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Re: News - STILL SUCKING WIND

Uroplasty Reports Third Quarter of Fiscal 2012 Financial Results

~Net sales increased 53% from the prior year to $5.3 million~
~Sales to U.S. customers grew 78% driven by an 89% increase in Urgent® PC~
~U.S. sales of Macroplastique® up 71%~
~Conference call today at 4:30 p.m. ET~

Press Release: Uroplasty, Inc. – Thu, Jan 26, 2012 4:02 PM EST.. .

MINNEAPOLIS, Jan. 26, 2012 – Uroplasty, Inc. (NASDAQ: UPI - News), a medical device company that develops, manufactures and markets innovative proprietary products to treat voiding dysfunctions, today reported financial results for the third quarter of fiscal 2012 ended December 31, 2011.

Global sales increased 53% to $5.3 million in the third quarter of fiscal 2012, compared with $3.5 million in the fiscal third quarter a year ago. Sales in the U.S. grew 78%, with an 89% increase in sales of the Urgent PC Neuromodulation System and a 71% increase in sales of Macroplastique. Outside the U.S., sales rose by 19%.

"Year over year sales growth for both Urgent PC and Macroplastique remained strong inside and outside the U.S. Macroplastique continued to gain market acceptance in the U.S. Although we were not pleased that our sequential quarterly sales in the U.S. of Urgent PC were relatively flat, we are confident that by implementing key new initiatives, we will continue to realize growth in the upcoming quarters," said David Kaysen, President and CEO of Uroplasty, Inc.

On a sequential basis, U.S. sales of Urgent PC in the third quarter of fiscal 2012 were essentially unchanged from the second quarter of fiscal 2012. There were 500 active U.S. Urgent PC customers during the fiscal third quarter compared with 509 in the second quarter. The Company sold 2,531 lead set boxes during the third quarter compared with 2,579 in the prior quarter.

"To accelerate Urgent PC sequential growth in the U.S., we intend to help our new customers ramp up and more quickly incorporate the therapy into their practices," Mr. Kaysen continued. "To accomplish this, we have aligned our sales initiatives and incentives, which we believe will shorten the period between the initial purchase and the scheduling of patients for treatment. Second, to increase our penetration within our physician accounts, we are providing physicians with tools focused on helping them build their Urgent PC practices. We also continue to focus on adding new customers.

"In addition, the Medicare carrier for Florida has released a formal, specific reimbursement policy for posterior tibial nerve stimulation (PTNS) that becomes effective February 1, a step that we have encouraged and that we believe will now streamline the processing of insurance claims submitted by our customers. With this update in the reimbursement policy and through execution of our initiatives to increase penetration of our existing accounts, we expect U.S. sales of Urgent PC to improve."

Urgent PC sales in the U.S. were $2.0 million in the quarter ended December 31, 2011, compared with $1.0 million in the same quarter last year. The growth in Urgent PC sales is the result of the expanded sales and marketing efforts the Company made subsequent to obtaining the new Category I CPT® code for PTNS that became effective in January 2011, the expansion of the field sales organization and the increased reimbursement coverage by insurance carriers.

Macroplastique sales in the U.S. totaled $1.6 million in the recent third quarter compared to $925,000 during the same quarter last year. Growth of Macroplastique sales was due to continued demand from customers of a competitor who has exited the bulking market.

Net sales to customers outside of the U.S. for the fiscal third quarter were $1.8 million, a 19% increase from $1.5 million in the same quarter last year. Excluding the impact of foreign exchange translation, sales outside the U.S. increased by approximately 20%.

The Company reported an operating loss of $1.1 million in the fiscal third quarter, compared with $1.5 million 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 $570,000 in the fiscal third quarter, compared with $1.1 million in the year-ago quarter. The decrease in non-GAAP operating loss is attributed to the increase in sales and gross profit percent, which more than offset the increase in spending, primarily in selling and marketing.

For the nine-month period ended December 31, 2011, sales grew 53% to $15.0 million, reflecting an 81% increase in U.S. sales and an 18% increase in sales outside the U.S. In the U.S., Urgent PC sales grew 86% and Macroplastique sales increased 75%.

The Company ended the quarter with cash, cash equivalents and cash investments of $16.7 million.

"We remain confident about the outlook for Urgent PC. Doctors continue to report excellent results for their patients suffering from overactive bladder syndrome, and reimbursement at this stage of the product launch is working well. To date, ten regional Medicare carriers representing 35 states, with approximately 31 million covered lives, have indicated they will provide coverage for PTNS treatments. In addition, we estimate that private payers providing insurance to approximately 84 million lives have elected to provide coverage for PTNS treatments. We believe that Urgent PC is one the most effective and safe solutions for the treatment of symptoms of overactive bladder, and we expect to return to sequential quarterly growth in Urgent PC sales," Mr. Kaysen concluded.

