MINNEAPOLIS, Nov. 7, 2017 /PRNewswire/ -- Cogentix
Medical, Inc. (NASDAQ: CGNT), a global medical device company
focused on providing the Urology, Uro/Gyn and Gynecology markets
with innovative and proprietary products, today reported financial
results for the third quarter ended September 30, 2017.
Third Quarter and Business Development Highlights
- Third quarter revenue was $13.8
million, an increase of 3% over the third quarter of
2016.
- Revenue from Urology products totaled $11.9 million, an increase of 4% over the third
quarter of 2016.
- Gross profit was $9.4 million or
68.3% of revenue, up $0.4 million or
90 basis points over the year ago quarter.
- GAAP operating loss of $0.2
million, compared to GAAP operating income of $0.5 million in the same period last year.
- Cash operating profit, a non-GAAP financial measure that
excludes non-cash items from GAAP operating income, was
$1.0 million in the third quarter as
compared to cash operating profit of $1.4
million in the year ago quarter.
- Earnings per share of break even, consistent with the prior
year quarter.
- In September, the Company announced a $2
million investment in Vensica Medical, a privately-held
Israeli company. Vensica is developing an ultrasound based,
needle-free drug delivery system with an initial indication for
botulinum toxin (such as Botox® or Dysport®) to treat overactive
bladder (OAB).
"We achieved the second highest quarterly revenue in the
company's history despite some short-term volatility in the timing
of capital orders for our PrimeSight™ product line and reduced
urology procedures as a result of practice closures due to
hurricanes in Texas and the
Southeast," said Darin Hammers,
President & CEO. "Our Urology business grew four percent
in the third quarter, and we believe that this business will have a
very strong finish to the year as several large capital orders for
PrimeSight that were initially expected in the third quarter are
now expected to close in the fourth quarter. We continue to
execute our plan to build on our leadership position in the urology
market and we are in the process of increasing our U.S. urology
sales force to 51 territory managers, up from 46 at the end of the
second quarter. Also in the third quarter, we completed our
agreement with Vensica, which allows Cogentix to acquire, with a
modest investment, a potentially revolutionary approach to
administering botulinum toxin to treat overactive bladder and other
possible indications. We are well positioned as we look
forward to 2018 and beyond".
Financial Results for the Third Quarter Ended September 30, 2017
For the quarter ended September 30,
2017, the Company achieved total revenue of $13.8 million compared to $13.4 million in the year ago quarter. The
$0.4 million increase in reported
revenue is entirely attributable to the increase in Urology
revenue, as non-core Industrial and Airway Management revenue
remained stable at approximately $1.9
million for this quarter and the year ago quarter. Revenue
from PrimeSight totaled $4.3 million,
down $0.1 million due to quarterly
variability in the timing of capital orders. Urgent PC revenue
totaled $5.4 million compared to
$5.2 million in the year ago period.
The $0.2 million increase in Urgent
PC revenue represents the first year over year increase in revenue
since the third quarter of 2016, following the entrance of a large
competitor in the PTNS market. Revenue from
Macroplastique® and other urology products in the
quarter totaled $2.3 million, an
increase of approximately $0.4
million compared to the prior year period that is primarily
attributable to our acquisition of Genesis Medical LTD ("Genesis"),
a privately held U.K. company that distributes a variety of
products to urologists, in July
2017.
Gross margin for the quarter ended September 30, 2017 was 68.3% compared with 67.4%
in the year-ago period with the 90 basis point increase due to
product mix. Operating expenses in the quarter totaled
$9.6 million compared to $8.5 million in the same period of the prior
year. The increase in operating expenses is attributable to
approximately $0.3 million of
business development related expenses in the current quarter, an
increase in sales and marketing expenses of $0.4 million due to the increase in the number of
sales representative for our Urology business, higher non-cash
stock based compensation and the inclusion of the operating costs
of Genesis since our acquisition in July
2017.
Operating loss for the quarter was $0.2
million compared to an operating profit of $0.5 million in the year ago period. Cash
operating profit, a non-GAAP financial measure that is operating
profit excluding all non-cash items, was $1.0 million for the quarter ended September 30, 2017 compared to a cash operating
profit of $1.4 million (excluding
one-time charges) in the year-ago quarter. Earnings per share was
breakeven in both the current quarter and the year ago
quarter.
