MINNEAPOLIS, July 24, 2014 /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 2015 first quarter ended June 30, 2014.
Global revenue for the Company's Urgent® PC Neuromodulation System grew 19% to $4.1 million, as compared to $3.4 million in the first quarter of the prior year. Total revenue for the fiscal first quarter of 2015 was $6.4 million, up 9% from the same quarter in the prior year.
"First quarter results met our overall expectations, and we are reaffirming our full-year guidance today for Fiscal 2015," said Rob Kill, President and Chief Executive Officer of Uroplasty. "Global Urgent PC revenue exceeded our expectations, with stronger than expected growth in our international business. Macroplastique revenue was down slightly in the quarter, yet we continue to expect that for the full year, revenue from this product line will be similar to the past fiscal year. Continued improvement in sales force productivity, the expansion of our clinical support team to twelve individuals from the current six and our development of additional distribution channels are expected to drive Urgent PC sales growth as we look forward. At the same time, we continue to invest in our fecal incontinence clinical development program and are examining strategies to provide our sales organization with additional products that meet the unmet needs of our customer base," continued Mr. Kill.
The Company generated a gross margin of 87.6% in the recent fiscal first quarter compared with 87.2% in the same quarter a year ago. Operating expenses for the period totaled $7.8 million compared to $6.7 million in the same quarter last year. Selling, general and administrative costs increased $0.7 million primarily due to full staffing of the sales team in the current quarter as well as the expense related to the six clinical specialists the Company added throughout the prior fiscal year. R&D costs increased $0.4 million due to higher clinical study activity as well as certain one-time costs related to management changes in the current quarter.
The operating loss of $2.2 million in the fiscal first quarter compares with a $1.6 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 $1.8 million in the first quarter of fiscal 2015, compared with a $1.5 million non-GAAP operating loss in the year ago period. At June 30, 2014, cash, cash equivalents and cash investments totaled $10.6 million.
For the full-year Fiscal 2015 the Company continues to expect revenue growth in the range of nine to twelve percent, approximately fifteen percent growth in global Urgent PC sales, and slightly higher gross margins on a year-over-year basis.
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 888-505-4375. No passcode is necessary. To access a live webcast of the call, go to Uroplasty's website at www.uroplasty.com and click on the Investor Relations section.
An audio replay will be available for 30 days following the call at 888-203-1112 with the passcode 7876225. An archived webcast will also be available at investor.uroplasty.com.
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, which we believe is the only commercially available, FDA-cleared system that delivers percutaneous tibial nerve stimulation (PTNS) for the office-based treatment of overactive bladder (OAB). OAB is a chronic condition that affects approximately 42 million U.S. adults. The symptoms include urinary 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 www.uroplasty.com.
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