CEO RK's Performance

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anonymous said:
Ex rep. Thank you for your response. I appreciate your insight.. Was it this mgmt team that pushed back against your suggestions or the prior team? I agree with you that the foundation of the business model can not be based on office based practices adopting and integrating PTNS into their practice. As demonstrated to this point that is good for the business as it exists today, not the potential of the business. Analogous to your PT based model is to utilize existing underutilized resources/infrastructure along the lines of the infusion/dialysis model where a single caregiver, a NP or PA can administer tx to multiple puts in parallel not in series. In your experience with the company did you call on any of the large incontinence centers whose practice and business model is focused on incontinence care? Thank you
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It was this current team and yes I had large centers. What this current management team lacks is forward vision. They are fed numbers of how many people are affected by overactive bladder and expect PTNS results to match the marketing numbers. In fact, there are many other variables that need to be taken into account, that are not. Reimbursement is the biggest, space, lack of time and employees are all smokescreens for reimbursement. The product has been out for many years and 99.8% of all Urologists treating overactive bladder have heard of it and know it works to some degree. The clinical sale is not the main component of the sale. The only issue holding back extensive growth is dollars!!!!! I'm now the business manager for a large practice, I have limited space to see as many patients a day as possible. I book them in 15 min increments to maximize the number of patients that can be seen in a day. last time I looked (years ago) the national average to see a urologist was 22 days. I'm sure that has gone up. These practices are booked solid for months. Now the dr. says he wants to book this patient for PTNS for 45 min and I'll loose three patient blocks. I make $65 for the 45 mins of PTNS (30 for the procedure and 15 for prep and post)or $265 for the three 15 patient blocks. NO BRAINNER HERE!!!!!! In addition, BOTOX is a great option and for many territories that did not have Medicare coverage, it is the standard of care. BOTOX works, it takes less time and is done in the surgical center that does not take away from patient blocks. What does this tell me is that PTNS, must be taken out of the office setting like you said. The current mgt team does not have the vision to make this happen, in my opinion.
Another reason for concern is the merger with Vision Sciences. I can't speak for the other modalities, but this product is not NEEDED in Urology. Yes it is a "nice to have" and will eliminate infections, but every patient is given a 35 cent pill to reduce infection and UTI's are not life threating. If I'm a business manger, I'd rather have the $35 the sheath costs in my pocket than Cogentix's. Also, if I'm a busy center, I can buy a new scope every three or four months for what the sheaths costs, so the always ready argument falls quickly.
I could ramble on for days here, but I'm glad I moved on and good luck to everyone who remains. UPC is a great product, but the company is run by...........insert insult
 



ex rep. Thank you for your response. When you where with the company did you have any interaction with the board. If so was there anyone on the board who had a vision for the company and an understanding of the challenges faced in growing the business? All of your points/concerns are real and are not going to go away but need to be worked through.
 



To understand the non-executive members of the board, you have to look at them as in two camps – 3 members from the vision sciences side and the remaining 4 members who owe their membership to Kill. The eighth board member, an executive, is Kill, who has assumed the title of Chairman as well, a very unhealthy governance practice. Good governance requires a separation between the CEO and Chairman’s roles.

The three from the vision sciences side do not have a clue about the incontinence side of the business, but in general are not too happy with Kill’s performance and particularly his compensation package.

Of the remaining 4, only one seems to have good business acumen, but is a lonely voice, not a strong personality and defers a lot to Kill’s overbearing personality. The remaining three tend to get into minutiae a lot, so loose the big picture, and one of those three takes pride in his ability to ferret the minutiae to the n th degree.

In conclusion: This is a worthless board, the majority of whom is controlled by Kill. Don’t expect them to rudder this ship.

This is an opinion from one person only, but my discussions with others in the know tend to confirm that I may not be that far off.
 



thank you for your response . I am also struck by the absence of a medical,advisory board to provide guidance to the board. A single physician on the board whose training has no relevance to the markets they serve, no scientific advisory board, no clinical advisory board, where does the board turn for expertise?
 



