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Misonix Reports Earnings and Increased Revenues for the Three and Six Months Ended December 31, 2008
Date:2/9/2009

FARMINGDALE, N.Y., Feb. 9 /PRNewswire-FirstCall/ -- Misonix, Inc. (Nasdaq: MSON), a developer of minimally invasive ultrasonic medical device technology, which in Europe is used for the ablation of tumors and worldwide for other acute health conditions, today reported financial results for the three and six months ended December 31, 2008. Michael A. McManus, Jr., President and Chief Executive Officer, and Richard Zaremba, Senior VP and Chief Financial Officer, will host a conference call Monday, February 9, 2009 at 4:30pm to discuss the Company's second quarter and six months financial results.

The Company also reported the following financial and operational achievements:

  • $.03 diluted earnings per share and a 5.1% increase in revenue for the three months ended December 31, 2008.
  • $.07 diluted earnings per share and a 6.2% increase in revenue for the six months ended December 31, 2008.
  • Signed one year extension for LySonix(R) 3000 ultrasonic assisted liposuction product with Mentor Corporation which includes purchase minimums.
  • Signed three year distribution agreement with Alliance Lithomobile of Milano, Italy for the Sonablate 500(R) for prostate cancer on a fee-per-use arrangement.
  • Executed exclusive distribution agreements for the SonicOne(TM) wound debridement system, Bone Scalpel(TM) and Sonastar(TM) Neuroaspirator in Turkey, Greece, Netherlands and the United Kingdom. Each agreement includes purchase minimums.

Revenues for the three months ended December 31, 2008 were $12.2 million, a 5.1% increase when compared with revenues of $11.6 million for the three months ended December 31, 2007. The increase in revenues for the three months ended December 31, 2008 was due to a $909,000 increase in medical device products sales to $6.9 million, partially offset by a $320,000 decrease in sales of laboratory and scientific products to $5.2 million. The increase in sales of medical device products was primarily due to the Company's bone scalpel product and SonicOne wound debridement system. The decrease in laboratory and scientific products was primarily due to the strengthening of the U.S. Dollar against the English Pound during the three months ended December 31, 2008 as compared to the three months ended December 31, 2007, reducing Labcaire sales reported in U.S. Dollars by approximately $981,000.

The Company reported a net income for the second quarter fiscal 2009 of $194,000 or $.03 diluted earnings per share compared with a net loss of $117,000 or $.02 loss per share for the same period in fiscal 2008.

Revenues for the six months ended December 31, 2008 were $23.5 million, a 6.2% increase when compared with revenues of $22.1 million for the six months ended December 31, 2007. The increase in revenues for the six months ended December 31, 2008 was due to a $1.1 million increase in medical device products sales to $12.4 million and an increase of $301,000 in laboratory and scientific products sales to $11.1 million. The increase in medical device products was primarily attributable to an increase in sales of the Company's bone scalpel product, AutoSonix(TM) product and SonicOne wound debridement system. The increase in sales of laboratory and scientific products was primarily due to a $561,000 increase in Labcaire product sales, partially offset by a decrease of $234,000 in ductless fume enclosure products sales. The strengthening of the U.S. Dollar against the English Pound during the six months ended December 31, 2008 as compared to the six months ended December 31, 2007 reduced Labcaire sales reported in U.S. Dollars by approximately $1.3 million.

The Company reported a net income for the six months ended December 31, 2008 of $514,000 or $.07 diluted earnings per share compared with a net loss of $343,000 or $.05 loss per share for the same period in fiscal 2008. The six months net income of $514,000 for the period ended December 31, 2008 included a gain on the sale of the Company's interest and previously written off debt in Focus Surgery, Inc. of approximately $880,000 or $.13 per share.

Commenting on Misonix's financial and operating results, Michael A. McManus, Jr., President and Chief Executive Officer, said, "We are very pleased to report two consecutive quarters of increased revenues and earnings. Our medical device business is continuing to grow with a 9% and 15% increase in revenues for our six and three months of fiscal 2009, respectively, versus the same period in fiscal 2008. Excluding the negative impact of the strengthening of the U.S. dollar against the English pound, Labcaire sales increased $795,000 in the second quarter due to shipments of our new ISIS endoscope cleaning system, endoscope storage cabinet and increased service revenue.

