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Fiscal year 2012 revenue increased 35% over the fiscal year 2011 period in line with annual guidance
Fourth quarter revenue of $4.5 million up 54% year-over-year and down 5% sequentially
Positive cash flow in the fourth quarter of $42,000
Completion of secondary offering on August 7, 2012 raised $3.8 million
MINNEAPOLIS, Aug. 23, 2012 (GLOBE NEWSWIRE) -- Urologix®, Inc. (Nasdaq:ULGX), the leading provider of in-office procedures for the safe, durable and effective treatment of BPH, today reported financial results for its fiscal year fourth quarter and fiscal year ended June 30, 2012.
Fourth quarter fiscal year 2012 revenue totaled $4.5 million, up 54.2% year-over-year and down 5.0% sequentially. The fourth quarter year over year increase in revenue was driven by the incremental contribution of Prostiva® Radio Frequency (RF) Therapy product revenue. The sequential decline in total Urologix revenue was due to lower procedure kit sales volume in the Company's direct channel.
As of June 30, 2012, the Company's cash balance was $1.9 million. The Company generated $42,000 in cash flow in the fourth fiscal quarter ended June 30, 2012 compared to cash utilization of $729,000 in the same period last year. The cash performance is a result, in part, of beneficial payment terms on Prostiva product inventory and the timing of royalty payments. Subsequent to the June 30, 2012 year end, the Company successfully completed a secondary offering that contributed an additional $3.8 million to its cash balances.
"Fiscal 2012 was an important year for Urologix. The acquisition of the Prostiva RF Therapy System at the beginning of the year established the Company as the leading provider of in-office technologies for the treatment of BPH," stated Stryker Warren, Jr., CEO. "In addition to successfully integrating this sizable acquisition, we accomplished a great deal this year including: strengthening our balance sheet, enhancing our sales organization, adding international distribution and implementing our compelling market development programs. While we were not pleased with our top-line performance over the past year, we remain focused on executing our growth strategy and we intend to improve results in fiscal 2013."