Conference Call

Uroplasty will host an audio conference call today at 3:30 pm Central, 4:30 pm Eastern, to review the financial results for the fiscal third quarter ended December 31, 2011. David Kaysen, President and Chief Executive Officer, and Medi Jiwani, Vice President, Chief Financial Officer and Treasurer, will host the call. Individuals wishing to participate in the conference call should dial 877-941-9205. An audio replay will be available for 30 days following the call at 800-406-7325 (domestic) or 303-590-3030 (international), with the passcode 4502445#.
 






Re: News - STILL SUCKING WIND

Anonymous said:
Uroplasty Reports Third Quarter of Fiscal 2012 Financial Results

~Net sales increased 53% from the prior year to $5.3 million~
~Sales to U.S. customers grew 78% driven by an 89% increase in Urgent® PC~
~U.S. sales of Macroplastique® up 71%~
~Conference call today at 4:30 p.m. ET~

Press Release: Uroplasty, Inc. – Thu, Jan 26, 2012 4:02 PM EST.. .

MINNEAPOLIS, Jan. 26, 2012 – Uroplasty, Inc. (NASDAQ: UPI - News), a medical device company that develops, manufactures and markets innovative proprietary products to treat voiding dysfunctions, today reported financial results for the third quarter of fiscal 2012 ended December 31, 2011.

Global sales increased 53% to $5.3 million in the third quarter of fiscal 2012, compared with $3.5 million in the fiscal third quarter a year ago. Sales in the U.S. grew 78%, with an 89% increase in sales of the Urgent PC Neuromodulation System and a 71% increase in sales of Macroplastique. Outside the U.S., sales rose by 19%.

"Year over year sales growth for both Urgent PC and Macroplastique remained strong inside and outside the U.S. Macroplastique continued to gain market acceptance in the U.S. Although we were not pleased that our sequential quarterly sales in the U.S. of Urgent PC were relatively flat, we are confident that by implementing key new initiatives, we will continue to realize growth in the upcoming quarters," said David Kaysen, President and CEO of Uroplasty, Inc.

On a sequential basis, U.S. sales of Urgent PC in the third quarter of fiscal 2012 were essentially unchanged from the second quarter of fiscal 2012. There were 500 active U.S. Urgent PC customers during the fiscal third quarter compared with 509 in the second quarter. The Company sold 2,531 lead set boxes during the third quarter compared with 2,579 in the prior quarter.

"To accelerate Urgent PC sequential growth in the U.S., we intend to help our new customers ramp up and more quickly incorporate the therapy into their practices," Mr. Kaysen continued. "To accomplish this, we have aligned our sales initiatives and incentives, which we believe will shorten the period between the initial purchase and the scheduling of patients for treatment. Second, to increase our penetration within our physician accounts, we are providing physicians with tools focused on helping them build their Urgent PC practices. We also continue to focus on adding new customers.

"In addition, the Medicare carrier for Florida has released a formal, specific reimbursement policy for posterior tibial nerve stimulation (PTNS) that becomes effective February 1, a step that we have encouraged and that we believe will now streamline the processing of insurance claims submitted by our customers. With this update in the reimbursement policy and through execution of our initiatives to increase penetration of our existing accounts, we expect U.S. sales of Urgent PC to improve."

Urgent PC sales in the U.S. were $2.0 million in the quarter ended December 31, 2011, compared with $1.0 million in the same quarter last year. The growth in Urgent PC sales is the result of the expanded sales and marketing efforts the Company made subsequent to obtaining the new Category I CPT® code for PTNS that became effective in January 2011, the expansion of the field sales organization and the increased reimbursement coverage by insurance carriers.

Macroplastique sales in the U.S. totaled $1.6 million in the recent third quarter compared to $925,000 during the same quarter last year. Growth of Macroplastique sales was due to continued demand from customers of a competitor who has exited the bulking market.

Net sales to customers outside of the U.S. for the fiscal third quarter were $1.8 million, a 19% increase from $1.5 million in the same quarter last year. Excluding the impact of foreign exchange translation, sales outside the U.S. increased by approximately 20%.

The Company reported an operating loss of $1.1 million in the fiscal third quarter, compared with $1.5 million 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 $570,000 in the fiscal third quarter, compared with $1.1 million in the year-ago quarter. The decrease in non-GAAP operating loss is attributed to the increase in sales and gross profit percent, which more than offset the increase in spending, primarily in selling and marketing.

