Cogentix Medical 10-Q 12 Feb 15 2015 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Dec. 31, 2014	Feb. 11, 2015
Entity Registrant Name	VISION SCIENCES INC /DE/
Entity Central Index Key	894237
Current Fiscal Year End Date	-28
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		48,315,387
Document Type	10-Q
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Amendment Flag	FALSE

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Net sales	$4,920	$4,507	$12,782	$12,127
Cost of sales	3,017	3,129	8,472	8,474
Gross profit	1,903	1,378	4,310	3,653
Selling, general, and administrative expenses	2,760	2,304	7,609	7,404
Research and development expenses	588	552	1,465	1,399
Operating loss	-1,445	-1,478	-4,764	-5,150
Interest expense, net	-114	-58	-303	-142
Other, net	-3	-18	-15	-16
Loss before provision for income taxes	-1,562	-1,554	-5,082	-5,308
Income tax provision		8		11
Net loss	($1,562)	($1,562)	($5,082)	($5,319)
Net loss per common share - basic and diluted (in dollars per share)	($0.03)	($0.03)	($0.11)	($0.12)
Weighted average shares used in computing net loss per common share - basic and diluted (in shares)	46,364	46,163	46,317	46,139

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$1,548	$1,237
Accounts receivable, less allowances of $107 and $117, respectively	4,056	3,818
Inventories, net	4,314	4,194
Prepaid expenses and other current assets	513	455
Total current assets	10,431	9,704
Machinery and equipment	3,474	3,456
Demo equipment	1,499	1,311
Furniture and fixtures	249	225
Leasehold improvements	372	372
Property and equipment, at cost	5,594	5,364
Less—accumulated depreciation and amortization	4,672	4,302
Total property and equipment, net	922	1,062
Other assets, net	67	67
Total assets	11,420	10,833
Current liabilities:
Accounts payable	2,064	1,217
Accrued expenses	1,134	918
Accrued compensation	349	474
Deferred revenue	318	210
Capital lease obligations		22
Total current liabilities	3,865	2,841
Convertible debt—related party, net of discount	26,522	22,414
Deferred revenue, net of current portion	13	93
Total liabilities	30,400	25,348
Stockholders’ deficit:
Common stock, $0.01 par value Authorized—100,000 shares; issued —48,380 shares and 47,614 shares, respectively	484	476
Additional paid-in capital	103,245	102,629
Treasury stock at cost, 65 shares and 59 shares of common stock, respectively	-85	-78
Accumulated deficit	-122,624	-117,542
Total stockholders’ deficit	-18,980	-14,515
Total liabilities and stockholders’ deficit	$11,420	$10,833

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parentheticals) (USD $)	Dec. 31, 2014	Mar. 31, 2014
In Thousands, except Share data, unless otherwise specified
Accounts receivable, allowances	$107	$117
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, authorized shares (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, authorized shares (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	48,380,000	47,614,000
Common stock, shares outstanding (in shares)	48,380,000	47,614,000
Treasury stock, shares (in shares)	65,000	59,000

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	($5,082)	($5,319)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	466	532
Stock-based compensation expense	562	499
Provision for bad debt expenses	20	16
Amortization of debt discount	108	5
Loss on disposal of fixed assets	9	6
Changes in assets and liabilities:
Accounts receivable	-258	198
Inventories	-408	-465
Prepaid expenses and other current assets	-58	-37
Other assets		10
Accounts payable	847	-215
Accrued expenses	216	169
Accrued compensation	-125	-8
Deferred revenue	28	67
Net cash used in operating activities	-3,675	-4,542
Cash flows from investing activities:
Purchases of property and equipment	-47	-53
Proceeds from disposal of fixed assets		3
Net cash used in investing activities	-47	-50
Cash flows from financing activities:
Proceeds from issuance of convertible debt—related party	4,000	5,000
Proceeds from exercise of stock options	62
Common stock repurchased	-7	-28
Payments of capital leases	-22	-46
Net cash provided by financing activities	4,033	4,926
Net increase in cash and cash equivalents	311	334
Cash and cash equivalents at beginning of period	1,237	788
Cash and cash equivalents at end of period	1,548	1,122
Cash paid during the period for:
Interest	1	11
Income taxes		11
Non-cash financing activities:
Net transfers of inventory to fixed assets for use as demonstration equipment	$288	$229

