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Urologix Reports Fiscal Year 2013 Second Quarter Results And Reaffirms Annual Guidance

Executive Summary

  • Second quarter revenue reported at $4.4 million, up 9.7% sequentially.
  • Guidance for fiscal year 2013 revenue reaffirmed at $16.0 million to $17.0 million.

MINNEAPOLIS, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Urologix®, Inc. (Nasdaq:ULGX), the leading provider of in-office BPH therapy, today reported financial results for its fiscal year second quarter ended December 31, 2012.

Second quarter fiscal year 2013 revenue totaled $4.4 million, up 9.7% sequentially from the first quarter of fiscal year 2013 and down 6.4% compared to the second quarter of fiscal year 2012. The sequential increase in revenue was driven by approximately 10% growth in sales for both product lines, Cooled ThermoTherapy TM (CTT) and Prostiva Radio Frequency (RF) Therapy. Revenue declined compared to the second quarter of fiscal year 2012 due to lower sales in both product lines.

"Second quarter performance reflects improving execution of our sales strategy and stronger in-office procedure trends compared to the first quarter of fiscal year 2013," stated Greg Fluet, Chief Executive Officer. "We remain intently focused on leveraging our leading market share position, our expanded sales organization, and our innovative market development and patient education programs to drive top-line growth going forward."

As of December 31, 2012, the Company's cash balance was $4.9 million compared to $5.3 million as of September 30, 2012. Cash utilization in the quarter was $470,000. Our cash utilization benefited from the ability to defer $489,000 of payments for Prostiva product purchased during the quarter. In addition, we continue to defer payments due and accrued in prior periods related to Prostiva which are reflected in accounts payable and short term deferred acquisition payments on the balance sheet.

Gross profit for the second quarter of fiscal year 2013 was $2.2 million, or 51.4% of revenue, compared to $2.3 million, or 49.2% of revenue, in the second quarter of fiscal year 2012. Gross margin also increased sequentially compared to 50.8% in the first quarter of fiscal year 2013 due to improved production efficiencies. The change in gross margin compared to the prior year was due to increased production volumes that reduced the allocation of fixed manufacturing costs on a per-unit basis.

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