For the nine-month period ended December 31, 2011, sales grew 53% to $15.0 million, reflecting an 81% increase in U.S. sales and an 18% increase in sales outside the U.S. In the U.S., Urgent PC sales grew 86% and Macroplastique sales increased 75%.

The Company ended the quarter with cash, cash equivalents and cash investments of $16.7 million.

"We remain confident about the outlook for Urgent PC. Doctors continue to report excellent results for their patients suffering from overactive bladder syndrome, and reimbursement at this stage of the product launch is working well. To date, ten regional Medicare carriers representing 35 states, with approximately 31 million covered lives, have indicated they will provide coverage for PTNS treatments. In addition, we estimate that private payers providing insurance to approximately 84 million lives have elected to provide coverage for PTNS treatments. We believe that Urgent PC is one the most effective and safe solutions for the treatment of symptoms of overactive bladder, and we expect to return to sequential quarterly growth in Urgent PC sales," Mr. Kaysen concluded.

Conference Call

Uroplasty will host an audio conference call today at 3:30 pm Central, 4:30 pm Eastern, to review the financial results for the fiscal third quarter ended December 31, 2011. David Kaysen, President and Chief Executive Officer, and Medi Jiwani, Vice President, Chief Financial Officer and Treasurer, will host the call. Individuals wishing to participate in the conference call should dial 877-941-9205. An audio replay will be available for 30 days following the call at 800-406-7325 (domestic) or 303-590-3030 (international), with the passcode 4502445#.
Click to expand...

"Year over year sales growth for both Urgent PC and Macroplastique remained strong inside and outside the U.S. Macroplastique continued to gain market acceptance in the U.S. Although we were not pleased that our sequential quarterly sales in the U.S. of Urgent PC were relatively flat, we are confident that by implementing key new initiatives, we will continue to realize growth in the upcoming quarters," said David Kaysen, President and CEO of Uroplasty, Inc.

That translates into FIRING REPS.
 






Uroplasty initiated with a Buy at MLV & Co; tgt $5

9:30 am ET 03/01/2012 - Briefing.com

. MLV & Co initiates UPI with a Buy and price target of $5 saying they think that Uroplasty has refocused its sales force and growth from its well-differentiated Urgent PC product will resume near term.
------------
If DK is still in charge, the company will continue to drown.
 






Uroplasty Reports Fiscal Second Quarter 2013 Financial Results
4:01 PM ET, 10/25/2012 - PR Newswire

MINNEAPOLIS, Oct. 25, 2012 /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 second quarter of fiscal 2013 ended September 30, 2012.

Global sales grew 15% to $5.7 million for the second quarter of fiscal 2013, compared with $5.0 million in the fiscal second quarter a year ago. Sales in the U.S. increased 23%, driven by a 38% increase in sales of the Urgent® PC Neuromodulation System. U.S. sales of Macroplastique were up 4% from the prior year.

"The fiscal second quarter results continued to demonstrate the success of our efforts with Urgent PC sales in the U.S.," said David Kaysen, President and CEO of Uroplasty. "The number of active Urgent PC customers in the U.S. increased sequentially in the second quarter to a record 648 from 577 in the fiscal first quarter. Additionally, we sold 3,576 lead set boxes in the fiscal second quarter compared with 3,283 in the fiscal first quarter."

U.S. Urgent PC Sales in the fiscal second quarter totaled $2.7 million, up from $2.5 million in the fiscal first quarter of 2013. Just as the quarter ended, Noridian, one of the Regional Medicare carriers, expanded coverage of Urgent PC treatments from twelve months to two years for the 3.6 million covered Medicare lives in its jurisdiction. This change in policy was the result of a review of published data, showing the positive results of using Urgent PC over a 24-month period. Noridian provides Medicare services in Alaska, Arizona, Idaho, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, and Wyoming. Uroplasty also benefited from published reimbursement coverage policies for percutaneous tibial nerve stimulation (PTNS) treatments by private insurance carriers EmblemHealth, covering approximately 2.1 million lives in New York and New Jersey, and ConnectiCare, covering approximately 228,000 lives in Connecticut.

"In addition to continued expansion of reimbursement, we have had further positive clinical data released on Urgent PC. The 3-year STEP Study data was presented for the first time at the Western Section American Urological Association conference in Hawaii earlier this month. This multi-center study demonstrated that patients who respond to the initial 12 weeks of Urgent PC therapy sustained their symptom improvement over 3 years," said Mr. Kaysen.