Note_1_Summary_of_Significant_

Note 1 - Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1. Summary of Significant Accounting Policies
	Vision-Sciences, Inc. and its subsidiaries (the “Company,” or “our”, “us” or “we”) designs, develops, manufactures, and markets products for endoscopy – the science of using an instrument, known as an endoscope, to provide minimally invasive access to areas not readily visible to the human eye. Our products are sold throughout the world through direct sales representatives in the United States (“U.S.”) and independent distributors for the rest of the world. We are the exclusive supplier of ureteroscopes to the Endoscopy Division of Stryker Corporation (“Stryker”). Our largest geographic markets are the U.S. and Europe.
	We are incorporated in Delaware, and are the successor to operations begun in 1987. In December 1990, Machida Incorporated (“Machida”) became our wholly-owned subsidiary. On December 11, 2014, we formed a second wholly-owned subsidiary, Visor Merger Sub LLC (“Merger Sub”). We own the registered trademarks Vision Sciences®, EndoSheath®, EndoWipe®, Slide-On® and The Vision System®. Not all products referenced in this report are approved or cleared for sale, distribution, or use.
	On December 21, 2014, we and Merger Sub entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Uroplasty, Inc., a global medical device company based in Minnesota that develops, manufactures and markets innovative proprietary products for the treatment of voiding dysfunctions (“Uroplasty”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Uroplasty will merge with and into Merger Sub, with Merger Sub continuing as the surviving company and for which the Company is the sole member following the transaction.
	Subject to the terms and conditions of the Merger Agreement, at the effective time and as a result of the merger, each share of common stock of Uroplasty issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive 3.6331 shares of our common stock. No fractional shares of our common stock will be issued, and holders of Uroplasty common stock will be entitled to receive cash in lieu thereof. In addition, at the effective time and as a result of the merger, all outstanding options to purchase shares of common stock of Uroplasty and other equity awards based on common stock of Uroplasty, which are outstanding immediately prior to the effective time of the merger, will become, respectively, options to purchase shares of our common stock and, with respect to all other Uroplasty equity awards, awards based on our common stock, in each case, on terms substantially identical to those in effect prior to the effective time of the merger.
	The merger is subject to certain customary conditions, including approval by shareholders of each company, as well as a number of other conditions set forth in the Merger Agreement, including the effectiveness of a Form S-4 registration statement containing a joint proxy statement/prospectus.
	Each of us and Uroplasty has made customary representations, warranties and covenants in the Merger Agreement, including, among others, covenants that each party will conduct its business in the ordinary course consistent with its past practice during the interim period between the execution of the Merger Agreement and the consummation of the merger, and each party will not engage in certain kinds of transactions or take certain actions during such period. Each party also has agreed not to (i) take certain actions to solicit proposals relating to alternative business combination transactions or (ii) subject to certain exceptions, including the receipt of a Superior Proposal (as defined in the Merger Agreement), enter into discussions or an agreement concerning or provide confidential information in connection with any proposals for alternative business combination transactions.
	The Merger Agreement may be terminated by mutual written consent of us and Uroplasty. The Merger Agreement also contains certain termination rights, including, among others, the right of either party to terminate if the merger shall not have become effective by September 30, 2015. A termination fee of $1.5 million plus expenses not to exceed $2 million will be paid by one party to the other in certain circumstances, including if our Board of Directors makes an Adverse Recommendation Change (as defined in the Merger Agreement).
	The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, filed as Exhibit 2.1 to our Current Report on Form 8-K filed on December 22, 2014.
	Basis of Presentation and Preparation
	We have prepared the condensed consolidated financial statements included herein according to generally accepted accounting principles in the United States of America (“U.S. GAAP”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and include, in the opinion of management, all adjustments (normal and recurring) that we consider necessary for a fair presentation of such information. We have condensed or omitted certain information and footnote disclosures normally included in financial statements pursuant to those rules and regulations. We believe, however, that our disclosures are adequate to make the information presented not misleading.
	The results for the interim periods presented are not necessarily indicative of results to be expected for the full fiscal year. Please read these condensed consolidated financial statements in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014.
	Liquidity and Capital Resources
	We have incurred substantial operating losses since our inception and there can be no assurance that we will ever achieve or sustain a profitable level of operations in the future. We anticipate that we will continue to incur negative cash flows from operations during the remainder of fiscal 2015, driven by continued investment in a direct sales force for the U.S. market, spending for marketing, revitalizing a research and development pipeline, and general business operations. As of December 31, 2014, we had cash and cash equivalents totaling approximately $1.5 million. On June 16, 2014, we issued a convertible promissory note to Lewis C. Pell, our Chairman, (the “2014 Note”), that allows us to borrow up to $5.0 million through June 15, 2019. The 2014 Note was issued in accordance with a letter agreement dated May 29, 2014 with Mr. Pell, (“the Prior Letter Agreement”), that provided for up to $5.0 million of capital to be made available to us from Mr. Pell, subject to certain conditions and an expiration date of July 1, 2015. The Prior Letter Agreement was then terminated in connection with the 2014 Note. As of December 31, 2014, we had $4.0 million in principal outstanding under the 2014 Note. Pursuant to a letter agreement dated October 28, 2014 with Mr. Pell, or the Existing Letter Agreement, Mr. Pell has agreed to provide financial assistance to us in the amount of up to $2.5 million, if necessary to support our operations, for a period ending on the earlier of (i) January 1, 2016 or (ii) our raising debt or equity capital in the amount of $2.5 million or more. This financial assistance, if drawn by us, would be in the form of an additional loan, share purchase, or financing transaction, on such terms as we and Mr. Pell may determine. We have not utilized the Existing Letter Agreement. We expect that our cash at December 31, 2014, together with $1.0 million remaining available to be drawn under the 2014 Note at December 31, 2014, plus the $2.5 million of capital to be made available to us under the Existing Letter Agreement, subject to certain conditions and an expiration date of January 1, 2016, should be sufficient to fund our operations through at least December 31, 2015. However, if our performance expectations fall short (including our failure to generate expected levels of sales) or our expenses exceed expectations, or if the commitment under the 2014 Note or the Existing Letter Agreement become unavailable, we will need to secure additional financing and/or reduce our expenses to continue our operations. Our failure to do so would have a material adverse impact on our prospects and financial condition. There can be no assurance that any contemplated additional financing will be available on terms acceptable to us, if at all. If required, we believe we would be able to reduce our expenses to a sufficient level to continue to operate as a going concern.
	In connection with the Merger Agreement, we entered into an amendment to the 2014 Note, and agreed with Mr. Pell that the Existing Letter Agreement will automatically terminate without further action by any party at the effective time of the merger with Uroplasty. See “Note 5 – Convertible Debt – Related Party.”
	Summary of Significant Accounting Policies
	Our condensed consolidated financial statements are prepared in accordance with the rules and regulations of the SEC for interim reporting and U.S. GAAP. These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable, based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. To the extent there are any differences (other than nominal differences) between these estimates, judgments or assumptions and actual results, our financial statements will be affected.
	In the opinion of our Company’s management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, our financial position as of December 31, 2014 and the results of operations and cash flows for the three months and nine months then ended. The results of operations and cash flows for the period ended December 31, 2014 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year ending March 31, 2015. As of December 31, 2014, there have been no material changes to any of the significant accounting policies described in our Report on Form 10-K for the year ended March 31, 2014.
	The accompanying condensed consolidated financial statements reflect the accounts of the Company. All significant inter-company accounts and transactions have been eliminated in consolidation.
	New Accounting Pronouncement
	s
	In May 2014, the Financial Accounting Standards Board (FASB) issued new accounting guidance, namely (“ASU”) No. 2014-09, Revenue from Contracts with Customers, on revenue recognition. The new standard provides for a five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. There is no option for early adoption. For public entities, this ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We are currently evaluating the impact of the new guidance on our condensed consolidated financial statements.
	In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date on which the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. This ASU applies to all entities and is effective for annual periods ending after December 15, 2016 and interim periods thereafter, with early adoption permitted. We are currently evaluating the impact of the new guidance on our condensed consolidated financial statements.
	Fair Value Measurements
	The carrying amounts reflected in our condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses, accrued compensation, and capital lease obligations approximate fair value due to their short-term nature.
	In determining the fair value of the convertible debt – related party, we analyzed its attributes (coupon rate, conversion price, and the percentage of market cap the face value of the debt instrument was prior to the announcement of the debt) as compared with public company convertible debt issuances in the healthcare industry. We determined the convertible debt was not issued at a discount as its fair value was equal to its face (carrying) value.
	Concentration of Credit Risk
	Concentration of credit risk with respect to accounts receivable relates to certain domestic and international customers to whom we make substantial sales. To reduce risk, we routinely assess the financial strength of our customers and, when appropriate, we obtain advance payments for our international sales. As a consequence, we believe that our accounts receivable credit risk exposure is limited. We maintain an allowance for potential credit losses, but historically we have not experienced any significant credit losses related to any individual customer or group of customers in any particular industry or geographic area.
	The following table summarizes net sales to our significant customer, which accounted for more than 10% of total medical segment net sales, total net sales and accounts receivable, net:
		Three Months Ended						Nine Months Ended
		December 31,						December 31,
		2014			2013			2014			2013
	Medical segment
	Stryker	$	688		$	1,202		$	1,529		$	3,548
	Percentage of total medical segment net sales		18	%		34	%		15	%		35	%
	Percentage of total net sales		14	%		27	%		12	%		29	%
		As of			As of
		31-Dec			March 31,
		2014			2014
	Percentage of accounts receivable, net		13	%		27	%

Note_2_Basic_and_Diluted_Net_L

Note 2 - Basic and Diluted Net Loss Per Common Share	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 2
	.
	B
	asic and Diluted Net Loss per Common Share
	Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding. For all periods presented, the diluted net loss per common share is the same as basic net loss per common share, as the inclusion of other shares of stock issuable pursuant to stock options, warrants, and convertible debt would be anti-dilutive.
	The following table summarizes equity securities that were excluded from the calculation of fully diluted loss per share as of December 31, 2014 and 2013, respectively:
		31-Dec
		,
		2014		2013
	Convertible debt		24,202,853		18,913,857
	Stock options		4,680,675		4,341,174
	Warrants		1,880,620		1,880,620
	Restricted stock		1,914,295		1,366,652
	Total anti-dilutive securities		32,678,443		26,502,303

Note_3_Inventories

Note 3 - Inventories	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3
	.
	Inventories
	Inventories are stated at the lower of cost or market using the first-in, first-out (“FIFO”) method and consist of the following:
		December		March 31,
		3		2014
		1
		,
		2014
	Raw materials	$	3,271	$	3,456
	Work in process		457		329
	Finished goods		586		409
	Inventories, net	$	4,314	$	4,194
	Raw materials include components purchased from independent suppliers. Most purchased components are available from multiple sources, with the exception of certain key components which are supplied to us by key suppliers, with whom we have long-term business relationships, but no long-term supply agreements.

