more than 40% between 2019 and 2025, with analysts expecting it to reach $8 billion by 2025.
The global TAVR market is currently estimated at over 200,000 procedures annually and is expected to double in the next 5 years, with the trend of expanding to younger cardiology patients, with this minimally-invasive procedure. So as I mentioned, this really is the beginning of OpSens next phase of growth.
Our long-term goal is commercial adoption by cardiologists with a movement toward SavvyWire becoming the gold standard treatment option for patients undergoing TAVR procedures. Given the technological advantages that SavvyWire processes as the first and only Sensor-Guided TAVR solution including its unique 3-in-1 ability for stable aortic valve delivery and positioning, continuous accurate hemodynamic measurement during the procedure and the ability to provide reliable left ventricular pacing without the need for adjunct devices or venous access, becoming the standard treatment option is highly reasonable in our opinion.
However, it's not our opinion that matters, it is that of physicians, industry leaders in cardiology. From the time that SavvyWire was first introduced into the market, the feedback has been universally positive. As Dr. Philippe Genereux, Director of the Structural Heart Program at Morristown Medical Center in New Jersey, who is seen perform the first use of SavvyWire in a TAVR procedure in the United States commented, we successfully treated 10 consecutive patients with a variety of anatomies and levels of complexity, including bicuspid valve, severe vessel tortuosity, horizontal aorta, failed prior surgical valve, valve-in-valve, using both balloon-expandable and self-expandable valves and balloon valvuloplasty.
There is no doubt that SavvyWire allows us to optimize our efficiency and workflow, while enhancing accuracy and patient safety. Doctors in Canada have had similar feedback with Dr. Rodés-Cabau at Quebec Heart and Lung Institute commenting that the SavvyWire optimized the intervention in-line with the evolution of TAVR via the minimalist approach.
The SavvyWire has unique properties that open the door through effective pacing without the need for adjunctive devices or venous access. And Dr. Ibrahim at the Montreal Heart Institute saying that the SavvyWire allows me to have an efficient workflow, while providing continuous and accurate hemodynamic measurements in an integrated manner in our cath lab.
OpSens products supports are returning to the accuracy of invasive pressure measurement, while making the procedure safer and more efficient. Beyond these positive comments, the SavvyWire was clearly one of the stars of the TCT Conference, which was held in Boston in mid-September. We hosted a breakthrough satellite program titled, Lifetime Patient Management and the importance of TAVR hemodynamics. The symposium features moderators, doctors, Philippe Genereux and Marty Leon, the expert panel of leading global interventional cardiologists include Dr. Anita Asgar, Nicolas Van Mieghem, Thomas Waggoner and David Wood. They described SavvyWire real-life experiences, procedural benefit and discussed other potential use for SavvyWire outside TAVR procedure.
So with that as a backdrop, let's expand on our SavvyWire commercialization process and the progress made in just the first few months. We completed 60 initial cases as part of the limited market release in Canada, ahead of our original expectations. The excitement from the physician community has been excellent, but most importantly during the limited market release is that the SavvyWire showed excellent device performance, while improving workflows.
We have now transitioned to an extended, but still highly control market release in Canada. We want to make sure to fine tune the roll out process, including training, installation of monitors in operating room, co-ordination with administration to ultimately achieve maximum penetration in [ account ].
As of today, we have launched SavvyWire to 9 accounts in Canada, we're close to 200 units shipped so far. Most of the time for initial customer orders, we ship about 10 units to 20 units in the first order. So far more than half of the customer have already placed a reorder. This is a strong indicator that they are utilizing the product and having success giving us confidence we are achieving better-than-expected market acceptance.
Operationally, our direct sales team in Canada has been systematically going from hospital-to-hospital, due to the capabilities of the SavvyWire. The company has been obtaining pricing at or above our original expectations so far. Further, we have earned commentary that due to the OptoMonitor now being able to support both OptoWire and SavvyWire, it is improving the decision making process for adoption and installation that much easier and it is exactly in line with the strategy we have discussed over the years.