Macroplastique sales in the U.S. totaled $1.4 million in the fiscal second quarter, up 4% over the same quarter last year. "Over the past year, we have successfully built our share in the bulking market and during fiscal 2013 we anticipate steady sales from Macroplastique," Mr. Kaysen commented.

Net sales to customers outside of the U.S. for the fiscal second quarter totaled $1.5 million, a decrease of 3% from the prior fiscal year's second quarter. Excluding the impact of fluctuations in foreign currency exchange rates, total sales outside the U.S. were up 6%. Urgent PC sales outside of the U.S. of $510,000 increased 31% from $389,000 in the prior fiscal year's second quarter. Excluding the impact of fluctuations in foreign currency exchange rates, Urgent PC sales increased 40%.

The Company reported an operating loss of $642,000 in the fiscal second quarter, compared with a $1.3 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 $163,000 in the second quarter of fiscal 2013, compared with an $837,000 non-GAAP operating loss in the second quarter a year ago. The decrease in operating loss was primarily attributable to the increase in sales and improved gross margin, which more than offset the increase in operating expenses.

For the six-month period ended September 30, 2012, sales grew 17% to $11.3 million, reflecting a 31% increase in U.S. sales and a 9% decrease in sales outside the U.S. In the U.S., sales of Urgent PC increased 49% to $5.3 million and Macroplastique sales grew 10% to $2.9 million. At September 30, 2012, cash, cash equivalents and cash investments totaled $15.4 million.

"We are pleased to report that we have initiated our pilot study in the U.S. to evaluate the efficacy of Urgent PC for the treatment of bowel incontinence," continued Mr. Kaysen. "We are currently enrolling patients at one of the two study sites. We are also moving forward with our efforts to secure a CE Mark in Europe for an implantable tibial nerve stimulator for the treatment of over active bladder. At the recent International Continence Society meeting in Beijing, China, the results of a nine-year study were presented that demonstrated the durability and safety of an implantable tibial nerve neuromodulation device."

"As we look ahead, we expect continued sequential growth of Urgent PC sales. To that end, we added three sales reps during the quarter to end with a total of 41. We plan to add three more reps by the end of the fiscal year. We are optimistic about the outlook for our financial performance for fiscal 2013. Reimbursement coverage is expanding, clinical data continue to be positive, and we have an experienced sales organization and solid infrastructure in place to support our growth. Our team is focused on our plan to drive Urgent PC sales and increase utilization," Mr. Kaysen concluded.
 






Law Offices of Howard G. Smith Announces Investigation On Behalf of Investors of Uroplasty, Inc.
11:02 PM ET, 06/17/2013 - Business Wire

Law Offices of Howard G. Smith announces that it is investigating potential claims against Uroplasty, Inc. (“Uroplasty” or the “Company”) (Nasdaq:UPI) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Uroplasty regarding the Company’s operations and financial performance were false and misleading.

Uroplasty is a medical device company that engages in the development, manufacture and marketing of products for the treatment of voiding dysfunctions, including treatment of overactive bladder. The investigation is related to the Company’s June 14, 2013 announcement that Uroplasty will delay the filing of its annual report on Form 10-K for the year ended March 31, 2013, until the completion of a review of its internal control over financial reporting. According the Company, in connection with a review of employee expense reimbursements conducted at the direction of the Audit Committee of the Company’s board of directors, the Company uncovered "limited issues related to the internal controls surrounding the employee expense reimbursement approval process," in addition to "issues in internal control related to the recognition of orders and the payment of sales commissions at the end of fiscal quarters." The Company further disclosed it has placed its chief financial officer on administrative leave pending completion of the internal control review.

If you purchased Uroplasty shares between July 26, 2012 and June 13, 2013, if you have information or would like to learn more about these claims, or if you purchased Uroplasty shares before July 26, 2012 and have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
 






Uroplasty delays annual report, puts CFO on leave
10:38 AM ET, 06/14/2013 - Associated Press

NEW YORK -- Uroplasty Inc. said Friday it is delaying the filing of latest annual report and has placed its chief financial officer on administrative leave because of problems with the company's recognition of orders and sales commission payments.

The medical device maker said it recently discovered problems with internal controls related to expense reimbursement for its employees. After conducting a review of those issues, Uroplasty found additional problems related to the recognition of orders and payment of sales commissions at the end of its fiscal quarters. Uroplasty said it has placed Chief Financial Officer Mahedi Jiwani on administrative leave while it continues to look into the problem.

Shares of Uroplasty fell 28 cents, or 11.3 percent, to $2.20 in morning trading.

