For the third quarter of fiscal year 2013, the Company reported a net loss of $528,330, or $(0.08) per share, which included income from discontinued operations of $172,007, or $0.02 per share, compared to a net loss of $214,625, or $(0.03) per share, in the comparable three month period of 2012, which included a net loss from discontinued operations of $163,243, and a gain from the sale of discontinued operations of $225,032, resulting in net income from discontinued operations of $61,789, or $0.01 per share.
Nine Months 2013 Financial Results:Net sales increased seven percent to $11.1 million for the nine months ended March 31, 2013 from $10.4 million in the nine months ended March 31, 2012. BoneScalpel revenue for the nine months increased 55% to $4.8 million compared to $3.1 million in the comparable period of fiscal 2012. SonicOne revenue increased 83% to $1.4 million compared to $777,885 in the nine month period of the prior year. SonaStar revenue decreased 5.6% to $3.9 million compared to $4.1 million for the nine month period of 2012.
As expected, other revenue, which includes legacy the products Autosonix and Lysonix sold by outside distribution partners, decreased $1.5 million, or 63%, as these late stage products approach end-of-life. Excluding all other revenue, BoneScalpel, SonicOne and SonaStar revenues increased 27% for the nine months ended March 31, 2012.
For the first nine months of fiscal 2013, royalty income received, predominantly from Covidien, increased substantially to $1.8 million compared to $462,301 for the first nine months of 2012.
Gross margin for the nine months ended March 31, 2013 was 55%, primarily attributable to an unfavorable mix of low and high margin product deliveries in addition to the increase in minimum gross profit contribution requirement related to the Soma product which had a 5% adverse impact on gross margin. Operating expenses for the nine month period increased 17% as the Company co
|SOURCE Misonix, Inc.|
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