This is a bit more relevant for the future of the US market, but it is a good marker for Canada as well. This supports our long-term commercialization vision to sell multiple products to the same customer group and as part of the reason, we have made the investment of late into our sales and marketing efforts.
Let's now transition to the US where we received regulatory 510(k) clearance by the FDA in mid-September. Since obtaining clearance about 8 weeks ago, we have now entered and completed our limited market release phase in the US, as you may recall, I mentioned last quarter as opposed to just 2 or 3 centers in Canada conducting the limited market release, we have broadened our focus in the US with additional prestigious center, conducting procedure with a goal to have more than 60 cases completed in the US before we move to Phase I of commercial release.
We are now moving to the next stage of our controlled commercialization, where we have already extended commercialization to close to 10 centers. Everything has gone well, as we are entering the wave one of the full market release. We are well in advance of the plan that we have been communicating to you for the past few quarters regarding our commercialization efforts. In summary for US, 9 accounts close to 200 units sold, strong pricing, overall the commercialization status well in advance to the original schedule.
With the next-stage of commercialization in Canada and the US moving full steam ahead, our team is also turning their attention to Europe. In late October, we are now the successful completion of the first case in a clinical study remain SAFE-TAVI studying SavvyWire in Europe.
This study is part of our pre CE Mark clinical strategy that will lead to the commercialization of SavvyWire in Europe. Overall, 14 cases have already occurred in Europe. Please recall that the SAFE-TAVI study will enroll 120 patients in total, so we are well on our way. In summary of SavvyWire, we are well-ahead of our commercialization plan originally communicated to all of you including having received Canadian and US clearance ahead of expectation, launch and completed our Canadian and US limited market release ahead of schedule, launch the next phase or wave one of our commercialization efforts. In Canada, earlier-than-expected with initial results indicating strong acceptance by physicians and hospital, with limited pressure on pricing and rapid reorder rate in the first few weeks.
In the US, we have completed our limited market release well-ahead of expectation. We are now moving our attention towards wave one of the full market release which should provide us the opportunity to have more than 20 US centers using the SavvyWire. Operationally, our sales and marketing group led by our Chief Commercial Officer, Brad Davis has put a robust plan in place and to date has achieved or exceeded nearly every key objective in the plan.
We understand that there is a tremendous amount of work ahead of us, but I simply could not be more pleased with the progress that our team has made to date. I truly believe, we have a potential game changer for the TAVR industry in our end and are completely focused on the successful commercialization, commercial execution of this innovative medical product.
Circling back to our OptoWire solution, which makes up the majority of sales, the second half of the year was quite stronger than the first half as the subsidence of the pandemic resulted in a commensurate uptick in hospital procedure volumes, particularly those that leverage the OptoWire. Overall, revenue for the year was $35.3 million in fiscal 2022, an increase of 2%.
However, sales growth in the second half of the fiscal year was 11% compared to a decrease of 5% in the first half of the fiscal year. Robin will hit on this in more detail, but it's important to note that total revenues were reduced by $600,000 due to negative foreign exchange impact. More specifically, the coronary artery disease product which again is primarily OptoWire. This growth in the second half of the fiscal year was up 6% compared to a decrease of 16% in the first half of the fiscal year.
So fiscal year 2022 was really a tale of pre-pandemic and post-pandemic. Additionally due to some of the supply chain disruption that have occurred in the first half of the year, there was some large fluctuations between quarters particularly in Japan. Please remember that we made a large shipment to Japan during the third quarter, which was a bit of a catch-up order. We communicated that we would revert to more normal levels in the fourth quarter, which did in fact occur.
So the sequential change you saw from Q3 to Q4 of this year is largely tied to Japan.
Looking around the world, the investments we have made in the U.S. continue to show results, both in our preparation of our SavvyWire full market launch, but also with OptoWire. We saw year-over-year and sequential growth in the U.S. driven by continued adoption by our direct sales team and GPO agreements. We continue to believe the GPOs will be a key driver for us going forward in enhancing the adoption and utilization of the OptoWire in the U.S. We believe this also sets the foundation for SavvyWire as well.
