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Uroplasty Reports Financial Results for the Second Quarter FY2011
Date:10/27/2010

MINNEAPOLIS, Oct. 27 /PRNewswire-FirstCall/ -- 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 second fiscal quarter ended September 30, 2010.  Global sales grew 9% driven primarily by a 50% increase in Macroplastique product sales in the U.S.

"We reported a 9% increase in revenue in the seasonally weakest quarter of the year, while making substantial progress in positioning the Company for the relaunch of Urgent PC with the availability of the new CPT code early next year," said David Kaysen, President & CEO of Uroplasty, Inc.  "Growth in sales to U.S. customers of 23% was driven by our renewed focus on Macroplastique, as well as an increase in sales of Urgent PC.  Sales outside the U.S., excluding currency translations, were up 4% from the same quarter the prior year."

"Late in our fiscal second quarter, we announced that five regional Medicare carriers planned to initiate coverage and payment for Posterior Tibial Nerve Stimulation (PTNS), using our Urgent PC system.  Given the time the carriers require to implement this coverage, including the programming of computers to accept electronic claims, as well as the desire on the part of physicians to start slowly with submitting claims to insure payment, we saw little revenue contribution from this development for the period.

"In anticipation of the establishment of a new CPT code and reimbursement rates for the Urgent PC procedure, we are moving forward on our plan to build our sales force and complete the training and other efforts necessary to drive awareness and sales of Urgent PC.  We have doubled the number of sales reps from 15 at the start of our fiscal year to 30, who have either officially joined Uroplasty or have accepted pos
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SOURCE Uroplasty, Inc.
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