Note_4_Supply_Agreements

Note 4 - Supply Agreements	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Deferred Revenue Disclosure [Text Block]	Note
	4. Supply Agreements
	Under a three-year agreement with Stryker, that expires in December 2015, we are the exclusive supplier of the URT-7000 Video Ureteroscope, peripherals and accessories to Stryker in the United States.
	From April 2011 through May 2014, Stryker had the exclusive rights to market and sell our cystoscopes, the CST- 5000 Video Cystoscope and the CST-4000 Fiber Cystoscope, and the accompanying EndoSheath disposables, peripherals and accessories, (the “Cystoscope Products”). We elected to not renew this exclusivity and to directly sell the cystoscope products in the U.S. We made this decision in large part because Stryker’s endoscopy sales force focuses on the operating room in hospitals, while most cystoscopy procedures are performed in physicians’ offices and ambulatory surgical centers.

Note_5_Convertible_Debt_Relate

Note 5 - Convertible Debt - Related Party	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 5.
	Convertible
	Debt – Related Party
	Convertible Promissory Notes
	The following table is a summary of our convertible debt – related party at December 31, 2014:
	Convertible	Gross			Unamortized			Net Amount
	d	Principal			Debt			Outstanding
	ebt –	A			Discount
	r	mount
	elated	Outstanding
	p
	arty
	Replacement Note	$	20,000		$	-		$	20,000
	2013 Note		3,500			(978	)		2,522
	2014 Note		4,000			-			4,000
		$	27,500		$	(978	)	$	26,522
	Pursuant to the Prior Letter Agreement, Mr. Pell agreed to provide financial assistance to us in the amount of up to $5.0 million, if necessary to support our operations, for a period ending on the earlier of (i) July 1, 2015 or (ii) our raising debt or equity capital in the amount of $5.0 million or more. The Prior Letter Agreement provided that this financial assistance, if drawn by us, would be in the form of an additional loan, share purchase, or financing transaction, on such terms as we and Mr. Pell may determine. The Prior Letter Agreement was terminated upon the issuance of the 2014 Note.
	Pursuant to the Prior Letter Agreement, on June 16, 2014, or the 2014 Effective Date, we issued the 2014 Note with Mr. Pell that allowed us to borrow up to $5.0 million up to June 15, 2019. The 2014 Note accrues annual interest at the rate of 1.91%. The 2014 Note must be repaid in full on or before the fifth anniversary of the 2014 Effective Date, or the 2014 Maturity Date, but may be prepaid by us at any time without penalty. We will be required to repay all amounts outstanding under the 2014 Note upon an event of default, as defined in the 2014 Note. The outstanding principal amount of the 2014 Note is convertible at any time prior to the 2014 Maturity Date, at Mr. Pell’s option, into shares of our common stock at a price of $1.11, the closing bid price of our common stock on the 2014 Effective Date. At December 31, 2014, we had outstanding principal borrowings of $4.0 million under the 2014 Note, which is included in Convertible debt – related party on our condensed consolidated balance sheet. Each time we draw on any available credit under the 2014 Note, we determine if a beneficial conversion feature of the convertible debt exists. A beneficial conversion feature will arise if the $1.11 conversion price of the 2014 Note is below the per share fair value of our common stock on the date of a drawdown.
	On September 25, 2013, or the 2013 Effective Date, we entered into a convertible promissory note, or the 2013 Note, with Mr. Pell that allowed us to borrow up to $3.5 million. The 2013 Note accrues annual interest, at the rate of 1.66%. The 2013 Note must be repaid in full on or before the fifth anniversary of the 2013 Effective Date, or the 2013 Maturity Date, but may be prepaid by us at any time without penalty. We will be required to repay all amounts outstanding under the 2013 Note upon an event of default, as defined in the 2013 Note. The outstanding principal amount of the 2013 Note is convertible at any time prior to the 2013 Maturity Date, at Mr. Pell’s option, into shares of our common stock at a price of $0.89, the closing bid price of our common stock on the 2013 Effective Date. At December 31, 2014, we had outstanding principal borrowings of $3.5 million, gross of the amount recognized as a beneficial conversion feature, under the 2013 Note, which is included in Convertible debt – related party on our condensed consolidated balance sheet.
	During each draw upon the 2013 Note, a beneficial conversion feature was recorded as a result of the market price of our common stock increasing after the 2013 Effective Date. The following table summarizes the unamortized beneficial conversion feature amounts recorded as of December 31, 2014:
	Date	Borrowing			Convertible			Share Price			Unamortized
		Amount			Shares			on			Beneficial
								Borrowing			Conversion
								Date			Feature
	7-Oct-13	$	1,000			1,123,595		$	0.95		$	51
	26-Nov-13		1,000			1,123,595			1.01			107
	21-Jan-14		1,000			1,123,595			1.39			487
	13-Mar-14		500			561,799			1.54			333
		$	3,500			3,932,584					$	978
	The beneficial conversion feature amounts were recorded as a convertible debt discount with a corresponding increase to additional paid-in capital. The amounts are being amortized using the effective interest rate method from the borrowing date to the Maturity Date. At December 31, 2014, we expect to recognize the unamortized convertible debt discount balance of $1.0 million over a period of approximately 3.75 years.
	Amortization of the convertible debt discount and interest expense related to the accrued interest on outstanding borrowings are recorded as interest expense in our condensed consolidated statement of operations. Interest expense for the three months and nine months ended December 31, 2014 and 2013, respectively, was comprised of:
		Three months						Nine months ended
		ended
		31-Dec						31-Dec
		,						,
		2014			2013			2014			2013
	Amortization of convertible debt discount	$	(42	)	$	-		$	(95	)	$	-
	Interest expense		(72	)		(58	)		(208	)		(142	)
		$	(114	)	$	(58	)	$	(303	)	$	(142	)
	At December 31, 2014, we had an aggregate amount of $447 thousand in accrued interest under the 2014 Note, the 2013 Note and the Replacement Note, which is included in accrued expenses on our condensed consolidated balance sheet.
	Concurrently with the Merger Agreement, we and Mr. Pell entered into amendments to the 2014 Note, the 2013 Note and the Replacement Note (collectively, the “Pell Notes”) and related warrants held by Mr. Pell (the “Pell Warrants”). These amendments will be automatically effective at the effective time of the merger. The amendments to the Pell Notes extend the maturity date of each note from the fifth anniversary of the issuance date to the fifth anniversary of the effective date of the merger or an earlier change of control (as defined in the amendments). Except as provided below, the amendments also prevent the Pell Notes from being converted until after three years following the effective date of the merger or, if earlier, three days prior to the record date for the declaration of any dividend or distribution on the common stock in cash or other property other than common stock. The notes may be converted earlier prior to a change in control or in connection with our prepayment of the Pell Notes. The Pell Notes as amended may be prepaid, at the option of the combined company and upon 15 days’ notice to Mr. Pell, without other premium or penalty, with a combination of cash and common stock. Interest on the amended Pell Notes is payable on the maturity date or upon repayment or conversion of all or any portion of the principal under the Pell Note. The amended Pell Notes are subordinated to loans incurred by the combined company to finance certain strategic initiatives, in each case as reasonably approved by Mr. Pell.
	The amendments to the Pell Warrants extend the period during which the Pell Warrants may be exercised to the later of (i) the maturity date of the Pell Notes or (ii) the date that the Pell Notes are paid in full or converted into shares of our common stock in accordance with their terms. The Pell Warrants may be exercised effective immediately prior to the closing of an event constituting a change in control (other than the merger).
	Existing
	Letter Agreement
	Pursuant to the Existing Letter Agreement, Mr. Pell has agreed to provide financial assistance to us in the amount of up to $2.5 million, if necessary to support our operations, for a period ending on the earlier of (i) January 1, 2016 or (ii) our raising debt or equity capital in the amount of $2.5 million or more. This financial assistance, if drawn by us, would be in the form of an additional loan, share purchase, or financing transaction, on such terms as we and Mr. Pell may determine. We have not utilized the Existing Letter Agreement. In connection with the Merger Agreement, we agreed with Mr. Pell that the Existing Letter Agreement will automatically terminate without further action by any party at the effective time of the merger.

