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Misonix Reports Earnings for the Three and Nine Months Ended March 31, 2009
Date:5/11/2009

FARMINGDALE, N.Y., May 11 /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 nine months ended March 31, 2009. Michael A. McManus, Jr., President and Chief Executive Officer, and Richard Zaremba, Senior VP and Chief Financial Officer, will host a conference call Tuesday, May 12, 2009 at 4:30 pm to discuss the Company's third fiscal quarter and nine months financial results.

The Company also reported the following financial and operational achievements:

  • $.02 diluted earnings per share, for the three months ended March 31, 2009.
  • $.09 diluted earnings per share, for the nine months ended March 31, 2009.
  • Received $3.5 million in cash on April 7, 2009 after closing a transaction for the sale of our Ultrasonics laboratory product line.
  • Executed distribution agreement in Portugal for the SonicOne Ultrasonic Wound Debridement System, Sonastar Ultrasonic Surgical Aspirator and BoneScalpel Ultrasonic Bone Cutter.

Revenues for the three months ended March 31, 2009 were $8.0 million, a $2.7 million decrease when compared with revenues of $10.7 million for three months ended March 31, 2008. The decrease in revenues for the three months ended March 31, 2009 was due to a $1.7 million decrease in medical product device sales to $4.8 million and a decrease in laboratory and scientific product sales of $977,000 to $3.2 million. The decrease in sales of medical device products was primarily attributable to lower sales of the Company's Neuroaspirator product, the Lysonix Ultrasonic Assisted Liposuction product, OEM probe sales and MRI repairs, partially offset by an increase in the Bone Scalpel and SonicOne Wound Debridement Systems. The decrease in laboratory and scientific product sales was primarily due to the strengthening of the U.S. Dollar against the English Pound during the three months ended March 31, 2009 as compared to the three months ended March 31, 2008, reducing Labcaire sales reported in U.S. Dollars by approximately $1.0 million.

The Company reported net income for the third quarter of fiscal 2009, of $115,000 or $.02 diluted earnings per share compared with a net loss of $194,000 or $.03 loss per share for the same period in fiscal 2008.

Revenues for the nine months ended March 31, 2009 were $29.3 million, a $1.3 million decrease when compared with revenues of $30.6 million for the nine months ended March 31, 2008. The decrease in revenues for the nine months ended March 31, 2009 was due to a $614,000 decrease in medical device product sales to $17.2 million and a decrease in laboratory and scientific product sales of $650,000 to $12.1 million. The decrease in sales of medical device products was primarily attributable to lower sales of the Company's Neuroaspirator product, Lysonix Ultrasonic Assisted Liposuction product, Lithotripsy product, OEM probe sales and API tank and Subsystem sales. The decrease in laboratory and scientific sales was primarily attributable to the strengthening of the U.S. Dollar against the English Pound during the nine months ended March 31, 2009 as compared to the three months ended March 31, 2008, reducing sales reported in U.S. Dollars by approximately $2.3 million.

The Company reported net income for the nine months ended March 31, 2009, of $629,000 or $.09 diluted earnings per share compared with a net loss of $537,000 or $.08 loss per share for the same period in fiscal 2008.

On April 7, 2009, Misonix, Inc. sold the assets of its Ultrasonic laboratory product business to iSonix LLC, a wholly owned subsidiary of Sonics and Materials, for a cash payment of $3.5 million. The Ultrasonics laboratory business manufactures and sells ultrasonic processors (Sonicators), ultrasonic soldering instruments, ultrasonic cleaners and related accessories. The assets are classified as held for sale and the results of operations are reported in discontinued operations as of March 31, 2009.

Commenting on Misonix's financial and operating results, Michael A. McManus, Jr., President and Chief Executive Officer, said, "Our third quarter results, particularly in our medical device business, were negatively impacted by the worldwide economic conditions which adversely affected the demand for capital equipment. Although the economic environment remains challenging we are encouraged by the performance and strength of our business model. Our focus for the remainder of the year is to build on our growing global distribution presence for our medical device products and deliver improved results.