What do people think is the real reason for the company changing their fiscal year? There may be nothing sinister behind it but the rationale they provide are not new. The fact they did not change guidance is the absence of a negative, stock remains absurdly inexpensive if they can deliver growth
 



Now that the year is over, let us give Kill a performance appraisal, and let us use an unbiased measure that is measurable, reported and not subject to differing judgments or interpretations. How about if we use the return provided to the shareholders under Kill’s leadership?

The best starting point for the most recent period is December 19, 2014, the day before the merger was announced and the ending point is December 31, 2015. That gives Kill a reasonable period to prove to us the benefit of the merger to the shareholders.

So what kind of a return did Kill provide to the shareholders during that period?
Uroplasty stock closing price on December 19, 2014 = $3.23 (on Congentix equivalent)
Stock closing price on December 31, 2015 = $1.29
Return to shareholders = minus 60 %, this on top of the negative return Kill provided in 2014.

And what kind of a return did Kill provide to shareholders in 2014? Minus 24.5 %

Just need to point out that we are not looking at a short term horizon here. This is a consistent pattern of performance: negative return to shareholders over a reasonably long time.

And for this kind of performance Kill has collected millions of dollars in compensation, including bonuses, and when he misses his stated goals, bonuses are paid anyway based on bogus reasons. You want to bet he will be getting another bonus for his 2015 pathetic performance? Some would consider all this shameless stealing of money from the shareholders. In fact the shareholders already rebuked him earlier for his inflated compensation package by voting down his compensation packet, but the Board seems to be oblivious to this advice from the shareholders.

We are told about all the nice & exciting things that are happening with the company!!! Really? How long are we to swallow that kind of propaganda? Kill’s performance has been a disaster, his leadership has been a disaster, the merger has been a disaster, and the Board, by letting Kill keep his job, has been a disaster.

Kill, do you expect us to feel proud to be associated with you and your pathetic leadership?
 









RK, this is not looking good with your CFO resigning shortly before you are to announce your year end results. Wasn’t he ready to quit on you about one year ago because he could not put up with your coarse leadership style, and you had to cajole him into sticking around. I guess during your one-year probation your mgmt style remained unchanged. Now you have to bribe DH with a promotion and a big salary increase, least he too quits on you.

When is the Board finally going to figure out that you are not a leader capable of building a team? I think you would make a good sergeant running a boot camp in the army, so please do us a favor and join the army.
 



anonymous said:
RK, this is not looking good with your CFO resigning shortly before you are to announce your year end results. Wasn’t he ready to quit on you about one year ago because he could not put up with your coarse leadership style, and you had to cajole him into sticking around. I guess during your one-year probation your mgmt style remained unchanged. Now you have to bribe DH with a promotion and a big salary increase, least he too quits on you.

When is the Board finally going to figure out that you are not a leader capable of building a team? I think you would make a good sergeant running a boot camp in the army, so please do us a favor and join the army.
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If reps worked as much as they complained sitting on their hands (Yes, like you!), we might be in a better position. Leave management alone. Be thankful you are employed making above average comp and collecting nice benefits. Stop feeling sorry for yourself and start selling like several of the more experienced reps here!
 



I am doing fine in my territory. I will gladly put my record against any moron like you. But look how much better our company would be and how much better we all could be if we had better leadership. What we have can not be classified as leadership, except by brainless, koolaid stuffed morons like you.
 



anonymous said:
I am doing fine in my territory. I will gladly put my record against any moron like you. But look how much better our company would be and how much better we all could be if we had better leadership. What we have can not be classified as leadership, except by brainless, koolaid stuffed morons like you.
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Yes, I could not agree more. Management has no forward vision. It's look at the OAB market and you guys can't sell. Look at this best in class endosheath that should revolutionize medicine, when it is really not needed and a nice to have. OMG, I got a UTI from a scope, I'm dying!!!! For what the sheaths cost, a busy practice could buy a new scope every month or two if they wanted. What we need is better pricing strategy to move away from the buy and bill model that medicine is turning away from, not load up the shelves to make quota.
 



