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Misonix Reports First Quarter Fiscal Year 2009 Financial Results

Revenues Increased 7.4%; Net Income of $.05 per Diluted Share

FARMINGDALE, N.Y., Nov. 13 /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 its fiscal year 2009 first quarter ended September 30, 2008. Michael A. McManus, Jr., President and Chief Executive Officer, and Richard Zaremba, Senior VP and Chief Financial Officer, will host a conference call at 4:30 p.m. Eastern on Thursday, November 13, 2008 to discuss the Company's first quarter financial results.

-- Revenues increased 7.4% to $11.3 million

-- Reported net income of $320,000 or $.05 per diluted share

-- The Company reported the following operational achievements:

-- Entered a new, three year exclusive distribution agreement in Russia

for the Sonablate 500(R)

-- Received second FDA approval for the Sonablate 600(R) Soft Tissue

Ablation System

-- Entered a new two year exclusive distribution agreement in Czech

Republic for Sonastar(TM), SonicOne(R) and BoneScalpel(TM)

Revenues for the three months ended September 30, 2008 were $11.3 million, a 7.4% increase, when compared with revenues of $10.5 million for the same period in fiscal 2008. The increase is due to a $621,000 increase in sales of laboratory and scientific products to $5.9 million and a $154,000 increase in medical device products sales to $5.4 million. The increase in sales of medical device products is due to a $173,000 increase in therapeutic medical device products partially offset by a $19,000 decrease in sales of diagnostic medical device products.

The Company reported pre-tax net income of $615,000 for the three months ended September 30, 2008 compared with a $269,000 pre-tax loss for the same period in fiscal 2008. Pre-tax income for the three months ended September 30, 2008 was positively impacted by a $1.5 million gain on the sale of the Company's equity interest and previously written off debt in Focus Surgery, Inc.

The Company reported net income of $320,000 or $.05 per diluted share for the three months ended September 30, 2008, compared with a net loss of $226,000 or $.03 per share for the same period in fiscal 2008. Net income for the three months ended September 30, 2008 was positively impacted by the gain on the sale of the Company's equity interest and previously written off debt in Focus Surgery, Inc.

The Company reported a backlog of unfilled orders as of September 30, 2008 of $8,164,000 compared to $7,221,000 as of September 30, 2007. Medical device products backlog was $4,361,000 and laboratory and scientific products backlog was $3,803,000.

Commenting on Misonix's financial and operating results, Michael A. McManus, Jr., President and Chief Executive Officer, said, "We are pleased with our revenue growth and the significant progress we have made in positioning all of our business segments for growth this fiscal year. Our laboratory and scientific business, as well as our Sonora subsidiary, continued to make important contributions to our revenue growth and we are pleased with the steady improvement in their performance. The sale of our equity position in Focus Surgery strengthened our balance sheet and will enable us to focus our resources on expanding our international distribution capabilities, building customer awareness and brand equity for our medical device business and supporting opportunities in our laboratory and scientific businesses.

"We have been very active in establishing new distributor agreements for our medical device products with high quality organizations that have strong track records selling high tech medical equipment. These new distributors, located primarily in Europe and South America, are expected to sell our innovative Sonastar, BoneScalpel, and SonicOne medical devices. We have also made good progress in building our new sales channel for the United States, which will ultimately consist of approximately twenty-five contract sales agents that will sell Misonix labeled product, on a commission only basis, directly to hospitals and clinics throughout the US. The SonicOne system is the first product sold by this new sales team, and, to date, we have fifteen sales agents that have completed training.

"Our fee per use strategy in Europe for the Sonablate 500 is moving forward throughout the United Kingdom and European Union and we anticipate that the addition of new distribution agreements combined with an intensified sales campaign will expand SB500 utilization in Europe, making the benefits of our HIFU technology increasingly accessible to surgeons and patients alike."

Conference Call

Misonix management will host a conference call and webcast to discuss the Company's first quarter fiscal year 2009 financial results today, at 4:30 p.m. Eastern.

