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ULURU Inc. Reports Financial Results for Fourth Quarter and Year Ended December 31, 2010

Fri, 04/01/2011 - 5:37am
Bio-Medicine.Org

ADDISON, Texas, April 1, 2011 /PRNewswire/ -- ULURU Inc. (NYSE AMEX: ULU) today announced its financial results for the fourth quarter and year ended December 31, 2010.  

For the fourth quarter of 2010, the Company reported a net loss of $0.3 million, or $0.004 per share, compared with a net loss of $1.7 million, or $0.024 per share, for the same period last year.  For the year ended December 31, 2010, the Company reported a net loss of $5.0 million, or $0.06 per share, compared with a net loss of $9.2 million, or $0.14 per share, in the same period of 2009. At December 31, 2010, the Company held cash and cash equivalents of approximately $0.6 million, compared with $1.9 million at December 31, 2009.  As of March 1, 2011, the Company held cash and cash equivalents of approximately $0.7 million.

Commenting on the financial results Kerry P. Gray, President and CEO stated, "The 2010 results which reflect a significant improvement in our reported loss from 2009 is due principally to the business restructuring that occurred in July 2009. Non-recurring events accounted for $655,000 of the improvement in 2010 with the balance being attributable to operations. As we expand our commercial activities, both in the U.S. and internationally, we continue to maintain tight controls of our operating expenses. The next 6 months will be an exciting period for the Company as we anticipate three product launches internationally, the submission of two additional 510(k) applications in the U.S. to expand our Altrazeal® product line, significant expansion in Altrazeal® revenues, and additional licensing activities. We are projecting that during this period the Company will receive approximately $2 million from commercial activities."

Operating ResultsRevenues

Revenues for the fourth quarter of 2010 were $1,029,000, compared to $233,000 for the fourth quarter of 2009.  The increase of approximately

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