In Canada, we saw year-over-year growth of 9% in coronary artery disease sales. We continue to benefit from a multiyear contract we received where we were selected as the main coronary pressure guidewire or the eastern part of the province of Quebec. The trends in EMEA were similar to Canada as well year-over-year. While we work on a distribution model in this region, as opposed to a direct selling model, our team has done a tremendous job of improving the performance of distributors through enhanced institutional activities. I believe the work that has been accomplished in the last couple of quarters will continue to bode well from continued improvement in EMEA.
Again, in Japan, we were up compared to the year ago quarter by 18%, but down sequentially due to the large catch-up order that shipped during Q3 2022. As we look to the first quarter, we think we will see continued growth in the U.S., Canada and EMEA sequentially from FFR, which will also mark strong year-over-year growth. As a whole, we will show strong year-over-year growth but likely down slightly sequentially entirely due to nuances in Japan shipments.
Transitioning to our business partnerships for a moment, where several companies are integrating OpSens sensors into their product used in medical application. We believe there was a unique and positive development for OpSens during the quarter and that was Johnson & Johnson announced acquisition of Abiomed. For those not familiar, recall that we have a multiyear relationship with Abiomed to supply sensors into Abiomed's Impella Heart Pump, including a 4-year extension of the recent signing of a critical supply agreement that runs through April 2028.
It is our belief and that of industry's analyst that the acquisition was made for growth purposes and that this may very well provide added growth for OpSens. But in the near term, the supply agreement remained strong with us having delivered about $2.2 million in product for partnerships during the fourth quarter, with a significant percentage of those sales going to Abiomed.
Let us now transition to our industrial segment, which leverages our fiber optics and sense technology and knowledge by offering key solutions in optical, temperature, pressure, strain and other critical parameters for various industries, including aerospace, nuclear and power electronics. For the quarter, revenue was $981,000 compared to $671,000 in the year ago quarter. This $900,000 to $1 million in industrial revenue has been relatively consistent throughout the year.
Looking forward, the long-term opportunity in this segment continues to remain attractive, as we are working on an increasing number of potentially significant projects, where absence proprietary fiber-optic sensing components could be integrated into these critical projects, including the International Thermonuclear Experimental Reactor and the fuel monitoring for aerospace with leading aviation manufacturers seeking solution to reduce weight and improve operational efficiencies and many others.
Before I turn it over to Robin for a more detailed review of the financials, let me quickly summarize. As I mentioned, in many ways, this is the beginning of the next phase of growth for OpSens following regulatory clearance of SavvyWire in both Canada and the U.S. We remain ahead of schedule on nearly every key commercial aspect of SavvyWire. Early indication are that SavvyWire is being well received, adoption is strong and that reorders are tracking strong in Canada. And as we move to the U.S., our team is mobilized to aggressively market the product as we enter the next stage of commercial development.
Finally, regarding SavvyWire, we are moving forward with European registration to obtain the CE Mark. OptoWire growth in the U.S. continues to be strong, along with many other parts of the world. However, shipment viability in Japan is causing near-term fluctuation that are impacting revenue growth. On our licensing and industrial projects, we think the agreement between J&J and Abiomed provides upside opportunity in the long term and our industrial team is gearing up for some exciting new project in the coming years, including fuel monitoring for the aviation industry and finish fiscal 2022 on a strong note.
And finally what I think is always something important to point out, our balance sheet remained strong, allowing us to execute on our strategies to drive value creation going forward. As always, I want to thank all our employees for their hard work and dedication. We have accomplished important milestones and development with many more opportunities ahead.
Let me now turn the call over to Robin for a further review of the financial results. Robin?
Thank you, Louis and thanks to everyone joining us on the call. As we hit on a few of these items, I would try to add additional details where I can. For the year, we reported sales of $35.3 million. This was broken down as $21.8 million in our coronary artery disease lines of business or FFR and dPR, $9.8 million in our optical medical systems, which is mainly our agreement with Abiomed for integration of our pressure sensor in their Impella Pump, the first $0.1 million for SavvyWire and about $3.6 million in our industrial segment.
