Urodynamix Technologies Ltd. Reports Fiscal 2009 Third Quarter Results
01 Dezember 2009 - 8:28AM
Marketwired
Urodynamix Technologies Ltd. (TSX VENTURE: URO) today reported its
financial results for its fiscal third quarter ended September 30,
2009. The Company reported a loss of $638,287 or $0.01 per share
basic and diluted compared to a loss of $737,341or $0.01, basic and
diluted, for the comparative quarter of the prior year. Revenue for
the quarter ended September 30, 2009 at $15,285, decreased 55% over
the same quarter of the prior year. The Company's order backlog at
September 30, 2009 was $84,845 compared to nil at the end of the
comparative quarter September 30, 2008.
The Company continues to experience higher than expected
resistance to the adoption of its new technology by urologists
related to the uncertainty surrounding healthcare reform and
physician reimbursement across all sectors of the healthcare system
including urology. As a result revenue for the current quarter and
the year to date is significantly below plan. The Company continues
to strategically market its devices in the US and expand its
distribution resources to offset this ongoing challenge. "While we
are disappointed with the results we remain confident in the value
and opportunity for the NIRS technology. We continue to adapt and
review our sales and marketing strategy in light of this
challenging environment and we are optimistic that our efforts in
international markets will bear fruit in the near term." said Barry
Allen, President and Chief Executive Officer of Urodynamix
Technologies Ltd.
Gross margin at 83.3% of revenue increased from 68.3% of revenue
for the comparative quarter ended September 30, 2008 due to the
recognition of license revenue that has no corresponding cost of
sales. Expenses for the three months ended September 30, 2009 were
$643,866 compared to $725,602 for the comparative quarter of the
prior year, a decrease of $81,736. The decrease in research and
development expenses, due to the narrowing of the Company's
research and development focus, was offset by an increase in sales
and marketing expenses to support the introduction of the uroNIRS
2000. Administrative expenses at $324,154 increased $62,166 due to
expenses associated with investor relations and the non-brokered
private placement that closed September 25, 2009. The Company also
recorded $20,909 in bad debt expense in the quarter resulting from
a pricing concession provided to its distributor Medical
Measurement Systems B.V. The Company will continue to take steps to
lower its monthly cash burn including the reduction of additional
headcount. The Company's research and development focus will
continue to be the uroNIRS 2000 product and the transurethral
microwave treatment (TUMT) project.
As of September 30, 2009, the Company had cash and cash
equivalents of $1,333,014 compared to $2,262,794 at December 31,
2008. Working capital at September 30, 2009 was $1,358,402 and the
Company remains debt free. The Company will continue to take steps
to reduce its monthly cash burn.
About Urodynamix Technologies Ltd.
Urodynamix Technologies Ltd. is a Canadian medical device
company developing and commercializing non-invasive medical
technology based on proprietary applications of near-infrared
spectroscopy (NIRS). The Company is currently focused on products
that aid in the diagnosis and treatment of urinary incontinence,
lower urinary tract symptoms, prostate cancer, benign prostatic
hyperplasia, and traumatic increases in intra-abdominal pressure
that cause abdominal compartment syndrome. Urodynamix's
breakthrough medical technology has the potential to beneficially
affect more than 200 million people worldwide.
Certain information contained in this press release may be
forward-looking and is subject to unknown risks, which could cause
actual results to differ materially from those set forth or implied
herein. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove correct.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Urodynamix Technologies Ltd. Jonathan Jackson CA Chief
Financial Officer (604) 638-0248 jjackson@urodynamix.com
www.urodynamix.com
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