Shares of Uroplasty Inc. (NSDQ:UPI) surged 15 percent yesterday after the company reported a slew of positive reimbursement news, including a pickup by UnitedHealthcare, the largest health insurer in the U.S.
Uroplasty Inc.
Uroplasty CEO: 14 percent jump in sales reveals potential
Uroplasty Inc.’s (NSDQ:UPI) performance finally “began to reflect the potential of the company” in the third quarter, CEO David Kaysen said during the company’s earnings call.
The Minnetonka, Minn.-based device company ramped up its sales force, won over five new regional Medicare carriers, and boosted global revenue by 14 percent to $3.5 million during the quarter, which ended Dec. 31.
Earnings roundup: Thoratec profits leap 58 percent
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Here’s a quick rundown of a few releases over the past couple days:
Uroplasty loses coverage for neuromodulation device in four states
Uroplasty Inc. (NSDQ:UPI) suffered a setback for insurance coverage of its Urgent PC Neuromodulation system.
After Jan. 3, use of the posterior tibial nerve stimulation device will no longer be paid for by National Government Services, a regional Medicare carrier that operates in Connecticut, Indiana, Kentucky and New York, the company revealed today.
Uroplasty wins additional Medicare coverage for neuromodulation device
An additional regional Medicare carrier is now covering overactive bladder treatment using Uroplasty Inc.’s (NSDQ:UPI) Urgent PC Neuromodulation System.
Palmetto GBA for California, Nevada and Hawaii now covers posterior tibial nerve stimulation using the device, according to the company. Lawrence, Kan.-based Palmetto GBA LLC is a contracted company that pays claims for Medicare professional services.
Uroplasty’s Q1 revenues rise 7 percent
Uroplasty Inc. (NSDQ:UPI) grew its revenues 7 percent during the three months ended June 30, while trimming its net loss by nearly a third.
The Minnetonka, Minn.-based manufacturer, which has developed a nerve-stimulation device to treat maladies caused by an overactive bladder, finished its fiscal first quarter with a $929,000 net loss, or 6 cents per share, on just over $3 million in sales. That compares with a $1.4 million, 9 cent per share loss on $2.8 million in revenues during the year-ago quarter.
Uroplasty stock offering raises $16 million
The underwriters of a 4.6 million-share stock offering by Uroplasty Inc. (NSDQ:UPI) snapped up a 600,000 over-allotment, taking the $3.50-per-share offering’s value to $16.1 million.
The Minnetonka, Minn.-based company makes a nerve stimulation device designed to treat overactive bladders.
Uroplasty slashes Q3 losses despite a 9 percent sales slide
Uroplasty Inc. (NYSE:UPI) posted third-quarter sales of $3.1 million for the three months ended Dec. 31, 2009, down 9.4 percent compared with $3.4 million during the same period last year. UPI slashed its net loss 57 percent to $387,000, compared with $894,000 during Q3 2009: