- Macroplastique(R) FY 2009 U.S. Sales Up 191% - MINNEAPOLIS, June
4 /PRNewswire-FirstCall/ -- Uroplasty, Inc. (AMEX:UPI), a medical
device company that develops, manufactures and markets innovative
proprietary products to treat voiding dysfunctions, today reported
financial results for the fourth quarter and full year ended March
31, 2009. Net sales of $2.9 million in the fourth fiscal quarter
and $14.7 million for the fiscal year were in line with
management's previous guidance. "Our fourth quarter and full year
results reflect the challenging environment for our Urgent PC(R)
system due to insurance reimbursement uncertainties in the U.S.
market," said David Kaysen, President and CEO. "While we
experienced a significant decline in our fourth quarter net sales,
as compared to last year, and expect our operating environment for
Urgent PC sales in the U.S. to remain difficult during fiscal 2010,
we are beginning to see signs that reinforce our optimism about our
long-term future. For example, in April at the American Urology
Association Annual Meeting we generated a large number of
high-quality leads. At the same time, several doctors who were
previous Urgent PC customers told us they were slowly taking steps
to rebuild their Urgent PC business. Additionally, we've learned
Aetna recently renewed coverage of Urgent PC procedures. Finally,
results for the first two months of the new fiscal year suggest
Urgent PC sales in certain geographies here in the U.S. may be
stabilizing. "A major part of our strategy to expand and support
third-party reimbursement coverage of Urgent PC treatment is the
SUmiT clinical study, which we announced in October 2008," added
Mr. Kaysen. "The study is designed to directly compare the
effectiveness of Urgent PC treatment to non-active treatment with
the 219 enrolled subjects close to completing their final
assessments. The study is evaluating reductions in urinary urgency,
urge incontinence and frequency of urinary voids, as well as
patient quality of life measures. This study, expected to be
completed by early summer of 2009, is being conducted at 23 urology
and urogynecology centers across the United States." "We continue
to be encouraged by Macroplastique's momentum in the U.S., and the
recent Ghoniem et al. publication reporting on its efficacy
compared to collagen in the January 2009 issue of the Journal of
Urology," added Mr. Kaysen. "Our U.S. Macroplastique sales grew by
191%, as compared to fiscal 2008. In the U.S., we continue to
execute our sales and marketing strategy that highlights the
clinical and competitive advantages of Macroplastique and we are
pleased to report that Aetna has recently initiated coverage for
Macroplastique procedures. While our European momentum with
Macroplastique was tested by competitive activities and the
strengthening of the U.S. dollar against the Euro and the British
pound, overall we are optimistic the Macroplastique product line
will continue to generate growth," said Mr. Kaysen. Fiscal Fourth
Quarter and Full Year Results for the Periods Ended March 31, 2009
Net sales for the three months ended March 31, 2009 were $2.9
million versus $4.1 million for the same period a year ago. Net
sales for the year ended March 31, 2009 were $14.7 million, up 6%
from $13.9 million for fiscal 2008. Sales to customers in the U.S.