Note_6_Stockbased_Awards

Note 6 - Stock-based Awards	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note
	6
	.
	Stock-Based Awards
	We maintain the following stockholder-approved equity incentive plans:
		●	The 2000 Stock Incentive Plan (the “2000 Plan”) authorized the issuance of up to 4,500,000 shares of common stock covering several different types of awards, including stock options, restricted shares, stock appreciation rights, and performance shares.
		●	The 2007 Stock Incentive Plan (the “2007 Plan”) authorized the issuance of up to 5,000,000 shares of common stock covering several different types of awards, including stock options, restricted shares, stock appreciation rights, and other stock-based awards. On July 26, 2012, our stockholders approved an amendment to the 2007 Plan further increasing the number of authorized shares issuable under the plan to 7,000,000 shares of common stock.
		●	The 2003 Director Option Plan (the “2003 Plan”) authorized the issuance of up to 450,000 shares of common stock covering the annual automatic grant, unless waived, of 10,000 stock options per outside director per year. The 2003 Plan also provides for granting newly elected or appointed outside directors a one-time grant of 10,000 stock options.
	The stock option plans provide that options may be granted at an exercise price of 100% of fair market value of our common stock on the date of grant, may be exercised in full or in installments, at the discretion of our Board of Directors (the “Board”) or its Compensation Committee (the “Compensation Committee”), and must be exercised within ten years from date of grant. We recognize stock-based compensation expense on a straight-line basis over the requisite service period based on fair values, generally four years. We use historical data to estimate expected employee behaviors related to option exercises and forfeitures and included these expected forfeitures as a part of the estimate of stock-based compensation expense as of the grant date.
	Stock Options
	The following table summarizes stock options activity for the nine months ended December 31, 2014:
			Number			Exercise								Weighted		Weighted
			of Shares			Price Range								Average		Average
														Exercise		Remaining
														Price		Contractual
																Life
	Outstanding at April 1, 2014			4,377,874			$0.85		–		$4.88		$	1.78			6
	Granted			1,456,952			0.87		–		1.25			0.99
	Exercised			(62,500	)		0.95		–		1.08			0.98
	Canceled			(1,091,651	)		0.87		–		4.88			2.27
	Outstanding at			4,680,675			$0.85		–		$4.88		$	1.43			6.9
	31-Dec
	, 2014
	Vested and expected to vest at			4,641,562			$0.85		–		$4.88		$	1.44			6.9
	31-Dec
	, 2014
	Exercisable at			3,190,447			$0.85		–		$4.88		$	1.61			5.8
	31-Dec
	, 2014
	The weighted average fair value of options granted during the nine months ended December 31, 2014 and 2013 was $0.69 and $0.56 per share, respectively.
	Our stock price at December 31, 2014 of $0.71 per share was lower than the exercise prices on the stock options granted and outstanding so there was no intrinsic value (the excess of the market price over the exercise price) for stock options outstanding, stock options exercisable, and stock options vested and expected to vest as of December 31, 2014. The total intrinsic value for stock options exercised during the nine months ended December 31, 2014 was approximately $13 thousand. There were no stock options exercised during the nine months ended December 31, 2013.
	We do not expect to realize any tax benefits from future disqualifying dispositions, if any.
	Restricted
	Stock
	We determine stock-based compensation expense for performance based restricted stock based upon the fair value of our common stock at the date of grant and recognize expense based upon the most probable outcome as to whether the performance targets will be achieved and the stock-based compensation being earned.
	The following table summarizes restricted stock activity for the nine months ended December 31, 2014:
			Number			Weighted
			of Shares			Average
						Grant Price
	Nonvested at April 1, 2014			1,325,402		$	1.06
	Granted			1,023,299			0.97
	Vested			(114,601	)		1.3
	Forfeited			(319,805	)		1.05
	Nonvested at			1,914,295		$	1
	31-Dec
	, 2014
	We grant restricted stock awards to certain executive officers, certain management employees and certain members of our Board.
	Stock-Based Compensation Expense
	We estimated the fair value of the stock options granted on the date of grant using a Black-Scholes valuation model that used the weighted average assumptions noted in the following table. The risk-free interest rate assumption we use is based upon United States Treasury interest rates appropriate for the expected life of the awards. The expected life (estimated period of time that we expect employees, consultants and directors to hold their stock options) was estimated based on historical rates for two group classifications, (i) employees and consultants and (ii) outside directors. Expected volatility was based on historical volatility of our stock price for a period equal to the stock option’s expected life and calculated on a daily basis. The expected dividend rate is zero since we do not currently pay cash dividends on our common stock and do not anticipate doing so in the foreseeable future.
			Three Months Ended							Nine Months Ended
			31-Dec							December 31,
			,
			2014			2013				2014			2013
	Risk-free interest rate			1.8	%		1.4	%			1.9	%		1.2	%
	Expected life (in years)			6.3			5.1				6.5			5.4
	Expected volatility			78	%		73	%			78	%		78	%
	Expected dividend yield			--			--				--			--
	The following table summarizes stock-based compensation recorded in our condensed consolidated statements of operations for the three and nine months ended December 31, 2014 and 2013, respectively:
			Three Months Ended							Nine Months Ended
			December 31,							December 31,
			2014			2013				2014			2013
	Cost of sales		$	23		$	15			$	61		$	57
	Selling, general and administrative expenses			177			150				467			415
	Research and development expenses			13			6				34			27
Total stock-based compensation expense		$	213		$	171			$	562		$	499
At December 31, 2014, unrecognized stock-based compensation expense related to stock options was approximately $0.9 million and is expected to be recognized over a weighted average period of approximately 3.3 years, while unrecognized stock-based compensation expense related to nonvested (restricted stock) awards was approximately $0.4 million, which is expected to be recognized over a weighted average period of approximately 2.9 years.

Note_7_Treasury_Stock

Note 7 - Treasury Stock	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Treasury Stock [Text Block]	Note 7
	.
	Treasury Stock
	The following table summarizes treasury stock activity for the nine months ended December 31, 2014 and 2013:
	Nine	Number		Cost		Weighted
	Months Ended	of Shares				Average
		Repurchased				Purchase
						Price
	31-Dec-14		6	$	7	$	1.2
	31-Dec-13		26	$	28	$	1.11
	The shares were purchased from certain management employees to cover income tax withholdings upon the lapse of restrictions on their restricted stock awards.

