dropped nearly 13% Thursday after the company reported disappointing fiscal fourth-quarter revenue.
Urologix, a maker of medical products for treating urological disorders, posted quarterly earnings of $4.7 million, or 32 cents a share, up from $706,000, or 5 cents a share, in the year-ago quarter. The recent quarter results included a $4.6 million tax benefit and $279,000 in equity-based compensation expenses.
However, shares fell after the Minnesota-based company said revenue declined to $6.6 million from $6.9 million in the same quarter last year. The Thomson First Call consensus was for revenue of $6.84 million, based on two estimates. Urologix said treatment catheters made up 97% of revenue in the latest quarter, compared with 95% of revenue a year ago.
Urologix was recently losing 42 cents to $2.90.
Fiscal 2006 revenue was $25.9 million, slightly up from $25.8 million last year. For fiscal 2007, Urologix says it expects revenue in a range of $26 million to $29 million.
Chairman and Chief Executive Officer Fred Parks said that during the fourth quarter, "manufacturing issues impacted revenue and earnings. While this issue could further impact the first quarter of fiscal 2007, it is improving as we apply more focus and management attention to the processes."