Looking ahead, we anticipate that fiscal 2010 will continue to be a challenging environment, but we remain encouraged by customer response to our new products. In addition, the cost reduction actions already taken will continue to benefit our profitability. We believe that our new products, past cost control efforts, and continued efficiency gains will allow us to offset marketplace challenges.

During the quarter, we continued to execute on our initiative to significantly expand our distribution relationships throughout the world for our innovative Neuroaspirator, Wound Debrider and Bone Scalpel devices. We believe these relationships will increase our medical device revenue going forward.

A key objective of the third quarter and the fiscal year is an expansion of our European "fee for service" business model for HIFU (High Intensity Focused Ultrasound) treatments for prostate tumors using the Sonablate(R) SB500 acoustic ablation system. We continue to meet with success in the United Kingdom, Portugal, France and Italy, and are expecting further geographic expansion during quarter four and the coming fiscal year.

In early April, we announced the sale of a non-core asset for $3.5 million in cash. This transaction strengthens our balance sheet and illustrates the underlying value of our businesses that are not reflected in our market capitalization today. It also emphasizes our commitment to continue our growth initiatives to become a focused medical device company."

Conference Call

Misonix management will host a conference call and webcast on Tuesday, May 12, 2009 at 4:30 pm ET to discuss the Company's third quarter fiscal 2009 financial results.

The conference call will be broadcast live via the Investor Relations section of the Company's Web site at www.misonix.com. Alternatively, participants may join the conference call by dialing (800) 510-0146 (domestic) or (617) 614-3449 (international) and entering access code 82240049, a few minutes before the start of the call.

For those unable to attend the live results broadcasts, a recording of the live-call will be available approximately 2 hours after the event through May 19, 2009. The dial-in number to listen to the recording is (888) 286-8010 or (617) 801-6888. The replay access code is 76910719. The call will also be archived on the Company's website for at least 90 days.

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.

                          MISONIX, INC. And Subsidiaries
                            Consolidated Balance Sheets

                                                          Derived from audited
                                          Unaudited       financial statements
                                       March 31, 2009         June 30, 2008

    Assets
    ------
    Current Assets:
      Cash                                 $1,096,677              $1,873,863
      Accounts receivable, net of
       allowance for doubtful accounts
       of $473,314 and $376,998,
       respectively                         6,245,861               7,986,802
      Inventories, net                     10,017,066              11,906,091
      Deferred income taxes                 1,125,846               1,562,279
      Prepaid expenses and other
       current assets                       1,157,893                 904,737
      Current assets held for sale            622,372                 745,473
                                           ----------              ----------
    Total current assets                   20,265,715              24,979,245

    Property, plant and
     equipment, net                         2,984,281               4,371,373
    Deferred income taxes                     819,269               1,280,217
    Goodwill                                5,713,034               5,784,542
    Other assets                            1,486,551                 807,203
    Assets held for sale                       25,255                  27,494
                                          -----------             -----------
    Total assets                          $31,294,105             $37,250,074
                                          ===========             ===========

    Liabilities and
     stockholders' equity
    ---------------------
    Current liabilities:
      Revolving credit facilities          $2,816,852              $4,470,389
      Notes payable                           388,410                 246,888
      Accounts payable                      3,344,840               5,497,541
      Accrued expenses and other
       current liabilities                  2,868,804               4,760,115
      Foreign income taxes payable            546,775                 696,791
      Current portion of deferred gain
       from sale and leaseback of
       building                               113,418                 159,195
      Current maturities of
       capital lease obligations              209,156                 307,325
                                              -------                 -------
    Total current liabilities              10,288,255              16,138,244

    Capital lease obligations                  32,353                 225,909
    Deferred lease liability                  292,999                 348,502
    Deferred income taxes                     687,526                 250,514
    Deferred gain from sale and
     leaseback of building                    822,277               1,273,772
    Deferred income                           350,773                 371,452
                                              -------                 -------
    Total liabilities                      12,474,183              18,608,393

