Uroplasty Reports Continued Progress During Second Quarter of F... (last year. -- Non-GAAP operating perf...)

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Uroplasty Reports Continued Progress During Second Quarter of Fiscal 2009

Date:10/29/2008

last year.

-- Non-GAAP operating performance, which excludes non-cash charges for

share-based compensation under SFAS 123 (R), and depreciation and

amortization expenses, improved from a loss of approximately $0.6

million and $1.0 million, respectively, for the three and six months

ended September 30, 2007, to a (loss) gain of approximately ($98,000)

and $8,000, respectively for the three and six months ended September

30, 2008. The improvement in non-GAAP operating performance is

attributed to the increase in sales and an improvement in gross margin,

partially offset by an increase in cash operating expenses.

-- At September 30, 2008, cash and cash equivalents, and short-term

investments were $9.0 million compared with $9.2 million at June 30,

2008 and $10.1 million at March 31, 2008.

"Earlier this month, we announced the first patient enrollment in a new, multicenter clinical study that will support our U.S. reimbursement efforts, and is part of a very focused strategy to solidify reimbursement coverage for PTNS," continued Mr. Kaysen. "We are making impressive progress with center and patient enrollment in the new study which compares the Urgent PC system treatment against non-active treatment (placebo or sham treatment). This study design was suggested by professional associations that help to educate third party insurance carriers establish reimbursement for procedures. We anticipate applying to the American Medical Association for a specific "listed" CPT reimbursement code for Urgent PC treatments once the data is compiled and analyzed.

"Meanwhile, we have implemented a comprehensive program designed to educate medical directors of insurance carriers around the country. Physicians using Urgent PC are communicating their successes to these medical directors. In addition, we are in active communication with professional associations who are involv
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