The company's latest fiscal year ended March 31. The Minnetonka, Minn., company said it does not expect a major revision of its previous earnings, but the review is not complete and Uroplasty doesn't know what effect it will ultimately have on those financial statements.
 






Citing financial issues, Uroplasty puts CFO on leave, delays filing with SEC
Article by: STEVE ALEXANDER , Star Tribune
Updated: June 14, 2013 - 8:35 PM

Company is reviewing order recognition process and sales commissions, but says earnings figures unlikely to be affected.

At medical tech firm Uroplasty Inc., things are going from bad to worse.

The Minnetonka firm’s CEO resigned in April. And Friday the company placed Chief Financial Officer Mahedi Jiwani on administrative leave and delayed filing its 10-K annual report to the Securities and Exchange Commission pending “a review of its internal control over financial reporting.”

The news caused Uroplasty’s stock to drop sharply. It closed at $2.22 a share, down 26 cents, or 10.5 percent.

Friday’s bad news followed last month’s financial disappointment, when the Minnetonka manufacturer of urinary dysfunction products reported a fiscal 2012 loss of $3.3 million, or 16 cents a share, on revenue of $22.4 million.
 






Anonymous said:
Citing financial issues, Uroplasty puts CFO on leave, delays filing with SEC
Article by: STEVE ALEXANDER , Star Tribune
Updated: June 14, 2013 - 8:35 PM

Company is reviewing order recognition process and sales commissions, but says earnings figures unlikely to be affected.

At medical tech firm Uroplasty Inc., things are going from bad to worse.

The Minnetonka firm’s CEO resigned in April. And Friday the company placed Chief Financial Officer Mahedi Jiwani on administrative leave and delayed filing its 10-K annual report to the Securities and Exchange Commission pending “a review of its internal control over financial reporting.”

The news caused Uroplasty’s stock to drop sharply. It closed at $2.22 a share, down 26 cents, or 10.5 percent.

Friday’s bad news followed last month’s financial disappointment, when the Minnetonka manufacturer of urinary dysfunction products reported a fiscal 2012 loss of $3.3 million, or 16 cents a share, on revenue of $22.4 million.
Click to expand...

Clarification to Star Tribune: 'CEO WAS resigned in April.' Big difference. Best to research your story a bit more fully.
 






MINNEAPOLIS, July 23, 2013 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative products to treat voiding dysfunctions, announced today that it has filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2013. On June 14, 2013, Uroplasty indicated that it had delayed filing the Form 10-K to complete a review of its internal control over financial reporting. Today, Uroplasty reported that it has completed that review. Although the Company did uncover a material weakness in internal control during the review, that weakness did not result in any changes in previously announced financial results or financial statements for prior reporting periods. As a result of the 10-K filing, the Company believes it is now compliant with all NASDAQ listing requirements.

In addition, Uroplasty announced today that the Board of Directors has appointed Robert C. Kill, who had been acting as interim Chief Executive Officer, as President and Chief Executive Officer. "During the past three months, the Board of Directors retained an executive search firm and conducted a thorough search for the most qualified candidate to lead our company going forward," said James P. Stauner, Chairman of the Board. "As part of our process, Rob accepted the invitation of the search committee to consider the more permanent position. We concluded that given his previous experience as CEO of a high-growth public healthcare company, his track record of generating value for shareholders, and his knowledge of Uroplasty, Rob was the most qualified candidate for the role. We are delighted he has agreed to lead Uroplasty as we seek to build momentum in the marketplace and increase shareholder returns."

In addition to his service on the Uroplasty Board since 2010, Mr. Kill has been an operating partner of Altamont Capital Partners, a private equity firm, since 2012. From 2007 until 2012, Mr. Kill was President and CEO of Virtual Radiologic Corporation (vRad), a provider of technology-enabled outsourced radiology solutions. During his tenure with vRad, the company completed its IPO, was subsequently taken private in a $294 million transaction and completed several add-on acquisitions. Prior to vRad, Mr. Kill was President of Misys Physician Systems, a developer of electronic medical record and practice management software. Mr. Kill was with Baxter Healthcare for the first ten years of his career, where he held senior leadership roles in operations, marketing and sales.

Mr. Kill noted, "Uroplasty has significant potential in the overactive bladder market for patients who want effective therapies without the risks of implant surgery or the side effects of drugs or Botox. The more I have learned about the markets we are addressing and Uroplasty's pivotal role in those markets, the more enthusiastic I become about our prospects."