    Commitments and contingencies

    Minority interest                         236,107                 199,237

    Stockholders' equity:
      Capital stock, $0.01 par  value
       - shares authorized 20,000,000;
      7,079,169 issued and 7,001,369
       outstanding                             70,792                  70,792
      Additional paid-in capital           25,193,939              25,052,539
      Accumulated deficit                  (6,001,199)             (6,630,170)
      Accumulated other comprehensive
       (loss) income                         (267,293)                361,707
      Treasury stock, 77,800 shares          (412,424)               (412,424)
                                             --------                --------
    Total stockholders' equity             18,583,815              18,442,444
                                           ----------              ----------

    Total liabilities and
     stockholders' equity                 $31,294,105             $37,250,074
                                          ===========             ===========



                          MISONIX, INC. And Subsidiaries
                      Consolidated Statements of Operations
                                   Unaudited


                               Three Months Ended       Nine Months Ended
                                   March 31,                 March 31,
                              2009         2008         2009         2008
                              ----         ----         ----         ----
    Net sales              $8,047,051  $10,700,621  $29,325,347  $30,588,650

    Cost of goods sold      4,743,033    6,143,723   17,474,066   17,009,968
                            ---------    ---------   ----------   ----------

    Gross profit            3,304,018    4,556,898   11,851,281   13,578,682

    Selling expenses        1,203,821    1,883,948    4,429,295    5,273,525
    General and
     administrative
     expenses               2,098,672    2,470,147    6,949,336    7,596,223
    Research and development
     expenses                 574,181      653,372    1,896,370    2,175,713
    Litigation expenses         2,000            -      102,000            -
                            ---------    ---------    ---------    ---------

    Total operating
     expenses               3,878,674    5,007,467   13,377,001   15,045,461
                            ---------    ---------   ----------   ----------

    Operating loss from
     continuing operations   (574,656)    (450,569)  (1,525,720)  (1,466,779)

    Total other income         75,542       73,170    1,581,107      137,950
                               ------       ------    ---------      -------

    Income (loss) from
     continuing operations
     before minority  interest
     and income taxes        (499,114)    (377,399)      55,387   (1,328,829)

    Minority interest in net
     (loss) income of
     consolidated
     subsidiaries              (3,361)      24,269       32,967       47,580
                               ------       ------       ------       ------

    Income (loss) from
     continuing operations
     before income taxes     (495,753)    (401,668)      22,420   (1,376,409)

    Income tax benefit       (473,838)     (97,266)    (234,679)    (381,004)
                             --------      -------     --------     --------

    Net income (loss) from
     continuing operations   ($21,915)   ($304,402)    $257,099    ($995,405)

    Net income from
     discontinued operations,
     net of tax              $137,382     $110,365     $371,872     $457,924

    Net income (loss)        $115,467    ($194,037)    $628,971    ($537,481)

    Net income (loss) per
     share from continuing
     operations-basic           $0.00       ($0.04)       $0.04       ($0.14)
                                =====       ======        =====       ======

    Net income per share from
     discontinued
     operations-basic           $0.02        $0.02        $0.05        $0.07
                                =====        =====        =====        =====

    Net income (loss) per
     share-basic                $0.02       ($0.03)       $0.09       ($0.08)
                                =====       ======        =====       ======

    Net income (loss) per
     share from continuing
     operations-diluted         $0.00       ($0.04)       $0.04       ($0.14)
                                =====       ======        =====       ======

    Net income per share from
     discontinuing
     operations-diluted         $0.02        $0.02        $0.05        $0.07
                                =====        =====        =====        =====

    Net income (loss) per
     share-diluted              $0.02       ($0.03)       $0.09       ($0.08)
                                =====       ======        =====       ======

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

    Weighted average
     common shares
     outstanding-diluted    7,001,369    7,001,369    7,016,299    7,001,369
                            =========    =========    =========    =========

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


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SOURCE Misonix, Inc.
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