Uroplasty Reports Record Growth for the Fourth Quarter and Fiscal Year 2008
"We are executing on our strategy to build a U.S. market for our Urgent(R)PC System and we are generating strong momentum in the marketplace," saidDavid Kaysen, President and Chief Executive Officer of Uroplasty, Inc. "Ourdomestic sales force has become increasingly productive and, as a result, isdriving the adoption of our Urgent PC System. We expect the market adoptionof our products to accelerate as our customers learn of the very positiveclinical data presented on Urgent PC during the recent American UrologicalAssociation (AUA) Annual Meeting in Orlando, Florida."
"Results from the multicenter OrBIT study presented at AUA confirmed thatUrgent PC's percutaneous tibial nerve stimulation (PTNS) reduced the incidenceof voiding episodes at a rate comparable to the leading pharmaceuticaltherapy, tolterodine LA (marketed as Detrol(R) LA), for overactive bladder.Eighty percent of PTNS patients considered themselves cured or improved versus55% of tolterodine patients. Physicians considered 80% of PTNS patients curedor improved compared with 61% of patients using the leading pharmaceuticaltherapy. Overall, 73% of patients experienced reduced frequency of voidingepisodes. The results demonstrate the effectiveness of Urgent PC as a viable,first line, minimally invasive, cost efficient non-drug option for treatingpatients with urinary symptoms associated with overactive bladder. We expectadoption of the Urgent PC System will continue to build through the efforts ofour sales team."
"Due to our sales momentum and projected sales force productivity, we planto phase in our previously announced sales force expansion plan over a longertime period. As a result of our decision, the existing sales team will beable to better focus on their current accounts and leads from the AUA meetingas opposed to working in a realigned territory or leaving the field to trainnew personnel. Our new plan is to expand the field sales organization by twoto three people through the middle of the fiscal year, at which time we willevaluate our progress and adjust our resources accordingly."
"In addition, based on the solid results from the OrBIT study, we havedecided to aggressively step up our spending in fiscal 2009 to fund a new,innovative, clinical study for Urgent PC. We believe this new study willfurther reinforce the efficacy of Urgent PC for marketing and reimbursementpurposes. We are actively working on the protocol for this study at thistime. We also plan to step up our spending for marketing and reimbursementsupport functions to assist our customers and enhance their practices,"Mr. Kaysen added.
At March 31, 2008, cash and cash equivalents, and short-term investmentswere $10.1 million compared with $6.8 million at March 31, 2007 and$10.3 million at December 31, 2007.
"The entire Uroplasty team continues to execute our game plan. Wesurpassed our fiscal 2008 guidance, and with our revised strategy forexpanding the sales team, we believe we can grow fiscal 2009 sales in excessof 30% over fiscal 2008. In addition, we continue to believe we can grow U.S.sales in fiscal 2009 by more than 70% over fiscal 2008 based on continuedmarket adoption of our Urgent PC system and the expected continued momentumand dedication of our U.S. direct sales team. With the added spending for thefield sales organization, the new clinical study and in other areas, we expectoperating profit break ev
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