Urologix Inc. (NSDQ:ULGX) pared its fourth-quarter and full-year losses and boosted its fiscal 2010 top line by 15.3 percent, despite a delay in Medicare reimbursements that helped push fourth-quarter sales down 5.4 percent.
The Minneapolis-based medical device maker posted net losses of $622,000, or 4 cents per diluted share, on sales of $3.3 million during the three months ended June 30. That compares with net losses of $875,000, or 6 cents per diluted share, on sales of $3.4 million during the same period last year.
For the full year, Urologix reported losses of $2.2 million, or 15 cents per diluted share, on sales of $14.8 million, compared with losses of $4.4 million, or 31 cents per diluted share, on sales of $12.8 million during fiscal 2009.
CEO Stryker Warren Jr. said a disruption to Medicare reimbursement to physicians during a portion of April and June contributed to a difficult fourth quarter. Medicare payments resumed in late June.
Urologix said the strong full-year sales growth reflects its focus on developing its sales force and capitalizing on competitors’ difficulties.
