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Misonix Reports First Quarter Fiscal 2010 Financial Results

FARMINGDALE, N.Y., Nov. 16 /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 the financial results for the first fiscal quarter 2010 ending September 30, 2009. Michael A. McManus, Jr., President and Chief Executive Officer, and Richard Zaremba, Senior VP and Chief Financial Officer, will host a conference call Monday, November 16, 2009 at 4:30pm to discuss the Company's first fiscal quarter financial results.

The Company also reported the following financial and operational achievements:

  • On August 5, 2009, we closed the transaction for the sale of our Labcaire Systems Ltd. subsidiary ("Labcaire") to PuriCore International, Limited for up to $5.6 million.
  • On October 2, 2009, we closed a transaction for the sale of substantially all of the assets of Sonora to Medical Imaging Holdings, Inc. for a cash payment of $8 million which is reported as assets held for sale on the Company's Consolidated Balance Sheets as of September 30, 2009.

First Quarter Fiscal 2010 vs. First Quarter Fiscal 2009 Financial Results

Revenue was $2.7 million, a decrease of $.4 million compared to $3.1 million for the first quarter of 2009. The decrease in revenue for the first quarter of 2010 was due to a decrease of $.4 million in medical device products sales to $2.1 million. Reduced sales of the Company's Lysonix(TM) Ultrasonic Assisted Liposuction, SonaStar® Ultrasonic Surgical Aspirator and Autosonix® Cutting and Coagulating System were partially offset by an increase in sales of the SonicOne® Wound Debridement System and Bone Scalpel(TM).

Net loss from continuing operations for the first quarter of 2010 was $1.2 million, or $.17 per share, compared to income from continuing operations of $108,000, or $.02 per share, for the first quarter of 2009. During the first fiscal quarter 2010, the Company sold all of its issued and outstanding share capital of Labcaire for an aggregate consideration consisting of (i) a cash payment of $3.6 million, (ii) a promissory note in the amount of $1 million payable over 4 years and (iii) commissions on certain Labcaire sales and licenses made through December 13, 2013 not to exceed $1 million in the aggregate. The Company reported a net loss for the first quarter of 2010, including the income from discontinued operations of $448,000, or $.06 per share of $776,000, or $.11 per share compared to net income of $320,000, or $.05 per share, for the first quarter of 2009.

At September 30, 2009, the Company had approximately $5.7 million in cash as compared to $3.4 million in cash as of June 30, 2009.

Commenting on Misonix's financial and operating results, Michael A. McManus, Jr., President and Chief Executive Officer, said, "Our first quarter results showed the continuing effect of the difficult global economic conditions as both Misonix and its partners experienced slower sales. We believe our new product launches and new direct and indirect sales force organization will be successful in growing sales going forward. Our sales force enables us to better control both our sales and margin while also building the Misonix brand as a world leader in Ultrasonic surgical devices.

"Both the Bone Scalpel(TM) for spinal surgery and the SonicOne for wound cleansing and debridement are developing good traction in the market place. We believe the initiatives being implemented with our distribution partners will result in stronger growth for our products in both the cosmetic surgery and neuro surgery markets.

"The transactions we successfully completed over the past few months have created a more focused surgical company, with a stronger balance sheet. These steps, combined with the establishment of a new direct sales force and broad based international distribution, will be key contributors to our future growth."

Conference Call/Webcast Information

Misonix management will host a conference call and webcast on Monday, November 16, 2009 at 4:30 pm ET to discuss the Company's first quarter fiscal 2010 financial results.

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) 711-8198 (domestic) or (617) 597-5327 (international) and entering access code 95855392, 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 23, 2009. The dial-in number to listen to the recording is (888) 286-8010 or (617) 801-6888. The replay access code is 44023008. 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, 2009   June 30, 2009
                                          ------------------   -------------
    Current Assets:
      Cash                                   $5,680,200          $3,415,813
      Accounts receivable, less
       allowance for doubtful accounts of
       $378,543 and $334,399, respectively    2,291,613           3,301,551
      Inventories, net                        3,799,061           3,678,743
      Deferred income taxes                   1,014,262             762,429
      Prepaid expenses and other
       current assets                           740,012             715,589
      Current assets of discontinued
       operations - Labcaire                          0           5,460,052
      Current assets held for sale - Sonora   3,526,543           3,659,383
                                              ---------           ---------
    Total current assets                     17,051,691          20,993,560

    Property, plant and equipment, net          546,489             588,191
    Deferred income taxes                       221,344             128,183
    Goodwill                                  2,020,838           2,016,941
    Other assets                              1,558,571             757,551
    Assets of discontinued
    operations - Labcaire                             0           6,937,810
    Assets held for sale - Sonora             3,717,198           3,741,170
                                              ---------           ---------
    Total assets                            $25,116,131         $35,163,406
                                            ===========         ===========