For the quarter, we had sales of $9.1 million, broken down at $5.7 million in coronary artery disease, $2.3 million in our optical medical systems, the first $0.1 million for our SavvyWire and about $1 million in our industrial segment. When you look at gross margin for the year, there were 50% compared to 54% last year. The decrease is primarily due to the end of production of the OptoWire 2, the supply chain issues affecting production cost and negative currency effects.
For the quarter, they were 48% compared to 50% in Q4 of last year. Again, the decrease was caused by the cost related to the phase out of OptoWire 2 production and nonrecurring supply chain cost affecting our production cost. These margins are consistent with what I communicated to you last quarter. As we look forward, we anticipate gross margin percentage will increase since the following factors.
First, increase weight of OptoWire revenues coming from direct markets following improvement in the U.S. performance. Second, SavvyWire revenues, a product generating higher margin than OptoWire. And third, increase critical math. From an operating expenses standpoint, as planned, overall operating expenses increased by $3.1 million during the fourth quarter of fiscal 2022 compared to the fourth quarter of fiscal 2021 and up about $600,000 sequentially. The increase is largely explained by our investment in sales and marketing teams, as we are ramping up our sales efforts to continue growing market share in the U.S., along with increases in our R&D cost.
As we explained, we are making additional investments in sales and marketing and research and development over the coming quarters to capitalize on the opportunities to accelerate growth of our OptoWire and to prepare the commercialization of our SavvyWire. EBITDA, which we define as net income loss plus income taxes, financial expenses, depreciation of PP&E and right-of-use-assets, amortization of intangible assets and stock-based compensation cost was a negative $3.3 million in the fourth quarter of 2022 compared to a negative $0.5 million in the fourth quarter of 2021. The decrease is mainly due to higher operating expenses of $3.1 million as previously explained.
Net loss was $4 million in the fourth quarter of 2022 compared with a net loss of $1.2 million in the fourth quarter of last year. The increase in loss of $2.8 million is primarily the result of increased operating expenses to drive growth in our coronary products and the preparation for the full-scale launch of the SavvyWire.
For the year, net loss was $11.4 million compared with a net loss of $1.2 million in financial year 2021. The change is primarily due to the increase in operating expenses associated with the aforementioned SavvyWire regulatory clearance and planned commercial launch.
Finally, on the balance sheet, we ended August 31, 2022, with $23.8 million in cash and cash equivalent.
With that, I will turn the call over to Louis.
Thank you, Robin. As previously announced, Robin will be leaving us on December 9. Robin has played an important leadership role in finance and we are greatly appreciative of his many contributions to OpSens. With that said, he has built a strong finance team that gives me great confidence in their ability to support our growth effort, as we conduct a comprehensive search for our new CFO. Thank you to all our investors for their continued interest and support of OpSens. We are working every day to capitalize on the opportunities ahead of us to position OpSens for long-term success.
Operator, let me now turn the call over to any question.
[Operator Instructions] And our first question here will come from Rahul Sarugaser with Raymond James.
So it sounds like the you're right hollow up a block in terms of the commercial ramp on SavvyWire. Can you give us a little bit of -- some detail in terms of 20 centers in U.S., recognizing that you've not yet planned to provide guidance on revenue, but maybe you can give us some way points in terms of how we should be thinking about the revenue ramp in 2023, particularly given that this is going to be the early stages, it's going to be more about traction and adoption than necessarily translating to revenue. But of course, the company is valued on revenue, so I'd like to get just a little more color on how we should be thinking about revenue going into next year?
Okay. Well, first, thanks for your question, Rahul. And as I mentioned earlier today, we could not be more pleased about where we are with SavvyWire. I mean the feedback is great. We are getting really strong pricing, manufacturing ramp-up is happening here. So we feel we are at a really good place. And from a revenue standpoint, as you mentioned is that our strategy is really to go deep instead of going wide too rapidly. So we want to make sure that we get good adoption within the accounts where we are. This being said, obviously, entering into the controlled Wave 1 phase is going to generate additional revenues.
