MINNEAPOLIS, Jan. 22, 2015 /PRNewswire/ -- Uroplasty,
Inc. (NASDAQ: UPI), a medical device company that develops,
manufactures and markets innovative proprietary products to treat
voiding dysfunctions, today reported financial results for the
fiscal 2015 third quarter ended December 31, 2014.
Global revenue for the Company's Urgent® PC
Neuromodulation System grew 14.5% to $4.4
million, a new quarterly revenue record, as compared to
$3.9 million in the third quarter of
the prior year. Global Macroplastique sales were $2.0 million during the third quarter as compared
to $2.3 million in the third quarter
of fiscal 2014. Total revenue for the third quarter of fiscal
2015 was $6.7 million, a 4.2%
increase from the same quarter in the prior year. The impact of
changes in foreign currency exchange rates negatively impacted
revenue by approximately $0.1
million. Adjusting for the negative impact of foreign
currency exchange rates, year-over-year total revenue growth would
have been 5.7% in the fiscal third quarter, and Urgent PC revenue
growth would have been 15.5%.
On December 22, 2014, the Company
and Vision-Sciences, Inc. announced that they had entered into an
agreement and plan of merger under which the two companies will
combine in an all-stock transaction to create a new medical device
company to be named Cogentix Medical, Inc. The proposed merger is
expected to be completed in the first half of calendar 2015,
subject to shareholder and other customary approvals. The
combined company is expected to generate revenue growth between 10%
and 14% in its first fiscal year beginning on April 1, 2015. Once the existing Uroplasty
sales team is fully trained on Vision-Sciences' EndoSheath
technology platform, the combined company is expected to achieve
sustainable annual revenue growth of 15% beginning with its second
fiscal year.
"Third quarter and year-to-date revenue growth for Urgent PC
illustrates the ability of our sales organization to penetrate the
urology market with innovative technologies that address key needs
of our physician customers," said Rob
Kill, President and Chief Executive Officer of Uroplasty.
"Our team's execution during our fiscal third quarter gives us a
high level of confidence about the potential to accelerate
EndoSheath sales in the in-office urology market once we complete
the proposed merger with Vision-Sciences. With more than five
million units sold and zero reported cases of cross contamination,
we believe that EndoSheath should be the standard of care for
endoscopic applications, and our team fully intends to turn this
efficacy leadership into market leadership," added Mr.
Kill.
In the fiscal third quarter, the Company achieved a gross margin
of 88.3%, 50 basis points higher than the 87.8% gross margin in the
same quarter one year ago. Operating expenses for the period
totaled $8.0 million compared to
$6.3 million in the same quarter last
year and includes approximately $820,000 of transaction expenses incurred in the
third quarter associated with the proposed Vision-Sciences
merger.
The operating loss of $2.1 million in the fiscal third
quarter compares with a $0.7 million operating loss in the
same quarter last year. Excluding non-cash charges for
share-based compensation and depreciation and amortization expense,
the non-GAAP operating loss was $1.5
million ($0.7 million excluding
merger related costs) in the third quarter of fiscal 2015, compared
with a $0.3 million non-GAAP operating loss in the year ago
period.
The loss per diluted share of $0.10 in the fiscal third quarter compares to a
loss per diluted share of $0.03 in
the same quarter last year. Excluding merger related costs,
the non-GAAP loss per diluted share in the third quarter of fiscal
2015 was $0.06.
For the nine-month period ended December
31, 2014, global revenue from Urgent PC increased 17.1% to
$12.7 million. Total revenue
grew 7.1% to $19.5 million. At
December 31, 2014, cash, cash
equivalents and cash investments totaled $8.7 million. During the third quarter, the
Company used $0.7 million in cash for
operations.
For the fourth quarter of fiscal 2015, the Company currently
expects Urgent PC sales to grow approximately 15% over the same
quarter of the prior fiscal year and currently expects global
Macroplastique sales to be approximately $2.0 million, which is consistent with the
revenue generated from this product line over the prior four
quarters. Total fiscal year 2015 revenue is now expected to
be in a range from $26.5 million to $26.8
million.
