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Uroplasty Reports Record Growth for the Fourth Quarter and Fiscal Year 2008

- Record Fourth Quarter Net Sales of $4.1 Million; 57% Increase

Year-Over-Year -

- Record Fourth Quarter U.S. Sales of $2.1 Million; 198% Increase

Year-Over-Year -

- Company Reiterates Fiscal 2009 Guidance -

- Conference Call to be Held Today at 3:30 pm Central Time -

MINNEAPOLIS, June 3 /PRNewswire-FirstCall/ -- Uroplasty, Inc. (Amex: UPI), a medical device company that develops, manufactures and markets innovative proprietary products for the treatment of voiding dysfunctions, today announced record net sales of $4.1 million for the fourth quarter of fiscal 2008 ended March 31, 2008, an increase of 57% from $2.6 million in the same quarter last year. Fourth quarter U.S. sales were $2.1 million, an increase of 198% from $705,000 over the same quarter last year.

"We are executing on our strategy to build a U.S. market for our Urgent(R) PC System and we are generating strong momentum in the marketplace," said David Kaysen, President and Chief Executive Officer of Uroplasty, Inc. "Our domestic sales force has become increasingly productive and, as a result, is driving the adoption of our Urgent PC System. We expect the market adoption of our products to accelerate as our customers learn of the very positive clinical data presented on Urgent PC during the recent American Urological Association (AUA) Annual Meeting in Orlando, Florida."

"Results from the multicenter OrBIT study presented at AUA confirmed that Urgent PC's percutaneous tibial nerve stimulation (PTNS) reduced the incidence of voiding episodes at a rate comparable to the leading pharmaceutical therapy, tolterodine LA (marketed as Detrol(R) LA), for overactive bladder. Eighty percent of PTNS patients considered themselves cured or improved versus 55% of tolterodine patients. Physicians considered 80% of PTNS patients cured or improved compared with 61% of patients using the leading common

stock, warrants and option exercise 5,352,762 7,726,470

Net cash provided by financing activities 5,271,486 7,759,632

Effect of exchange rates on cash and cash

equivalents 333,758 31,432

Net increase in cash and cash equivalents 116,342 2,200,269

Cash and cash equivalents at beginning of year 3,763,702 1,563,433

Cash and cash equivalents at end of year $3,880,044 $3,763,702

Supplemental disclosure of cash flow


Cash paid during the year for interest $32,479 $31,693

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.

Years ended

March 31,

2008 2007

Gross Profit

GAAP gross profit $10,920,676 $5,720,466

% of sales 79% 69%

SFAS 123 ( R ) stock option charges 22,531 1,361

Depreciation expenses 54,635 52,081

Non-GAAP gross profit 10,997,842 5,773,908

Operating Expenses

GAAP operating expenses 14,849,871 10,692,791

SFAS 123 ( R ) stock option charges 1,016,362 745,156

Depreciation expenses 174,384 144,257

Amortization expenses 843,533 103,511

Non-GAAP operating expenses 12,815,592 9,699,867

Operating Loss

GAAP operating loss (3,929,195) (4,972,325)

SFAS 123 ( R ) stock option charges 1,038,893 746,517

Depreciation expenses 229,019 196,338

Amortization expenses 843,533 103,511

Non-GAAP operating loss $(1,817,750) $(3,925,959)

pharmaceutical therapy. Overall, 73% of patients experienced reduced frequency of voiding episodes. The results demonstrate the effectiveness of Urgent PC as a viable, first line, minimally invasive, cost efficient non-drug option for treating patients with urinary symptoms associated with overactive bladder. We expect adoption of the Urgent PC System will continue to build through the efforts of our sales team."

"Due to our sales momentum and projected sales force productivity, we plan to phase in our previously announced sales force expansion plan over a longer time period. As a result of our decision, the existing sales team will be able to better focus on their current accounts and leads from the AUA meeting as opposed to working in a realigned territory or leaving the field to train new personnel. Our new plan is to expand the field sales organization by two to three people through the middle of the fiscal year, at which time we will evaluate our progress and adjust our resources accordingly."

