Opto Circuits jumps after USFDA OKs Powerheart G5 AED

Opto Circuits (India) rose 4.17% to Rs 26.25 at 14:51 IST on BSE after the company said its Powerheart G5 automated external defibrillator received market clearance from the US drug regulator.

The company made the announcement during trading hours today, 20 February 2014.

Meanwhile, the BSE Sensex was down 134.72 points, or 0.65%, to 20,588.25.

On BSE, so far 7.70 lakh shares were traded in the counter, compared with an average volume of 7.12 lakh shares in the past one quarter.

The stock hit a high of Rs 26.75 and a low of Rs 24.95 so far during the day. The stock hit a 52-week high of Rs 65.85 on 3 April 2013. The stock hit a 52-week low of Rs 17.80 on 25 June 2013.

The stock had underperformed the market over the past one month till 19 February 2014, sliding 5.08% compared with the Sensex's 1.62% fall. The scrip had, however, underperformed the market in past one quarter, rising 13.51% as against Sensex's 0.80% decline.

The small-cap company has an equity capital of Rs 242.32 crore. Face value per share is Rs 10.

Cardiac Science Corporation, a group company of Opto Circuits (India) and a global leader in automated external defibrillators (AEDs), announced that its Powerheart G5 AED has received 510(k) market clearance from the US Food and Drug Administration (USFDA), allowing the company to begin selling the AED later this year along with its successful Powerheart G3 product line, Opto Circuits (India) said in a statement.

"This news is a testament to the commitment shown by our employees who have spent many years of developing, testing and refining the Powerheart G5 so that seasoned and first-time rescuers will have the most reliable, easy-to-use AED in the U.S. marketplace," said Vinod Ramnani, Chairman and Managing Director, Opto Circuits (India). "Our product portfolio is now the envy of the AED industry."

The Powerheart family of AEDs is designed to enable rescuers to swiftly provide effective, life-saving therapy to aid a person who has suffered sudden cardiac arrest (SCA), a condition in which the heart suddenly stops beating due to inregularities in its electrical system. The condition strikes as many as 360,000 Americans annually with the majority of cases being fatal, according to the American Heart Association, the company said.

However, the American Heart Association notes that at least 20,000 lives could be saved annually by prompt use of AEDs. Ultimately, with broad deployment of AEDs among trained responders, as many as 50,000 deaths due to SCA could be prevented each year-a cause Cardiac Science is firmly behind, the company said.

"Cardiac Science has been working to reduce SCA fatalities since we introduced the first fully automated external defibrillator," said Al Ford, Cardiac Science General Manager and Senior Vice President of Sales / Marketing. "The Powerheart G5 and G3 provide a one-two punch in our mission to provide every company, school and public place with a potentially life-saving AED."

The Powerheart G5 will be available for purchase in the United States later this year, the company said.

Cardiac Science designs, manufactures and markets Powerheart automated external defibrillators (AEDs) and related services that facilitate successful deployments. Its growing list of AED placements include Fortune 500 businesses, physician offices, schools, restaurants, malls, airports, sports fields and other public places to combat sudden cardiac arrest (SCA), the leading cause of the death in the United States.

On a consolidated basis, Opto Circuits (India) reported net loss of Rs 6.78 crore in Q3 December 2013 compared with net profit of Rs 113.26 crore in Q3 December 2012. Total income from operations (net) fell 42.77% to Rs 354.41 crore in Q3 December 2013 over Q3 December 2012.

Opto Circuits (India) is a vertically integrated multinational medical technology Group that specializes in primary, acute and critical care products for the global markets.

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