Conference Call
Uroplasty will host a conference
call and webcast today at 4:30 p.m. Eastern
Time (3:30 p.m. Central Time)
to discuss these results. Rob Kill,
President and Chief Executive Officer, and Brett Reynolds, Chief Financial Officer, will
host the call. Individuals wishing to participate in the conference
call should dial 888-523-1225. No passcode is necessary. To
access a live webcast of the call, go to Uroplasty's website at
www.uroplasty.com and click on the Investor Relations section.
An audio replay will be available for 30 days following the call
at 888-203-1112 with the passcode 2270603. An archived
webcast will also be available at investor.uroplasty.com.
About Uroplasty
Uroplasty, Inc., headquartered in
Minnetonka, Minnesota, with
wholly-owned subsidiaries in The
Netherlands and the United
Kingdom, is a global medical device company that develops,
manufactures and markets innovative proprietary products for the
treatment of voiding dysfunctions. Uroplasty's focus is the
continued commercialization of its Urgent® PC Neuromodulation
System, which Uroplasty believes is the only commercially
available, FDA-cleared device that delivers percutaneous tibial
nerve stimulation (PTNS) for the office-based treatment of
overactive bladder (OAB). OAB is a chronic condition that
affects approximately 42 million U.S. adults. The symptoms
include urinary urgency, frequency and urge incontinence.
Uroplasty also offers Macroplastique®, an injectable urethral
bulking agent for the treatment of adult female stress urinary
incontinence primarily due to intrinsic sphincter deficiency.
For more information on Uroplasty and its products, please visit
Uroplasty, Inc. at www.uroplasty.com.
Important Additional Information and Where to Find It
In connection with the proposed merger, Vision-Sciences plans to
file with the SEC a registration statement on Form S-4 that will
include a joint proxy statement of Uroplasty and Vision-Sciences
that also constitutes a prospectus of Vision-Sciences.
Uroplasty and Vision-Sciences will make the joint proxy
statement/prospectus available to their respective shareholders.
Investors are urged to read the joint proxy statement/prospectus
when it becomes available, because it will contain important
information. The registration statement, definitive joint proxy
statement/prospectus and other documents filed by Uroplasty and
Vision-Sciences with the SEC will be available free of charge at
the SEC's website (www.sec.gov) and from Uroplasty and
Vision-Sciences. Requests for copies of the joint proxy
statement/prospectus and other documents filed by Uroplasty with
the SEC may be made by contacting Brett
Reynolds, Senior Vice President, Chief Financial Officer by
phone at (952) 426-6152 or by email at
brett.reynolds@uroplasty.com, and request for copies of the joint
proxy statement/prospectus and other documents filed by
Vision-Sciences may be made by contacting Gary Siegel, Vice President, Finance by phone at
(845) 848-1085 or by email at gary.siegel@visionsciences.com.
Participants in the Solicitation
Uroplasty, Vision-Sciences, their respective directors,
executive officers and employees may be deemed to be participants
in the solicitation of proxies from Uroplasty's and
Vision-Sciences' respective shareholders in connection with the
proposed transaction. Information about the directors and
executive officers of Uroplasty and their ownership of Uroplasty
stock is set forth in Uroplasty's annual report on Form 10-K for
the fiscal year ended March 31,
2014, and its proxy statement for its 2014 annual meeting of
shareholders, which was filed with the SEC on July 22, 2014. Information regarding
Vision-Sciences' directors and executive officers is contained in
Vision-Sciences' annual report on Form 10-K for the fiscal year
ended March 31, 2014 and its proxy
statement for its 2014 annual meeting of shareholders, which was
filed with the SEC on June 17, 2014.
These documents can be obtained free of charge from the sources
indicated above. Certain directors, executive officers and
employees of Uroplasty and Vision-Sciences may have direct or
indirect interest in the transaction due to securities holdings,
vesting of equity awards and rights to severance payments.
