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Urologix, Inc.
Urologix Reports Fiscal 2008 Third Quarter Results
May 7th, 2008
(NewsRx.com) -- Urologix(R), Inc. (NASDAQ:ULGX), reported financial results for the fiscal 2008 third quarter ended March 31, 2008. Revenue for the third quarter of fiscal 2008 was $3.1 million or 39 percent less than the $5.1 million reported in the same period of fiscal 2007 and 19 percent less than $3.8 million reported in the second quarter of this fiscal year. Net loss for the third quarter of fiscal 2008 was $2.1 million, or a loss of $0.15 per diluted share, compared to a net loss of $777,000 or a loss of $0.05 per diluted share, in the third quarter of fiscal 2007. For the nine months ended March 31, 2008, revenue was $11.2 million compared to $16.5 million for the nine months of the prior year period. The net loss for the nine months ended March 31, 2008 was $12.7 million, or $0.88 per diluted share, compared to a net loss of $1.2 million, or $0.08 per diluted share, for the nine months ended March 31, 2007. The net loss for the nine months ended March 31, 2008 includes a net non-cash impairment charge of $8.6 million, or $0.60 per diluted share, taken in the quarter ended December 31, 2007. At March 31, 2008, the Company's cash balance was $11.7 million, a decrease of $412,000 from the prior quarter. On March 31, 2008, the Company received FDA approval of its new Cooled ThermoTherapy(TM) treatment catheter CTC Advance(TM). The CTC Advance treatment catheter b.i.d. upon the proven safety, efficacy and durability of Urologix' CTC Cooled ThermoTherapy Catheter for treatment of Enlarged Prostate Disease. At the upcoming American Urological Society meeting in May there will be a presentation on the long term durability of CTC. The third quarter revenue decline from the prior year's third quarter and from the second quarter of fiscal 2008 is a result of reduced orders for procedure kits and reduced number of procedures performed by Urologix-owned Cooled ThermoTherapy(TM) mobile services. Revenue from catheter sales to direct accounts constituted 39 percent of overall revenue in the third quarter as compared to 41 percent in the second quarter. Revenue derived from the Urologix-owned Cooled ThermoTherapy(TM) mobile service declined 7 percent from that reported in the second quarter of fiscal 2008 and constituted 54 percent of overall revenue in the third quarter of fiscal 2008 compared to 47 percent in the second quarter of fiscal 2008. Third party mobile revenue represented approximately 5 percent of overall revenue compared to 9 percent of revenue in the prior quarter. Keywords: Urologix, Inc. This article was prepared by NewsRx editors from staff and other reports. Copyright 2008, NewsRx.com.
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