At September 30, 2017, the
Company's cash and investments totaled $26.8
million, compared to $26.9
million at June 30, 2017.
There were no borrowings under the Company's $7.0 million line of credit as of September 30, 2017.
Nine Month Financial Results Ended September 30, 2017
For the nine-month period ended September
30, 2017, total revenue of $40.8
million represented an increase of 6% over the year ago
period. This increase is due to 8% growth in the Urology
business, partially offset by a decline in non-core Airway
Management and Industrial revenue.
Operating loss for the nine months ended September 30, 2017 was $1.0 million while cash operating profit (which
excludes non-cash items) was $2.4
million.
Conference Call
Cogentix Medical will host a conference call and webcast today
at 4:30 p.m. Eastern Time
(3:30 p.m. Central Time).
Darin Hammers, President and Chief
Executive Officer, will host the event along with Brett Reynolds, Chief Financial Officer.
Individuals wishing to participate in the conference call should
dial 877-303-1595 with the conference ID number 3769188. To
access a live webcast of the call, go to the investor relations
section of Cogentix Medical's website at
ir.cogentixmedical.com.
An audio replay will be available for 30 days following the call
at 855-859-2056 with the conference ID number 3769188. An
archived webcast will also be available at
ir.cogentixmedical.com.
About Cogentix Medical
Cogentix Medical, Inc.,
headquartered in Minnetonka,
Minnesota, with additional operations in New York, Massachusetts, The
Netherlands and the United
Kingdom, is a global medical device company. We
design, develop, manufacture and market products for flexible
endoscopy with our unique PrimeSight™ product lines featuring a
streamlined visualization system and proprietary sterile disposable
microbial barrier providing users with efficient and cost-effective
endoscope turnover while enhancing patient safety. We also
commercialize the Urgent® PC Neuromodulation System, an 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. We also offer 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 Cogentix Medical and our
products, please visit us at www.cogentixmedical.com. 'CGNT-G'
For Further Information:
Cogentix Medical, Inc.
Brett Reynolds, SVP and CFO
952-426-6152
EVC Group
Brian Moore/Doug Sherk
310-579-6199/415-652-9100
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
expected revenue growth rates; the Company's expectations regarding
operating profit and cash operating profit; and 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, the effects of industry, economic or
political conditions outside of the Company's control; competitive
market factors; actual or contingent liabilities; the adequacy of
the Company's capital resources; and the risks identified under the
heading "Risk Factors" in the annual report on Form 10-K, for the
year ended December 31, 2016, filed
with the Securities and Exchange Commission ("SEC") on March 30, 2017. Investors are cautioned to not to
place considerable reliance on the forward-looking statements
contained in this presentation. Investors are encouraged to read
the Company's 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 presentation speak only as of
the date of this release, and the Company undertakes no obligation
to update or revise any of these statements. The Company's
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.
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
|
Three Months
Ended
September
30,
|
Nine Months
Ended
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$13,765,065
|
|
$13,407,611
|
|
$40,779,414
|
