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Uroplasty, Inc. Reports Record Sales For Second Fiscal Quarter
Date:11/1/2007

- 73% Sales Growth Over Same Quarter Last Year -

- 20% U.S. Sequential Quarterly Sales Increase -

- FY08 Revenue Projection Raised -

- Preliminary FY09 Revenue Outlook Provided -

- Conference Call to be Held at 10:00 a.m. Central Time Today -

MINNEAPOLIS, Nov. 1 /PRNewswire-FirstCall/ -- Uroplasty, Inc. (Amex: UPI) today reported record net sales of $3.0 million for the second quarter of fiscal 2008 ended September 30, 2007, up 73% from $1.8 million in the year ago quarter. Excluding the translation impact of fluctuations in foreign currency exchange rates, sales during the second fiscal quarter increased by approximately 66%.

For the three months ended September 30, 2007, sales to customers in the U.S. increased to $1.2 million from $253,000 in the year ago quarter. Sales for the three months ended September 30, 2007 represent a sequential increase of 20% from $1.0 million in the first quarter of fiscal 2008. Sales to customers outside the U.S. for the three months ended September 30, 2007 were $1.8 million, representing a $318,000 or 21% increase, compared to $1.5 million in the year ago quarter. Excluding the translation impact of fluctuations in foreign currency exchange rates, sales to customers outside of the U.S. increased by approximately 13%.

David B. Kaysen, Uroplasty's President and CEO said, "We are very encouraged by our record revenue performance this year and our sequential quarterly sales growth in the U.S. Both achievements are due to the growing market acceptance of our Urgent(R) PC system, which contributed to our record performance this year. During the second quarter, we surpassed 200 active customers in the U.S. for our Urgent PC system and doctors are excited about the benefits it provides to their patients. We believe that our Urgent PC system, which received regulatory approvals in the summer of 2006, is the only FDA-approved non-surgical nerv expenses 59,433 55,280 106,763 94,876

Amortization

expenses 206,482 26,576 423,003 53,113

Non-GAAP

operating loss $(615,521) $(1,233,051) $(993,932) $(2,439,272)

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 the commercialization of our Urgent PC(R) system, which we believe is the only FDA-approved non-surgical neurostimulation therapy for the treatment of overactive bladder symptoms (OAB). We also offer Macroplastique(R) Implants, a bulking agent for the treatment of urinary incontinence. Please visit Uroplasty, Inc. at http://www.uroplasty.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. This press release contains forward-looking statements, which reflect our views regarding future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties, including those identified below, which could cause actual results to differ materially from historical results or those anticipated. The words "aim," "believe," "expect," "anticipate," "intend," "estimate" and other expressions, which indicate future events and trends, identify forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending upon a variety of factors, including, but not limited to: the effect of government regulation, including when and if we receive approval for marketing products in the United States; the impact of international currency fluctuations on our cash flows and operating results; the impact of technological innovation and competition; acceptance of our products by physicians and patients, our historical reliance on a single product for most of our current sales; our ability to commercialize our recently licensed product lines; our intellectual property and the ability to prevent competitors from infringing our rights; the ability to receive third party reimbursement for our products; the results of clinical trials; our continued losses and the possible need to raise additional capital in the future; our ability to manage our international operations; our ability to hire and retain key technical and sales personnel; our dependence on key suppliers; future changes in applicable accounting rules; and volatility in our stock price. Our fiscal 2008 to date financial performance is not indicative of future performance. We cannot assure that we will achieve our projected revenue target range for fiscal 2008 or 2009, or that we can successfully expand our U.S. field sales force. Uroplasty undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.

For Further Information:

Uroplasty, Inc. EVC Group

David Kaysen, President and CEO, or Doug Sherk/Julie Huang (Investors)

Medi Jiwani, Vice President, CFO, 646.443.6963

and Treasurer, Steve DiMattia (Media)

952.426.6140 646.201.5445

e stimulation device for the treatment of overactive bladder symptoms."

"Early in the second quarter, we completed an evaluation of our U.S. market coverage and identified several geographic areas where we believe the market potential justified the addition of employed field sales representatives," continued Mr. Kaysen. "We have now expanded our U.S. field sales organization from four employed representatives at the start of our fiscal year on April 1, 2007 to 17 by the end of October and our goal is to have 20 in place by the end of the fiscal year. We have supplemented the employed field sales people with 11 independent sales representatives' groups."

Kaysen further noted, "We have achieved strong international sales growth this year which is based on a weak first half of fiscal 2007. We expect growth outside of the U.S. to moderate in the second half."