Additional information regarding the participants in the
solicitation of Uroplasty and Vision-Sciences shareholders will be
included in the joint proxy statement/prospectus filed with the
SEC.
Cautionary Statements Related to Forward-Looking
Statements
This press release includes forward-looking statements.
These forward-looking statements generally can be identified by the
use of words such as "anticipate," "expect," "plan," "could,"
"may," "will," "believe," "estimate," "forecast," "goal,"
"project," and other words of similar meaning.
Forward-looking statements in this press release include, but are
not limited to, statements about the benefits of the transaction;
expected revenue growth rates; the expected timing of the
completion of the transaction; and the combined company's plans,
objectives, expectations and intentions with respect to future
operations, products and services. Each forward-looking
statement contained in this press release is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable
risks and uncertainties include, among others, uncertainties as to
the timing of the transaction; uncertainties as to whether
Uroplasty shareholders and Vision-Sciences shareholders will
approve the transaction; the risk that competing offers will be
made; the possibility that various closing conditions for the
transaction may not be satisfied or waived; the risk that
shareholder litigation in connection with the transaction may
result in significant costs of defense, indemnification and
liability; other business effects, including the effects of
industry, economic or political conditions outside of either
company's control; the failure to realize synergies and
cost-savings from the transaction or delay in realization thereof;
the businesses of Uroplasty and Vision-Sciences may not be combined
successfully, or such combination may take longer, be more
difficult, time-consuming or costly to accomplish than expected;
operating costs and business disruption following completion of the
transaction, including adverse effects on employee retention and on
each company's respective business relationships with third
parties; transaction costs; actual or contingent liabilities; the
adequacy of the combined company's capital resources; and the risks
identified under the heading "Risk Factors" in Uroplasty's Annual
Report on Form 10-K, for the fiscal year ended March 31, 2014, filed with the Securities and
Exchange Commission ("SEC") on June 9,
2014, and Vision-Sciences' Annual Report on Form 10-K for
the fiscal year ended March 31, 2014,
filed with the SEC on May 30, 2014,
as well as both companies' subsequent Quarterly Reports on Form
10-Q and other information filed by each company with the
SEC. Uroplasty and Vision-Sciences caution investors not to
place considerable reliance on the forward-looking statements
contained in this press release. You are encouraged to read
Uroplasty's and Vision-Sciences' filings with the SEC, available at
www.sec.gov, for a discussion of these and other risks and
uncertainties. The forward-looking statements in this press release
speak only as of the date of this release, and Uroplasty and
Vision-Sciences undertake no obligation to update or revise any of
these statements. Uroplasty's and Vision-Sciences' businesses
are subject to substantial risks and uncertainties, including those
referenced above. Investors, potential investors, and others
should give careful consideration to these risks and
uncertainties.
For Further
Information:
|
Uroplasty,
Inc.
