Q3 2013 Financial Results:For the third quarter of fiscal 2013, revenue was $3.0 million, comparable to $3.6 million in the third quarter of 2012. BoneScalpel revenue for the quarter decreased 10% to $1.1 million compared to $1.2 million in the comparable quarter of fiscal 2012. BoneScalpel domestic disposable sales increased to $228,000, or 47.7%, compared to BoneScalpel disposable sales in the fiscal second quarter of 2012. SonicOne revenue increased 86% to $398,074 compared to $213,686 in the third quarter last year. SonaStar revenue decreased 15% to $1.3 million compared to $1.5 in the third quarter last year. BoneScalpel, SonicOne and Sonastar revenue decreased 6% to $2.8 million for the three months ended March 31, 2013 compared to the comparable period in fiscal 2012.
As expected, other revenue, which includes the legacy products Autosonix and Lysonix, sold by outside distribution partners, decreased 66% as these late stage products approach end-of-life.
For the quarter, royalty income, received predominantly from Covidien, increased substantially to $1.0 million compared to $135,794 in the third quarter of 2012.
Gross margin for the third quarter of fiscal 2013 was 51%, primarily attributable to an unfavorable mix of low and high margin product deliveries and the increase in minimum gross profit contribution requirements related to the Soma product, which had a 6.2% adverse effect on gross margin. Operating expenses for the third fiscal quarter increased 27%, as the Company continued to invest in research and development, sales, marketing and customer support capabilities.
|SOURCE Misonix, Inc.|
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