For the six months ended September 30, 2007, net sales of $6.0 million increased 70% from $3.5 million for the same period in the prior year. Excluding the translation impact of fluctuations in foreign currency exchange rates, sales increased by approximately 64%.

For the six months ended September 30, 2007, sales to customers in the U.S. increased to $2.2 million, compared to $357,000 in the same six-month period last year. Sales to customers outside the U.S. for the six months ended September 30, 2007 were $3.8 million, representing a $592,000 or 19% increase, compared to $3.2 million in the same six-month period last year. Excluding the translation impact of fluctuations in foreign currency exchange rates, sales to customers outside of the U.S. increased by approximately 12%.

Net loss for the three- and six-month periods ended September 30, 2007 was $1.4 million, or $0.10 per diluted share, and $2.2 million, or $0.17 per diluted share, respectively. Net loss for the corresponding periods in the prior year was $2.2 million, or $0.28 per diluted share, and $3.4 million, or $0.46 per diluted share, respectively.

Non-GAAP operating loss, which excludes non cash charges attributed to SFAS 123 (R) stock options, and depreciation and amortization expenses, as set forth below and reconciled to GAAP operating loss, declined to $616,000 and $1.0 million for the three and six months ended September 30, 2007, respectively, from $1.2 million and $2.4 million for the respective year ago periods. The company attributed the decline primarily to the increase in sales and an improvement in gross margin rate offset partially by a moderate increase in cash operating expenses.

Mr. Kaysen continued, "Based on our year-to-date performance, we now expect our fiscal year 2008 revenue to be between $12.5 million and $13 million. This projection is up from the previous projection of between $11.5 million and $12.5 million. In addition, contingent upon the continued market adoption of our Urgent PC system and the successful expansion of our U.S. direct sales force, we currently believe we can achieve in fiscal 2009 an overall sales growth of 30% to 40% and a U.S. sales growth in excess of 60%."

As previously announced, Uroplasty will host an audio conference call on Thursday, November 1, 2007, at 10.00 a.m. Central Time to review the financial results for the second fiscal quarter. 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 800.257.1836 (domestic) or 303.262.2190 (international). An audio replay will be available two hours after the call for 30 days by dialing 800.405.2236 (domestic) or 303.590.3000 (international), with the passcode 11101280#.

UROPLASTY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended Six Months Ended

September 30, September 30,

2007 2006 2007 2006

Net sales $3,039,543 $1,760,771 $5,988,217 $3,524,980

Cost of goods

sold 669,041 452,857 1,263,253 1,008,372

Gross profit 2,370,502 1,307,914 4,724,964 2,516,608

Operating

expenses

General and

administrative 1,147,432 800,715 1,955,806 1,658,287

Research and

development 426,997 658,409 933,122 1,333,363

Selling and

marketing 1,974,583 1,303,696 3,607,372 2,536,283

Amortization

of

intangibles 206,482 26,575 423,003 53,112

3,755,494 2,789,395 6,919,303 5,581,045

Operating loss (1,384,992) (1,481,481) (2,194,339) (3,064,437)

Other income

(expense)

Interest

income 65,239 18,308 141,622 37,815

Interest

expense (9,279) (10,483) (20,644) (16,465)

Warrant

expense - (700,412) - (372,680)

Foreign

currency

exchange gain

(loss) (13,877) 3,553 (15,906) 29,964

Other, net - (1,216) 1,880 3,585

42,083 (690,250) 106,952 (317,781)

Loss before

income taxes (1,342,909) (2,171,731) (2,087,387) (3,382,218)

Income tax

expense

(benefit) 41,783 (12,841) 137,940 17,911

Net loss $(1,384,692 $(2,158,890) $(2,225,327) $(3,400,129)

Basic and

diluted loss

per common

share $(0.10) $(0.28) $(0.17) $(0.46)

Weighted average

common shares

outstanding:

Basic and

diluted 13,342,284 7,784,118 13,162,862 7,376,900

UROPLASTY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2007 March 31, 2007

(unaudited)

Assets

Cash, cash equivalents and

short-term investments $5,709,747 $6,763,702

All other current assets 3,009,821 2,449,081

Property, plant, and

equipment, net 1,510,722 1,431,749

Intangible assets, net 4,633,676 308,093

Deferred tax assets 97,838 93,819

Total assets $14,961,804 $11,046,444

Liabilities and Shareholders'