|
Brett Reynolds, SVP
and CFO
|
952-426-6152
|
|
EVC Group
|
Doug Sherk/Brian
Moore (Investors)
|
415-652-9100/310-579-6199
|
Janine McCargo
(Media)
|
646-688-0425
|
UROPLASTY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
|
|
|
Three Months
Ended
December
31,
|
|
Nine Months
Ended
December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$6,666,905
|
|
$6,398,675
|
|
$19,506,164
|
|
$18,216,391
|
Cost of goods
sold
|
778,406
|
|
778,267
|
|
2,322,942
|
|
2,268,156
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,888,499
|
|
5,620,408
|
|
17,183,222
|
|
15,948,235
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
General and
administrative
|
2,283,333
|
|
1,194,882
|
|
5,148,998
|
|
5,166,255
|
Research and
development
|
665,539
|
|
526,224
|
|
2,226,018
|
|
1,434,647
|
Selling and
marketing
|
5,015,916
|
|
4,546,100
|
|
15,107,241
|
|
13,496,593
|
Amortization
|
7,584
|
|
7,873
|
|
24,136
|
|
22,347
|
|
7,972,372
|
|
6,275,079
|
|
22,506,393
|
|
20,119,842
|
|
|
|
|
|
|
|
|
Operating
loss
|
(2,083,873)
|
|
(654,671)
|
|
(5,323,171)
|
|
(4,171,607)
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest
income
|
1,761
|
|
3,836
|
|
6,606
|
|
18,576
|
Interest
expense
|
(250)
|
|
-
|
|
(250)
|
|
-
|
Foreign currency
exchange gain (loss)
|
(2,038)
|
|
(506)
|
|
(3,317)
|
|
(4,540)
|
|
(527)
|
|
3,330
|
|
3,039
|
|
14,036
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
(2,084,400)
|
|
(651,341)
|
|
(5,320,132)
|
|
(4,157,571)
|
|
|
|
|
|
|
|
|
Income tax
expense
|
20,938
|
|
19,491
|
|
55,785
|
|
50,033
|
|
|
|
|
|
|
|
|
Net loss
|
$(2,105,338)
|
|
$(670,832)
|
|
$(5,375,917)
|
|
(4,207,604)
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per common share
|
$(0.10)
|
|
$(0.03)
|
|
$(0.25)
|
|
$(0.20)
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic and
diluted
|
21,663,924
|
|
21,258,736
|
|
21,683,892
|
|
21,035,874
|
|
|
|
|
|
|
|
|
UROPLASTY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
|
|
|
December 31,
2014
|
|
March 31,
2014
|
|
|
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash equivalents
|
$8,703,789
|
|
$8,681,609
|
Short-term investments
|
-
|
|
3,451,086
|
Accounts receivable, net
|
2,567,403
|
|
2,875,275
|
Inventories
|
437,471
|
|
517,217
|
Other
|
449,046
|
|
507,299
|
Total current
assets
|
12,157,709
|
|
16,032,486
|
|
|
|
|
Property, plant,
and equipment, net
|
946,726
|
|
997,609
|
Intangible
assets, net
|
95,845
|
|
119,980
|
Prepaid pension
assets
|
-
|
|
855
|
Deferred tax
assets
|
127,625
|
|
150,116
|
Total
assets
|
$13,327,905
|
|
$17,301,046
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
|
$1,193,692
|
|
$904,879
|
Current portion – deferred rent
|
-
|
|
2,917
|
Current portion – capital lease obligation
|
4,434
|
|
-
|
Income tax payable
|
23,729
|
|
21,922
|
Accrued liabilities:
|
|
|
|
Compensation
|
2,199,586
|
|
1,999,966
|
Other
|
394,732
|
|
479,373
|
|
|
|
|
Total current
liabilities
|
3,816,173
|
|
3,409,057
|
|
|
|
|
Deferred rent –
less current portion
|
26,644
|
|
171
|
Capital lease
obligation – less current portion
|
18,411
|
|
-
|
Long-term
incentive plan
|
131,907
|
|
-
|
Accrued pension
liability
|
543,934
|
|
678,118
|
|
|
|
|
Total
liabilities
|
4,537,069
|
|
4,087,346
|
|
|
|
|
Total
shareholders' equity
|
8,790,836
|
|
13,213,700
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$13,327,905
|
|
$17,301,046
|
UROPLASTY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
Nine Months
Ended
|
|
December
31,
|
|
2014
|
|
2013
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$(5,375,917)
|
|
$(4,207,604)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
207,011
|
|
267,369
|
Loss (gain) on
disposal of equipment
|
161
|
|
(5,000)
|
Amortization of
premium on marketable securities
|
311
|
|
7,562
|
Share-based
compensation expense
|
1,077,928
|
|
1,210,201
|
Long-term incentive
plan
|
131,907
|
|
-
|
Deferred income tax
expense
|
5,129
|
|
3,245
|
Deferred
rent
|