In light of the challenging global economic environment, we continue to review our cost structure and implement appropriate expense reductions. We expect to see the results of the cost reductions in our third and fourth quarters of fiscal 2009.

Our medical device business made solid progress as we expanded our sales opportunities both domestically and internationally. We concluded a one year extension of our relationship with Mentor for our ultrasound assisted liposuction product and continue to make traction in Europe for the Sonablate 500 on a fee-per-use model. We are also pleased with the continued expansion of our endoscope cleaning and disinfecting product at Labcaire in the United Kingdom.

We are encouraged by the financial results for the first half of fiscal year 2009 and believe we are beginning to see the return on the investments in our new products, enhanced international distribution and our contract sales force."

Conference Call

Misonix management will host a conference call at 4:30 p.m. Eastern on Monday, February 9, 2009 to discuss the Company's second quarter fiscal 2009 financial results.

Shareholders and other interested parties may participate in the conference call by dialing (800) 659-2056 (domestic) or (617) 614-2714 (international) and entering access code 58959521, a few minutes before the start of the call. A simultaneous webcast will be available via Misonix's website at www.misonix.com. The call will be archived on the Company's website for at least 90 days.

A recording of the live-call will be available approximately 2 hours after the event through February 16, 2009. The dial-in number to listen to the recording is (888) 286 8010 or (617) 801 6888. The replay access code is 94431439.

About Misonix:

Misonix, Inc. (Nasdaq: MSON) designs, develops, manufactures and markets therapeutic ultrasonic medical devices and laboratory equipment. Misonix's therapeutic ultrasonic platform is the basis for several innovative medical technologies. Addressing a combined market estimated to be in excess of $3 billion annually; Misonix's proprietary ultrasonic medical devices are used for wound debridement, cosmetic surgery, neurosurgery, laparoscopic surgery, and other surgical and medical applications. Additional information is available on the Company's Web site at www.misonix.com.

With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include general economic conditions, delays and risks associated with the performance of contracts, risks associated with international sales and currency fluctuations, uncertainties as a result of research and development, acceptable results from clinical studies, including publication of results and patient/procedure data with varying levels of statistical relevancy, risks involved in introducing and marketing new products, potential acquisitions, consumer and industry acceptance, litigation and/or court proceedings, including the timing and monetary requirements of such activities, the timing of finding strategic partners and implementing such relationships, regulatory risks including approval of pending and/or contemplated 510(k) filings, the ability to achieve and maintain profitability in the Company's business lines, and other factors discussed in the Company's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company disclaims any obligation to update its forward-looking relationships.

    Investor Relations Contact:
    Kevin McGrath
    Cameron Associates, Inc.
    212-245-4577
    Kevin@cameronassoc.com

                         MISONIX, INC. And Subsidiaries
                           Consolidated Balance Sheets

                                                          Derived from audited
                                         Unaudited        financial statements
                                     December 31, 2008        June 30, 2008

    Assets
    ------
    Current Assets:
      Cash                               $1,510,973            $1,873,863
      Accounts receivable, net of
       allowance for doubtful
       accounts of $368,212 and
       $376,998, respectively             7,586,072             7,986,802
      Inventories, net                   10,068,516            12,651,564
      Deferred income taxes               1,040,473             1,562,279
      Prepaid expenses and other
       current assets                       500,482               904,737
                                            -------               -------
    Total current assets                 20,706,516            24,979,245

    Property, plant and
     equipment, net                       3,244,885             4,398,867
    Deferred income taxes                   868,657             1,280,217
    Goodwill                              5,709,013             5,784,542
    Other assets                            847,510               807,203
                                            -------               -------
    Total assets                        $31,376,581           $37,250,074
                                        ===========           ===========

