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Uroplasty Sets New Quarterly Revenue Record During Fiscal Second Quarter 2014

MINNEAPOLIS, Oct. 24, 2013 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative proprietary products to treat voiding dysfunctions, today reported financial results for the fiscal 2014 second quarter ended September 30, 2013. 

Total revenues for the fiscal second quarter 2014 were $6 million, up 5% from the same quarter in the prior year. Sales in the U.S. were $4.5 million, driven by an 11% increase in sales of the Urgent® PC Neuromodulation System compared with sales in the second quarter a year ago.  U.S. Urgent PC sales in the fiscal second quarter 2014 were $3.1 million.  Net sales outside of the U.S. increased slightly to $1.5 million compared with the fiscal second quarter of 2013."Our strong momentum from last quarter continued, and we delivered 10% sequential and 11% year-over-year sales growth in the U.S. for Urgent PC," said Rob Kill, President and Chief Executive Officer of Uroplasty.  "Our refocused sales organization is already demonstrating success in both broadening and re-engaging our customer base of physicians. It's clear that Urgent PC has the potential to be the leading alternative treatment for patients suffering from Overactive Bladder (OAB) who cannot tolerate drug therapy, and we are well positioned to capitalize on this significant market opportunity." 

The Company reported a gross margin of 87.6% in the recent fiscal second quarter compared with 86.4% in the same quarter a year ago.  Operating expenses totaled $7.2 million in the second quarter, compared to $5.6 million in the same quarter last year.  The increase in operating expenses was due to $1.2 million of one-time costs associated with changes in executive management and internal review costs, with the remainder of the increase primarily due to increased selling and marketing costs.

The operating loss of $1.9 million in the fiscal second quarter compares with a $0.6 million operating loss in the same quarter last year.  Excluding non-cash charges for share-based compensation and depreciation and amortization expense, the non-GAAP operating loss was $0.9 million in the second quarter of fiscal 2014, compared with a $0.2 million non-GAAP operating loss in the second quarter a year ago. 

Conference Call
Uroplasty will host a conference call and webcast today at 4:30 p.m. Eastern Time (3:30 p.m. Central Time) to discuss these results. Rob Kill, President and Chief Executive Officer, and Brett Reynolds, Chief Financial Officer, will host the call. Individuals wishing to participate in the conference call should dial 877-941-8631. No passcode is necessary.  To access a live webcast of the call, go to Uroplasty's website at and click on the Investor Relations section.

An audio replay will be available for 30 days following the call at 800-406-7325 with the passcode 4643847#.  An archived webcast will also be available at

About Uroplasty, Inc.
Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with wholly-owned subsidiaries in The Netherlands and the United Kingdom is a global medical device company that develops, manufactures and markets innovative proprietary products for the treatment of voiding dysfunctions. Our focus is the continued commercialization of our Urgent® PC Neuromodulation System, the only FDA-cleared system that delivers percutaneous tibial nerve stimulation (PTNS) for the office-based treatment of overactive bladder and associated symptoms of urgency, frequency and urge incontinence. We also offer Macroplastique®, an injectable urethral bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency. For more information on the company and its products, please visit Uroplasty, Inc. at

Forward-Looking Information
This press release contains forward-looking statements that reflect our best estimates regarding future events and financial performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our anticipated results. We discuss in detail the factors that may affect the achievement of our forward-looking statements in our Annual Report on Form 10-K filed with the SEC.  In particular, we cannot be certain that we will ever achieve sustained profitability, that the rate of reimbursement for PTNS treatments will be adequate to justify the cost of our product, that other Medicare carriers or private payers will provide coverage for this treatment or that existing carriers and payers will not change their coverage decisions, that the rate of adoption of our products by new customers will continue, or that any of the other risks identified in our 10-K will not adversely affect our expectations as described in these forward-looking statements.

For Further Information:
Uroplasty, Inc.
Brett Reynolds, SVP and CFO

EVC Group
Leigh Salvo/ (Investors)/Janine McCargo (Business Media)



CONDENSED Consolidated Statements of Operations

(Unaudited)Three Months EndedSix Months EndedSeptember 30September 302013201220132012Net sales

$5,976,875$5,709,840$11,817,716$11,286,963Cost of goods sold

741,842774,9631,489,8891,530,550Gross profit

5,235,0334,934,87710,327,8279,756,413Operating expensesGeneral and administrative

2,390,6101,027,8353,971,3732,119,681Research and development

428,763598,933908,4231,161,974Selling and marketing


7,826215,68114,474431,2907,150,2835,576,49113,844,76311,411,822Operating loss

(1,915,250)(641,614)(3,516,936)(1,655,409)Other income (expense)Interest income

5,47610,93114,74023,509Foreign currency exchange gain (loss)

(1,339)5,794(4,034)(3,877)4,13716,72510,70619,632Loss before income taxes

(1,911,113)(624,889)(3,506,230)(1,635,777)Income tax expense

16,36714,63730,54223,104Net loss

$(1,927,480)$(639,526)$(3,536,772)$(1,658,881)Basic and diluted net loss per common share

$(0.09)$(0.03)$(0.17)$(0.08)Weighted average common shares outstanding:Basic and diluted