|
$38,618,826
|
Cost of goods
sold
|
4,370,408
|
|
4,369,574
|
|
13,522,655
|
|
12,257,933
|
|
|
|
|
|
|
|
|
Gross
profit
|
9,394,657
|
|
9,038,037
|
|
27,256,759
|
|
26,360,893
|
|
68.3%
|
|
67.4%
|
|
66.8%
|
|
68.3%
|
Operating
expenses
|
|
|
|
|
|
|
|
General and
administrative
|
2,055,763
|
|
1,558,090
|
|
6,250,246
|
|
5,087,871
|
Research and
development
|
1,234,468
|
|
1,218,669
|
|
3,556,977
|
|
3,255,603
|
Selling and
marketing
|
5,697,552
|
|
5,203,477
|
|
16,699,590
|
|
16,272,678
|
Amortization of
intangible assets
|
601,604
|
|
590,858
|
|
1,780,803
|
|
1,772,574
|
One-time
costs
|
-
|
|
(53,887)
|
|
-
|
|
2,257,654
|
|
9,589,387
|
|
8,517,207
|
|
28,287,616
|
|
28,646,380
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(194,730)
|
|
520,830
|
|
(1,030,857)
|
|
(2,285,487)
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest
income
|
62,867
|
|
124
|
|
184,425
|
|
529
|
Interest
expense
|
(6,122)
|
|
(380,803)
|
|
(19,747)
|
|
(1,147,470)
|
Other
income
|
1,001
|
|
-
|
|
7,365
|
|
-
|
Foreign currency
exchange gain (loss)
|
3,020
|
|
(14,905)
|
|
49,213
|
|
(40,311)
|
|
60,766
|
|
(395,584)
|
|
221,256
|
|
(1,187,252)
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
(133,964)
|
|
125,246
|
|
(809,601)
|
|
(3,472,739)
|
|
|
|
|
|
|
|
|
Income tax
expense
|
26,125
|
|
18,932
|
|
141,276
|
|
52,122
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$(160,089)
|
|
$106,314
|
|
$(950,877)
|
|
$(3,524,861)
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per common share
|
$0.00
|
|
$0.00
|
|
$(0.02)
|
|
$(0.14)
|
Diluted net income
(loss) per common share
|
$0.00
|
|
$0.00
|
|
$(0.02)
|
|
$(0.14)
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
60,126,357
|
|
25,633,172
|
|
59,888,906
|
|
25,509,584
|
Diluted
|
60,126,357
|
|
25,748,844
|
|
59,888,906
|
|
25,509,584
|
|
|
|
|
|
|
|
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
September 30,
2017
|
|
December 31,
2016
|
|
|
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash equivalents
|
$15,375,756
|
|
$9,369,624
|
Short-term investments
|
10,656,566
|
|
13,573,057
|
Accounts receivable, net
|
7,178,811
|
|
6,770,838
|
Inventories
|
7,375,504
|
|
7,235,043
|
Other
|
987,982
|
|
571,527
|
Total current
assets
|
41,574,619
|
|
37,520,089
|
|
|
|
|
Property, plant,
and equipment, net
|
2,466,344
|
|
2,115,316
|
Goodwill
|
19,150,849
|
|
18,749,888
|
Other intangible
assets, net
|
7,969,736
|
|
9,482,578
|
Long-term
investments
|
719,417
|
|
5,344,004
|
Investment in
equity interest
|
2,000,000
|
|
-
|
Deferred tax
assets and other
|
160,716
|
|
163,427
|
Total
assets
|
$74,041,681
|
|
$73,375,302
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
|
$2,051,979
|
|
$2,689,035
|
Income tax payable
|
249,690
|
|
113,191
|
Accrued liabilities:
|
|
|
|
Compensation
|
3,889,783
|
|
4,670,640
|
Deferred revenue
|
759,786
|
|
597,524
|
Accrued legal fees
|
56,241
|
|
34,667
|
Accrued foreign and domestic sales tax/VAT
|
476,355
|
|
327,992
|
Accrued employee expenses
|
92,134
|
|
88,557
|
Other
|
1,383,222
|
|
387,056
|
|
|
|
|
Total current
liabilities
|
8,959,190
|
|
8,908,662
|
|
|
|
|
Accrued pension
liability
|
244,940
|
|
308,918
|
Deferred
rent
|
600,092
|
|
639,019
|
Other
|
618,936
|
|
278,780
|
|
|
|
|
Total
liabilities
|
10,423,158
|
|
10,135,379
|
|
|
|
|
Total
shareholders' equity
|
63,618,523
|
|
63,239,923
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$74,041,681
|
|
$73,375,302
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
Nine Months
Ended
|
|
September
30,
|
|
2017
|
|
2016
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$(950,877)
|
|
$(3,524,861)