    Liabilities and stockholders' equity
    ------------------------------------
    Current liabilities:
      Revolving credit facilities        $3,573,368            $4,470,389
      Notes payable                          11,278               246,888
      Accounts payable                    3,352,167             5,497,541
      Accrued expenses and other
       current liabilities                3,185,510             4,760,115
      Foreign income taxes payable          506,765               696,791
      Current portion of deferred
       gain from sale and leaseback
       of building                          122,698               159,195
      Current maturities of
       capital lease obligations            226,574               307,325
                                            -------               -------
    Total current liabilities            10,978,360            16,138,244

    Capital lease obligations                82,456               225,909
    Deferred lease liability                311,502               348,502
    Deferred income taxes                   246,892               250,514
    Deferred gain from sale and
     leaseback of building                  859,324             1,273,772
    Deferred income                         346,596               371,452
                                            -------               -------
    Total liabilities                    12,825,130            18,608,393

    Commitments and contingencies

    Minority interest                       238,020               199,237

    Stockholders' equity:
      Capital stock, $0.01 par -
       shares authorized
       20,000,000;
      7,079,169 issued and
       7,001,369 outstanding                 70,792                70,792
      Additional paid-in capital         25,140,914            25,052,539
      Accumulated deficit                (6,116,666)           (6,630,170)
      Accumulated other
       comprehensive (loss)
       income                              (369,185)              361,707
      Treasury stock, 77,800
       shares                              (412,424)             (412,424)
                                         ----------            ----------
    Total stockholders' equity           18,313,431            18,442,444
                                         ----------            ----------

    Total liabilities and
     stockholders' equity               $31,376,581           $37,250,074
                                        ===========           ===========



                        MISONIX, INC. And Subsidiaries
                    Consolidated Statements of Operations
                                  Unaudited


                              Three Months Ended            Six Months Ended
                                  December 31,                 December 31,
                                2008        2007            2008         2007
                                ----        ----            ----         ----
    Net sales            $12,189,939 $11,600,053     $23,496,412  $22,132,290

    Cost of goods sold     7,247,189   6,435,478      14,128,232   12,301,921
                           ---------   ---------      ----------   ----------

    Gross profit           4,942,750   5,164,575       9,368,180    9,830,369

    Selling expenses       1,617,487   1,898,675       3,454,744    3,587,185
    General and
     administrative
     expenses              2,197,859   2,620,316       4,850,664    5,126,076
    Research and
     development
     expenses                701,508     935,315       1,477,982    1,645,552
    Litigation
     expenses                100,000           -         100,000            -
                             -------        ----         -------         ----

    Total operating
     expenses              4,616,854   5,454,306       9,883,390   10,358,813
                           ---------   ---------       ---------   ----------

    Income (loss) from
     operations              325,896    (289,731)       (515,210)    (528,444)

    Total other
     income                   33,215      85,941       1,505,566       64,780
                              ------      ------       ---------       ------

    Income (loss)
     before minority
     interest and
     income taxes            359,111    (203,790)        990,356     (463,664)


    Minority interest
     in net income of
     consolidated
     subsidiaries             19,601      13,867          36,328       23,311
                              ------      ------          ------       ------

    Income (loss)
     before income
     taxes                   339,510    (217,657)        954,028     (486,975)

    Income tax
     provision
     (benefit)               146,008    (100,477)        440,524     (143,531)
                             -------    --------         -------     --------

    Net income (loss)       $193,502   ($117,180)       $513,504    ($343,444)
                            ========   =========        ========    =========

    Net income (loss)
     per share - basic         $0.03      ($0.02)          $0.07       ($0.05)
                               =====      ======           =====       ======

    Net income (loss)
     per share - diluted       $0.03      ($0.02)          $0.07       ($0.05)
                               =====      ======           =====       ======

    Weighted average
     common shares -
     basic                 7,001,369   7,001,369       7,001,369    7,001,369
                           =========   =========       =========    =========


    Weighted average
     common shares -
     diluted               7,012,498   7,001,369       7,022,226    7,001,369
                           =========   =========       =========    =========




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SOURCE Misonix, Inc.
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