Misonix, Inc. Announces Second Quarter Fiscal Year 2014 Financial Results Second Quarter Net Sales UP 19%; BoneScalpel™ Revenue UP 31%

FARMINGDALE, N.Y., Feb. 5, 2014 /PRNewswire/ -- Misonix, Inc. (NASDAQ: MSON), an international surgical device company that designs, manufactures and markets innovative therapeutic ultrasonic products for spine surgery, skull based surgery, neurosurgery, wound debridement, cosmetic surgery, laparoscopic surgery and other surgical applications, today announced financial results for the second quarter of fiscal year 2014 and six months ended December 31, 2013.

Highlights for the second quarter fiscal 2014 included:

  • Net sales for the second quarter fiscal 2014 were $4.1 million, a 19% increase, compared to $3.5 million for the same period in fiscal 2013.
  • The Company consigned an additional 12 BoneScalpel systems during the second quarter fiscal 2014 compared to 1 system consigned for the same period in fiscal 2013.
  • BoneScalpel units sold or consigned in second quarter fiscal 2014 totaled 57 world-wide compared to 35 systems for the same period in fiscal 2013.
  • BoneScalpel units sold or consigned in the United States during the second quarter fiscal 2014 totaled 17 compared to 11 in the second quarter of fiscal 2013.
  • BoneScalpel disposables sales in the United States increased 56% to $640,000 in the second quarter fiscal 2014 compared to $411,000 during second quarter fiscal 2013.
  • BoneScalpel disposables utilization in the United States increased 32% to 3,100 units in second quarter fiscal 2014 compared to 2,300 units in the second quarter fiscal 2013.
  • SonaStar®, BoneScalpel and SonicOne® recurring revenue world-wide for the second quarter fiscal 2014 remained at 50% of total sales.
  • Sales to China for the second quarter fiscal 2014, including BoneScalpel which was recently approved by the China Food and Drug Administration increased to $672,000 from $189,000, or 256%, for the same period in fiscal 2013.

Second Quarter Fiscal 2014 Financial Results
Revenue for the three months ended December 31, 2013 was $4.1 million, a 19% increase, when compared to $3.5 million for the same period in fiscal 2013.  The increase was attributable to a 31% increase in BoneScalpel revenue to $2.1 million, a 13% increase in SonaStar revenue to $1.2 million and a 1% increase in SonicOne revenue to $536,000.

There were 57 BoneScalpel units sold or placed worldwide during the second quarter fiscal 2014 compared to 35 BoneScalpel units sold or placed during the second quarter of fiscal 2013.  BoneScalpel domestic disposable sales increased 56% during the second quarter fiscal 2014 compared to the same period in fiscal 2013.

The Company reported net income of $459,000, or $0.06 diluted earnings per share, for the second quarter fiscal 2014 compared to a net loss of $654,000, or $(0.09) loss per share, for the same period in fiscal 2013. 

Six Months Fiscal 2014 Financial Results
Revenue for the six months ended December 31, 2013 was $7.2 million, an 11% decrease, compared to $8.0 million for the same period in fiscal 2013, principally attributable to a decrease of approximately $248,000 in BoneScalpel revenue, a $24,000 decrease in SonicOne revenue and a $302,000 decrease in SonaStar revenue.  As we have previously stated, part of the decrease in revenue is attributable to the Company's focus on consigning units and also the fact that there were no unit sales to Aesculap for the six months ended December 31, 2013 as compared to 15 systems sold to Aesculap for the same period ending December 31, 2012.

BoneScalpel domestic disposables revenue for the six months ended December 31, 2013 increased nine percent to $1.1 million and BoneScalpel disposables sold in Latin America increased 302% to $201,000. SonicOne disposables revenue for the six months ended December 31, 2013 increased 266% to $477,000, driven by a 318% increase in United States disposables revenue to $465,000.

BoneScalpel units consigned during the six months ended December 31, 2013 increased to 24 systems compared to 5 systems for the same period in fiscal 2013.  The Company reported a net loss of $425,000 or $(0.06) loss per share for the six months ended December 31, 2013 compared to a net loss of $609,000, or $(0.09) loss per diluted share, for the same period in fiscal 2013.

Michael A. McManus Jr., President and CEO stated, "We are pleased with the results of the second quarter of fiscal 2014.  Total revenue increased 19% with the number of BoneScalpel units consigned increasing 63% to 57 units worldwide.  BoneScalpel disposables sales in the United States are up 56% resulting in solid quarterly profitability for the Company.  As prior quarter evaluations are turning into purchase orders we are gaining traction both domestically and internationally.  This was a strong first step, which we hope to build on in the coming quarters."

Mr. McManus concluded, "In addition to the improved operational and financial performance during the quarter, the financial underpinnings of the Company continue to be strong. With cash and equivalents that exceed $5 million and no long-term debt, we are able to fund operations from internally generated cash flow. We are pleased with the progress achieved during the second fiscal quarter of 2014."