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and
amortization
|
2,336,095
|
|
2,364,673
|
Share-based
compensation expense
|
1,131,482
|
|
440,000
|
Amortization of
premium on available-for-sale securities
|
95,727
|
|
-
|
Deferred
rent
|
(23,840)
|
|
6,836
|
Amortization of
discount on related party debt
|
-
|
|
836,288
|
Proceeds from
restricted stock exchanged for taxes
|
(17,690)
|
|
(57,343)
|
Other
Changes in operating
assets and liabilities:
|
8,003
|
|
(59,048)
|
Accounts
receivable, net
|
270,965
|
|
1,399,070
|
Inventories
|
57,344
|
|
(1,637,619)
|
Other current
assets
|
(154,906)
|
|
265,395
|
Accounts
payable
|
(917,289)
|
|
394,573
|
Interest
payable
|
-
|
|
261,505
|
Accrued
compensation
|
(1,035,278)
|
|
1,796,568
|
Accrued liabilities,
other
|
657,950
|
|
213,387
|
Accrued pension
liability
|
(99,389)
|
|
(45,463)
|
Deferred
revenue
|
250,174
|
|
220,789
|
Net cash provided by
operating activities
|
1,608,471
|
|
2,874,750
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Proceeds from
maturity of available-for-sale securities
|
9,900,000
|
|
-
|
Purchases of
available-for-sale securities
|
(2,438,322)
|
|
-
|
Purchase of equity
method investment
|
(2,000,000)
|
|
-
|
Purchases of property,
plant and equipment
|
(680,416)
|
|
(232,331)
|
Acquisition of
business, net of cash acquired
|
(178,042)
|
|
-
|
Net cash provided by
(used in) investing activities
|
4,603,220
|
|
(232,331)
|
Cash flows from
financing activities:
|
|
|
|
Borrowings from
line of credit
|
3,033,385
|
|
2,646,500
|
Repayments of
line of credit
|
(3,033,385)
|
|
(2,646,500)
|
Payments to
former Genesis shareholder
|
(7,354)
|
|
-
|
Repayments of
secured borrowings
|
(180,755)
|
|
-
|
Proceeds from
exercise of stock options
|
9,713
|
|
-
|
Financing
costs
|
-
|
|
(375,839)
|
Net cash used in
financing activities
|
(178,396)
|
|
(375,839)
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
(27,163)
|
|
(4,949)
|
|
|
|
|
Net increase in cash
and cash equivalents
|
6,006,132
|
|
2,261,631
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
9,369,624
|
|
1,976,594
|
|
|
|
|
Cash and cash
equivalents at end of period
|
$15,375,756
|
|
$4,238,225
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
Cash paid during
the period for income tax
|
$152,941
|
|
$35,424
|
Cash paid during the
period for interest
|
$13,741
|
|
$47,754
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures:
The tables set forth below entitled "Cash Operating Profit
(Unaudited)" provides the non-GAAP cash operating profit for the
Company for the three and nine months ended September 30, 2017 and September 30, 2016. These tables reconcile
the Company's operating income / loss calculated in accordance with
GAAP to the Company's cash operating income, a non-GAAP financial
measure that excludes non-cash charges for share-based
compensation, depreciation and amortization and one-time income
(expenses).
The non-GAAP financial information used by management and
disclosed by us is not a substitute for, nor superior to, financial
information 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 information differently from similarly titled measures
used by other companies. Therefore, our non-GAAP financial
information may not be comparable to those used by other
companies. We have described the reconciliations of each of
our non-GAAP financial information described above to the most
directly comparable GAAP financial measures.
We use this non-GAAP financial information, and in particular
non-GAAP cash operating income / 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 this information 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.
