At September 30, 2008, cash and cash equivalents, and short-term investments were $9.0 million compared with $9.2 million at June 30, 2008 and $10.1 million at March 31, 2008.
Earlier this month, we announced the first patient enrollment in a new, multicenter clinical study that will support our U.S. reimbursement efforts, and is part of a very focused strategy to solidify reimbursement coverage for PTNS,” continued Mr. Kaysen. “We are making impressive progress with center and patient enrollment in the new study which compares the Urgent PC system treatment against non-active treatment (placebo or sham treatment). This study design was suggested by professional associations that help to educate third party insurance carriers establish reimbursement for procedures. We
anticipate applying to the American Medical Association for a specific “listed” CPT reimbursement code for Urgent PC treatments once the data is compiled and analyzed.
“As we look to the remainder of fiscal 2009, we still anticipate solid revenue growth over the prior fiscal year, albeit at a lower rate than we previously forecasted. In this challenging market environment we have maintained more than 330 active customers through the end of the second fiscal quarter. We now believe that overall sales in the current fiscal year will grow by approximately 20% over fiscal 2008, and we expect U.S. sales to grow between 30% and 40%. As we have previously discussed, we anticipate spending between $1.1 million and $1.4 million for the new clinical study, substantially all of it in the second half of fiscal 2009. We continue to expect consistent operating income breakeven on a non-GAAP basis, which excludes non-cash and unusual charges, to occur between revenues of $19 million to $20 million,” Mr. Kaysen concluded.