Uroplasty also announced that Mahedi H. Jiwani, the Company's Chief Financial Officer, has retired. The Company has commenced a search for a new Chief Financial Officer. Mr. Kill will hold the role of acting Chief Financial Officer until the position is filled. "Medi had been Uroplasty's CFO since 2005. We wish him well in his retirement, and thank him for his many years of service to the Company," added Mr. Kill.
- See more at: http://investor.uroplasty.com/phoen...le&ID=1839869&highlight=#sthash.GAhB2CwC.dpuf
 






Anonymous said:
MINNEAPOLIS, July 23, 2013 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative products to treat voiding dysfunctions, announced today that it has filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2013. On June 14, 2013, Uroplasty indicated that it had delayed filing the Form 10-K to complete a review of its internal control over financial reporting. Today, Uroplasty reported that it has completed that review. Although the Company did uncover a material weakness in internal control during the review, that weakness did not result in any changes in previously announced financial results or financial statements for prior reporting periods. As a result of the 10-K filing, the Company believes it is now compliant with all NASDAQ listing requirements.

In addition, Uroplasty announced today that the Board of Directors has appointed Robert C. Kill, who had been acting as interim Chief Executive Officer, as President and Chief Executive Officer. "During the past three months, the Board of Directors retained an executive search firm and conducted a thorough search for the most qualified candidate to lead our company going forward," said James P. Stauner, Chairman of the Board. "As part of our process, Rob accepted the invitation of the search committee to consider the more permanent position. We concluded that given his previous experience as CEO of a high-growth public healthcare company, his track record of generating value for shareholders, and his knowledge of Uroplasty, Rob was the most qualified candidate for the role. We are delighted he has agreed to lead Uroplasty as we seek to build momentum in the marketplace and increase shareholder returns."

In addition to his service on the Uroplasty Board since 2010, Mr. Kill has been an operating partner of Altamont Capital Partners, a private equity firm, since 2012. From 2007 until 2012, Mr. Kill was President and CEO of Virtual Radiologic Corporation (vRad), a provider of technology-enabled outsourced radiology solutions. During his tenure with vRad, the company completed its IPO, was subsequently taken private in a $294 million transaction and completed several add-on acquisitions. Prior to vRad, Mr. Kill was President of Misys Physician Systems, a developer of electronic medical record and practice management software. Mr. Kill was with Baxter Healthcare for the first ten years of his career, where he held senior leadership roles in operations, marketing and sales.

Mr. Kill noted, "Uroplasty has significant potential in the overactive bladder market for patients who want effective therapies without the risks of implant surgery or the side effects of drugs or Botox. The more I have learned about the markets we are addressing and Uroplasty's pivotal role in those markets, the more enthusiastic I become about our prospects."

Uroplasty also announced that Mahedi H. Jiwani, the Company's Chief Financial Officer, has retired. The Company has commenced a search for a new Chief Financial Officer. Mr. Kill will hold the role of acting Chief Financial Officer until the position is filled. "Medi had been Uroplasty's CFO since 2005. We wish him well in his retirement, and thank him for his many years of service to the Company," added Mr. Kill.
- See more at: http://investor.uroplasty.com/phoen...le&ID=1839869&highlight=#sthash.GAhB2CwC.dpuf
Click to expand...

Retired - my ass.
 
























http://archive.fast-edgar.com/20131107/AabodZnekr-ha8-f8-sFdne2-ua-hF/

Results of Operations

Three and six months ended September 30, 2013 compared to three and six months ended September 30, 2012 (dollars in thousands except for per share data)

Net Sales: During the three months ended September 30, 2013, consolidated net sales of $5,977 represented a $267, or a 5% increase, over net sales of $5,710 for the three months ended September 30, 2012. During the six months ended September 30, 2013, consolidated net sales of $11,818 represented a $531, or a 5% increase, over net sales of $11,287 for the six months ended September 30, 2012.

The increase in consolidated net sales for the three and six months ended September 30, 2013 is mainly attributed to the sales growth of our Urgent PC product, partially offset by a decrease in sales of our Macroplastique product.

Net sales to customers in the U.S. of $4,478 during the three months ended September 30, 2013, represented an increase of $258, or 6%, over net sales of $4,219 for the three months ended September 30, 2012. Net sales to customers in the U.S. of $8,763 during the six months ended September 30, 2013, represented an increase of $483, or 6%, over net sales of $8,280 for the six months ended September 30, 2012.

Net sales in the U.S. of our Urgent PC product increased 11% to $3,051 for the three months ended September 30, 2013, from $2,746 for the same period last year. Net sales in the U.S. of our Urgent PC product increased 10% to $5,825 for the six months ended September 30, 2013, from $5,275 for the same period last year. Net sales increased as a result of overall improved sales execution of our Urgent PC products within the U.S. and the impact of new account conversions in states that now have positive Medicare reimbursement coverage.