Q3 Additional
Information
|
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
REVENUE BY
PRODUCT
|
QUARTER ENDED
September 30,
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
Market/Product
|
|
2017
|
|
2016
|
|
$
Change
|
|
%
Change
|
PrimeSight
|
|
$4,293
|
|
$4,407
|
|
$(114)
|
|
(2.6%)
|
Urgent PC
|
|
5,360
|
|
5,210
|
|
150
|
|
2.9%
|
Macroplastique
|
|
1,715
|
|
1,671
|
|
44
|
|
2.6%
|
Other
|
|
550
|
|
208
|
|
342
|
|
164.4%
|
Total
Urology
|
|
11,918
|
|
11,496
|
|
422
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
Airway
Management
|
|
762
|
|
845
|
|
(83)
|
|
(9.8%)
|
Industrial
|
|
1,085
|
|
1,067
|
|
18
|
|
1.7%
|
Total Other
|
|
1,847
|
|
1,912
|
|
(65)
|
|
(3.4%)
|
|
|
|
|
|
|
|
|
|
Combined
Revenue
|
|
$13,765
|
|
$13,408
|
|
$357
|
|
2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
CASH OPERATING PROFIT
(UNAUDITED)
(NON-GAAP)
|
QUARTER ENDED
September 30,
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
2017
|
|
2016
|
|
$
Change
|
|
%
Change
|
Revenue
|
|
$13,765
|
|
$13,408
|
|
$357
|
|
2.7%
|
Gross
profit
|
|
9,395
|
|
9,038
|
|
357
|
|
3.9%
|
|
|
68.3%
|
|
67.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
8,988
|
|
7,980
|
|
1,008
|
|
12.6%
|
Amortization of
intangibles
|
|
602
|
|
591
|
|
11
|
|
1.9%
|
One-time
costs
|
|
-
|
|
(54)
|
|
54
|
|
n/m
|
Operating income
(loss)
|
|
(195)
|
|
521
|
|
(716)
|
|
(137.4%)
|
|
|
|
|
|
|
|
|
|
Non-cash operating
costs
|
|
1,220
|
|
977
|
|
243
|
|
24.9%
|
One-time
costs
|
|
-
|
|
(54)
|
|
54
|
|
n/m
|
Cash operating
profit, excluding one-time costs
|
|
|
|
|
|
|
|
|
|
$1,025
|
|
$1,444
|
|
$(419)
|
|
(29.0%)
|
YTD Additional
Information
|
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
REVENUE BY
PRODUCT
|
NINE MONTHS ENDED
September 30,
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
Market/Product
|
|
2017
|
|
2016
|
|
$
Change
|
|
%
Change
|
PrimeSight
|
|
$13,735
|
|
$10,885
|
|
$2,850
|
|
26.2%
|
Urgent PC
|
|
15,602
|
|
15,720
|
|
(118)
|
|
(0.8%)
|
Macroplastique
|
|
5,237
|
|
5,510
|
|
(273)
|
|
(5.0%)
|
Other
|
|
1,071
|
|
798
|
|
273
|
|
34.2%
|
Total
Urology
|
|
35,645
|
|
32,913
|
|
2,732
|
|
8.3%
|
|
|
|
|
|
|
|
|
|
Airway
Management
|
|
2,235
|
|
2,468
|
|
(233)
|
|
(9.4%)
|
Industrial
|
|
2,899
|
|
3,238
|
|
(339)
|
|
(10.5%)
|
Total Other
|
|
5,134
|
|
5,706
|
|
(572)
|
|
(10.0%)
|
|
|
|
|
|
|
|
|
|
Combined
Revenue
|
|
$40,779
|
|
$38,619
|
|
$2,160
|
|
5.6%
|
|
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
CASH OPERATING PROFIT
(UNAUDITED)
(NON-GAAP)
|
NINE MONTHS ENDED
September 30,
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
2017
|
|
2016
|
|
$
Change
|
|
%
Change
|
Revenue
|
|
$40,779
|
|
$38,619
|
|
$2,160
|
|
5.6%
|
Gross
profit
|
|
27,257
|
|
26,361
|
|
896
|
|
3.4%
|
|
|
66.8%
|
|
68.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
26,507
|
|
24,616
|
|
1,891
|
|
7.7%
|
Amortization of
intangibles
|
|
1,781
|
|
1,773
|
|
8
|
|
0.5%
|
One-time
costs
|
|
-
|
|
2,258
|
|
(2,258)
|
|
n/m
|
Operating
loss
|
|
(1,031)
|
|
(2,286)
|
|
1,255
|
|
(54.9%)
|
|
|
|
|
|
|
|
|
|
Non-cash operating
costs
|
|
3,468
|
|
2,741
|
|
727
|
|
26.5%
|
One-time
costs
|
|
-
|
|
2,258
|
|
(2,258)
|
|
n/m
|
Cash operating
profit, excluding one-time costs
|
|
|
|
|
|
|
|
|
|
$2,437
|
|
$2,713
|
|
$(276)
|
|
(10.2%)
|
View original
content:http://www.prnewswire.com/news-releases/cogentix-medical-reports-third-quarter-results-second-highest-quarterly-revenue-in-company-history-300551328.html
SOURCE Cogentix Medical, Inc.