Uroplasty CEO Resigns; Ex-MN Med-Tech Leader Steps In
Minnetonka-based Uroplasty, Inc., recently announced that President and CEO David Kaysen resigned from the company on Friday.
A Uroplasty spokesperson told Twin Cities Business that Kaysen resigned on his own accord, although the company declined to disclose the reason for his departure.
Robert Kill, who has served on Uroplasty’s board of directors since 2010 and is currently an operating partner at Palo Alto, California-based private equity firm Altamont Capital Partners, was named interim CEO. He will assume Kaysen’s duties while Uroplasty’s board searches for a permanent replacement. Kill will be paid $25,000 a month as interim CEO, according to a filing with the U.S. Securities and Exchange Commission.
Prior to joining Altamont, Kill was president and CEO of Virtual Radiologic Corporation, an Eden Prairie-based provider of outsourced radiology solutions.
Uroplasty is a medical device company that develops, manufactures, and markets medical products to treat bladder dysfunction and pelvic disorders. The company’s cornerstone product, Urgent PC, uses a hand-held stimulator, a thin needle electrode, and a lead set to perform a non-surgical treatment for overactive bladders.
“Dave Kaysen has served as our president and CEO since May 2006 and has guided the company through the introduction of its industry-leading Urgent PC product, including successful completion of clinical trials,” Uroplasty Chairman James Stauner said in a statement.
Upon announcing Kaysen’s resignation, the company also released preliminary financial results for its fourth quarter and full 2013 fiscal year, which ended March 31. The company said that Urgent PC’s U.S. sales totaled about $2.6 million in the fourth quarter and about $10.5 million for the full fiscal year, up 35 percent from the previous year.
“Dave assumed the CEO role when Uroplasty had virtually all of its operations in Europe and generated only $6.4 million in revenue,” Stauner said in a statement. “He departs with the company generating over $22 million in annual sales, largely fueled by growth in Urgent PC sales.”
Based on preliminary results, its fourth-quarter revenue totaled $5.5 million and its full fiscal year totaled $22.4 million, up from $20.6 million the year before. While marking another year of growth, the increase is less dramatic than the 49 percent growth in sales experienced between the company’s 2011 and 2012 fiscal years. Uroplasty said its official financial results would be announced in May.