Conference Call:
The Company has scheduled a conference call today, Wednesday February 5, 2014 at 4:30 pm ET to review the results. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789 or can listen via a live Internet webcast, which is available in the Investor Relations section of the Company's website at www.misonix.com

A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088, confirmation # 10040667. A webcast replay will be available in the Investor Relations section of the Company's website at www.misonix.com for 30 days. 

About Misonix

Misonix, Inc. designs, develops, manufactures and markets therapeutic ultrasonic medical devices. 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.

Safe Harbor Statement

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.




Investor Relations Contacts:

Misonix Contact:

Lytham Partners, LLC

Richard Zaremba

Robert Blum, Joe Dorame, Joe Diaz

631-694-9555

602-889-9700

invest@misonix.com 

mson@lythampartners.com

 

Financial Tables to Follow

 

MISONIX, INC. And Subsidiaries

 Consolidated Balance Sheets



December 31, 2013


June 30, 2013



(Unaudited)


(derived from





audited financial





statements)

Assets





Current Assets:





  Cash and cash equivalents


$5,033,526


$5,806,437

  Accounts receivable, less allowance





       for doubtful accounts of $244,641 and





       $214,641, respectively


2,870,988


2,974,641

  Inventories, net


3,969,972


4,034,477

  Prepaid expenses and other current assets


209,898


387,371

Total current assets


12,084,384


13,202,926






Property, plant and equipment, net


1,304,998


1,326,586

Goodwill


1,701,094


1,701,094

Intangible and other assets


1,030,995


1,129,321

Total assets


$16,121,471


$17,359,927






Liabilities and stockholders' equity





Current liabilities:





  Accounts payable


$1,154,838


$2,208,999

  Accrued expenses and other current liabilities


1,062,988


1,276,963

Total current liabilities


2,217,826


3,485,962






Deferred income


75,072


72,934

Deferred lease liability


20,212


23,811

Total liabilities


2,313,110


3,582,707






Commitments and contingencies










Stockholders' equity:





  Capital stock, $0.01 par value - shares authorized 20,000,000, 7,274,596 and 7,233,884 shares issued and 7,197,036 and 7,156,324 shares outstanding, respectively










72,746


72,339

  Additional paid-in capital


27,444,957


26,989,559

  Accumulated deficit


(13,298,349)


(12,873,685)

  Treasury stock, at cost, 77,560 shares


(410,993)


(410,993)

Total stockholders' equity


13,808,361


13,777,220

Total liabilities and stockholders' equity


$16,121,471


$17,359,927






 

 

MISONIX, INC. And Subsidiaries

Condensed Consolidated Statements of Operations

Unaudited








Three Months Ended


       Six Months Ended


December 31


December 31


2013

2012


2013

2012

Net sales

$4,122,059

$3,474,231


$7,197,643

$8,044,756







Cost of goods sold

1,229,409

1,626,965


2,574,739

3,470,864







Gross profit

2,892,650

1,847,266


4,622,904

4,573,892







Selling expenses

1,683,699

1,545,585


3,512,529

3,004,149

General and administrative expenses

1,120,926

1,092,726


2,342,241

2,135,058

Research and development expenses

435,019

366,257


907,907

763,388

Total operating expenses

3,239,644

3,004,568


6,762,677

5,902,595







Loss from operations

(346,994)

(1,157,302)


(2,139,773)

(1,328,703)







Total other income

804,107

502,387


1,710,659

713,804













Income (loss) from continuing operations before  income taxes

457,113

(654,915)


(429,114)

(614,899)







Income tax expense

2,750

2,329


5,500

3,829







Net income (loss) from continuing operations

454,363

(657,244)


(434,614)

(618,728)













Net income from discontinued operations, net of tax

4,975

3,475


9,950

9,793

Net income (loss)

$459,338

($653,769)


($424,664)

($608,935)







Net income (loss) per share from continuing operations-Basic

$0.06

($0.09)


($0.06)

($0.09)

Net income per share from discontinued operations-Basic

0.00

0.00


0.00

0.00

Net income (loss) per share-Basic

$0.06

($0.09)


($0.06)

($0.09)







Net income (loss) per share from continuing operations-Diluted

$0.06

($0.09)


($0.06)

($0.09)

Net income per share from discontinued operations-Diluted

0.00

0.00


0.00

0.00

Net income (loss) per share-Diluted

$0.06

($0.09)


($0.06)

($0.09)







Weighted average common shares-basic

7,195,406

7,020,107


7,189,136

7,012,734







Weighted average common shares-diluted

7,712,903

7,020,107


7,189,136

7,012,734

 

SOURCE Misonix, Inc.



RELATED LINKS
http://www.misonix.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.