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Uroplasty Reports Third Quarter of Fiscal 2012 Financial Results
Date:1/26/2012

econd, to increase our penetration within our physician accounts, we are providing physicians with tools focused on helping them build their Urgent PC practices.  We also continue to focus on adding new customers.

"In addition, the Medicare carrier for Florida has released a formal, specific reimbursement policy for posterior tibial nerve stimulation (PTNS) that becomes effective February 1, a step that we have encouraged and that we believe will now streamline the processing of insurance claims submitted by our customers.  With this update in the reimbursement policy and through execution of our initiatives to increase penetration of our existing accounts, we expect U.S. sales of Urgent PC to improve."

Urgent PC sales in the U.S. were $2.0 million in the quarter ended December 31, 2011, compared with $1.0 million in the same quarter last year.  The growth in Urgent PC sales is the result of the expanded sales and marketing efforts the Company made subsequent to obtaining the new Category I CPT® code for PTNS that became effective in January 2011, the expansion of the field sales organization and the increased reimbursement coverage by insurance carriers.

Macroplastique sales in the U.S. totaled $1.6 million in the recent third quarter compared to $925,000 during the same quarter last year.  Growth of Macroplastique sales was due to continued demand from customers of a competitor who has exited the bulking market.

Net sales to customers outside of the U.S. for the fiscal third quarter were $1.8 million, a 19% increase from $1.5 million in the same quarter last year.  Excluding the impact of foreign exchange translation, sales outside the U.S. increased by approximately 20%.

The Company reported an operating loss of $1.1 million in the fiscal third quarter, compared with $1.5 million in the same quarter last year.  Excluding non-cash charges for share-based compensation, and depreciation and amor
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SOURCE Uroplasty, Inc.
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