Minnesota
|
001-32632
|
41-1719250
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
5420 Feltl Road
Minnetonka, Minnesota
|
55343
|
|
(Address of principal executive offices)
|
(Zip Code)
|
☒ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02.
|
Results of Operations and Financial Condition
|
Item 9.01 | Financial Statements and Exhibits. |
(d)
|
Exhibits.
|
Exhibit No.
|
Description
|
||
99.1
|
Press Release of Uroplasty, Inc. dated January 22, 2015 (furnished herewith)
|
Dated: January 22, 2015
|
UROPLASTY, INC. | ||
By:
|
/s/ Brett Reynolds
|
||
Name: Brett Reynolds
|
|||
Title: Senior Vice President, Chief Financial Officer and Corporate Secretary
|
Exhibit No.
|
Description
|
Method of Filing
|
||
Press Release of Uroplasty, Inc. dated January 22, 2015
|
Furnished herewith
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net sales
|
$
|
6,666,905
|
$
|
6,398,675
|
$
|
19,506,164
|
$
|
18,216,391
|
||||||||
Cost of goods sold
|
778,406
|
778,267
|
2,322,942
|
2,268,156
|
||||||||||||
Gross profit
|
5,888,499
|
5,620,408
|
17,183,222
|
15,948,235
|
||||||||||||
Operating expenses
|
||||||||||||||||
General and administrative
|
2,283,333
|
1,194,882
|
5,148,998
|
5,166,255
|
||||||||||||
Research and development
|
665,539
|
526,224
|
2,226,018
|
1,434,647
|
||||||||||||
Selling and marketing
|
5,015,916
|
4,546,100
|
15,107,241
|
13,496,593
|
||||||||||||
Amortization
|
7,584
|
7,873
|
24,136
|
22,347
|
||||||||||||
7,972,372
|
6,275,079
|
22,506,393
|
20,119,842
|
|||||||||||||
Operating loss
|
(2,083,873
|
)
|
(654,671
|
)
|
(5,323,171
|
)
|
(4,171,607
|
)
|
||||||||
Other income (expense)
|
||||||||||||||||
Interest income
|
1,761
|
3,836
|
6,606
|
18,576
|
||||||||||||
Interest expense
|
(250
|
)
|
-
|
(250
|
)
|
-
|
||||||||||
Foreign currency exchange gain (loss)
|
(2,038
|
)
|
(506
|
)
|
(3,317
|
)
|
(4,540
|
)
|
||||||||
(527
|
)
|
3,330
|
3,039
|
14,036
|
||||||||||||
Loss before income taxes
|
(2,084,400
|
)
|
(651,341
|
)
|
(5,320,132
|
)
|
(4,157,571
|
)
|
||||||||
Income tax expense
|
20,938
|
19,491
|
55,785
|
50,033
|
||||||||||||
Net loss
|
$
|
(2,105,338
|
)
|
$
|
(670,832
|
)
|
$
|
(5,375,917
|
)
|
(4,207,604
|
)
|
|||||
Basic and diluted net loss per common share
|
$
|
(0.10
|
)
|
$
|
(0.03
|
)
|
$
|
(0.25
|
)
|
$
|
(0.20
|
)
|
||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic and diluted
|
21,663,924
|
21,258,736
|
21,683,892
|
21,035,874
|
December 31, 2014
|
March 31, 2014
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
8,703,789
|
$
|
8,681,609
|
||||
Short-term investments
|
-
|
3,451,086
|
||||||
Accounts receivable, net
|
2,567,403
|
2,875,275
|
||||||
Inventories
|
437,471
|
517,217
|
||||||
Other
|
449,046
|
507,299
|
||||||
Total current assets
|
12,157,709
|
16,032,486
|
||||||
Property, plant, and equipment, net
|
946,726
|
997,609
|
||||||
Intangible assets, net
|
95,845
|
119,980
|
||||||
Prepaid pension assets
|
-
|
855
|
||||||
Deferred tax assets
|
127,625
|
150,116
|
||||||
Total assets
|
$
|
13,327,905
|
$
|
17,301,046
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
1,193,692
|
$
|