Net sales in the U.S. of our Macroplastique product decreased 6%, or $81, to $1,355 for the three months ended September 30, 2013, compared to the same period last year. Net sales in the U.S. of our Macroplastique product decreased 3%, or $94, to $2,843 for the six months ended September 30, 2013, compared to the same period last year. The sales decrease is attributed primarily to the shift in sales focus from Macroplastique to Urgent PC.

Net sales to customers outside the U.S. for the three months ended September 30, 2013 remained flat at $1,499. Net sales to customers outside the U.S. for the six months ended September 30, 2013 increased 2% to $3,055 compared to $3,007 for the six months ended September 30, 2012.

Urgent PC sales to customers outside of the U.S. of $567 for the three months ended September 30, 2013 increased 11% from $510 for the same period last year. Urgent PC sales to customers outside of the U.S. of $1,194 for the six months ended September 30, 2013 increased 12% from $1,066 for the same period last year. The increase in sales is due to higher sales in the U.K. where we have our direct sales force.

Macroplastique sales to customers outside of the U.S. declined 2% to $648 in the second fiscal quarter over the corresponding year ago period, and declined 6% to $1,335 for the six months ended September 30, 2013, over the corresponding year ago period. The sales decrease is attributed primarily to the shift in sales focus from Macroplastique to Urgent PC.
------------------
"Net sales increased as a result of overall improved sales execution of our Urgent PC products within the U.S. and the impact of new account conversions in states that now have positive Medicare reimbursement coverage."............. I guess these means we sucked last year and with all of the new hires we are doing better this year???
 






Anonymous said:
http://archive.fast-edgar.com/20131107/AabodZnekr-ha8-f8-sFdne2-ua-hF/

Results of Operations

Three and six months ended September 30, 2013 compared to three and six months ended September 30, 2012 (dollars in thousands except for per share data)

Net Sales: During the three months ended September 30, 2013, consolidated net sales of $5,977 represented a $267, or a 5% increase, over net sales of $5,710 for the three months ended September 30, 2012. During the six months ended September 30, 2013, consolidated net sales of $11,818 represented a $531, or a 5% increase, over net sales of $11,287 for the six months ended September 30, 2012.

The increase in consolidated net sales for the three and six months ended September 30, 2013 is mainly attributed to the sales growth of our Urgent PC product, partially offset by a decrease in sales of our Macroplastique product.

Net sales to customers in the U.S. of $4,478 during the three months ended September 30, 2013, represented an increase of $258, or 6%, over net sales of $4,219 for the three months ended September 30, 2012. Net sales to customers in the U.S. of $8,763 during the six months ended September 30, 2013, represented an increase of $483, or 6%, over net sales of $8,280 for the six months ended September 30, 2012.

Net sales in the U.S. of our Urgent PC product increased 11% to $3,051 for the three months ended September 30, 2013, from $2,746 for the same period last year. Net sales in the U.S. of our Urgent PC product increased 10% to $5,825 for the six months ended September 30, 2013, from $5,275 for the same period last year. Net sales increased as a result of overall improved sales execution of our Urgent PC products within the U.S. and the impact of new account conversions in states that now have positive Medicare reimbursement coverage.

Net sales in the U.S. of our Macroplastique product decreased 6%, or $81, to $1,355 for the three months ended September 30, 2013, compared to the same period last year. Net sales in the U.S. of our Macroplastique product decreased 3%, or $94, to $2,843 for the six months ended September 30, 2013, compared to the same period last year. The sales decrease is attributed primarily to the shift in sales focus from Macroplastique to Urgent PC.

Net sales to customers outside the U.S. for the three months ended September 30, 2013 remained flat at $1,499. Net sales to customers outside the U.S. for the six months ended September 30, 2013 increased 2% to $3,055 compared to $3,007 for the six months ended September 30, 2012.

Urgent PC sales to customers outside of the U.S. of $567 for the three months ended September 30, 2013 increased 11% from $510 for the same period last year. Urgent PC sales to customers outside of the U.S. of $1,194 for the six months ended September 30, 2013 increased 12% from $1,066 for the same period last year. The increase in sales is due to higher sales in the U.K. where we have our direct sales force.

