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Uroplasty Sets New Quarterly Revenue Record During Fiscal Second Quarter 2014
Date:10/24/2013

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
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SOURCE Uroplasty, Inc.
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