Business
Urologix Reports Preliminary Fiscal Year 2015 Second Quarter Revenue and Cash Results
Urologix Reports Preliminary Fiscal Year 2015 Second Quarter Revenue and Cash Results.
About this update from Urologix
[{"type":"text","content":"\n\n\t\n\t\tSecond quarter preliminary revenue of $3.1M, up 2% sequentially\n\nMINNEAPOLIS, Jan. 12, 2015 (GLOBE NEWSWIRE) -- Urologix®, Inc. (OTCQB:ULGX), the leading provider of in-office procedures for the safe, durable and effective treatment of BPH, announces preliminary revenue and cash balances for its second quarter of fiscal year 2015 ended December 31, 2014.\n\n\tSecond quarter of fiscal year 2015 revenue is expected to be approximately $3.1 million, up approximately 2% sequentially from the first quarter of fiscal year 2015. The second quarter revenue was down approximately 19% compared to the second quarter of the prior fiscal year, which was the last full quarter of operations before the Company restructured its sales and operations in the second half of fiscal year 2014.\n\n\tAs of December 31, 2014, the Company's preliminary total cash balance was approximately $570,000, which includes $40,000 of restricted cash. The total cash balance is an increase of approximately $25,000 from September 30, 2014.\n\n\t\"We are pleased with our preliminary revenue and cash results for the second quarter. We now have two quarters of post-restructuring operations behind us that indicate we are on track with the primary objective of our plan to stabilize revenue with our new distribution model and become operationally cash flow positive,\" stated Greg Fluet, CEO.\n\n\tDuring the quarter ended December 31, 2014 and subsequently since that date, Urologix did not make any payments towards any of the amounts due and unpaid to Medtronic.  Regarding the amounts due and unpaid to Medtronic, Urologix and Medtronic both share a sincere commitment to patients and urologists. Urologix recognizes Medtronic's continuing rights under the agreements, and is working collaboratively with Medtronic and their observer on the Company's Board of Directors in an effort to build the business.\n\n\tThe preliminary unaudited results for the second quarter of fiscal year 2015 are subject to the Company's management and independent auditors' customary review procedures. The Company intends to issue a press release reporting final results of operations for the quarter ending December 31, 2014 after the market close on February 5, 2015, with its conference call scheduled for 4:00 p.m. CST that day.\n\n\tEarnings Call Information\n\n\tTo lis...