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 is ramping up for a January 2011 re-launch of its Urgent PC neuromodulation system in the U.S. It received a new CPT (current procedural terminology) code for billing for the procedure in May and expects to get new Medicare billing rates by October or early November. During the interim, the company continues to sell its Macroplastique bulking agents.
“The first component of our plan for re-launch of the Urgent PC system in the U.S. was to raise funds for investing in expanded sales and marketing resources,” CEO David Kaysen said in prepared remarks. A secondary offering in July of Uroplasty stock raised $14.9 million, with proceeds already slated for hiring 15 new field sales representatives as well as additional reimbursement agent and managers, effectively doubling its U.S. sales force.
Uroplasty also is exploring how to best adapt Urgent PC technology to treat fecal incontinence for U.S. patients; it already has CE Mark certification in the European Union for both urinary and fecal applications.