23,556
|
|
(27,790)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable,
net
|
220,002
|
|
79,428
|
Inventories
|
73,626
|
|
255,207
|
Other current
assets
|
48,142
|
|
16,868
|
Accounts
payable
|
295,113
|
|
21,724
|
Accrued
compensation
|
212,259
|
|
274,139
|
Accrued
liabilities
|
(59,459)
|
|
(120,881)
|
Accrued pension
liability
|
(56,226)
|
|
(39,011)
|
Net cash used in
operating activities
|
(3,196,457)
|
|
(2,264,543)
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Proceeds from maturity
of available-for-sale instruments
|
3,450,000
|
|
2,750,000
|
Proceeds from
held-to-maturity instruments
|
-
|
|
4,180,000
|
Purchases of property,
plant and equipment
|
(206,498)
|
|
(221,769)
|
Proceeds from sale of
property, plant and equipment
|
3,104
|
|
6,773
|
Payments for
intangible assets
|
-
|
|
(41,300)
|
Net cash provided by
investing activities
|
3,246,606
|
|
6,673,704
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from exercise
of stock options
|
67,850
|
|
172,485
|
Net cash provided by
financing activities
|
67,850
|
|
172,485
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
(95,819)
|
|
48,741
|
|
|
|
|
Net increase in cash
and cash equivalents
|
22,180
|
|
4,630,387
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
8,681,609
|
|
3,533,864
|
|
|
|
|
Cash and cash
equivalents at end of period
|
$8,703,789
|
|
$8,164,251
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
Cash paid during the
period for income tax
|
$56,144
|
|
$34,640
|
|
|
|
|
Non-GAAP Financial Measures: The following table
reconciles our operating loss calculated in accordance with
accounting principles generally accepted in the U.S. ("GAAP") to
non-GAAP financial measures that exclude non-cash charges for
share-based compensation, long-term incentive plan, depreciation
and amortization from gross profit, operating expenses and
operating loss. The non-GAAP financial measures used by
management and disclosed by us are not a substitute for, nor
superior to, financial measures and consolidated financial results
calculated in accordance with GAAP, and you should carefully
evaluate our reconciliations to non-GAAP. We may calculate
our non-GAAP financial measures differently from similarly titled
measures used by other companies. Therefore, our non-GAAP
financial measures may not be comparable to those used by other
companies. We have described the reconciliations of each of
our non-GAAP financial measures described above to the most
directly comparable GAAP financial measures.
We use these non-GAAP financial measures, and in particular
non-GAAP operating loss, for internal managerial purposes because
we believe such measures are one important indicator of the
strength and the operating performance of our business.
Analysts and investors frequently ask us for this
information. We believe that they use these measures to
evaluate the overall operating performance of companies in our
industry, including as a means of comparing period-to-period
results and as a means of evaluating our results with those of
other companies.
Our non-GAAP operating loss during the three months ended
December 31, 2014 and 2013 was
approximately $1,469,000 and
$277,000, respectively. The
increase in non-GAAP operating loss for the three months ended
December 31, 2014 over the
corresponding period a year ago is attributed to the increase in
operating spending and business development expenses, partially
offset by the increase in net sales and gross profit percent.
Expenses related to business development activity in the quarter
were $820,000. Our non-GAAP operating
loss during the nine months ended December
31, 2014 and 2013 was $3,906,000 and $2,695,000, respectively. The increase in
the non-GAAP operating loss for the nine months ended December 31, 2014 is attributed to an increase in
operating and business development expenses, partially offset by
the increase in net sales and gross profit percent.