904,879
|
||||
Current portion – deferred rent
|
-
|
2,917
|
||||||
Current portion – capital lease obligation
|
4,434
|
-
|
||||||
Income tax payable
|
23,729
|
21,922
|
||||||
Accrued liabilities:
|
||||||||
Compensation
|
2,199,586
|
1,999,966
|
||||||
Other
|
394,732
|
479,373
|
||||||
Total current liabilities
|
3,816,173
|
3,409,057
|
||||||
Deferred rent – less current portion
|
26,644
|
171
|
||||||
Capital lease obligation – less current portion
|
18,411
|
-
|
||||||
Long-term incentive plan
|
131,907
|
-
|
||||||
Accrued pension liability
|
543,934
|
678,118
|
||||||
Total liabilities
|
4,537,069
|
4,087,346
|
||||||
Total shareholders’ equity
|
8,790,836
|
13,213,700
|
||||||
Total liabilities and shareholders’ equity
|
$
|
13,327,905
|
$
|
17,301,046
|
Nine Months Ended
|
||||||||
December 31,
|
||||||||
2014
|
2013
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(5,375,917
|
)
|
$
|
(4,207,604
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
207,011
|
267,369
|
||||||
Loss (gain) on disposal of equipment
|
161
|
(5,000
|
)
|
|||||
Amortization of premium on marketable securities
|
311
|
7,562
|
||||||
Share-based compensation expense
|
1,077,928
|
1,210,201
|
||||||
Long-term incentive plan
|
131,907
|
-
|
||||||
Deferred income tax expense
|
5,129
|
3,245
|
||||||
Deferred rent
|
23,556
|
(27,790
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable, net
|
220,002
|
79,428
|
||||||
Inventories
|
73,626
|
255,207
|
||||||
Other current assets
|
48,142
|
16,868
|
||||||
Accounts payable
|
295,113
|
21,724
|
||||||
Accrued compensation
|
212,259
|
274,139
|
||||||
Accrued liabilities
|
(59,459
|
)
|
(120,881
|
)
|
||||
Accrued pension liability
|
(56,226
|
)
|
(39,011
|
)
|
||||
Net cash used in operating activities
|
(3,196,457
|
)
|
(2,264,543
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Proceeds from maturity of available-for-sale instruments
|
3,450,000
|
2,750,000
|
||||||
Proceeds from held-to-maturity instruments
|
-
|
4,180,000
|
||||||
Purchases of property, plant and equipment
|
(206,498
|
)
|
(221,769
|
)
|
||||
Proceeds from sale of property, plant and equipment
|
3,104
|
6,773
|
||||||
Payments for intangible assets
|
-
|
(41,300
|
)
|
|||||
Net cash provided by investing activities
|
3,246,606
|
6,673,704
|
||||||
Cash flows from financing activities:
|
||||||||
Proceeds from exercise of stock options
|
67,850
|
172,485
|
||||||
Net cash provided by financing activities
|
67,850
|
172,485
|
||||||
Effect of exchange rates on cash and cash equivalents
|
(95,819
|
)
|
48,741
|
|||||
Net increase in cash and cash equivalents
|
22,180
|
4,630,387
|
||||||
Cash and cash equivalents at beginning of period
|
8,681,609
|
3,533,864
|
||||||
Cash and cash equivalents at end of period
|
$
|
8,703,789
|
$
|
8,164,251
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for income tax
|
$
|
56,144
|
$
|
34,640
|
Expense Adjustments
|
||||||||||||||||||||||||
(dollar amounts in thousands)
|
GAAP
|
Share-based
Compensation
|
Long-term
Incentive
Plan
|
Depreciation
|
Amortization
|
Non-GAAP
|
||||||||||||||||||
