- Third quarter revenue totaled $3.4 million
- Cash balance of $816 thousand as of March 31, 2014
"The development of a new organizational structure reflects two important goals for Urologix. The first is to create a sustainable core business that should position the company to become operationally cash flow positive. The second is to evolve Urologix's strategy to align our business with broader shifts in the urology market, which is evolving towards both consolidation of urology practices and hospital employment of urology care providers," stated Greg Fluet, Chief Executive Officer. "We believe that our reorganized sales team can continue to provide high quality service to current customers as well as prove the ability to engage larger healthcare institutions. We expect that this initiative will create a more effective and efficient sales team, and will provide sustainable improvements in Company profitability."Preliminary Revenue and Cash Results for the Third Quarter of Fiscal Year 2014 Third quarter fiscal year 2014 revenue totaled $3.4 million, down 12% compared to the second quarter of fiscal year 2014 and down 18% compared to the prior year's results. Cash balances at the end of the third fiscal quarter total $816 thousand. The preliminary unaudited results for the third quarter fiscal year 2014 are subject to the Company's management and independent auditors' customary review procedures, which will include testing the Company's goodwill and intangible assets for potential impairment. At this time, the Company has not yet completed analysis sufficient to determine whether its goodwill or intangible assets are impaired or, if impairment does exist, the amount of any impairment charge. The Company intends to issue a press release reporting final results of operations for the quarter ending March 31, 2014 after the market close on May 6, 2014, with its conference call scheduled for 4:00 p.m. CDT on May 6, 2014. Earnings Call Information Urologix will host a conference call with the financial community to discuss fiscal year 2014 third quarter results on Tuesday, May 6, 2014 at 4:00 p.m. Central Daylight Time. To listen to the call, please dial 1-866-515-2911 and enter the Participant Passcode 73790575 at least 10 minutes prior to the call. A live webcast of the call will be available through the investor relations section of the Company's website at www.urologix.com and available for replay approximately two hours after the completion of the call. About Urologix Urologix, Inc., based in Minneapolis, develops, manufactures, markets and distributes minimally invasive medical products for the treatment of obstruction and symptoms due to Benign Prostatic Hyperplasia (BPH). Urologix' Cooled ThermoTherapy™ produces targeted microwave energy combined with a unique cooling mechanism to protect healthy tissue and enhance patient comfort. The Prostiva® RF Therapy System delivers radio frequency energy directly into the prostate destroying prostate tissue, reducing constriction of the urethra, and thereby relieving BPH symptoms. Both of these therapies provide safe, effective and lasting relief of the symptoms and obstruction due to BPH. Prostiva® is a registered trademark of Medtronic, Inc., used under license. All other trademarks are the property of Urologix.
If you'd like more information on this topic, please contact Brian Smrdel at (763) 475-7696 or firstname.lastname@example.org or to learn more about Urologix and its products and services, visit their website at www.urologix.com.The Urologix, Inc. logo is available at www.urologix.com/clinicians/resource-library.php. Forward Looking Statements This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "estimate" or "continue" or comparable terminology are intended to identify forward-looking statements. Such forward looking statements include, for example, the effectiveness of the Company's sales and marketing strategies and organization, the Company's future revenue and operating performance, the development and marketing of new products, the timing or payment of any amounts to Medtronic, or the availability of borrowing under the line of credit with Silicon Valley Bank. The statements made by the Company are based upon management's current expectations and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company's control and the risk factors and other cautionary statements described in the Company's Annual Report on Form 10-K for the year ended June 30, 2013 and other documents filed with the Securities and Exchange Commission.
CONTACT: Urologix Media Contact Susan Overby (763) 745-1540 Soverby@urologix.com Urologix Investor Relations Contact Brian Smrdel (763) 475-7696 Bsmrdel@urologix.com