Equity

Total current liabilities 2,189,610 2,005,608

Long-term debt - less current

maturities 413,064 427,382

Deferred rent - less current

portion 197,680 214,381

Accrued pension liability 318,564 596,026

Total liabilities 3,118,918 3,243,397

Shareholders' equity:

Common stock $.01 par

value; 40,000,000

shares authorized,

13,450,140 and

11,614,330 shares

issued and outstanding

at September 30 and

March 31, 2007, respectively 134,501 116,143

Additional paid-in capital 30,076,261 23,996,818

Accumulated deficit (18,236,317) (16,010,990)

Accumulated other

comprehensive loss (131,559) (298,924)

Total shareholders' equity 11,842,886 7,803,047

Total liabilities and

shareholders' equity $14,961,804 $11,046,444

UROPLASTY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended September 30, 2007 and 2006

(Unaudited)

Six Months Ended

September 30,

2007 2006

Cash flows from operating activities:

Net loss $(2,225,327) $(3,400,129)

Adjustments to reconcile net

loss to net cash used in

operating activities:

Depreciation and amortization 529,766 147,989

Gain on disposal of equipment (2,771) (3,584)

Warrant expense - 372,680

Stock-based consulting expense 26,004 29,524

Stock-based compensation

expense 644,637 447,652

Deferred income taxes 2,474 (42,976)

Deferred rent (17,500) (13,917)

Changes in operating assets and

liabilities:

Accounts receivable (498,578) (368,428)

Inventories (16,176) (221,587)

Other current assets and

income tax receivable 64,660 121,808

Accounts payable 190,508 216,037

Accrued liabilities (80,459) (86,062)

Accrued pension liability, net (305,435) 142,780

Net cash used in operating activities (1,688,197) (2,658,213)

Cash flows from investing activities:

Proceeds from sale of short-term

investments 1,800,000 1,137,647

Purchase of short-term investments (1,200,000) -

Purchases of property, plant and

equipment (135,984) (126,740)

Proceeds from sale of equipment 4,417 4,294

Payments for intangible assets (89,725) -

Net cash provided by investing

activities 378,708 1,015,201

Cash flows from financing activities:

Proceeds from financing

obligations 178,374 210,999

Repayment of debt obligations (184,458) (104,656)

Net proceeds from issuance of

common stock, warrants and

option exercise 768,298 1,967,023

Net cash provided by financing

activities 762,214 2,073,366

Effect of exchange rates on cash and

cash equivalents 93,320 (10,484)

Net increase (decrease) in cash and

cash equivalents (453,955) 419,870

Cash and cash equivalents at beginning

of period 3,763,702 1,563,433

Cash and cash equivalents at end of

period $3,309,747 $1,983,303

Supplemental disclosure of cash flow

information:

Cash paid during the period for

interest $17,024 $14,615

Cash paid during the period for

income taxes 38,923 58,335

Supplemental disclosure of non-cash

financing and investing activities:

Employee retirement savings plan

contribution issued in common

shares $- $44,385

Property, plant and equipment

additions funded by lessor

allowance and classified

as deferred rent - 280,000

Purchase of intellectual property

funded by issuance of stock $4,658,861 $-

Non-GAAP Financial Measures. The following table reconciles our non-GAAP financial measures that exclude non cash charges attributed to stock options under SFAS 123 (R), and depreciation and amortization expenses from gross profit, operating expenses and operating loss to our GAAP financial statements above. 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.

Management uses our 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 because 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.

Three Months Ended Six Months Ended

September 30, September 30,

2007 2006 2007 2006

Gross Profit

GAAP gross

profit $2,370,502 $1,307,914 $4,724,964 $2,516,608

% of sales 78% 74% 79% 71%

SFAS 123 (R)

stock option

charges 9,107 641 9,686 1,361

Depreciation

expenses 13,054 12,491 28,604 24,028

Non-GAAP gross

profit 2,392,663 1,321,046 4,763,254 2,541,997

Operating Expenses

GAAP operating

expenses 3,755,494 $2,789,395 $6,919,303 $5,581,045

SFAS 123(R)

stock option

charges 494,449 165,933 660,955 475,815

Depreciation

expenses 46,379 42,789 78,159 70,848

Amortization

expenses 206,482 26,576 423,003 53,113

Non-GAAP 3,008,184 2,554,097 5,757,186 4,981,269

operating

expenses

Operating Loss

GAAP operating

loss (1,384,992) (1,481,481) (2,194,339) (3,064,437)

SFAS 123(R)

stock option

charges 503,556 166,574 670,641 477,176

Depreciation


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SOURCE Uroplasty, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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