for the three months ended March 31, 2009 were $1.6 million, down
24%, compared with $2.1 million in the same period a year ago. This
decrease was due to the reimbursement uncertainty for Urgent PC
treatments that has developed in the second half of fiscal 2009 in
the U.S. market. Sales to customers outside of the U.S. for the
three months ended March 31, 2009 were $1.3 million, down 36% from
$2.0 million in the year ago period. Excluding the translation
impact of fluctuations in foreign currency exchange rates, sales to
customers outside of the U.S. declined approximately 22%. Fiscal
2009 sales to customers in the U.S. were $8.0 million, an increase
of 27% from $6.3 million in fiscal 2008. First half fiscal 2009
sales of Urgent PC systems drove this growth. Sales of the
Macroplastique product line, which was launched in late 2007,
increased 191% to $1.1 million compared to sales of $0.4 million in
fiscal 2008. Sales of Urgent PC increased 17% to $6.8 million
compared to $5.8 million in fiscal 2008. All of this increase
occurred during the first half of the year. Due to the previously
mentioned reimbursement issues, Urgent PC sales declined in the
second half of the fiscal year. Fiscal 2009 sales to customers
outside of the U.S. were $6.8 million, a decline of 11%, compared
with $7.6 million in fiscal 2008. Excluding the translation impact
of fluctuations in foreign currency exchange rates, sales to
customers outside of the U.S. declined approximately 8%. In fiscal
2009, the U.S. dollar against the Company's foreign currency
denominated sales was weaker in the first half, creating a
favorable benefit on translated sales, and was stronger in the
second half, creating an unfavorable benefit on translated sales,
over corresponding year-ago periods. Net loss for the fourth fiscal
quarter ended March 31, 2009 was $1.7 million, or $0.11 per diluted
share, versus a net loss of $699,000, or $0.05 per diluted share
for the fourth quarter of last year. Fiscal 2009 net loss was $3.6
million, or $0.24 per diluted share compared with a net loss of
$3.8 million, or $0.28 per diluted share in fiscal 2008. At March
31, 2009, cash and cash equivalents, and short-term investments
were $7.8 million compared with $8.6 million at December 31, 2008
and $10.1 million at March 31, 2008. "We anticipate sales of our
Macroplastique product in the U.S. to continue to grow in fiscal
2010 as we expect to benefit from our increased sales and marketing
effort," continued Mr. Kaysen. "At the same time, we expect that
Urgent PC sales will not return to recent historical sales levels
in the U.S. until after a new listed CPT code is assigned and
adequate reimbursement provided. We continue to implement a
comprehensive program designed to educate Medicare carrier and
private payer medical directors around the country about the
benefits and clinical study results of Urgent PC. The medical
directors have asked for additional peer-reviewed publications in
medical journals on percutaneous tibial nerve stimulation (PTNS)
treatments, and to date, three new articles have been published. We
understand that the 12-week results of our earlier OrBIT clinical
study will be published in the September issue of the Journal of
Urology. We are hopeful that these publications, along with an
anticipated three to four additional articles we will provide to
the medical directors, will lead them to either reaffirm or
reinstate reimbursement. "In addition to this publications
strategy, we have at least four abstracts that have been accepted
for presentation by medical professionals at upcoming medical
conferences here in the U.S. Our overall goal is to receive a
listed CPT code in February 2010 which would become effective in
January 2011 that we believe will encourage broader use of our
Urgent PC. We are confident that we are moving toward that
objective." Conference Call Uroplasty will host an audio conference
call today at 3:30 pm Central, 4:30 pm Eastern, to review the
financial results for the fourth fiscal quarter of 2009. David
Kaysen, President and Chief Executive Officer and Medi Jiwani, Vice
President, Chief Financial Officer and Treasurer will host the
call. Individuals wishing to participate in the conference call
should dial 877-941-8609 (domestic) or 480-629-9818
(international). An audio replay will be available for 30 days
following the call at 800-406-7325 (domestic) or 303-590-3030
(international), with the passcode 4081844#. About Uroplasty, Inc.
Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with
wholly-owned subsidiaries in The Netherlands and the United
Kingdom, is a medical device company that develops, manufactures
and markets innovative proprietary products for the treatment of
voiding dysfunctions. Our primary focus is on sales growth in the
U.S. market. We offer the Urgent PC system, which we believe is the
only FDA-approved minimally invasive nerve stimulation device
designed for office-based treatment of urinary urgency, urinary
frequency and urge incontinence - symptoms often associated with
overactive bladder. We also offer Macroplastique(R) Implants, an
injectable bulking agent for the treatment of adult female stress
urinary incontinence. Please visit Uroplasty, Inc. at
http://www.uroplasty.com/. Forward-Looking Information This press
release contains forward-looking statements, which reflect our best
estimates regarding future events and financial performance. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from our
anticipated results. We discuss in detail the factors that may
effect the achievement of our forward-looking statements in our
Annual Report on Form 10-K filed with the SEC. Further, we cannot
assure you that our SUmiT clinical trial will produce favorable
results, that even if it does produce favorable results third-party
payors will provide or continue to provide coverage and
reimbursement, or reimburse the providers an amount sufficient to
cover their costs and expenses, or that we will timely obtain, or
even succeed at all at obtaining, a specific "listed" CPT
reimbursement code from the AMA for Urgent PC treatments. We
further cannot assure that reimbursement or other issues will not
further impact our fiscal 2010 results. For Further Information:
Uroplasty, Inc. EVC Group David Kaysen, President and CEO, or Doug
Sherk (Investors) Medi Jiwani, Vice President, CFO, and Treasurer
415.896.6820 952.426.6140 Chris Gale (Media) 646.201.5431
UROPLASTY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS Three Months Ended Fiscal Year Ended March 31, March
31, (unaudited) 2009 2008 2009 2008 Net sales 2,908,759 $4,138,280
$14,742,182 $13,855,811 Cost of goods sold 492,821 881,927
2,283,975 2,935,135 Gross profit 2,415,938 3,256,353 12,458,207
10,920,676 Operating expenses General and administrative 758,305
937,678 3,428,959 3,692,678 Research and development 1,093,905
404,566 2,551,075 1,798,062 Selling and marketing 2,004,119
2,509,000 9,255,025 8,515,598 Amortization of intangibles 211,957
210,668 845,524 843,533 4,068,286 4,061,912 16,080,583 14,849,871
Operating loss (1,652,348) (805,559) (3,622,376) (3,929,195) Other
income (expense) Interest income 34,056 95,612 196,714 312,162
Interest expense (1,788) (8,125) (17,160) (35,266) Foreign currency
exchange loss (13,111) (64,452) (13,843) (117,990) Other, net
(2,060) (2,501) (6,747) 1,513 17,097 20,534 158,964 160,419 Loss
before income taxes (1,635,251) (785,025) (3,463,412) (3,768,776)
Income tax expense (benefit) 81,335 (86,480) 114,708 55,464 Net
loss (1,716,586) $(698,545) $(3,578,120) $(3,824,240) Basic and
diluted loss per common share $(0.11) $(0.05) $(0.24) $(0.28)
Weighted average common shares outstanding: Basic and diluted
14,932,540 14,916,540 14,922,502 13,839,371 UROPLASTY, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2009
2008 Assets Current assets: Cash and cash equivalents &
short-term investments $7,776,299 $10,146,081 Accounts receivable,
net 1,214,049 2,318,604 Income tax receivable - 50,841 Inventories
495,751 558,657 Other 279,898 244,517 Total current assets
9,765,997 13,318,700 Property, plant, and equipment, net 1,401,229
1,638,953 Intangible assets, net 3,378,648 4,200,890 Prepaid
pension asset 66,130 26,482 Deferred tax assets 68,793 105,298
Total assets $14,680,797 $19,290,323 Liabilities and Shareholders'
Equity Total current liabilities 1,927,998 2,739,933 Long-term debt
- less current maturities - 413,279 Deferred rent - less current
portion 147,576 180,979 Accrued pension liability 296,646 353,411
Total liabilities 2,372,220 3,687,602 Total shareholders' equity
12,308,577 15,602,721 Total liabilities and shareholders' equity
$14,680,797 $19,290,323 UROPLASTY, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended March 31, 2009
2008 Cash flows from operating activities: Net loss $(3,578,120)
$(3,824,240) Adjustments to reconcile net loss to net cash used in
operations: Depreciation and amortization 1,135,800 1,072,552 Loss
on disposal of equipment 6,757 27 Share-based consulting expense
