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Urologix Reports Fiscal Year 2013 Second Quarter Results and Reaffirms Annual Guidance



Urologix Reports Fiscal Year 2013 Second Quarter Results and Reaffirms Annual
Guidance

Executive Summary

  * Second quarter revenue reported at $4.4 million, up 9.7% sequentially.
  * Guidance for fiscal year 2013 revenue reaffirmed at $16.0 million to $17.0
    million.

MINNEAPOLIS, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Urologix®, Inc. (Nasdaq:ULGX),
the leading provider of in-office BPH therapy, today reported financial
results for its fiscal year second quarter ended December 31, 2012.

Second quarter fiscal year 2013 revenue totaled $4.4 million, up 9.7%
sequentially from the first quarter of fiscal year 2013 and down 6.4% compared
to the second quarter of fiscal year 2012. The sequential increase in revenue
was driven by approximately 10% growth in sales for both product lines, Cooled
ThermoTherapy^TM (CTT) and Prostiva Radio Frequency (RF) Therapy. Revenue
declined compared to the second quarter of fiscal year 2012 due to lower sales
in both product lines.

"Second quarter performance reflects improving execution of our sales strategy
and stronger in-office procedure trends compared to the first quarter of
fiscal year 2013," stated Greg Fluet, Chief Executive Officer. "We remain
intently focused on leveraging our leading market share position, our expanded
sales organization, and our innovative market development and patient
education programs to drive top-line growth going forward."

As of December 31, 2012, the Company's cash balance was $4.9 million compared
to $5.3 million as of September 30, 2012. Cash utilization in the quarter was
$470,000. Our cash utilization benefited from the ability to defer $489,000 of
payments for Prostiva product purchased during the quarter. In addition, we
continue to defer payments due and accrued in prior periods related to
Prostiva which are reflected in accounts payable and short term deferred
acquisition payments on the balance sheet.

Gross profit for the second quarter of fiscal year 2013 was $2.2 million, or
51.4% of revenue, compared to $2.3 million, or 49.2% of revenue, in the second
quarter of fiscal year 2012. Gross margin also increased sequentially compared
to 50.8% in the first quarter of fiscal year 2013 due to improved production
efficiencies. The change in gross margin compared to the prior year was due to
increased production volumes that reduced the allocation of fixed
manufacturing costs on a per-unit basis.

Total operating expense was $3.1 million for the second quarter of fiscal year
2013, representing an increase of 4.2% sequentially and a decline of 3.9%
compared to the prior year period. The sequential increase in operating
expense was related to increased investments in sales and marketing. The
year-over-year decrease in total operating expense of 3.9% was driven by a
non-cash gain of $215,000 in the second quarter of fiscal year 2013 and lower
general and administrative expenses compared to the second quarter of fiscal
year 2012. Excluding this non-cash gain, total operating expense increased
2.9% compared to the second quarter of fiscal year 2012. The increase in
operating expense, excluding the non-cash gain, was again related to our
investments in sales and marketing activities.

For the second quarter of fiscal year 2013, Urologix reported a net loss of
$970,000, or $0.05 per diluted share, compared to a net loss of $1.1 million,
or $0.08 per diluted share, in the second quarter of fiscal year 2012. The
change in net loss in the second quarter of fiscal year 2013 was driven
primarily by the non-cash gain of $215,000 due to a change in the fair value
of the acquisition consideration. The net loss this quarter represented a
modest sequential improvement over the net loss of $1.1 million, or $0.05 per
share, in the first quarter of fiscal 2013. The sequential improvement in net
loss this quarter was driven primarily by higher sales and gross profit
compared to the prior quarter.

Guidance

The Company reaffirms the fiscal year 2013 total revenue guidance range of
approximately $16.0 million to $17.0 million.

Earnings Call Information

Urologix will host a conference call with the financial community to discuss
fiscal year 2013 second quarter results on Tuesday, February 5, 2013 at 4:00
p.m. Central Standard Time. To listen to the call, please dial 1-866-578-5788
and enter the Participant Passcode 18011408 at least 10 minutes prior to the
call. A live webcast of the call will be available through the investor
relations section of the Company's website at www.urologix.com and available
for replay approximately two hours after the completion of the call.

About Urologix

Urologix, Inc., based in Minneapolis, develops, manufactures, markets and
distributes minimally invasive medical products for the treatment of
obstruction and symptoms due to Benign Prostatic Hyperplasia (BPH). Urologix'
Cooled ThermoTherapy™ produces targeted microwave energy combined with a
unique cooling mechanism to protect healthy tissue and enhance patient
comfort. The Prostiva® RF Therapy System distributed by Urologix delivers
radio frequency energy directly into the prostate destroying prostate tissue,
reducing constriction of the urethra, and thereby relieving BPH symptoms. Both
of these therapies provide safe, effective and lasting relief of the symptoms
and obstruction due to BPH. Prostiva® is a registered trademark of Medtronic,
Inc., used under license. All other trademarks are the property of Urologix.

If you'd like more information on this topic, please contact Brian Smrdel at
(763) 475-7696 or bsmrdel@urologix.com or to learn more about Urologix and its
products and services, visit their website at www.urologix.com.

The Urologix, Inc. logo is available at
www.urologix.com/clinicians/resource-library.php.

Forward Looking Statements

This press release contains forward-looking statements that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Any statements contained in this press release that are not
statements of historical fact may be deemed to be forward-looking statements.
Without limiting the foregoing, words such as "may," "will," "expect,"
"believe," "anticipate," "estimate" or "continue" or comparable terminology
are intended to identify forward-looking statements. Such forward looking
statements include, for example, the effectiveness of the Company's sales and
marketing strategies and organization, the Company's future revenue and
operating performance, or about the development and marketing of new products.
The statements made by the Company are based upon management's current
expectations and are subject to certain risks and uncertainties that could
cause the actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties include market
conditions and other factors beyond the Company's control and the risk factors
and other cautionary statements described in the Company's Annual Report on
Form 10-K for the year ended June 30, 2012 and other documents filed with the
Securities and Exchange Commission.