Note_8_Segment_Information

Note 8 - Segment Information	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 8
	.
	Segment Information
	We have two reportable segments, medical and industrial. Each of these operating segments has unique characteristics. Management evaluates the revenue and profitability performance of each of our product lines to make operating and strategic decisions. We have no intersegment revenue.
	Our medical segment
	designs, develops, manufactures, and markets our advanced line of endoscopy-based products, including our state-of-the-art flexible endoscopes, and our EndoSheath technology (referred to as a sheath or EndoSheath disposable) for a variety of specialties and markets.
	Our industrial segment,
	through our wholly-owned subsidiary Machida, designs, manufactures, and sells borescopes to a variety of users, primarily in the aircraft engine manufacturing and aircraft engine maintenance industries. A borescope is an instrument that uses optical fibers for the visual inspection of narrow cavities. Our borescopes are used to inspect aircraft engines, casting parts and ground turbines, among other items.
	The following table presents key financial highlights, by reportable segments:
	Three Months Ended	Medical			Industrial			Adjustments*			Consolidated
	31-Dec-14
	Net sales	$	3,855		$	1,065		$	-		$	4,920
	Gross profit		1,448			455			-			1,903
	Operating (loss)/income		(1,567	)		122			-			(1,445	)
	Interest expense, net		(114	)		-			-			(114	)
	Depreciation and amortization		147			1			-			148
	Stock-based compensation expense		206			7			-			213
	Expenditures for fixed assets		30			-			-			30
	As of December 31, 2014
	Total assets		11,661			2,291			(2,532	)		11,420
	Three
	Months Ended
	31-Dec-13
	Net sales	$	3,586		$	921		$	-		$	4,507
	Gross profit		996			382			-			1,378
	Operating (loss)/income		(1,676	)		198			-			(1,478	)
	Interest expense, net		(58	)		-			-			(58	)
	Depreciation and amortization		168			2			-			170
	Stock-based compensation expense		160			11			-			171
	Expenditures for fixed assets		7			-			-			7
	As of December 31, 2013
	Total assets		11,736			1,591			(1,842	)		11,485
	Nine M	Medical			Industrial			Adjustments*			Consolidated
	onths Ended
	31-Dec-14
	Net sales	$	10,182		$	2,600		$	-		$	12,782
	Gross profit		3,369			941			-			4,310
	Operating (loss)/income		(4,841	)		77			-			(4,764	)
	Interest expense, net		(303	)		-			-			(303	)
	Depreciation and amortization		461			5			-			466
	Stock-based compensation expense		534			28			-			562
	Expenditures for fixed assets		47			-			-			47
	Nine
	Months Ended
	31-Dec-13
	Net sales	$	10,013		$	2,114		$	-		$	12,127
	Gross profit		2,770			883			-			3,653
	Operating (loss)/income		(5,408	)		258			-			(5,150	)
	Interest expense, net		(142	)		-			-			(142	)
	Depreciation and amortization		523			9			-			532
	Stock-based compensation expense		469			30			-			499
	Expenditures for fixed assets		53			-			-			53
		As of
		31-Dec
		,
	* Adjustments	2014			2013
	Intercompany eliminations	$	(1,846	)	$	(1,156	)
	Investment in subsidiaries		(686	)		(686	)
	Total adjustments	$	(2,532	)	$	(1,842	)

Note_9_Subsequent_Events

Note 9 - Subsequent Events	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Subsequent Events [Text Block]	Note 9
	.
	Subsequent Events
	On January 27, 2015, we filed a registration statement on Form S-4 to register 88,296,588 shares of our common stock that will be issued to Uroplasty shareholders and reserved for holders of Uroplasty equity-based awards in connection with the merger. The Form S-4 includes a preliminary joint proxy statement/prospectus of the Company and Uroplasty, including preliminary proxy materials for special meetings of the shareholders of each company. Once the Securities and Exchange Commission informs us that they have no comments to the Form S-4 (or after any comments are resolved), we intend to file a final joint proxy statement/prospectus in an amendment to the Form S-4 and hold a special meeting of our shareholders to approve: (i) the Merger Agreement and related transactions; (ii) on an advisory basis, specified compensatory arrangements between the Company and our named executive officers relating to the merger; (iii) amendments to our Amended and Restated Certificate of Incorporation to change the name of the company to “Cogentix Medical, Inc.” effective as of the effective time of the merger, effect a reverse split of our common stock, and increase the number of authorized shares of our common stock from 100,000,000 to 275,000,000 effective as of the effective time of the merger if the reverse split is not approved; (iv) the Cogentix Medical, Inc. 2015 Omnibus Incentive Plan as of the effective time of the merger; and (v) amendments to the Pell Notes and related warrants.

Significant_Accounting_Policie

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Preparation
	We have prepared the condensed consolidated financial statements included herein according to generally accepted accounting principles in the United States of America (“U.S. GAAP”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and include, in the opinion of management, all adjustments (normal and recurring) that we consider necessary for a fair presentation of such information. We have condensed or omitted certain information and footnote disclosures normally included in financial statements pursuant to those rules and regulations. We believe, however, that our disclosures are adequate to make the information presented not misleading.
	The results for the interim periods presented are not necessarily indicative of results to be expected for the full fiscal year. Please read these condensed consolidated financial statements in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014.
Liquidity Disclosure [Policy Text Block]	Liquidity and Capital Resources
	We have incurred substantial operating losses since our inception and there can be no assurance that we will ever achieve or sustain a profitable level of operations in the future. We anticipate that we will continue to incur negative cash flows from operations during the remainder of fiscal 2015, driven by continued investment in a direct sales force for the U.S. market, spending for marketing, revitalizing a research and development pipeline, and general business operations. As of December 31, 2014, we had cash and cash equivalents totaling approximately $1.5 million. On June 16, 2014, we issued a convertible promissory note to Lewis C. Pell, our Chairman, (the “2014 Note”), that allows us to borrow up to $5.0 million through June 15, 2019. The 2014 Note was issued in accordance with a letter agreement dated May 29, 2014 with Mr. Pell, (“the Prior Letter Agreement”), that provided for up to $5.0 million of capital to be made available to us from Mr. Pell, subject to certain conditions and an expiration date of July 1, 2015. The Prior Letter Agreement was then terminated in connection with the 2014 Note. As of December 31, 2014, we had $4.0 million in principal outstanding under the 2014 Note. Pursuant to a letter agreement dated October 28, 2014 with Mr. Pell, or the Existing Letter Agreement, Mr. Pell has agreed to provide financial assistance to us in the amount of up to $2.5 million, if necessary to support our operations, for a period ending on the earlier of (i) January 1, 2016 or (ii) our raising debt or equity capital in the amount of $2.5 million or more. This financial assistance, if drawn by us, would be in the form of an additional loan, share purchase, or financing transaction, on such terms as we and Mr. Pell may determine. We have not utilized the Existing Letter Agreement. We expect that our cash at December 31, 2014, together with $1.0 million remaining available to be drawn under the 2014 Note at December 31, 2014, plus the $2.5 million of capital to be made available to us under the Existing Letter Agreement, subject to certain conditions and an expiration date of January 1, 2016, should be sufficient to fund our operations through at least December 31, 2015. However, if our performance expectations fall short (including our failure to generate expected levels of sales) or our expenses exceed expectations, or if the commitment under the 2014 Note or the Existing Letter Agreement become unavailable, we will need to secure additional financing and/or reduce our expenses to continue our operations. Our failure to do so would have a material adverse impact on our prospects and financial condition. There can be no assurance that any contemplated additional financing will be available on terms acceptable to us, if at all. If required, we believe we would be able to reduce our expenses to a sufficient level to continue to operate as a going concern.
	In connection with the Merger Agreement, we entered into an amendment to the 2014 Note, and agreed with Mr. Pell that the Existing Letter Agreement will automatically terminate without further action by any party at the effective time of the merger with Uroplasty. See “Note 5 – Convertible Debt – Related Party.”
Summary of Significant Accounting Policies [Policy Text Block]	Summary of Significant Accounting Policies
	Our condensed consolidated financial statements are prepared in accordance with the rules and regulations of the SEC for interim reporting and U.S. GAAP. These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable, based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. To the extent there are any differences (other than nominal differences) between these estimates, judgments or assumptions and actual results, our financial statements will be affected.
	In the opinion of our Company’s management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, our financial position as of December 31, 2014 and the results of operations and cash flows for the three months and nine months then ended. The results of operations and cash flows for the period ended December 31, 2014 are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year ending March 31, 2015. As of December 31, 2014, there have been no material changes to any of the significant accounting policies described in our Report on Form 10-K for the year ended March 31, 2014.
	The accompanying condensed consolidated financial statements reflect the accounts of the Company. All significant inter-company accounts and transactions have been eliminated in consolidation.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncement
	s
	In May 2014, the Financial Accounting Standards Board (FASB) issued new accounting guidance, namely (“ASU”) No. 2014-09, Revenue from Contracts with Customers, on revenue recognition. The new standard provides for a five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. There is no option for early adoption. For public entities, this ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We are currently evaluating the impact of the new guidance on our condensed consolidated financial statements.
	In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date on which the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. This ASU applies to all entities and is effective for annual periods ending after December 15, 2016 and interim periods thereafter, with early adoption permitted. We are currently evaluating the impact of the new guidance on our condensed consolidated financial statements.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements
	The carrying amounts reflected in our condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses, accrued compensation, and capital lease obligations approximate fair value due to their short-term nature.
	In determining the fair value of the convertible debt – related party, we analyzed its attributes (coupon rate, conversion price, and the percentage of market cap the face value of the debt instrument was prior to the announcement of the debt) as compared with public company convertible debt issuances in the healthcare industry. We determined the convertible debt was not issued at a discount as its fair value was equal to its face (carrying) value.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk
	Concentration of credit risk with respect to accounts receivable relates to certain domestic and international customers to whom we make substantial sales. To reduce risk, we routinely assess the financial strength of our customers and, when appropriate, we obtain advance payments for our international sales. As a consequence, we believe that our accounts receivable credit risk exposure is limited. We maintain an allowance for potential credit losses, but historically we have not experienced any significant credit losses related to any individual customer or group of customers in any particular industry or geographic area.
	The following table summarizes net sales to our significant customer, which accounted for more than 10% of total medical segment net sales, total net sales and accounts receivable, net:
		Three Months Ended						Nine Months Ended
		December 31,						December 31,
		2014			2013			2014			2013
	Medical segment
	Stryker	$	688		$	1,202		$	1,529		$	3,548
	Percentage of total medical segment net sales		18	%		34	%		15	%		35	%
	Percentage of total net sales		14	%		27	%		12	%		29	%
		As of			As of
		31-Dec			March 31,
		2014			2014
	Percentage of accounts receivable, net		13	%		27	%

