NASDAQ Comp.
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27.04.2010 20:00:00
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Urologix Reports Third Quarter of Fiscal Year 2010 Results
Urologix®, Inc. (NASDAQ:ULGX), a medical device company that develops, manufactures and markets minimally invasive Cooled ThermoTherapy™ treatment catheters that provide a durable and effective procedure delivered in the comfort of an urologist’s office for patients suffering from benign prostatic hyperplasia (BPH), today reported financial results for the fiscal 2010 third quarter ended March 31, 2010.
2010 Third Quarter Financial Results
Revenue for the third quarter ended March 31, 2010 was $3.6 million, or 8 percent more than the $3.3 million reported in the same quarter of fiscal year 2009. Revenue was 12 percent less than the $4.1 million reported in the second quarter of fiscal year 2010. The increase in revenue over the third quarter of fiscal year 2009 was due to increased sales in all distribution channels: direct, third party mobile service, and Urologix mobile service. The decrease in revenue over the second quarter of fiscal 2010 was due to decreased sales in all Urologix distribution channels.
"Our year-over-year growth points to the continued steady improvement in our business. This was achieved with lower operating expenses and improved gross margins. However, after the prior three quarters of sequential growth we were challenged by the sequential decline in volume evident this quarter. We believe distinct events affected our results this quarter, including physicians’ concern around the future of Medicare Payment rates. Though these challenges in part relate to the overall economic climate and global issues related to payment for healthcare, we are taking action to identify and address these challenges through various marketing and sales activities,” stated Stryker Warren jr., CEO.
Net loss for the third quarter was $597,000, or a loss of $0.04 per diluted share, a decrease of $604,000 or 50 percent when compared to the net loss of $1.2 million or $0.08 per diluted share for the third quarter of fiscal 2009. Net loss increased $324,000 when compared to the net loss of $273,000 or $0.02 per diluted share in the second quarter of fiscal year 2010.
Cash utilized in the third quarter of fiscal year 2010 was $247,000. The Company’s cash balance was $5.8 million as of March 31, 2010, which management considers sufficient to fund the Company’s operations beyond the next 12 months.
In the third quarter of fiscal year 2010, revenue derived from the Urologix mobile service represented 46 percent of overall revenue, compared to 48 percent in the second quarter of fiscal 2010. Revenue from catheter sales to direct accounts contributed 36 percent of overall revenue in the third quarter of fiscal 2010, as compared to 35 percent in the second quarter of fiscal 2010. Third party mobile revenue represented approximately 15 percent of overall revenue in the third quarter of fiscal 2010, consistent with the second quarter of this fiscal year.
Gross profit for the third quarter of fiscal 2010 was $2.0 million, or 55 percent of revenue, compared to $1.7 million or 50 percent of revenue for the third quarter of fiscal 2009 and $2.3 million or 57 percent of revenue in the second quarter of fiscal 2010. The increase in gross margin compared to the prior year period is primarily the result of cost benefits from increased production volumes in response to increased demand. The decline in gross margin from the second quarter of this fiscal year is primarily attributable to an inventory adjustment.
Operating expenses for the third quarter of fiscal 2010 decreased $283,000, or 10 percent, when compared to the third quarter of fiscal 2009 attributable to expense management. Operating expenses remained relatively consistent, decreasing $35,000, or one percent, when compared with the second quarter of fiscal 2010.
"The third quarter of fiscal year 2010 presented challenges to Urologix. We continually speak with urologists who recognize the clear difference Urologix provides compared to alternative therapies, including both competitive devices and chronic medication. We have developed leading technology supported by strong clinical evidence that delivers value to patients, physicians and payors. Our mission is to expand patient access to our technology by educating these same constituents that Urologix’ Cooled ThermoTherapy™ is an effective, safe and cost effective treatment option that can provide superior clinical outcomes with long term durability. Focusing upon this objective, we will continue to remind the urologist that Urologix is the reliable choice: reliable product, reliable people and reliable outcomes,” stated Stryker Warren, jr., CEO.
Earnings Call Information
Urologix will host a conference call with the financial community to discuss fiscal 2010 third quarter results on Tuesday, April 27, 2010 at 4:00 p.m. Central Time. To listen to the call, please dial 1-866-356-4123 and enter the Participant Passcode 74263703 at least 10 minutes prior to the call. A live webcast of the call will be available through the investor relations section of the Company’s website at www.urologix.com and available for replay approximately two hours after the completion of the call.
About Urologix
Urologix, Inc., based in Minneapolis, MN develops, manufactures and markets minimally invasive medical products for the treatment of urological disorders. The Company has developed and offers non-surgical, anesthesia-free, catheter-based treatments that use a proprietary cooled microwave technology for the treatment of benign prostatic hyperplasia (BPH), a condition that affects more than 23 million men worldwide. Urologix’ products include the CoolWave® , Targis® and Prostatron® control units and the CTC Advance™, Cooled ThermoCath® , Targis® and Prostaprobe® catheter families. All of Urologix’ products utilize Cooled ThermoTherapy™ - targeted microwave energy combined with a unique cooling mechanism to protect healthy tissue and enhance patient comfort - and provide safe, effective, lasting relief of the symptoms of BPH.
Forward Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "may,” "will,” "expect,” "believe,” "anticipate,” "estimate” or "continue” or comparable terminology are intended to identify forward-looking statements. Such forward looking statements include, for example, statements about the Company’s working capital and capital resource needs, future revenue, operating performance and reimbursement rates, or the effect of future reimbursement legislation on our business. The statements made by the Company are based upon management’s current expectations and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company’s control and the risk factors and other cautionary statements described in the Company’s Annual Report on Form 10-K for the year ended June 30, 2009 and other documents filed with the Securities and Exchange Commission.
