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Today's call will begin with Brian reviewing the financial results for the fourth quarter of fiscal year 2011. I will then provide an update on our market dynamics and on recently-released clinical evidence supporting in-office treatments for BPH. I will then review some of our key strategic initiatives, talk about our key investment in our sales and marketing leadership, and conclude with some final thoughts and a perspective on the broader Urologix story. We will then open the call for a question-and-answer session.I will now turn the call over to Brian to review the financial results. Brian Smrdel Thank you, Stryker. Revenue for the fourth quarter of fiscal year 2011 was $2.9 million or 2% less than the $3 million reported in the third quarter of this fiscal year and 11% less than the $3.3 million reported in the same period of fiscal year 2010. The decrease in revenue compared to the third quarter is a result of the decrease in sales revenue performance in our third-party mobile channel. The year-over-year revenue decline results from an overall reduced order volume in all distribution channels: directs, mobile and third-party mobile. To further break down the sources of Urologix's revenue on a sequential basis, revenue from catheter sales direct accounts contributed 40% of overall revenue in the fourth quarter of fiscal year 2011 compared to 36% in the previous quarter. Urologix's mobile service treatment revenue contributed 46% of overall revenue, and third-party mobile revenue contributed 12% of overall revenue in the fourth quarter of fiscal 2011 compared to 47% and 14%, respectively, for the third quarter of this year Our net loss for the fiscal year 2011 fourth quarter was $1.3 million or $0.09 per diluted share compared to $983,000 net loss or $0.07 per diluted share in the third quarter of this fiscal year, and a net loss of $622,000 or $0.04 per diluted share in the fourth quarter of fiscal year 2010.
Cash and cash equivalents were $3.1 million at June 30, 2011 compared to $3.8 million at March 31, 2011 and $5.7 million at June 30, 2010. Cash utilization increased $231,000 from the prior quarter and $667,000 from the fourth quarter of fiscal year 2010. On a trailing 12-month sales basis, our days sales outstanding at the end of the fourth quarter was 38 days, similar to the end of the third quarter fiscal 2011, but up from 34 days at June 30th of 2010.Gross profit for the fourth quarter of fiscal year 2011 was $1.3 million or 43% of revenue compared to $1.6 million or 54% of revenue for the prior quarter and $1.8 million or 54% of revenue when compared to the prior-year fourth quarter. The decrease in gross margin rate in the fourth quarter of fiscal year 2011 is the result of allocating fixed manufacturing costs over reduced sales volume, as well as the expensing of an additional $158,000 of capitalized manufacturing variance which had accumulated over fiscal year 2011. Reported fourth quarter operating expense totaled $2.6 million, a decrease of $28,000 or 1% when compared to the third quarter of fiscal year 2011, and an increase of $117,000 or 5% when compared to the $2.5 million reported in the fourth quarter of fiscal year 2010. The decrease in operating when compared to the third quarter is the result of the $75,000 decrease in sales and marketing expense, partially offset by a $30,000 increase in research and development expense as the company continued its investment in product and clinical research efforts. The increase in operating expense when compared to the fourth quarter of the prior year is primarily the result of an additional $70,000 in research and development expense. Read the rest of this transcript for free on seekingalpha.com