Uroplasty (UPI) Reports a Q4 Loss

June 3, 2008 4:10 PM EDT

Uroplasty, Inc. (AMEX: UPI) announced record net sales of $4.1 million for the fourth quarter of fiscal 2008 ended March 31, 2008, an increase of 57% from $2.6 million in the same quarter last year.

Net loss for the three months ended March 31, 2008 and 2007 was $0.05 per diluted share, and $0.09 per diluted share, respectively.

"The entire Uroplasty team continues to execute our game plan. We surpassed our fiscal 2008 guidance, and with our revised strategy for expanding the sales team, we believe we can grow fiscal 2009 sales in excess of 30% over fiscal 2008. In addition, we continue to believe we can grow U.S. sales in fiscal 2009 by more than 70% over fiscal 2008 based on continued market adoption of our Urgent PC system and the expected continued momentum and dedication of our U.S. direct sales team. With the added spending for the field sales organization, the new clinical study and in other areas, we expect operating profit break even, excluding non-cash and unusual charges, to occur at between revenues of $19 and $20 million. We believe we have sufficient cash on hand and access to existing credit facilities to meet our projected fiscal 2009 needs."

Uroplasty, Inc. (Uroplasty) is a medical device company that develops, manufactures and markets products for the treatment of voiding dysfunctions.[SM]

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