|
|
Expense
Adjustments
|
|
(dollar amounts in
thousands)
|
GAAP
|
Share-based
Compensation
|
Long-term
Incentive
Plan
|
Depreciation
|
Amortization
|
Non-GAAP
|
Three Months Ended
December 31, 2014
|
|
|
|
|
|
Gross
Profit
|
$5,888
|
$11
|
$-
|
$4
|
$-
|
$5,903
|
% of sales
|
88.3%
|
|
|
|
|
88.6%
|
Operating
Expenses
|
|
|
|
|
|
|
General & administrative
|
2,282
|
(313)
|
(132)
|
(36)
|
-
|
1,801
|
Research and development
|
666
|
(11)
|
-
|
-
|
-
|
655
|
Selling and marketing
|
5,016
|
(81)
|
-
|
(19)
|
-
|
4,916
|
Amortization
|
8
|
-
|
-
|
-
|
(8)
|
-
|
|
7,972
|
(405)
|
(132)
|
(55)
|
(8)
|
7,372
|
Operating
Loss
|
$(2,084)
|
$416
|
$132
|
$59
|
$8
|
$(1,469)
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2013
|
|
|
|
|
|
Gross
Profit
|
$5,620
|
$6
|
$-
|
$8
|
$-
|
$5,634
|
% of sales
|
87.8%
|
|
|
|
|
88.1%
|
Operating
Expenses
|
|
|
|
|
|
|
General & administrative
|
1,195
|
(197)
|
-
|
(50)
|
-
|
948
|
Research and development
|
526
|
(11)
|
-
|
(1)
|
-
|
514
|
Selling and marketing
|
4,546
|
(75)
|
-
|
(22)
|
-
|
4,449
|
Amortization
|
8
|
-
|
-
|
-
|
(8)
|
-
|
|
6,275
|
(283)
|
-
|
(73)
|
(8)
|
5,911
|
Operating
Loss
|
$(655)
|
$289
|
$-
|
$81
|
$8
|
$(277)
|
|
|
|
|
|
|
Expense
Adjustments
|
|
(dollar amounts in
thousands)
|
GAAP
|
Share-based
Expense
|
Long-term
Incentive
Plan
|
Depreciation
|
Amortization
|
Non-GAAP
|
Nine Months Ended
December 31, 2014
|
|
|
|
|
|
Gross
Profit
|
$17,183
|
$36
|
$-
|
$13
|
$-
|
$17,232
|
% of sales
|
88.1%
|
|
|
|
|
88.3%
|
Operating
Expenses
|
|
|
|
|
|
|
General & administrative
|
5,149
|
(755)
|
(132)
|
(111)
|
-
|
4,151
|
Research and development
|
2,226
|
(41)
|
-
|
(2)
|
-
|
2,183
|
Selling and marketing
|
15,107
|
(246)
|
-
|
(57)
|
-
|
14,804
|
Amortization
|
24
|
-
|
-
|
-
|
(24)
|
-
|
|
22,506
|
(1,042)
|
(132)
|
(170)
|
(24)
|
21,138
|
Operating
Loss
|
$(5,323)
|
$1,078
|
$132
|
$183
|
$24
|
$(3,906)
|
|
|
|
|
|
|
|
Nine Months Ended
December 31, 2013
|
|
|
|
|
|
Gross
Profit
|
$15,948
|
$20
|
$-
|
$26
|
$-
|
$15,994
|
% of sales
|
87.5%
|
|
|
|
|
87.8%
|
Operating
Expenses
|
|
|
|
|
|
|
General & administrative
|
5,166
|
(952)
|
-
|
(153)
|
-
|
4,061
|
Research and development
|
1,435
|
(36)
|
-
|
(3)
|
-
|
1,396
|
Selling and marketing
|
13,497
|
(202)
|
-
|
(63)
|
-
|
13,232
|
Amortization
|
22
|
-
|
-
|
-
|
(22)
|
-
|
|
20,120
|
(1,190)
|
-
|
(219)
|
(22)
|
18,689
|
Operating
Loss
|
$(4,172)
|
$1,210
|
$-
|
$245
|
$22
|
$(2,695)
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/uroplasty-reports-record-revenue-in-fiscal-third-quarter-300024497.html
SOURCE Uroplasty, Inc.