Note_1_Summary_of_Significant_1

Note 1 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2014
Accounts Receivable [Member]
Notes Tables
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]		As of			As of
		31-Dec			March 31,
		2014			2014
	Percentage of accounts receivable, net		13	%		27	%
Sales Revenue, Segment [Member]
Notes Tables
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]		Three Months Ended						Nine Months Ended
		December 31,						December 31,
		2014			2013			2014			2013
	Medical segment
	Stryker	$	688		$	1,202		$	1,529		$	3,548
	Percentage of total medical segment net sales		18	%		34	%		15	%		35	%
	Percentage of total net sales		14	%		27	%		12	%		29	%

Note_2_Basic_and_Diluted_Net_L1

Note 2 - Basic and Diluted Net Loss Per Common Share (Tables)	9 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]		31-Dec
		,
		2014		2013
	Convertible debt		24,202,853		18,913,857
	Stock options		4,680,675		4,341,174
	Warrants		1,880,620		1,880,620
	Restricted stock		1,914,295		1,366,652
	Total anti-dilutive securities		32,678,443		26,502,303

Note_3_Inventories_Tables

Note 3 - Inventories (Tables)	9 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Inventory, Current [Table Text Block]		December		March 31,
		3		2014
		1
		,
		2014
	Raw materials	$	3,271	$	3,456
	Work in process		457		329
	Finished goods		586		409
	Inventories, net	$	4,314	$	4,194

Note_5_Convertible_Debt_Relate1

Note 5 - Convertible Debt - Related Party (Tables)	9 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Convertible	Gross			Unamortized			Net Amount
	d	Principal			Debt			Outstanding
	ebt –	A			Discount
	r	mount
	elated	Outstanding
	p
	arty
	Replacement Note	$	20,000		$	-		$	20,000
	2013 Note		3,500			(978	)		2,522
	2014 Note		4,000			-			4,000
		$	27,500		$	(978	)	$	26,522
Convertible Debt [Table Text Block]	Date	Borrowing			Convertible			Share Price			Unamortized
		Amount			Shares			on			Beneficial
								Borrowing			Conversion
								Date			Feature
	7-Oct-13	$	1,000			1,123,595		$	0.95		$	51
	26-Nov-13		1,000			1,123,595			1.01			107
	21-Jan-14		1,000			1,123,595			1.39			487
	13-Mar-14		500			561,799			1.54			333
		$	3,500			3,932,584					$	978
Schedule of Other Nonoperating Income (Expense) [Table Text Block]		Three months						Nine months ended
		ended
		31-Dec						31-Dec
		,						,
		2014			2013			2014			2013
	Amortization of convertible debt discount	$	(42	)	$	-		$	(95	)	$	-
	Interest expense		(72	)		(58	)		(208	)		(142	)
		$	(114	)	$	(58	)	$	(303	)	$	(142	)

Note_6_Stockbased_Awards_Table

Note 6 - Stock-based Awards (Tables)	9 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]		Number			Exercise								Weighted		Weighted
		of Shares			Price Range								Average		Average
													Exercise		Remaining
													Price		Contractual
															Life
	Outstanding at April 1, 2014		4,377,874			$0.85		–		$4.88		$	1.78			6
	Granted		1,456,952			0.87		–		1.25			0.99
	Exercised		(62,500	)		0.95		–		1.08			0.98
	Canceled		(1,091,651	)		0.87		–		4.88			2.27
	Outstanding at		4,680,675			$0.85		–		$4.88		$	1.43			6.9
	31-Dec
	, 2014
	Vested and expected to vest at		4,641,562			$0.85		–		$4.88		$	1.44			6.9
	31-Dec
	, 2014
	Exercisable at		3,190,447			$0.85		–		$4.88		$	1.61			5.8
	31-Dec
	, 2014
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]		Number			Weighted
		of Shares			Average
					Grant Price
	Nonvested at April 1, 2014		1,325,402		$	1.06
	Granted		1,023,299			0.97
	Vested		(114,601	)		1.3
	Forfeited		(319,805	)		1.05
	Nonvested at		1,914,295		$	1
	31-Dec
	, 2014
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]		Three Months Ended							Nine Months Ended
		31-Dec							December 31,
		,
		2014			2013				2014			2013
	Risk-free interest rate		1.8	%		1.4	%			1.9	%		1.2	%
	Expected life (in years)		6.3			5.1				6.5			5.4
	Expected volatility		78	%		73	%			78	%		78	%
	Expected dividend yield		--			--				--			--
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]		Three Months Ended							Nine Months Ended
		December 31,							December 31,
		2014			2013				2014			2013
	Cost of sales	$	23		$	15			$	61		$	57
	Selling, general and administrative expenses		177			150				467			415
	Research and development expenses		13			6				34			27
	Total stock-based compensation expense	$	213		$	171			$	562		$	499

Note_7_Treasury_Stock_Tables

Note 7 - Treasury Stock (Tables)	9 Months Ended
	Dec. 31, 2014
Notes Tables
Class of Treasury Stock [Table Text Block]	Nine	Number		Cost		Weighted
	Months Ended	of Shares				Average
		Repurchased				Purchase
						Price
	31-Dec-14		6	$	7	$	1.2
	31-Dec-13		26	$	28	$	1.11