(Unaudited)September 30, 2013March 31, 2013AssetsCurrent assets:Cash, cash equivalents and short-term investments

$12,536,821$11,470,469Accounts receivable, net



442,351566,536Total current assets

16,004,80515,309,385Property, plant and equipment, net

1,108,0791,033,085Intangible assets, net

127,328100,502Long-term investments

-3,451,711Deferred tax assets

148,900146,052Total assets

$17,389,112$20,040,735Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable

$673,500$618,916Current portion – deferred rent

21,61535,000Income tax payable

6,1237,729Accrued liabilities:Compensation


406,549476,287Total current liabilities

2,615,3832,688,778Deferred rent – less current portion

-5,141Accrued pension liability

557,495660,580Total liabilities

3,172,8783,354,499Total shareholders' equity

14,216,23416,686,236Total liabilities and shareholders' equity




CONDENSED Consolidated Statements of Cash Flows

(Unaudited)Six Months EndedSeptember 3020132012Cash flows from operating activities:Net loss

$(3,536,772)$(1,658,881)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization

179,123576,665(Gain) loss on disposal of equipment

(5,000)2,797Amortization of premium on marketable securities

6,07026,716Share-based consulting expense

-1,623Share-based compensation expense

920,729353,060Deferred income tax expense

4,9792,860Deferred rent

(18,526)(18,374)Changes in operating assets and liabilities:Accounts receivable, net


97,787(175,833)Other current assets

127,104(102,998)Accounts payable

51,23226,516Accrued compensation

(51,129)(68,162)Accrued liabilities, other

(78,620)78,202Accrued pension liability, net

(137,089)(36,401)Net cash used in operating activities

(2,242,896)(891,673)Cash flows from investing activities:Proceeds from maturity of available-for-sale investments

2,000,0002,000,000Proceeds from maturity of held-to-maturity investments

3,940,0003,800,000Purchases of available-for-sale investments

-(3,218,286)Purchases of held-to-maturity investments

-(1,780,000)Purchases of property, plant and equipment

(208,768)(93,981)Proceeds from sale of property, plant and equipment

6,7737,276Payments for intangible assets

(41,300)(4,440)Net cash provided by investing activities

5,696,705710,569Cash flows from financing activities:Proceeds from exercise of options

69,360150,000Net cash provided by financing activities

69,360150,000Effect of exchange rate changes on cash and cash equivalents

34,724(10,580)Net increase (decrease) in cash and cash equivalents

3,557,893(41,684)Cash and cash equivalents at beginning of period

3,533,8654,653,226Cash and cash equivalents at end of period


Non-GAAP Financial Measures:  The following table reconciles our operating loss calculated in accordance with accounting principles generally accepted in the U.S. (GAAP) to non-GAAP financial measures that exclude non-cash charges for share-based compensation, and depreciation and amortization expenses from gross profit, operating expenses and operating loss.  The non-GAAP financial measures used by management and disclosed by us are not a substitute for, nor 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 described above to the most directly comparable GAAP financial measures.

We use these non-GAAP financial measures, and in particular non-GAAP operating loss, for internal managerial purposes because we believe such measures are important indicators of the strength and the operating performance of our business.  Analysts and investors frequently ask us for this information.  We believe that they use these 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.

Our non-GAAP operating loss during the three months ended September 30, 2013 and 2012 was approximately $917,000 and $163,000, respectively.  The increase in non-GAAP operating loss for the three months ended September 30, 2013 over the corresponding period a year ago is attributed to the increase in operating spending, offset slightly by the increase in net sales and gross profit percent.  Our non-GAAP operating loss during the six months ended September 30, 2013 and 2012 was approximately $2.4 million and $724,000, respectively.  The increase in non-GAAP operating loss for the six months ended September 30, 2013 over the corresponding period a year ago is attributed to the increase in operating spending, offset slightly by the increase in net sales and gross profit percent.Expense AdjustmentsThree-Months EndedGAAPShare-based  ExpenseDepreciationAmortization of IntangiblesNon-GAAPSeptember 30, 2013Gross profit



$9,000$5,250,000% of net sales

87.6%87.8%Operating expensesGeneral and administrative



(53,000)1,503,000Research and development



(1,000)417,000Selling and marketing









6,167,000Operating loss





$(917,000)September 30, 2012Gross profit



$9,000$4,952,000% of net sales

86.4%86.7%Operating expensesGeneral and administrative



(50,000)870,000Research and development



(1,000)584,000Selling and marketing









5,115,000Operating loss





$(163,000) Expense AdjustmentsSix-Months EndedGAAPShare-based ExpenseDepreciationAmortization of IntangiblesNon-GAAPSeptember 30, 2013Gross profit



$18,000$10,360,000% of net sales

87.4%87.7%Operating expensesGeneral and administrative



(103,000)3,113,000Research and development



(2,000)881,000Selling and marketing









12,777,000Operating loss





$(2,417,000)September 30, 2012Gross profit



$18,000$9,789,000% of net sales

86.4%86.7%Operating expensesGeneral and administrative



(96,000)1,830,000Research and development



(2,000)1,134,000Selling and marketing









10,513,000Operating loss






SOURCE Uroplasty, Inc.
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