    Liabilities and stockholders' equity
    Current liabilities:
      Revolving credit facilities            $1,609,122          $2,633,059
      Notes payable                             132,031             261,485
      Accounts payable                          936,682             690,004
      Accrued expenses and other
       current liabilities                      655,254             807,691
      Current maturities of capital
       lease obligations                         13,769              13,523
      Foreign income taxes payable               37,459              10,363
      Current liabilities of
       discontinued operations - Labcaire             0           8,097,279
      Current liabilities related to
       assets held for sale - Sonora            674,751             712,256
                                                -------             -------
    Total current liabilities                 4,059,068          13,225,660

    Capital lease obligations                    24,161              27,716
    Deferred income taxes                       405,776             405,776
    Deferred income                             195,129             201,207
    Deferred lease liability                     28,956              38,607
    Liabilities related to assets held
     for sale - Sonora                          253,930             280,652
                                                -------             -------
    Total liabilities                         4,967,020          14,179,618
                                              ---------          ----------

    Commitments and contingencies

    Stockholders' equity:
    Misonix, Inc. stockholders equity:
      Capital stock, $0.01 par value -
       shares authorized 20,000,000;
       7,079,169 issued, and 7,001,369
       outstanding, respectively                 70,792              70,792
      Additional paid-in capital             25,284,215          25,251,412
      Accumulated deficit                    (4,600,393)         (3,824,003)
      Accumulated other
       comprehensive loss                      (467,658)           (348,936)
      Treasury stock, 77,800 shares            (412,424)           (412,424)
                                               --------            --------
    Total Misonix, Inc.
     stockholders' equity                    19,874,532          20,736,841
      Noncontrolling interests                  274,579             246,947
                                                -------             -------
    Total stockholders' equity               20,149,111          20,983,788
                                             ----------          ----------
    Total liabilities and
     stockholders' equity                   $25,116,131         $35,163,406
                                            ===========         ===========

                           MISONIX, INC. And Subsidiaries
                       Consolidated Statements of Operations

                                                         Three Months Ended
                                                            September 30,
                                                         2009          2008
                                                         ----          ----
    Net sales                                        $2,746,684    $3,143,199

    Cost of goods sold                                1,624,543     1,913,674
                                                      ---------     ---------
    Gross profit                                      1,122,141     1,229,525

    Selling expenses                                    949,413       798,326
    General and administrative expenses               1,345,256     1,503,601
    Research and development expenses                   422,469       320,632
                                                        -------       -------
    Total operating expenses                          2,717,138     2,622,559
                                                      ---------     ---------
    Operating loss from continuing operations        (1,594,997)   (1,393,034)

    Total other income                                  152,727     1,650,056
                                                        -------     ---------
    (Loss) income from continuing operations
     before income taxes                             (1,442,270)      257,022

    Income tax (benefit) provision                     (245,764)      149,436
                                                       --------       -------
    Net (loss) income from continuing operations     (1,196,506)      107,586
                                                     ----------       -------
    Discontinued operations:
      Net income from discontinued operations,
       net of tax of $0 and $85,901 - Ultrasonics             0       118,624
      Net income from discontinued operations,
       net of tax of $32,429 and $33,329 - Sonora       128,987        46,026
      Net income from discontinued operations,
       net of tax of $437,968 and $25,850 - Labcaire    514,477        60,316
      Net loss on sale of Labcaire, inclusive of
       a tax benefit of $100,163                       (195,716)            0
                                                       --------             -
    Net income from discontinued operations             447,748       224,966
                                                        -------       -------
    Net (loss) income                                 ($748,758)     $332,552
    Net income attributable to noncontrolling
     interests                                          $27,632       $12,550
                                                        -------       -------
    Net (loss) income attributable to Misonix,
     Inc. shareholders                                ($776,390)     $320,002
                                                      =========      ========
     (Loss) income per share-basic from
     continuing operations                               ($0.17)        $0.02
    Income per share-basic from
     discontinued operations                               0.06          0.03
    Net (loss) income per share-basic                    ($0.11)        $0.05
                                                         ======         =====

    Loss per share-diluted from
     continuing operations                               ($0.17)        $0.02
    Income per share-diluted from
     discontinued operations                               0.06          0.03
    Net (loss) income per share-diluted                  ($0.11)        $0.05
                                                         ======         =====

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

    Weighted average common shares-diluted            7,001,369     7,031,953
                                                      =========     =========
    Investor Relations Contact:
    Kevin McGrath / Cameron Associates, Inc.

SOURCE Misonix, Inc.

SOURCE Misonix, Inc.
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