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FOR IMMEDIATE RELEASE
Fiscal 2010 Fourth-Quarter & Year-End Results
(Quarter & Year Ended June 30, 2010)
Fiscal 2010 revenue up 15.3 percent from prior year
Fiscal 2010 net loss reduced by 50.9 percent compared to prior year
Fourth-quarter net loss reduced by 28.9 percent compared to fourth quarter fiscal 2009
MINNEAPOLIS August 24, 2010 Urologix®, Inc. (NASDAQ:ULGX), a medical device company that develops, manufactures and markets minimally invasive Cooled ThermoTherapy technology to urologists to provide a durable and effective in-office treatment for patients suffering from benign prostatic hyperplasia (BPH), today reported financial results for its fourth quarter ended June 30, 2010 and for fiscal year 2010.
For the Companys fiscal year 2010 fourth quarter, Urologix posted a net loss of $622,000, or $0.04 per diluted share, on revenue of $3.3 million. Compared to the prior-year fourth quarter, which had a net loss of $875,000 or $0.06 per diluted share, current-year loss was reduced by $253,000. The decrease in net loss as compared to the fourth quarter of fiscal 2009 is primarily due to a decrease in operating expense of $268,000.
Fiscal 2010 fourth-quarter revenue was down 9.3 percent from the $3.6 million reported in the third quarter of this fiscal year and decreased 5.4 percent compared to the same period in the prior year. The 2010 fourth quarter revenue decline compared to third quarter was impacted by two factors: (1) a temporary backorder for the Companys Prostaprobe® product that is utilized by third-party mobile services; and (2) physician uncertainty surrounding Medicare reimbursement due to the disruption of payments during a portion of April and June. The backorder issue has been resolved and Medicare reimbursement payments resumed in late June 2010.
The Companys cash utilization was $62,000 for the quarter ended June 30, 2010. This compares to a cash utilization of $603,000 in the fourth quarter of fiscal 2009, a reduction of $541,000. The Companys cash balance was $5.7 million as of June 30, 2010, which management considers sufficient to fund working capital and capital resource needs beyond fiscal year 2011.
The fourth quarter demonstrates the continued challenges presented by the lack of clarity in Medicare reimbursement. In addition, we continued to hear from urologists experiencing reduced
The following information was filed by Urologix Inc (ULGX) on Wednesday, August 25, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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