"In addition, based on the solid results from the OrBIT study, we have decided to aggressively step up our spending in fiscal 2009 to fund a new, innovative, clinical study for Urgent PC. We believe this new study will further reinforce the efficacy of Urgent PC for marketing and reimbursement purposes. We are actively working on the protocol for this study at this time. We also plan to step up our spending for marketing and reimbursement support functions to assist our customers and enhance their practices," Mr. Kaysen added.

Fiscal Fourth Quarter Ended March 31, 2008 Compared to March 31, 2007

-- Net sales for the fourth quarter of fiscal 2008 were $4.1 million, an

increase of 57%, compared with $2.6 million in the fourth quarter of

fiscal 2007. Excluding the translation impact of fluctuations in

foreign currency exchange rates, sales during the fiscal 2008 quarter

increased by approximately 49%.

-- U.S. sales in the fourth quarter of fiscal 2008 were $2.1 million, an

increase of 198%, compared with $705,000 in the year ago quarter. This

increase was due to the continued momentum of the company's sales force

driven by the new customer surge we experienced in the third quarter of

2008. Non-U.S. sales in the fourth quarter of fiscal 2008 were

$2.0 million, up 6% from $1.9 million in fourth fiscal quarter of 2007.

-- Net loss for the three months ended March 31, 2008 and 2007 was

$698,545 or $0.05 per diluted share, and $1.0 million or $0.09 per

diluted share, respectively.

Fiscal Year Ended March 31, 2008 Compared to March 31, 2007

-- Net sales in fiscal 2008 were $13.9 million, an increase of 67%,

compared with $8.3 million in fiscal 2007. Excluding the translation

impact of fluctuations in foreign currency exchange rates, sales during

fiscal 2008 increased by approximately 59% over fiscal 2007.

-- U.S. sales in fiscal 2008 increased 332% to $6.3 million compared with

$1.5 million in fiscal 2007. Non-U.S. sales in fiscal 2008 were

$7.6 million, up 10%, compared with $6.9 million in fiscal 2007.

-- Non-GAAP operating loss, which excludes non-cash charges related to

stock options, depreciation and amortization, declined to approximately

$1.8 million in fiscal 2008 from $3.9 million in fiscal 2007. The

decrease is primarily attributable to the increase in sales and an

improvement in gross margin, partially offset by an increase in

operating expenses.

-- Net loss for fiscal 2008 was $3.8 million, or $0.28 per diluted share,

compared with a net loss of $5.0 million, or $0.58 per diluted share in

fiscal 2007.

At March 31, 2008, cash and cash equivalents, and short-term investments were $10.1 million compared with $6.8 million at March 31, 2007 and $10.3 million at December 31, 2007.

"The entire Uroplasty team continues to execute our game plan. We surpassed our fiscal 2008 guidance, and with our revised strategy for expanding the sales team, we believe we can grow fiscal 2009 sales in excess of 30% over fiscal 2008. In addition, we continue to believe we can grow U.S. sales in fiscal 2009 by more than 70% over fiscal 2008 based on continued market adoption of our Urgent PC system and the expected continued momentum and dedication of our U.S. direct sales team. With the added spending for the field sales organization, the new clinical study and in other areas, we expect operating profit break even, excluding non-cash and unusual charges, to occur at between revenues of $19 and $20 million. We believe we have sufficient cash on hand and access to existing credit facilities to meet our projected fiscal 2009 needs," Mr. Kaysen concluded.

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 and year end. 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) 218-0204 (domestic) or (303) 262-2130 (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 11115072#.

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 minimally invasive nerve stimulation device designed for office-based treatment of 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

Safe Harbor

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 expand our U.S. field sales force, 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 financial performance is not indicative of future performance. We cannot assure that (i) our sales representatives will continue or grow their sales productivity, (ii) future additions to our sales force will increase our sales or profitability, (iii) we can conduct our planned clinical study on budget or achieve the desired objectives from the study, (iv) we will achieve our projected revenue target range for fiscal 2009 or (v) we can achieve our operating profit objective at our targeted revenue level. Uroplasty undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.

For Further Information:

Uroplasty, Inc.