Note_8_Segment_Information_Tab

Note 8 - Segment Information (Tables)	9 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended	Medical			Industrial			Adjustments*			Consolidated
	31-Dec-14
	Net sales	$	3,855		$	1,065		$	-		$	4,920
	Gross profit		1,448			455			-			1,903
	Operating (loss)/income		(1,567	)		122			-			(1,445	)
	Interest expense, net		(114	)		-			-			(114	)
	Depreciation and amortization		147			1			-			148
	Stock-based compensation expense		206			7			-			213
	Expenditures for fixed assets		30			-			-			30
	As of December 31, 2014
	Total assets		11,661			2,291			(2,532	)		11,420
	Three
	Months Ended
	31-Dec-13
	Net sales	$	3,586		$	921		$	-		$	4,507
	Gross profit		996			382			-			1,378
	Operating (loss)/income		(1,676	)		198			-			(1,478	)
	Interest expense, net		(58	)		-			-			(58	)
	Depreciation and amortization		168			2			-			170
	Stock-based compensation expense		160			11			-			171
	Expenditures for fixed assets		7			-			-			7
	As of December 31, 2013
	Total assets		11,736			1,591			(1,842	)		11,485
	Nine M	Medical			Industrial			Adjustments*			Consolidated
	onths Ended
	31-Dec-14
	Net sales	$	10,182		$	2,600		$	-		$	12,782
	Gross profit		3,369			941			-			4,310
	Operating (loss)/income		(4,841	)		77			-			(4,764	)
	Interest expense, net		(303	)		-			-			(303	)
	Depreciation and amortization		461			5			-			466
	Stock-based compensation expense		534			28			-			562
	Expenditures for fixed assets		47			-			-			47
	Nine
	Months Ended
	31-Dec-13
	Net sales	$	10,013		$	2,114		$	-		$	12,127
	Gross profit		2,770			883			-			3,653
	Operating (loss)/income		(5,408	)		258			-			(5,150	)
	Interest expense, net		(142	)		-			-			(142	)
	Depreciation and amortization		523			9			-			532
	Stock-based compensation expense		469			30			-			499
	Expenditures for fixed assets		53			-			-			53
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]		As of
		31-Dec
		,
	* Adjustments	2014			2013
	Intercompany eliminations	$	(1,846	)	$	(1,156	)
	Investment in subsidiaries		(686	)		(686	)
	Total adjustments	$	(2,532	)	$	(1,842	)

Note_1_Summary_of_Significant_2

Note 1 - Summary of Significant Accounting Policies (Details Textual) (USD $)	0 Months Ended
	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Oct. 28, 2014	Jun. 16, 2014	29-May-14
Cash and Cash Equivalents, at Carrying Value	$1,548,000	$1,237,000	$1,122,000	$788,000
Convertible Debt, Noncurrent	26,522,000	22,414,000
Board of Directors Chairman [Member]
Additional Financing, Debt or Equity Raised, Maximum					2,500,000
Additional Financing, Capital					2,500,000
The 2014 Note [Member] | Board of Directors Chairman [Member]
Long Term Debt Maximum Amount Lender Agreed To Financial Assistance						5,000,000	5,000,000
Convertible Debt, Noncurrent	4,000,000
Debt Instrument, Unused Borrowing Capacity, Amount	1,000,000
Uroplasty [Member]
Number of Shares Issued For Each Share Converted	3.6331
Base Termination Fee	1,500,000
Maximum Termination Fee	$2,000,000

Note_1_Net_Sales_from_Signific

Note 1 - Net Sales from Significant Customers by Segment (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Net sales	$4,920	$4,507	$12,782	$12,127
Medical [Member]
Net sales	3,855	3,586	10,182	10,013
Customer Concentration Risk [Member] | Stryker [Member] | Medical [Member]
Net sales	$688	$1,202	$1,529	$3,548
Sales Revenue, Net [Member] | Credit Concentration Risk [Member] | Stryker [Member]
Percentage of accounts receivable, net	14.00%	27.00%	12.00%	29.00%
Sales Revenue, Segment [Member] | Customer Concentration Risk [Member] | Stryker [Member]
Percentage of accounts receivable, net	18.00%	34.00%	15.00%	35.00%

Note_1_Accounts_Receivable_fro

Note 1 - Accounts Receivable from Significant Customers (Details) (Accounts Receivable [Member], Customer Concentration Risk [Member], Stryker [Member], Medical [Member])	9 Months Ended	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2014
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Stryker [Member] | Medical [Member]
Percentage of accounts receivable, net	13.00%	27.00%

Note_2_Antidilutive_Securities

Note 2 - Antidilutive Securities (Details)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Convertible debt (in shares)	32,678,443	26,502,303
Convertible Debt Securities [Member]
Convertible debt (in shares)	24,202,853	18,913,857
Restricted Stock [Member]
Convertible debt (in shares)	1,914,295	1,366,652
Equity Option [Member]
Convertible debt (in shares)	4,680,675	4,341,174
Warrant [Member]
Convertible debt (in shares)	1,880,620	1,880,620

Note_3_Summary_of_Inventories_

Note 3 - Summary of Inventories (Details) (USD $)	Dec. 31, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Raw materials	$3,271	$3,456
Work in process	457	329
Finished goods	586	409
Inventories, net	$4,314	$4,194

Note_5_Convertible_Debt_Relate2

Note 5 - Convertible Debt - Related Party (Details Textual) (USD $)	1 Months Ended	0 Months Ended	9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 25, 2013	Jun. 16, 2014	Dec. 31, 2014	Mar. 31, 2014	Mar. 13, 2014	Jan. 21, 2014	Nov. 26, 2013	Oct. 07, 2013	Oct. 28, 2014	29-May-14
Debt Instrument, Convertible, Conversion Price					$1.54	$1.39	$1.01	$0.95
Convertible Debt, Noncurrent			$26,522	$22,414
Accrued Liabilities, Current			1,134	918
Board of Directors Chairman [Member]
Additional Financing, Debt or Equity Raised, Maximum									2,500
Additional Financing, Capital									2,500
Aggregate of 2014 Note, 2013 Note, and Replacement Note [Member]
Accrued Liabilities, Current			447
The 2013 Note [Member]
Related Party Transaction, Rate	1.66%
Debt Instrument, Convertible, Conversion Price	$0.89
Notes Payable, Related Parties	3,500
The 2014 Note [Member] | Board of Directors Chairman [Member]
Long Term Debt Maximum Amount Lender Agreed To Financial Assistance		5,000								5,000
Related Party Transaction, Rate		1.91%
Debt Instrument, Convertible, Conversion Price		$1.11
Convertible Debt, Noncurrent			4,000
Convertible Debt [Member]
Debt Instrument, Unamortized Discount			978
Convertible Debt [Member] | The 2013 Note [Member]
Debt Instrument, Unamortized Discount			978
Debt Instrument, Convertible, Remaining Discount Amortization Period			3 years 273 days
Convertible Debt - Related Party [Member] | The 2013 Note [Member]
Due to Related Parties			$3,500

Note_5_Convertible_Debt_Relate3

Note 5 - Convertible Debt - Related Party (Details) (Convertible Debt [Member], USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Replacement Note	$27,500
Replacement Note	26,522
2013 Note	-978
Replacement Note [Member]
Replacement Note	20,000
Replacement Note	20,000
The 2013 Note [Member]
Replacement Note	3,500
Replacement Note	2,522
2013 Note	-978
The 2014 Note [Member]
Replacement Note	4,000
Replacement Note	$4,000