The conference call will be broadcast live via the Investor Relations section of the Company's Web site at Alternatively, participants may join the conference call by dialing (866) 788-0543 (domestic) or (857) 350-1681 (international) and entering access code 21386797, 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 November 20, 2008. The dial-in number to listen to the recording is (888) 286 8010 or (617) 801 6888. The replay access code is 80767628. 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

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 Financial

Unaudited Statements

September 30, 2008 June 30, 2008

------------------ -------------



Current Assets:

Cash $1,836,591 $1,873,863

Accounts receivable,

less allowance for doubtful

accounts of $312,440 and

$376,998, respectively 6,911,337 7,986,802

Inventories, net 12,319,012 12,651,564

Deferred income taxes 1,246,922 1,562,279

Prepaid expenses and other

current assets 832,981 904,737

------- -------

Total current assets 23,146,843 24,979,245

Property, plant and equipment, net 3,925,137 4,398,867

Deferred income taxes 952,502 1,280,217

Goodwill 5,754,120 5,784,542

Other assets 856,112 807,203

------- -------

Total assets $34,634,714 $37,250,074

=========== ===========

Liabilities and stockholders' equity


Current liabilities:

Revolving credit facilities $3,778,487 $4,470,389

Notes payable 119,111 246,888

Accounts payable 4,624,174 5,497,541

Accrued expenses and other

current liabilities 3,947,974 4,760,115

Current maturities of capital

lease obligations 282,028 307,325

Current portion of deferred gain

from sale and leaseback of

building 145,024 159,195

Foreign income taxes payable 606,831 696,791

------- -------

Total current liabilities 13,503,629 16,138,244

Capital lease obligations 164,232 225,909

Deferred gain from sale and

leaseback of building 1,123,931 1,273,772

Deferred income taxes 246,892 250,514

Deferred income 424,039 371,452

Deferred lease liability 330,000 348,502

------- -------

Total liabilities 15,792,723 18,608,393

Commitments and contingencies

Minority interest 217,184 199,237

Stockholders' equity:

Capital stock, $0.01 par value -

shares authorized 10,000,000;

7,079,169 issued, and 7,001,369

outstanding, respectively 70,792 70,792

Additional paid-in capital 25,105,564 25,052,539

Accumulated deficit (6,310,168) (6,630,170)

Accumulated other comprehensive

income 171,043 361,707

Treasury stock, 77,800 shares (412,424) (412,424)

-------- --------

Total stockholders' equity 18,624,807 18,442,444

---------- ----------

Total liabilities and

stockholders' equity $34,634,714 $37,250,074

=========== ===========

MISONIX, INC. And Subsidiaries

Consolidated Statements of Operations


Three Months Ended

September 30,

2008 2007

---- ----

Net sales $11,306,473 $10,532,237

Cost of goods sold 6,881,043 5,866,443

--------- ---------

Gross profit 4,425,430 4,665,794

Selling expenses 1,837,257 1,688,510

General and administrative expenses 2,652,805 2,505,760

Research and development expenses 776,474 710,237

------- -------

Total operating expenses 5,266,536 4,904,507

--------- ---------

Loss from operations (841,106) (238,713)

Total other income (expense) 1,472,351 (21,161)

--------- -------

Income (loss) before minority interest

and income taxes 631,245 (259,874)

Minority interest in net income of

consolidated subsidiaries 16,727 9,444

------ -----

Income (loss) before income taxes 614,518 (269,318)

Income tax provision (benefit) 294,516 (43,054)

------- -------

Net Income (loss) $320,002 ($226,264)

======== =========

Net Income (loss) per share-basic $0.05 ($0.03)

===== ======

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

===== ======

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

========= =========

Weighted average common shares-diluted 7,031,953 7,001,369

========= =========

Investor Relations Contact:

Kevin McGrath

Cameron Associates, Inc.


SOURCE Misonix, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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