Three Months Ended December 31, 2014
|
||||||||||||||||||||||||
Gross Profit
|
$
|
5,888
|
$
|
11
|
$
|
-
|
$
|
4
|
$
|
-
|
$
|
5,903
|
||||||||||||
% of sales
|
88.3
|
%
|
88.6
|
%
|
||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
General & administrative
|
2,282
|
(313
|
)
|
(132
|
)
|
(36
|
)
|
-
|
1,801
|
|||||||||||||||
Research and development
|
666
|
(11
|
)
|
-
|
-
|
-
|
655
|
|||||||||||||||||
Selling and marketing
|
5,016
|
(81
|
)
|
-
|
(19
|
)
|
-
|
4,916
|
||||||||||||||||
Amortization
|
8
|
-
|
-
|
-
|
(8
|
)
|
-
|
|||||||||||||||||
7,972
|
(405
|
)
|
(132
|
)
|
(55
|
)
|
(8
|
)
|
7,372
|
|||||||||||||||
Operating Loss
|
$
|
(2,084
|
)
|
$
|
416
|
$
|
132
|
$
|
59
|
$
|
8
|
$
|
(1,469
|
)
|
||||||||||
Three Months Ended December 31, 2013
|
||||||||||||||||||||||||
Gross Profit
|
$
|
5,620
|
$
|
6
|
$
|
-
|
$
|
8
|
$
|
-
|
$
|
5,634
|
||||||||||||
% of sales
|
87.8
|
%
|
88.1
|
%
|
||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
General & administrative
|
1,195
|
(197
|
)
|
-
|
(50
|
)
|
-
|
948
|
||||||||||||||||
Research and development
|
526
|
(11
|
)
|
-
|
(1
|
)
|
-
|
514
|
||||||||||||||||
Selling and marketing
|
4,546
|
(75
|
)
|
-
|
(22
|
)
|
-
|
4,449
|
||||||||||||||||
Amortization
|
8
|
-
|
-
|
-
|
(8
|
)
|
-
|
|||||||||||||||||
6,275
|
(283
|
)
|
-
|
(73
|
)
|
(8
|
)
|
5,911
|
||||||||||||||||
Operating Loss
|
$
|
(655
|
)
|
$
|
289
|
$
|
-
|
$
|
81
|
$
|
8
|
$
|
(277
|
)
|
Expense Adjustments
|
||||||||||||||||||||||||
(dollar amounts in thousands)
|
GAAP
|
Share-based
Expense
|
Long-term
Incentive
Plan
|
Depreciation
|
Amortization
|
Non-GAAP
|
||||||||||||||||||
Nine Months Ended December 31, 2014
|
||||||||||||||||||||||||
Gross Profit
|
$
|
17,183
|
$
|
36
|
$
|
-
|
$
|
13
|
$
|
-
|
$
|
17,232
|
||||||||||||
% of sales
|
88.1
|
%
|
88.3
|
%
|
||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
General & administrative
|
5,149
|
(755
|
)
|
(132
|
)
|
(111
|
)
|
-
|
4,151
|
|||||||||||||||
Research and development
|
2,226
|
(41
|
)
|
-
|
(2
|
)
|
-
|
2,183
|
||||||||||||||||
Selling and marketing
|
15,107
|
(246
|
)
|
-
|
(57
|
)
|
-
|
14,804
|
||||||||||||||||
Amortization
|
24
|
-
|
-
|
-
|
(24
|
)
|
-
|
|||||||||||||||||
22,506
|
(1,042
|
)
|
(132
|
)
|
(170
|
)
|
(24
|
)
|
21,138
|
|||||||||||||||
Operating Loss
|
$
|
(5,323
|
)
|
$
|
1,078
|
$
|
132
|
$
|
183
|
$
|
24
|
$
|
(3,906
|
)
|
||||||||||
Nine Months Ended December 31, 2013
|
||||||||||||||||||||||||
Gross Profit
|
$
|
15,948
|
$
|
20
|
$
|
-
|
$
|
26
|
$
|
-
|
$
|
15,994
|
||||||||||||
% of sales
|
87.5
|
%
|
87.8
|
%
|
||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
General & administrative
|
5,166
|
(952
|
)
|
-
|
(153
|
)
|
-
|
4,061
|
||||||||||||||||
Research and development
|
1,435
|
(36
|
)
|
-
|
(3
|
)
|
-
|
1,396
|
||||||||||||||||
Selling and marketing
|
13,497
|
(202
|
)
|
-
|
(63
|
)
|
-
|
13,232
|
||||||||||||||||
Amortization
|
22
|
-
|
-
|
-
|
(22
|
)
|
-
|
|||||||||||||||||
20,120
|
(1,190
|
)
|
-
|
(219
|
)
|
(22
|
)
|
18,689
|
||||||||||||||||
Operating Loss
|
$
|
(4,172
|
)
|
$
|
1,210
|
$
|
-
|
$
|
245
|
$
|
22
|
$
|
(2,695
|
)
|