anonymous said:
If reps worked as much as they complained sitting on their hands (Yes, like you!), we might be in a better position. Leave management alone. Be thankful you are employed making above average comp and collecting nice benefits. Stop feeling sorry for yourself and start selling like several of the more experienced reps here!
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You seem to be suggesting that making good money should buy our silence. We are not robots, do have a mind, like to express our ideas, and be critical if necessary. And management should listen to those of us who are close to and dealing everyday with the customers. And when we think that management is incompetent, we should be forthright about it, not turn tail and run as some are suggesting. We deserve better leadership than what we have today. House cleaning should start at the highest level if we are to change the culture of the company and instill a mentality that fosters creativity in a non-threatening environment.
 



anonymous said:
RK, this is not looking good with your CFO resigning shortly before you are to announce your year end results. Wasn’t he ready to quit on you about one year ago because he could not put up with your coarse leadership style, and you had to cajole him into sticking around. I guess during your one-year probation your mgmt style remained unchanged. Now you have to bribe DH with a promotion and a big salary increase, least he too quits on you.

When is the Board finally going to figure out that you are not a leader capable of building a team? I think you would make a good sergeant running a boot camp in the army, so please do us a favor and join the army.
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The CFO is not the only one passing through the revolving door. You forgot to mention about other fairly recent management hires who have also left the company, just like the CFO going out. Three fairly recent management hires by Rob have found it difficult to put up with him and have pursued other interests in the last few months. And this is not the end, there is more to come. Truly a revolving door under Rob’s command.

This guy is an insecure bully; nobody likes to work with him. Since he is not able to earn the respect of his employees, he gets his gratification by bullying them. Pathetic!
 



anonymous said:
RK, this is not looking good with your CFO resigning shortly before you are to announce your year end results. Wasn’t he ready to quit on you about one year ago because he could not put up with your coarse leadership style, and you had to cajole him into sticking around. I guess during your one-year probation your mgmt style remained unchanged. Now you have to bribe DH with a promotion and a big salary increase, least he too quits on you.

When is the Board finally going to figure out that you are not a leader capable of building a team? I think you would make a good sergeant running a boot camp in the army, so please do us a favor and join the army.
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Rob Kill a "good sergeant running a boot camp in the army…..." You are kidding, right? What you said is an insult to sergeants, in particular, and the army, in general. I do think tho that he may qualify to be a corporal, if the army is willing to lower the standards somewhat
 



anonymous said:
The CFO is not the only one passing through the revolving door. You forgot to mention about other fairly recent management hires who have also left the company, just like the CFO going out. Three fairly recent management hires by Rob have found it difficult to put up with him and have pursued other interests in the last few months. And this is not the end, there is more to come. Truly a revolving door under Rob’s command.

This guy is an insecure bully; nobody likes to work with him. Since he is not able to earn the respect of his employees, he gets his gratification by bullying them. Pathetic!
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Hey, why don't you get off your ass and go increase your odds of not going thru that same revolving door by selling something today...ok???
 









anonymous said:
Hey, why don't you get off your ass and go increase your odds of not going thru that same revolving door by selling something today...ok???
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Let us see if I got this correctly. WHen several recently hired senior management employees quit because they cannot work with their CEO because he treats them like dog shit, somehow with your convoluted logic you are blaming the reps for not doing their job!!! At a minimum you are weird. I could use more choice words to describe you but then as a good Christian, I just can’t get around to uttering those words
 



anonymous said:
Let us see if I got this correctly. WHen several recently hired senior management employees quit because they cannot work with their CEO because he treats them like dog shit, somehow with your convoluted logic you are blaming the reps for not doing their job!!! At a minimum you are weird. I could use more choice words to describe you but then as a good Christian, I just can’t get around to uttering those words
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Sounds like you are as weak as the previous poster who I am assuming is an under-performing rep...like you! Please, just be proud of your organization and stop whining about how poorly you are treated here. We have a wonderful company and under-performers like you tend to be a cancer to the rest of the organization. I suggest going back to pharma or other lower paying and skill set jobs you have had that do not require the brain trust you need here. Thank you
 



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