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Uroplasty, Inc. Reports Record Sales For Second Fiscal Quarter

Friday, November 2, 2007 General News
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MINNEAPOLIS, Nov. 1 Uroplasty, Inc. (Amex: UPI)today reported record net sales of $3.0 million for the second quarter offiscal 2008 ended September 30, 2007, up 73% from $1.8 million in the year agoquarter. Excluding the translation impact of fluctuations in foreign currencyexchange rates, sales during the second fiscal quarter increased byapproximately 66%.
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For the three months ended September 30, 2007, sales to customers in theU.S. increased to $1.2 million from $253,000 in the year ago quarter. Salesfor the three months ended September 30, 2007 represent a sequential increaseof 20% from $1.0 million in the first quarter of fiscal 2008. Sales tocustomers outside the U.S. for the three months ended September 30, 2007 were$1.8 million, representing a $318,000 or 21% increase, compared to $1.5million in the year ago quarter. Excluding the translation impact offluctuations in foreign currency exchange rates, sales to customers outside ofthe U.S. increased by approximately 13%.
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David B. Kaysen, Uroplasty's President and CEO said, "We are veryencouraged by our record revenue performance this year and our sequentialquarterly sales growth in the U.S. Both achievements are due to the growingmarket acceptance of our Urgent(R) PC system, which contributed to our recordperformance this year. During the second quarter, we surpassed 200 activecustomers in the U.S. for our Urgent PC system and doctors are excited aboutthe benefits it provides to their patients. We believe that our Urgent PCsystem, which received regulatory approvals in the summer of 2006, is the onlyFDA-approved non-surgical nerve stimulation device for the treatment ofoveractive bladder symptoms."

"Early in the second quarter, we completed an evaluation of our U.S.market coverage and identified several geographic areas where we believe themarket potential justified the addition of employed field salesrepresentatives," continued Mr. Kaysen. "We have now expanded our U.S. fieldsales organization from four employed representatives at the start of ourfiscal year on April 1, 2007 to 17 by the end of October and our goal is tohave 20 in place by the end of the fiscal year. We have supplemented theemployed field sales people with 11 independent sales representatives'groups."

Kaysen further noted, "We have achieved strong international sales growththis year which is based on a weak first half of fiscal 2007. We expectgrowth outside of the U.S. to moderate in the second half."

For the six months ended September 30, 2007, net sales of $6.0 millionincreased 70% from $3.5 million for the same period in the prior year.Excluding the translation impact of fluctuations in foreign currency exchangerates, sales increased by approximately 64%.

For the six months ended September 30, 2007, sales to customers in theU.S. increased to $2.2 million, compared to $357,000 in the same six-monthperiod last year. Sales to customers outside the U.S. for the six monthsended September 30, 2007 were $3.8 million, representing a $592,000 or 19%increase, compared to $3.2 million in the same six-month period last year.Excluding the translation impact of fluctuations in foreign currency exchangerates, sales to customers outside of the U.S. increased by approximately 12%.

Net loss for the three- and six-month periods ended September 30, 2007 was$1.4 million, or $0.10 per diluted share, and $2.2 million, or $0.17 perdiluted share, respectively. Net loss for the corresponding periods in theprior year was $2.2 million, or $0.28 per diluted share, and $3.4 million, or$0.46 per diluted share, respectively.

Non-GAAP operating loss, which excludes non cash charges attributed toSFAS 123 (R) stock options, and depreciation and amortization expenses, as setforth below and reconciled to GAAP operating loss, declined to $616,000 and$1.0 million for the three and six months ended Sept
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