David Kaysen, President and CEO, or

Medi Jiwani, Vice President, CFO, and Treasurer,


EVC Group

Doug Sherk/Dahlia Bailey (Investors)


Steve DiMattia/Chris Gale (Media)





Three Months Ended Fiscal Year Ended

March 31, March 31,


2008 2007 2008 2007

Net sales $4,138,280 $2,627,748 $13,855,811 $8,311,001

Cost of goods sold 881,927 829,982 2,935,135 2,590,535

Gross profit 3,256,353 1,797,766 10,920,676 5,720,466

Operating expenses

General and

administrative 937,678 730,415 3,692,678 3,095,989

Research and development 404,566 518,176 1,798,062 2,276,526

Selling and marketing 2,509,000 1,378,907 8,515,598 5,216,765

Amortization 210,668 25,188 843,533 103,511

4,061,912 2,652,686 14,849,871 10,692,791

Operating loss (805,559) (854,920) (3,929,195) (4,972,325)

Other income (expense)

Interest income 95,612 65,942 312,162 119,534

Interest expense (8,125) (12,960) (35,266) (38,096)

Warrant expense - (179,383) - (29,068)

Foreign currency exchange

gain (loss) (64,452) (7,766) (117,990) 26,610

Other, net (2,501) 59,206 1,513 62,791

20,534 (74,961) 160,419 141,771

Loss before income taxes (785,025) (929,881) (3,768,776) (4,830,554)

Income tax expense

(benefit) (86,480) 83,623 55,464 146,336

Net loss ($698,545) ($1,013,504) ($3,824,240) ($4,976,890)

Basic and diluted loss

per common share ($0.05) ($0.09) ($0.28) ($0.58)

Weighted average common

shares outstanding: 14,916,540 11,112,250 13,839,371 8,591,454

Basic and diluted



March 31, 2008 and 2007

2008 2007


Current assets:

Cash and cash equivalents & short-term

investments $10,146,081 $6,763,702

Accounts receivable, net 2,318,604 1,240,141

Income tax receivable 50,841 113,304

Inventories 558,657 823,601

All other 244,517 272,035

Total current assets 13,318,700 9,212,783

Property, plant, and equipment, net 1,638,953 1,431,749

Intangible assets, net 4,200,890 308,093

Prepaid pension asset 26,482 -

Deferred tax assets 105,298 93,819

Total assets $19,290,323 $11,046,444

Liabilities and Shareholders' Equity

Total current liabilities $2,739,933 $2,005,608

Long-term debt - less current maturities 413,279 427,382

Deferred rent - less current portion 180,979 214,381

Accrued pension liability 353,411 596,026

Total liabilities 3,687,602 3,243,397

Total shareholders' equity 15,602,721 7,803,047

Total liabilities and shareholders' equity $19,290,323 $11,046,444



Years ended March 31, 2008 and 2007

2008 2007

Cash flows from operating activities:

Net loss $(3,824,240) $(4,976,890)

Adjustments to reconcile net loss

to net cash used in operations:

Depreciation and amortization 1,072,552 299,849

Loss (gain) on disposal of equipment 27 (3,568)

Warrant expense - 29,068

Stock-based consulting expense 49,749 61,972

Stock-based compensation expense 989,144 684,545

Deferred income taxes 5,262 20,230

Deferred rent (35,000) (32,083)

Changes in operating assets and liabilities:

Accounts receivable (947,869) (447,709)

Inventories 346,598 21,114

Other current assets and income tax

receivable 107,204 278,394

Accounts payable 86,190 17,229

Accrued liabilities 553,757 429,919

Accrued pension liability, net (248,160) 81,611

Net cash used in operating activities (1,844,786) (3,536,319)

Cash flows from investing activities:

Proceeds from sale of short-term investments 6,648,447 1,157,867

Purchase of short-term investments (9,914,484) (3,020,220)

Purchases of property, plant and equipment (302,457) (196,417)

Proceeds from sales of equipment 1,847 4,294

Payments for intangible assets (77,469) -

Net cash used in investing activities (3,644,116) (2,054,476)

Cash flows from financing activities:

Proceeds from financing obligations 178,374 211,000

Repayment of debt obligations (259,650) (177,838)

Net proceeds from issuance of

SOURCE Uroplasty, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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