60,093 49,749 Share-based compensation expense 689,513 989,144
Deferred income taxes 17,594 5,262 Deferred rent (35,000) (35,000)
Changes in operating assets and liabilities: Accounts receivable
918,959 (947,869) Inventories (19,512) 346,598 Other current assets
and income tax receivable 50,086 107,204 Accounts payable (25,781)
86,190 Accrued liabilities (655,186) 553,757 Accrued pension
liability, net 13,111 (248,160) Net cash used in operating
activities (1,421,686) (1,844,786) Cash flows from investing
activities: Proceeds from sale of short-term investments 14,157,410
6,648,447 Purchase of short-term investments (12,391,373)
(9,914,484) Purchases of property, plant and equipment (199,704)
(302,457) Proceeds from sales of equipment - 1,847 Payments for
intangible assets (23,282) (77,469) Net cash provided by (used in)
investing activities 1,543,051 (3,644,116) Cash flows from
financing activities: Proceeds from financing obligations - 178,374
Repayment of debt obligations (455,913) (259,650) Net proceeds from
issuance of common stock, warrants and option exercise - 5,352,762
Net cash (used in) provided by financing activities (455,913)
5,271,486 Effect of exchange rates on cash and cash equivalents
(269,197) 333,758 Net (decrease) increase in cash and cash
equivalents (603,745) 116,342 Cash and cash equivalents at
beginning of year 3,880,044 3,763,702 Cash and cash equivalents at
end of year $3,276,299 $3,880,044 Supplemental disclosure of cash
flow information: Cash paid during the year for interest $13,612
$32,479 Cash paid during the year for income tax $18,335 $-
Supplemental disclosure of non-cash financing and investing
activities: Purchase of intellectual property funded by issuance of
stock - 4,658,861 Non-GAAP Financial Measures. The following table
reconciles our financial results calculated in accordance with
accounting principles generally accepted in the U.S. (GAAP) to
non-GAAP financial measures that exclude non-cash charges for
share-based compensation, and depreciation and amortization
expenses from gross profit, operating expenses and operating loss.
The non-GAAP financial measures used by management and disclosed by
us are not a substitute for, or superior to, financial measures and
consolidated financial results calculated in accordance with GAAP,
and you should carefully evaluate our reconciliations to non-GAAP.
We may calculate our non-GAAP financial measures differently from
similarly titled measures used by other companies. Therefore, our
non-GAAP financial measures may not be comparable to those used by
other companies. We have described the reconciliations of each of
our non-GAAP financial measures above to the most directly
comparable GAAP financial measures. We use these non-GAAP financial
measures, and in particular non-GAAP operating loss, for internal
managerial purposes because we believe such measures are one
important indicator of the strength and the performance of our
business as they provide a link to operating cash flow. We also
believe that analysts and investors use such measures to evaluate
the overall operating performance of companies in our industry,
including as a means of comparing period-to-period results and as a
means of evaluating our results with those of other companies. Our
non-GAAP operating loss for fiscal 2009 and 2008 was approximately
$1.7 million and $1.8 million, respectively. Years ended March 31,
2009 2008 Non-GAAP Gross Profit GAAP gross profit $12,458,207
$10,920,676 % of sales 85% 79% Share-based compensation 42,818
22,531 Depreciation expenses 52,432 54,635 Non-GAAP gross profit
12,553,457 10,997,842 Non-GAAP Operating Expenses GAAP operating
expenses 16,080,583 14,849,871 Share-based compensation 706,788
1,016,362 Depreciation expenses 237,844 174,384 Amortization
expenses 845,524 843,533 Non-GAAP operating expenses 14,290,427
12,815,592 Non-GAAP Operating Loss GAAP operating loss (3,622,376)
(3,929,195) Share-based compensation 749,606 1,038,893 Depreciation
expenses 290,276 229,019 Amortization expenses 845,524 843,533
Non-GAAP operating loss $(1,736,970) $(1,817,750) DATASOURCE:
Uroplasty, Inc. CONTACT: David Kaysen, President and CEO, or Medi
Jiwani, Vice President, CFO, and Treasurer, both of Uroplasty,
Inc., +1-952-426-6140; or Investors, Doug Sherk, +1-415-896-6820,
or Media, Chris Gale, +1-646-201-5431, both of EVC Group, for
Uroplasty, Inc. Web Site: http://www.uroplasty.com/
Copyright
Uroplasty (AMEX:UPI)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Uroplasty (AMEX:UPI)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024