If you think about Q1 and it will be even more important in Q2, Q3 and sequentially like this. In term of giving guidance, I would say that we are not providing guidance to the Street. This being said, with the success we had so far with the demand that we are seeing, we are confident that SavvyWire will represent more than 10% of our revenue for the current fiscal year. And when we look forward the vision, if you recall the vision of OpSens achieving $100 million in sales, we think that at least 40% of our revenues will come from the SavvyWire.
That's very helpful. Thank you very much, Louis. Now turning to the other side of the equation in terms of costs. We've certainly seen sales and marketing and other costs go up associated primarily first with SavvyWire. And if we sort of adjust for some accounting with accounts table, burn was around $4 million and $24 million of cash, could you maybe give us a sense for how we should be thinking about the interplay and balance between that burn, which we would estimate likely to go up as you continue to ramp your commercial efforts relative to your current cash position?
Okay. Well, first, before talking about cost in terms of sales and marketing, R&D and administration, I would talk about the gross margin. As Robin mentioned, the -- when we look forward, we do expect to see an increase in term of the gross margin rate, which obviously will generate more cash for us to absorb other SG&A cost. And when we look at Q4 on top of all the elements that were mentioned by Robin, when you are in ramp up production or starting a production of a new product, there is all kind of inefficiencies or cost. But again, SavvyWire production is going well, so we think that rapidly, we will be able to show in our quarterly result, the improved gross margin rate. So this is the first thing that we have to consider.
When we talk about other costs, I would say that, let's say, R&D cost what we had in Q3 and Q4, we should remain on that path for the following quarters. In term of sales and marketing expenses, we put in place the team that we need. So you may see a slight increase sequentially, but this will be mostly driven by the fact that we will generate more sales and this will consequently generate some additional compensation to the sales team.
So when we summarize about this, we feel we are in a really good financial position. The burn rate in the year should decrease gradually quarter-over-quarter. And in that context, we -- I mean, we are following the plan. We feel we are in a great position to create value for shareholders because SavvyWire will become a reality. And because the strategic effect between SavvyWire and OptoWire will also being happening in the field.
Okay. That's all from us today and wishing you, Robin, the best of luck in -- as you move on to your next stage.
Thank you, Rahul.
And our next question will come from Justin Keywood with Stifel.
On the higher OpEx and within the press release you mentioned substantial investment in the sales force to launch Savvy. Are you able just to provide some additional context there on how many sales reps have been hired, let's say, in the last 6 months? And how those sales reps are split as far as geography focused in Canada and in the U.S.?
Well, first, in term of geography I would say that most of the hiring have been done in the U.S. market. And in term of magnitude of the hiring that we've done, we almost doubled the size of the sales thing. So this was a significant investment that we felt we had to do in Q4 2022 to prepare for the launch. So that's one reason why once we get -- we got clearances either from Canada and U.S. that we were able to make some progress.
So right now, we feel we have the proper sales and marketing team to execute. We may bonify with one additional person in Canada. But in general, we feel that we are at the right place to succeed. Regarding the coverage in U.S., I would say that we -- that's an area where we really are data-driven. So we've been looking at volume per different state to make sure that we were putting our salespeople at the right location to be really successful. And overall, you can imagine that we are covering all major U.S. cities.
And just for context, the doubling of the sales force, was that around -- it was 10 to 15 reps prior?
Yes, we -- in your question, you were referring I think to something like in the let's say 6 to 12 months behind. So at some point, we were close to 10% and now we are approximately 20 people.
And do you feel that's enough to execute on the U.S. opportunity? I know there's also the strategy with the group purchasing organizations. And are these sales reps focused on going direct to the cath labs or are they going to be working in conjunction with GPOs?
Yes, so the first question is, okay, do we feel that is the right number to capitalize on the opportunity? The answer is yes. Okay. We feel we have the right team to tackle the most significant volume centers in both [ power ] and coronary artery disease. So this is the first part of your question. The other part regarding GPOs, I mean, the GPOs, this is strategic for us because they lower the bar with the anesthesian of hospitals. This being said, our sales team what they have to do, they have to sell our products directly to the cath lab, to the doctors and once we get the support from doctors, doctors will seek support from an anesthesian.
