MINNEAPOLIS, April 3, 2008 /PRNewswire-FirstCall/ -- Uroplasty, Inc. (Amex: UPI), a medical device company that develops, manufactures and markets innovative proprietary products for the treatment of voiding dysfunction, today announced plans to double its U.S. sales force by the end of its fiscal 2009, which began on April 1, 2008.
"We have successfully launched our second generation Urgent PC(R) neuromodulation system in the U.S. and in fiscal 2008 built a domestic sales force that has generated significant year-to-date sales growth," said David Kaysen, President and CEO. "As a result of this strong performance, and with the opportunity to continue our revenue growth during fiscal 2009, we plan to double the number of U.S. sales representatives to 36 from a team of 18 employed as of March 31, 2008."
"Most of the additions to the sales team are expected to be in place during the first half of our fiscal 2009," Mr. Kaysen continued. "With this planned expansion, we project U.S. revenues to increase by more than 70% during fiscal 2009, with most of the impact from the new team members coming in the fourth fiscal quarter given the approximate six-month ramp we believe necessary for the new sales representatives to gain experience and build customer relationships. In the first fiscal quarter, we anticipate that our field sales managers will devote a significant portion of their time and effort to the reorganization of the sales territories and training of the new sales representatives. It is also important to note that we believe we have sufficient capital resources to execute our fiscal 2009 plan."
In order to efficiently manage the growth of the U.S. sales organization, Uroplasty also announced today the promotion of Bill Gelbuda to Central Zone manager from Chicago Area Manager and the realignment of Britt Dockery to Western Zone Manager from his former position of Central Zone Manager. "Both Bill and Britt have been major contributors to our excellent sales growth during fiscal 2008 and our team congratulates them on their new responsibilities," added Mr. Kaysen.
About the Urgent PC Neuromodulation System
The Urgent PC neuromodulation system is a proprietary, minimally invasive nerve stimulation device designed for office-based treatment of OAB symptoms of urge incontinence, urinary urgency and urinary frequency. Application of neuromodulation therapy targets specific nerve tissue and disrupts the signals that lead to the symptoms of OAB. Uroplasty sells the Urgent PC system in the United States, Canada and countries recognizing the CE mark. Outside of the United States, the Urgent PC is also indicated for the treatment of fecal incontinence.
Safe Harbor Statement
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. We cannot assure that we can successfully retain and expand in our projected timeframe, or at all, our U.S. field sales force, that any new sales representatives we hire will profitably generate sales in our projected timeframe, or at all, that our active customer base will continue to grow or that we will be successful in helping our active customers introduce, and our existing customers will continue to market, our Urgent PC technology. 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 or revenue growth for fiscal 2008 or 2009. We further cannot assure that we will have the capital resources necessary to achieve our fiscal 2009 business and financial objectives. Uroplasty undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.
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 the commercialization of our Urgent PC system, which we believe is
the only FDA-approved non-surgical neurostimulation therapy for the
treatment of overactive bladder (OAB) symptoms. We also offer
Macroplastique(R) Implants, a bulking agent for the treatment of urinary
incontinence. Please visit Uroplasty, Inc. at http://www.uroplasty.com.
For Further Information:
David Kaysen, President and CEO, or
Medi Jiwani, Vice President, CFO, and Treasurer,
Doug Sherk/Matt Selinger (Investors)
Steve DiMattia/Chris Gale (Media)
|SOURCE Uroplasty, Inc.|
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