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Misonix Reports Second Quarter and Six Months Fiscal 2011 Financial Results
Date:2/9/2011

FARMINGDALE, N.Y., Feb. 9, 2011 /PRNewswire/ -- Misonix, Inc. (Nasdaq: MSON), a medical device company that designs, manufactures, and markets innovative, therapeutic, ultrasonic products worldwide for wound debridement, cosmetic surgery, neurosurgery, laparoscopic surgery, and other surgical and medical applications, today reported financial results for the second fiscal quarter and six months ending December 31, 2010.  Michael A. McManus Jr., President and Chief Executive Officer, and Richard Zaremba, Senior Vice President and Chief Financial Officer, will host a conference call Wednesday, February 9, 2011 at 4:30 pm to discuss the Company's second quarter and six month results.

The Company also reported the following financial and operational achievements:

  • A 9% and 16% increase in revenue for the three and six months ending December 31, 2010, respectively, compared with the same period ending December 31, 2009.
  • Medical device products revenue increased 11% and 21% for the three and six months ending December 31, 2010, respectively, compared with the same period ending December 31, 2009.
  • Gross profit as a percentage of revenue increased to 55.1% and 52.7% for the three and six months ending December 31, 2010, respectively.

  • Revenue for the three months ended December 31, 2010 was $3.4 million, a 9% increase when compared with $3.1 million for the same period in fiscal 2010.  Medical device product sales increased $268,000 or 11% to $2.8 million and laboratory and scientific product sales increased $7,000 to $661,000 for the three months ended December 31, 2010.  The increase in medical device product sales was primarily attributable to sales of the Company's Neuroaspirator products.

    Gross profit as a percentage of sales (gross profit percentage) increased to 55.1% for the three months ended December 31, 2010 from 47.8% for the three months ended December 31, 2009.  Gross profit percentage for medical device product sales increased to 62.4% for the three months ended December 31, 2010 from 52.0% for the three months ended December 31, 2009.  Gross profit percentage for medical device product sales was favorably impacted in the three months ended December 31, 2010 predominately by a favorable mix of higher margin Neuroaspirator products.  Gross profit for laboratory and scientific product sales decreased to 24.7% for the three months ended December 31, 2010 from 31.8% for the three months ended December 31, 2009.

    The Company reported a pre-tax loss from continuing operations of $561,000 for the three months ended December 31, 2010 compared with a pre-tax loss of $1.5 million for the same period in fiscal 2010.  The Company reported a net loss attributable to Misonix, Inc. shareholders for the three months ended December 31, 2010 of $536,000 or $.08 per share including income of $29,000 from discontinued operations compared to a net loss of $224,000 or $.03 per share including income of $342,000 from discontinued operations for the three months ended December 31, 2009.

    Revenue for the six months ended December 31, 2010 was $6.7 million, a 16% increase when compared with $5.8 million for the same period in fiscal 2010.  Medical device products sales increased $957,000 or 21% to $5.5 million and laboratory and scientific product sales decreased $55,000 to $1.2 million.

    Gross profit percentage increased to 52.7% for the six month ended December 31, 2010 from 43.5% for the same period in fiscal 2010.

    The Company reported a pre tax loss from continuing operations of $1.4 million for the six months ended December 31, 2010 compared to a loss of $3.0 million for the same period in fiscal 2010.  The Company reported a net loss attributable to Misonix, Inc. shareholders for the six months ended December 31, 2010 of $1.6 million or $.22 per share which included a loss from discontinued operations of $146,000 compared to a net loss of $1.1 million or $.16 per share attributable to Misonix, Inc. shareholders which included income from discontinued operations of $694,000 for the six months ended December 31, 2009.

    Commenting on Misonix's financial and operating results, Michael A. McManus Jr., President and Chief Executive Officer, said, "We are pleased at the growth of our revenues and gross margins particularly with respect to our medical device products.  We have started to see the benefit of the direct sales of our Neuroaspirator business both in increased revenue and margins.  Our cost reduction efforts have lowered our total operating expenses by approximately $500,000 from the prior year six months results.  We were able to achieve these cost reductions while increasing brand awareness of our medical devices through direct sales.

    "Over the next couple of months we will be introducing the BoneScalpel™ into the Maxiofacial surgery market and the SonicOne® into the operating room for surgical debridement.  Both products will be sold throughout the world exclusively by our own sales organization.

    "We remain committed to our strategic vision and belief that increased medical device sales through our proprietary sales channels, a broader geographic reach, and development of new surgical applications and technology, will strengthen and grow the company over time."

    Conference Call:Misonix management will host a conference call and webcast on Wednesday, February 9, 2011 at 4:30 pm to discuss second quarter results.

    Shareholders and other interested parties may participate in the conference call by dialing (866)383-7989 (domestic) or (617) 597-5328 (international) and entering access code 69318379, a few minutes before the start of the call.  A simultaneous webcast will be available via Misonix's website at www.misonix.com.  The call will be archived on the company's website for at least 90 days.

