Exhibit 99.1

 

Misonix Reports First Quarter

Fiscal Year 2018 Financial Results

 

For Immediate Release

 

Corporate Contact Investor Contact
Joe Dwyer Joe Diaz
Misonix, Inc. Lytham Partners
631-927-9113 602-889-9700
jdwyer@misonix.com mson@lythampartners.com

 

FARMINGDALE, NY – November 7, 2017 -- Misonix, Inc. (Nasdaq: MSON), a provider of minimally invasive therapeutic ultrasonic medical devices that enhance clinical outcomes, announced today financial results for the first quarter of fiscal year 2018 ended September 30, 2017.

 

Financial Highlights for the First Quarter:

 

Revenue for the first quarter of fiscal year 2018 was $7.3 million, an increase of 18% compared with $6.2 million in the previous year’s first quarter.

Consumables sales in the United States increased 25% to $4.1 million in the first quarter of the new fiscal year compared to $3.3 million in the comparable quarter of fiscal 2017.

The gross profit percentage for the quarter was 70.1% primarily from a strong mix of higher margin consumables, compared to 69.0% in last year’s first quarter.

For the first quarter of fiscal year 2018, the Company reported a net loss of $(1.2) million, or $(0.14) per diluted share, compared to a net loss of $(0.5) million, or $(0.07) per diluted share, in the first quarter of fiscal year 2017.

At September 30, 2017, the Company maintained cash of $10.5 million with no long-term debt.

 

Stavros Vizirgianakis, President and Chief Executive Officer of Misonix, said, “Sales orders continued to be strong in the first quarter of fiscal year 2018, with double-digit revenue growth, picking up where we left off in fiscal 2017. Total revenue increased 18% in the first quarter of the new year primarily attributable to a 25% increase in domestic consumables sales. A significant contribution to the increase in domestic sales was made by the addition of new clinical sales specialists to support the sales activities of our distribution channel. The channel, coupled with our team of 28 clinical sales specialists, was successful in driving a 35% increase in BoneScalpel revenue in the U.S. over the prior year. We are making steady progress with the surgical community, and the hospitals where they practice, to further embed our technology in their respective surgical suites.”

 

“At the recent 32nd Annual Meeting of the North American Spine Society,” Mr. Vizirgianakis continued, “Dr. Wade Jensen of the Center for Neurosciences, Orthopaedics & Spine (“CNOS”) presented data showing a significant reduction in the use of bone grafting material when the Misonix BoneScalpel is employed compared to the use of standard power drill instruments. An estimated $1.9 billion is spent annually on bone graft substitutes. This is valuable data as we are able to show that our products contribute significant value to the overall healthcare system by reducing costs in spinal fusion procedures.”

 

 

 

 

The Company also recently entered into its most significant license, royalty and manufacturing agreement with Hunan Xing Hang Rui Kang Bio-Technologies Co., Ltd., a Chinese corporation, where Misonix will receive at least $11 million in revenue and royalties over the next four years, and further strengthen its balance sheet.

 

Conference Call

The Company has scheduled a conference call for Tuesday, November 7, 2017, at 4:30 pm ET to review the results.

 

Interested parties can access the conference call by dialing (844) 861-5497 or (412) 317-6579 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 # 10113569. A webcast replay will be available in the Investor Relations section of the Company’s website at www.misonix.com for 30 days.

 

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, the impact of the pending investigation by the Department of Justice and Securities Exchange Commission, and other factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, 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.

 

Financial Tables to Follow

 

 

 

 

MISONIX INC. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
 
   For the three months ended 
   September 30, 
   2017   2016 
         
Net sales  $7,280,723   $6,171,625 
Cost of goods sold   2,177,355    1,912,007 
Gross profit   5,103,368    4,259,618 
           
Operating expenses:          
 Selling expenses   3,570,713    3,325,687 
 General and administrative expenses   2,573,131    1,931,821 
 Research and development expenses   901,274    492,084 
Total operating expenses   7,045,118    5,749,592 
Loss from operations   (1,941,750)   (1,489,974)
           
Other income (expense):          
 Interest income   13    19 
 Royalty income and license fees   452,971    944,068 
 Other   (4,458)   (1,996)
Total other income   448,526    942,091 
           
Loss from operations before income taxes   (1,493,224)   (547,883)
           
Income tax benefit   (281,000)   (26,000)
Net loss  $(1,212,224)  $(521,883)
           
Net loss per share - Basic  $(0.14)  $(0.07)
           
Net loss per share - Diluted  $(0.14)  $(0.07)
           
Weighted average shares - Basic   8,958,405    7,809,385 
Weighted average shares - Diluted   8,958,405    7,809,385 

 

 

 

 

MISONIX INC. and Subsidiaries
Consolidated Balance Sheets
           
   September 30,   June 30, 
   2017   2017 
    (unaudited)      
Assets          
Current assets:          
Cash and cash equivalents  $10,528,041   $11,557,071 
Accounts receivable, less allowance for doubtful accounts of $96,868 and $96,868, respectively   4,153,511    5,133,389 
Inventories, net   5,206,025    4,992,434 
Prepaid expenses and other current assets   504,653    918,899 
Total current assets   20,392,230    22,601,793 
           
Property, plant and equipment, net of accumulated amortization and depreciation of $8,134,134 and $7,794,580, respectively   3,842,419    3,730,203 
Patents, net of accumulated amortization of $1,025,930 and $995,568, respectively   715,177    719,136 
Goodwill   1,701,094    1,701,094 
Intangible and other assets   280,684    282,876 
Deferred income tax   5,524,422    4,334,547 
Total assets  $32,456,026   $33,369,649 
           
Liabilities and shareholders’ equity          
Current liabilities:          
Accounts payable  $2,106,506   $1,861,228 
Accrued expenses and other current liabilities   1,815,527    3,346,138 
Total current liabilities   3,922,033    5,207,366 
           
Deferred lease liability   7,016    9,354 
Deferred income   8,989    13,087 
Total liabilities   3,938,038    5,229,807 
           
Commitments and contingencies          
           
Shareholders’ equity:          
Common stock, $.01 par value-shares authorized 20,000,000; 9,365,666 and 9,357,166 shares issued and outstanding in each period, respectively   93,657    93,572 
Additional paid-in capital   37,490,220    36,808,810 
Accumulated deficit   (9,065,889)   (8,762,540)
Total shareholders’ equity   28,517,988    28,139,842 
Total liabilities and shareholders’ equity  $32,456,026   $33,369,649 

 

 

View differences made from one to another to evaluate Misonix Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Misonix Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account