So being under GPO agreement and by the way right now our GPO agreements are covering 90% of the cath lab in U.S. This is providing us the possibility to be faster in the execution.
Understood. And maybe just one more question on the sales force. Are they fully ramped up at this point as far as the training and it's pretty much a direct outreach exercise? Or is there still some more ramp-up time required?
The team is fully trained. Thus, we will identify additional training down the road, I mean, properly, but right now, they will be -- they are ready to grow. This being said, we still want to go in a controlled manner because there is not only the training for us, but we also need to think about the training that we do with the cath lab, with the doctors, the nurse and so on. And again, we have the strategy of doing deep with customers. And we think this is what will lead us to the biggest, the most important market share down the road. And we think that's the way we will create the most value for shareholders.
And then maybe just a quick question for Robin. If I heard correctly, there was a $600,000 foreign exchange headwind impact in the quarter. Is that correct?
That's for the year, the $600,000 negative impact.
Do you have that for the quarter, that number?
For the quarter, it was basically neutral because the strong U.S. offset the negative mostly the negative row [indiscernible].
Our next question will come from Doug Miehm with RBC Capital Markets.
I was just curious, when you think about benchmarking, as you start to launch and you're in Phase I and going to Phase II, what are the items that you're going to be studying. I imagine they are going to be the number of centers, the number of doctors using at a center reordering patterns. But could you expand on what specifically you're attempting to identify and benchmark on?
Yes, so I mean, you are right on in term of -- of course, we look at the number of centers. We look at the market share within those centers. We look at the reordering rate from those centers. And as we mentioned earlier today, I mean, we are really pleased right now with the reordering rate that we get in Canada. And in U.S., we have the impression, we are anticipating that it will be even better because the value proposition, the economical environment of TAVR in U.S. is really in the favor of using the SavvyWire.
So I would say those are some key metrics. We also -- in -- when we were doing the first cases in those different countries, we were asking to physicians, okay, their estimation of the time saving that they were having with the SavvyWire, also number of steps that they were able to eliminate. So this feedback that we got from customers really put us -- increase our confidence in the value proposition of the SavvyWire and we think those tools will be used down the road when we will get to full commercialization mode.
Okay. Perfect. And then my second question has to do with LV pacing and the differences in various parts of the world, I think it's widely adopted in Europe and certainly more so in Canada. But in the U.S., I think the market share of LV pacing is quite low. Do you see that limiting the initial opportunity for the device, hoping that clinical trials will prove out that LV pacing works very well? Or do you think that you're going to see pretty good adoption of your device irrespective of what's going on today with LV pacing?
Yes, so good question and you've been attending through TCT conference, a symposium that we had, that was a tremendous success for us and this was a subject of discussion. Just to make sure that everybody understand that in the value proposition of the SavvyWire, okay, there is the fact that we can deliver the valve, there is the fact that we can measure pressure, so provide a more dynamic information. There is also the fact where we can do art stimulation or as you prefer left ventricle pacing.
And as you mentioned, Doug, this practice is not necessarily at the same adoption stage all over the world because as you mentioned, I would say, using the left part of the art in Europe is kind of the standard. While in U.S. today, often they will use a different device than the device that they are using to deliver the valve. And they will stimulate the right portion of the art. We think for us the fact that left ventricle pacing is not necessarily common in U.S. is a good thing for us because when you evaluate the SavvyWire, the value proposition is higher because when you use the SavvyWire, you don't need to pay for another device for the destination of the right part of the art, you don't need to do another insertion.
So those are some kind of cost and steps that we can't eliminate. But of course as you can anticipate is that the backdrop of this is that -- and that's one reason why we want to be close of our customers at the beginning. There is a certain learning phase with that. But overall, we think it's an advantage to us, it will help the penetration of the SavvyWire with the backdrop that we need to be sure that we do proper training.