    A recording of the live-call will be available approximately 2 hours after the event through February 16, 2011.  The dial-in number to listen to the recording is (888) 286-8010 or (617) 801-6888.  The replay access code is 80510077.

    About Misonix:Misonix, Inc. designs, manufactures and markets therapeutic ultrasonic medical devices and laboratory and scientific 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.MISONIX, INC. And Subsidiaries Consolidated Balance SheetsDecember 31, 2010June 30, 2010AssetsCurrent Assets:  Cash and cash equivalents$8,237,125$9,900,605  Accounts receivable, less allowancefor doubtful accounts of $116,178 and$123,346, respectively2,290,4662,335,653  Inventories, net3,745,1482,699,717  Prepaid expenses and other current assets253,032515,427  Note receivable210,0001,075,105Total current assets14,735,77116,526,507Property, plant and equipment, net769,147500,215Goodwill1,701,0941,701,094Other assets2,244,0761,730,339Total assets$19,450,088$20,458,155Liabilities and stockholders' equityCurrent liabilities:  Notes payable$10,701$177,679  Accounts payable1,570,001888,654  Accrued expenses and other current liabilities950,5251,000,523Total current liabilities2,531,2272,066,856Capital lease obligations6,60514,274Deferred income203,367250,739Deferred lease liability5,617-Total liabilities2,746,8162,331,869Commitments and contingenciesStockholders' equity:  Capital stock, $0.01 par value - shares authorized 20,000,000; 7,079,169  issued and 7,001,369 outstanding, respectively70,79270,792  Additional paid-in capital25,633,71525,502,717  Accumulated deficit(8,588,811)(7,034,799)  Treasury stock, 77,800 shares(412,424)(412,424)Stockholders' equity16,703,27218,126,286Total liabilities and stockholders' equity$19,450,088$20,458,155MISONIX, INC. And SubsidiariesConsolidated Statements of OperationsUnauditedThree Months EndedSix Months EndedDecember 31,December 31,2010

    20092010

    2009Net sales

    $3,423,689

    $3,148,174$6,681,677

    $5,779,191Cost of goods sold

    1,537,107

    1,642,3823,157,810

    3,264,275Gross profit

    1,886,582

    1,505,7923,523,867

    2,514,916Selling expenses

    1,054,693

    1,058,8792,019,700

    1,978,486General and administrative expenses

    1,109,482

    1,490,4842,327,287

    2,803,164Research and development expenses

    428,285

    523,571888,779

    946,040Total operating expenses

    2,592,460

    3,072,9345,235,766

    5,727,690Operating loss from continuing operations

    (705,878)

    (1,567,142)(1,711,899)

    (3,212,774)Total other income

    144,682

    64,810346,272

    217,534Loss from continuing operations before  income taxes

    (561,196)

    (1,502,332)(1,365,627)

    (2,995,240)Income tax (benefit)

    4,000

    (936,913)42,100

    (1,182,677)Net loss from continuing operations

    (565,196)

    (565,419)(1,407,727)

    (1,812,563)Discontinued operations:Net income (loss) from discontinued operations, net of income tax expense of $0,$0, $0 and $470,397

    29,030

    237,724(146,285)

    765,217Net loss from sale of discontinued operations, net of income tax expense of $0, $0, $0 and $957,937

    -

    82,897-

    (112,819)Noncontrolling interest in discontinued operations net of income taxes

    -

    21,085-

    41,340Net income (loss) from discontinued operations

    29,030

    341,706(146,285)

    693,738Net loss attributable to Misonix, Inc. shareholders

    ($536,166)

    ($223,713)($1,554,012)

    ($1,118,825)Net loss per share from continuing operations attributable to Misonix, Inc. shareholders-Basic

    ($0.08)

    ($0.08)($0.20)

    ($0.26)Net income (loss) per share from discontinued operations-Basic

    0.00

    0.05(0.02)

    0.10Net loss per share attributable to Misonix, Inc. shareholders-Basic

    ($0.08)

    ($0.03)($0.22)

    ($0.16)Net loss per share from continuing operations attributable to Misonix, Inc. shareholders-Diluted

    ($0.08)

    ($0.08)($0.20)

    ($0.26)Net income (loss) per share from discontinued operations-Diluted

    0.00

    0.05(0.02)

    0.10Net loss per share attributable to Misonix, Inc. shareholders-Diluted

    ($0.08)

    ($0.03)($0.22)

    ($0.16)Weighted average common shares-basic

    7,001,369

    7,001,3697,001,369

    7,001,369Weighted average common shares-diluted

    7,001,369

    7,001,3697,001,369

    7,001,369Misonix Contact:

    Investor Relations Contact:Richard Zaremba

    Kevin McGrath, Cameron Associates, Inc.631-694-9555

    212-245-4577invest@misonix.com

    Kevin@cameronassoc.com
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    SOURCE Misonix, Inc.
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