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Urologixᆴ, Inc.
ULGX today reported financial results for its fiscal second quarter ended December 31, 2011.
Second quarter fiscal year 2012 revenue totaled $4.7 million. The 48% sequential growth in revenue was attributable to 11% of sequential growth in the Company's Cooled ThermoTherapyル (
) base business and the additional benefit from the first full quarter of selling the Prostivaᆴ Radio Frequency (
RF) Therapy product following the license acquisition on September 6, 2011. Revenue grew 40% year over year, driven by the incremental contribution of Prostiva product revenue.
As of December 31, 2011, the Company's cash balance was $1.6 million. The Company generated $17 thousand of cash in the second fiscal quarter ended December 31, 2011 compared to cash utilization of $413 thousand in the same period last year. The cash performance is a result in part of beneficial payment terms on Prostiva product inventory and the timing of royalty payments. Payments for approximately $1.3 million of Prostiva product purchased during the second quarter of fiscal year 2012 were deferred as a result of 270 day terms negotiated as part of the license agreement. On January 11, 2012, the Company also closed on a credit facility for $2 million with Silicon Valley Bank to provide additional liquidity for the ongoing integration of the Prostiva business.
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