Note_5_Beneficial_Conversion_F

Note 5 - Beneficial Conversion Feature Amounts (Details) (USD $)	0 Months Ended	1 Months Ended	0 Months Ended	1 Months Ended	9 Months Ended
	Mar. 13, 2014	Jan. 21, 2014	Oct. 07, 2013	Nov. 26, 2013	Dec. 31, 2014
7-Oct-13	$500	$1,000	$1,000	$1,000	$3,500
7-Oct-13	561,799	1,123,595	1,123,595	1,123,595	3,932,584
Debt Instrument, Convertible, Conversion Price	$1.54	$1.39	$0.95	$1.01
7-Oct-13	$333	$487	$51	$107	$978

Note_5_Debt_Cost_Expense_and_I

Note 5 - Debt Cost Expense and Interest Expense Related to Outstanding Borrowings (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Amortization of convertible debt discount	($42)		($108)	($5)
Interest expense	-72	-58	-195	-142
Interest expense, net	($114)	($58)	($303)	($142)

Note_6_Stockbased_Awards_Detai

Note 6 - Stock-based Awards (Details Textual) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Jul. 26, 2014	Jul. 25, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$0.69	$0.56
Share Price	$0.71
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$13
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	900
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 109 days
Director Option Plan 2003 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	450,000
Number of Options Automatically Granted Annually per Outside Director	10,000
Number of Stock Options Granted to New Outside Directors in a One-Time Grant	10,000
Stock Incentive Plan 2000 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	4,500,000
Stock Incentive Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			7,000,000	5,000,000
Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 328 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$400

Note_6_Stock_Options_Activity_

Note 6 - Stock Options Activity (Details) (USD $)	9 Months Ended	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2014
Outstanding at April 1, 2014 (in shares)	4,680,675	4,377,874
Outstanding at April 1, 2014 (in dollars per share)	$1.43	$1.78
Outstanding at April 1, 2014	6 years 328 days	6 years
Granted (in shares)	1,456,952
Granted (in dollars per share)	$0.99
Granted (in dollars per share)	$0.99
Exercised (in shares)	-62,500
Exercised (in dollars per share)	$0.98
Canceled (in shares)	-1,091,651
Canceled (in dollars per share)	$2.27
Outstanding at December 31, 2014	6 years 328 days	6 years
Vested and expected to vest at December 31, 2014 (in shares)	4,641,562
Vested and expected to vest at December 31, 2014 (in dollars per share)	$1.44
Vested and expected to vest at December 31, 2014	6 years 328 days
Exercisable at December 31, 2014 (in shares)	3,190,447
Exercisable at December 31, 2014 (in dollars per share)	$1.61
Exercisable at December 31, 2014	5 years 292 days
Maximum [Member]
Outstanding at April 1, 2014 (in dollars per share)	$4.88	$4.88
Granted (in dollars per share)	$1.25
Granted (in dollars per share)	$1.25
Exercised (in dollars per share)	$1.08
Canceled (in dollars per share)	$4.88
Vested and expected to vest at December 31, 2014 (in dollars per share)	$4.88
Exercisable at December 31, 2014 (in dollars per share)	$4.88
Minimum [Member]
Outstanding at April 1, 2014 (in dollars per share)	$0.85	$0.85
Granted (in dollars per share)	$0.87
Granted (in dollars per share)	$0.87
Exercised (in dollars per share)	$0.95
Canceled (in dollars per share)	$0.87
Vested and expected to vest at December 31, 2014 (in dollars per share)	$0.85
Exercisable at December 31, 2014 (in dollars per share)	$0.85

Note_6_Restricted_Stock_Activi

Note 6 - Restricted Stock Activity (Details) (Restricted Stock [Member], USD $)	9 Months Ended
	Dec. 31, 2014
Restricted Stock [Member]
Nonvested at April 1, 2014 (in shares)	1,325,402
Nonvested at April 1, 2014 (in dollars per share)	$1.06
Granted (in shares)	1,023,299
Granted (in dollars per share)	$0.97
Vested (in shares)	-114,601
Vested (in dollars per share)	$1.30
Forfeited (in shares)	-319,805
Forfeited (in dollars per share)	$1.05
Nonvested at December 31, 2014 (in shares)	1,914,295
Nonvested at December 31, 2014 (in dollars per share)	$1

Note_6_BlackScholes_Valuation_

Note 6 - Black-Scholes Valuation Assumptions (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Risk-free interest rate	1.80%	1.40%	1.90%	1.20%
Expected life (in years)	6 years 109 days	5 years 36 days	6 years 182 days	5 years 146 days
Expected volatility	78.00%	73.00%	78.00%	78.00%

Note_6_Stockbased_Compensation

Note 6 - Stock-based Compensation Expense (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Stock-based compensation expense	$213	$171	$562	$499
Cost of Sales [Member]
Stock-based compensation expense	23	15	61	57
General and Administrative Expense [Member]
Stock-based compensation expense	177	150	467	415
Research and Development Expense [Member]
Stock-based compensation expense	$13	$6	$34	$27

Note_7_Treasury_Stock_Activity

Note 7 - Treasury Stock Activity (Details) (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
December 31, 2014 (in shares)	6	26
31-Dec-14	$7	$28
December 31, 2014 (in dollars per share)	$1.20	$1.11

Note_8_Segment_Information_Det

Note 8 - Segment Information (Details Textual)	9 Months Ended
	Dec. 31, 2014
Number of Reportable Segments	2

Note_8_Key_Financial_Highlight

Note 8 - Key Financial Highlights by Reportable Segments (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013
Net sales	$4,920		$4,507		$12,782		$12,127
Gross profit	1,903		1,378		4,310		3,653
Operating (loss)/income	-1,445		-1,478		-4,764		-5,150
Interest expense, net	-114		-58		-303		-142
Depreciation and amortization	148		170		466		532
Stock-based compensation expense	213		171		562		499
Expenditures for fixed assets	30		7		47		53
Total assets	11,420		11,485		11,420		11,485
Adjustments [Member]
Total assets	-2,532	[1]	-1,842	[1]	-2,532	[1]	-1,842	[1]
Industrial [Member]
Net sales	1,065		921		2,600		2,114
Gross profit	455		382		941		883
Operating (loss)/income	122		198		77		258
Depreciation and amortization	1		2		5		9
Stock-based compensation expense	7		11		28		30
Total assets	2,291		1,591		2,291		1,591
Medical [Member]
Net sales	3,855		3,586		10,182		10,013
Gross profit	1,448		996		3,369		2,770
Operating (loss)/income	-1,567		-1,676		-4,841		-5,408
Interest expense, net	-114		-58		-303		-142
Depreciation and amortization	147		168		461		523
Stock-based compensation expense	206		160		534		469
Expenditures for fixed assets	30		7		47		53
Total assets	$11,661		$11,736		$11,661		$11,736
[1]	Adjustments

Note_8_Reportable_Segment_Adju

Note 8 - Reportable Segment Adjustments (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Intercompany eliminations	($1,846)	($1,156)
Investment in subsidiaries	-686	-686
Total adjustments	($2,532)	($1,842)

Note_9_Subsequent_Events_Detai

Note 9 - Subsequent Events (Details Textual)	Dec. 31, 2014	Mar. 31, 2014	Jan. 27, 2015
Common Stock, Shares Authorized	100,000,000	100,000,000
Subsequent Event [Member]
Common Stock Shares To Be Authorized Pending Shareholder Approval			275,000,000
Uroplasty [Member] | Subsequent Event [Member]
Common Stock Registered, To be Issued			88,296,588