Jason Napodano, CFA
Research analyst, medium-term horizon, biotech, small-cap

Expecting Big Revenue Ramp At ULURU In The Coming Quarters

…Scale-Up Issues Impact Revenues In Q1…

On May 16, 2014, ULURU, Inc. (OTCQB:ULUR) reported financial results for the first quarter ending March 31, 2014. Revenues during the quarter totaled only $102k, comprised of $87k in products sales and $15k in licensing and royalty income. Revenues came in below expectations; we had expected revenues to be around $200k. The company noted production issues, as discussed in our last report, continue to delay shipments to distributors.

We remind investors that in the fourth quarter 2013, ULURU had to write off $60,000 in obsolete finished goods and raw materials. Management has been working through increased lead-times and logistical issues associated with ramping of production on Altrazeal. Last year the company changed

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