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Urologix, Inc. |
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Statements of Operations |
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(Unaudited, in thousands, except per share data) |
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Three Months Ended |
Nine Months Ended |
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| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| Sales | $ | 3,594 | $ | 3,328 | $ | 11,512 | $ | 9,368 | ||||||||
| Cost of goods sold | 1,616 | 1,668 | 5,066 | 4,724 | ||||||||||||
| Gross profit | 1,978 | 1,660 | 6,446 | 4,644 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Selling, general and administrative | 2,115 | 2,272 | 6,685 | 6,352 | ||||||||||||
| Research and development | 461 | 587 | 1,321 | 1,840 | ||||||||||||
| Total costs and expenses | 2,576 | 2,859 | 8,006 | 8,192 | ||||||||||||
| Operating loss | (598 | ) | (1,199 | ) | (1,560 | ) | (3,548 | ) | ||||||||
| Interest income, net | - | 1 | - | 52 | ||||||||||||
| Loss before income taxes | (598 | ) | (1,198 | ) | (1,560 | ) | (3,496 | ) | ||||||||
| Income tax expense (benefit) | (1 | ) | 3 | (13 | ) | 49 | ||||||||||
| Net loss | $ | (597 | ) | $ | (1,201 | ) | $ | (1,547 | ) | $ | (3,545 | ) | ||||
| Net loss per common share--basic | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.11 | ) | $ | (0.25 | ) | ||||
| Net loss per common share--diluted | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.11 | ) | $ | (0.25 | ) | ||||
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Weighted average number of common shares |
14,522 | 14,473 | 14,503 | 14,467 | ||||||||||||
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Weighted average number of common shares |
14,522 | 14,473 | 14,503 | 14,467 | ||||||||||||
| Urologix, Inc. | ||||||||
| Balance Sheets | ||||||||
| (Unaudited, in thousands) | ||||||||
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Mar. 31, |
June 30, |
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| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 5,764 | $ | 7,032 | ||||
| Accounts receivable, net | 1,837 | 1,505 | ||||||
| Inventories | 1,399 | 1,407 | ||||||
| Prepaids and other current assets | 205 | 80 | ||||||
| Total current assets | 9,205 | 10,024 | ||||||
| Property and equipment: | ||||||||
| Property and equipment | 11,795 | 11,788 | ||||||
| Less accumulated depreciation | (10,672 | ) | (10,380 | ) | ||||
| Property and equipment, net | 1,123 | 1,408 | ||||||
| Identifiable intangible assets, net | 133 | 143 | ||||||
| Other assets | 397 | 566 | ||||||
| Total assets | $ | 10,858 | $ | 12,141 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 565 | $ | 462 | ||||
| Accrued compensation | 813 | 791 | ||||||
| Deferred income | 199 | 210 | ||||||
| Other accrued expenses | 533 | 598 | ||||||
| Total current liabilities | 2,110 | 2,061 | ||||||
| Deferred income | 17 | 155 | ||||||
| Total liabilities | 2,127 | 2,216 | ||||||
| Shareholders’ equity: | ||||||||
| Common stock | 144 | 144 | ||||||
| Additional paid-in capital | 114,263 | 113,910 | ||||||
| Accumulated deficit | (105,676 | ) | (104,129 | ) | ||||
| Total shareholders’ equity | 8,731 | 9,925 | ||||||
| Total liabilities and shareholders’ equity | $ | 10,858 | $ | 12,141 | ||||
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Urologix, Inc. |
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Statements of Cash Flows |
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(Unaudited, in thousands) |
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| Nine Months Ended | ||||||||
| Mar. 31, | ||||||||
| 2010 | 2009 | |||||||
| Operating Activities: | ||||||||
| Net loss | $ | (1,547 | ) | $ | (3,545 | ) | ||
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Adjustments to reconcile net loss to net cash used for |
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| Depreciation and amortization | 616 | 759 | ||||||
| Loss on disposal of assets | 2 | 28 | ||||||
| Provision for bad debts | 26 | 9 | ||||||
| Employee stock-based compensation expense | 343 | 377 | ||||||
| Change in operating items: | ||||||||
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Accounts receivable |
(358 |
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200 |
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| Inventories | (241 | ) | (105 | ) | ||||
| Prepaids and other assets | 44 | 113 | ||||||
| Accounts payable | 103 | (244 | ) | |||||
| Accrued expenses and deferred income | (192 | ) | (941 | ) | ||||
| Net cash used for operating activities | (1,204 | ) | (3,349 | ) | ||||
| Investing Activities: | ||||||||
| Purchase of property and equipment | (65 | ) | (55 | ) | ||||
| Purchase of intellectual property | (9 | ) | - | |||||
| Net cash used for investing activities | (74 | ) | (55 | ) | ||||
| Financing Activities: | ||||||||
| Proceeds from stock option exercises | 10 | 8 | ||||||
| Net cash provided by financing activities | 10 | 8 | ||||||
| Net decrease in cash and cash equivalents | (1,268 | ) | (3,396 | ) | ||||
| Cash and cash equivalents: | ||||||||
| Beginning of period | 7,032 | 11,031 | ||||||
| End of period | $ | 5,764 | $ | 7,635 | ||||
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Supplemental cash-flow information |
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| Income taxes paid during the period | $ | 13 | $ | 22 | ||||
| Net amount of inventory transferred to property and equipment | $ | 249 | $ | 186 | ||||
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