[Operator Instructions] Our next question will come from Scott McAuley with Paradigm Capital.
Congrats on the quarter. I just wanted to kind of circle back on some of the numbers you gave on the kind of limited U.S. SavvyWire release, just to make sure I got them down right. So we're saying that the 60 cases that was kind of your goal for the limited market release and that those 60 cases are completed and that those 60 cases have been run at 10 centers that are currently using the SavvyWire, is that right?
No, I think maybe I was not perfectly clear. So the 60 cases, okay, those were done in 5 centers and once we complete this initial phase of the release, we were able to expand to another group of center that -- I mean they were ready to go, we just wanted the step to be behind. So right now, we are in 9 centers and we think that rapidly we'll be able to progress where each territory manager that we have will be able to have one account using the SavvyWire. So this will bring us closer to the figure of 20.
But right now, there is 9 centers that are capable of using the SavvyWire in U.S. And this is not related to the 60. Again, the first 60, it was 4 of 5 centers.
Perfect. Thanks for that additional detail. And in terms of kind of the utilization, I know the first user was saying that he had performed 10 consecutive procedures using the SavvyWire. I believe he's kind of a high-power user. In terms of these early cases or early centers, can you speak to kind of the utilization rate that you're seeing and what your expectation is kind of going forward?
Yes, so I mean, 2 components as an answer to this and me personally been attending to a good number of those cases. So when the centers were starting to use the SavvyWire, I was there really to obtain directly from the personnel, the feedback on the product. And the feedback has been really, really positive. So doctor, they rapidly can appreciate the performance of the Wire to deliver the valve. They also greatly appreciate the availability and the accuracy of the pressure information. And the pacing component that we just discussed with Doug has been there also.
And as I mentioned earlier today, we were seeking information from customers about thus they were able to eliminate some steps, which consequently can help them to save time. And the response on that was really positive. So in term of utilization, I mean, this can vary by the volume that the centers are doing. But what I can say to you is that in term of market share, either if it's an account that does 800 TAVR in a year or an account that does 200 cases, the point is that they were really positive in using in a really significant percentage of their procedure, the SavvyWire.
Got it. Yes, that's great. And then in terms of switching over a bit to the OptoWire. I think you had mentioned, I just want to kind of confirm, you said you're expecting kind of strong year-over-year growth in Q1, but that could be down sequentially just on some of the issues you're facing. Is that -- was that correct?
Yes, it's correct. And what we can say and this is in line with the strategy that we are doing. I mean, in Q4, the U.S. performance was really good from an OptoWire standpoint. And unfortunately, it was not the same for the Japanese as we explained. So somehow, we don't see in Q4 results, the strong performance that we get in U.S. We expect this trend to continue with the OptoWire as we do the roll out with the SavvyWire because as we mentioned previously, we have a broader team.
On top of that, we established a relationship with GPOs that are covering 90% of the hospital. And on top of that, there is a huge synergy between the SavvyWire and the OptoWire. Both products are tackling completely different applications, but they are using the same monitor that is available in the room. So you can expect to see in Q1, I mean, year-over-year growth in coronary artery disease, but sequentially it won't be the case. This being said, those are nonrecurring comparison. We really feel that we are in a position where absence market share with the OptoWire will increase in U.S. significantly.
That's great. And that growth, just lastly on the OptoWire, is that coming from new accounts like you said you have the new boots on the ground, knocking on doors for both SavvyWire and OptoWire, so kind of opening new accounts, getting them using both products versus kind of expanding usage in accounts that are currently using the OptoWire?
I would say it's a combination of both. There is a certain number of new accounts that have been attracted because they saw the SavvyWire and they wanted to use both products. There is also, I would think, an increased usage in the existing accounts.
This concludes our question-and-answer session. I'd like to turn the conference back over to management for any closing remarks.
Well, many thanks to everyone for participating on today's call. We look forward to hopefully speaking with all of you again shortly. And in summary, OpSens is at the right place and we are really excited about our growth plan. Thank you and have a good day.
The conference has now concluded. Thank you very much for attending today's presentation. You may now disconnect your lines.