Macroplastique sales to customers outside of the U.S. declined 2% to $648 in the second fiscal quarter over the corresponding year ago period, and declined 6% to $1,335 for the six months ended September 30, 2013, over the corresponding year ago period. The sales decrease is attributed primarily to the shift in sales focus from Macroplastique to Urgent PC.
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"Net sales increased as a result of overall improved sales execution of our Urgent PC products within the U.S. and the impact of new account conversions in states that now have positive Medicare reimbursement coverage."............. I guess these means we sucked last year and with all of the new hires we are doing better this year???
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK




We discuss quantitative and qualitative disclosures about market risk in our Annual Report on Form 10-K for the year ended March 31, 2013. There have been no significant changes since March 31, 2013.





ITEM 4. CONTROLS AND PROCEDURES




Disclosure Controls and Procedures.




Under the supervision and with the participation of our management, including, our President and Chief Executive Officer and Chief Financial Officer (“CEO and CFO”), we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e)) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on this evaluation, our CEO and CFO concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective in ensuring that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and that such information is accumulated and communicated to our management, including our CEO and CFO, in a manner that allows timely decisions regarding required disclosure.




Changes In Internal Control Over Financial Reporting.




As disclosed in our Annual Report on Form 10-K for the year ended March 31, 2013, we concluded that we did not have adequate internal controls over financial reporting as of March 31, 2013. Although there were no material errors in the amounts that we had previously reported in our financial statements, we believe that we had a material weakness in our internal controls such that a material error in our financial statements could have occurred.




During the quarter ended June 30, 2013, and in addition to management changes we experienced, we updated our internal attestations procedures and provided increased education for sales, accounting, customer service and shipping personnel relative to procedures for, and their responsibilities for internal controls.




Despite the remedial measures that have been implemented, the material weakness cannot be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

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With new reps and new management, we STILL can't say we have better quality controls?>> WTF??
 






Overview





We are a medical device company that develops, manufactures and markets innovative, proprietary products for the treatment of voiding dysfunctions. Our primary focus is on two products: the Urgent PC® Neuromodulation System, which we believe is the only FDA-cleared, minimally invasive, office-based neuromodulation therapy for the treatment of overactive bladder (OAB) and associated symptoms of urinary urgency, urinary frequency, and urge incontinence; and Macroplastique® Implants, a urethral bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency (ISD). Outside of the U.S., our Urgent PC System is also approved for treatment of fecal incontinence, and Macroplastique is also approved for treatment of male stress incontinence and vesicoureteral reflux.




Our results of operations during the three and six months ended September 30, 2013 reflect growth in our Urgent® PC sales due to new sales strategies, a refocused sales organization, the administrative costs of a detailed review of our internal control over financial reporting, and of significant changes in executive management. As disclosed in our Annual Report on Form 10-K for the year ended March 31, 2013, and although there were no material errors in the amounts reported in our financial statements, we concluded that that we had a material weakness in our internal controls over financial reporting as of March 31, 2013, and devoted significant resources to identifying and remediating those weaknesses during the quarter. Further in April, our Chief Executive Officer resigned, and we appointed Robert Kill as our interim Chief Executive Office in April and as CEO and President in July. In July 2013, our Chief Financial Officer retired, and in August 2013, Brett Reynolds became our new Senior VP and CFO.
 






Anonymous said:
Overview





We are a medical device company that develops, manufactures and markets innovative, proprietary products for the treatment of voiding dysfunctions. Our primary focus is on two products: the Urgent PC® Neuromodulation System, which we believe is the only FDA-cleared, minimally invasive, office-based neuromodulation therapy for the treatment of overactive bladder (OAB) and associated symptoms of urinary urgency, urinary frequency, and urge incontinence; and Macroplastique® Implants, a urethral bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency (ISD). Outside of the U.S., our Urgent PC System is also approved for treatment of fecal incontinence, and Macroplastique is also approved for treatment of male stress incontinence and vesicoureteral reflux.




Our results of operations during the three and six months ended September 30, 2013 reflect growth in our Urgent® PC sales due to new sales strategies, a refocused sales organization, the administrative costs of a detailed review of our internal control over financial reporting, and of significant changes in executive management. As disclosed in our Annual Report on Form 10-K for the year ended March 31, 2013, and although there were no material errors in the amounts reported in our financial statements, we concluded that that we had a material weakness in our internal controls over financial reporting as of March 31, 2013, and devoted significant resources to identifying and remediating those weaknesses during the quarter. Further in April, our Chief Executive Officer resigned, and we appointed Robert Kill as our interim Chief Executive Office in April and as CEO and President in July. In July 2013, our Chief Financial Officer retired, and in August 2013, Brett Reynolds became our new Senior VP and CFO.
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Where did kaysen end up?
 












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