Urologix, Inc.
Statements of Operations
(Unaudited, in thousands, except per share data)
                                                                      
                                        Three Months Ended Six Months Ended
                                        December 31,       December 31,
                                                                      
                                        2012     2011      2012      2011
                                                                      
Sales                                   $4,354   $4,653    $8,324    $7,795
Cost of goods sold                      2,117    2,364     4,072     4,091
Gross profit                            2,237    2,289     4,252     3,704
                                                                      
Costs and expenses:                                                   
Sales and marketing                     2,007    1,675     3,724     3,039
General and administrative              646      900       1,383     1,780
Research and development                602      588       1,218     1,069
Change in value of acquisition          (215)    --        (369)     --
consideration
Amortization expense                    26       26        52        39
Total costs and expenses                3,066    3,189     6,008     5,927
                                                                      
Operating loss                          (829)    (900)     (1,756)   (2,223)
Interest expense                        (127)    (213)     (249)     (269)
Foreign currency exchange gain/(loss)   2        --        (3)       --
Loss before income taxes                (954)    (1,113)   (2,008)   (2,492)
                                                                      
Income tax expense                      16       6         32        11
Net loss                                $ (970)  $ (1,119) $ (2,040) $ (2,503)
                                                                      
Net loss per common share--basic        $ (0.05) $ (0.08)  $ (0.10)  $ (0.17)
                                                                      
Net loss per common share--diluted      $ (0.05) $ (0.08)  $ (0.10)  $ (0.17)
                                                                      
Weighted average number of common       20,835   14,744    20,507    14,735
shares outstanding--basic
                                                                      
Weighted average number of common       20,835   14,744    20,507    14,735
shares outstanding--diluted

 
Urologix, Inc.
Balance Sheets
(Unaudited, in thousands)
                                                         
                                           December 31, June 30, 
                                            2012        2012
ASSETS                                                   
Current assets:                                          
Cash and cash equivalents                  $4,879       $1,899
Accounts receivable, net                   2,201        2,132
Inventories                                2,033        1,448
Prepaids and other current assets          246          290
Total current assets                       9,359        5,769
Property and equipment:                                  
Property and equipment                     12,018       12,006
Less accumulated depreciation              (11,273)     (11,144)
Property and equipment, net                745          862
Other intangible assets, net               2,137        2,262
Goodwill                                   3,036        3,115
Long-term inventories                      678          663
Other assets                               5            5
Total assets                               $15,960      $12,676
                                                         
LIABILITIES AND SHAREHOLDERS' EQUITY                     
Current liabilities:                                     
Accounts payable                           $4,975       $3,376
Accrued compensation                       668          732
Deferred income                            10           7
Short-term deferred acquisition payment    2,906        2,395
Other accrued expenses                     682          779
Total current liabilities                  9,241        7,289
                                                         
Deferred tax liability                     57           35
Long-term deferred acquisition payment     4,017        4,613
Other accrued liabilities                  94           113
Total liabilities                          13,409       12,050
                                                         
Shareholders' equity:                                    
Common stock                               207          147
Additional paid-in capital                 119,110      115,205
Accumulated deficit                        (116,766)    (114,726)
Total shareholders' equity                 2,551        626
Total liabilities and shareholders' equity $15,960      $12,676

 
Urologix, Inc.
Condensed Statements of Cash Flows
(Unaudited, in thousands)
                                                           Six Months Ended
                                                           December 31,
                                                           2012      2011
Operating Activities:                                                 
Net loss                                                   $ (2,040) $ (2,503)
Adjustments to reconcile net loss to net cash used for                
operating activities:
Depreciation and amortization                              339       325
Employee stock-based compensation expense                  151       199
Provision for bad debts                                    23        -- 
Loss on disposal of assets                                 7         10
Accretion expense on deferred acquisition payments         284       269
Net adjustment to acquisition consideration                (369)     -- 
Deferred income taxes                                      22        -- 
Change in operating items, net of acquisition:                        
Accounts receivable                                        (92)      (853)
Inventories                                                (577)     (38)
Prepaids and other assets                                  44        (10)
Accounts payable                                           1,599     1,279
Accrued expenses and deferred income                       (177)     277
Net cash used for operating activities                     (786)     (1,045)
                                                                      
Investing Activities:                                                 
Purchase of property and equipment                         (36)      (31)
Acquisition of business                                    --        (500)
Purchases of intellectual property                         (12)      -- 
Net cash used for investing activities                     (48)      (531)
                                                                      
Financing Activities:                                                 
Proceeds from stock option exercises                       --        87
Issuance of common stock                                   3,814     -- 
Net cash provided by financing activities                  3,814     87
                                                                      
Net decrease in cash and cash equivalents                  2,980     (1,489)
Cash and cash equivalents:                                            
Beginning of period                                        1,899     3,061
End of period                                              $4,879    $1,572
                                                                      
Supplemental cash-flow information                                    
Income taxes paid during the period                        $15       $11
Net amount of inventory transferred to property and equip. $56       $144
Non-cash consideration for acquisition                     $ --      $6,532

CONTACT: Urologix Media Contact
         Karen Jackson
         (513) 484-2987
         Kjackson@urologix.com
        
         Urologix Investor Relations Contact
         Brian Smrdel
         (763) 475-7696
         Bsmrdel@urologix.com

Urologix, Inc. Logo
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