Misonix Reports Third Quarter Fiscal 2010 Financial Results
The Company also reported the following financial and operational achievements:
Revenues for the three months ended March 31, 2010 were $3.5 million, a 30% increase when compared with $2.7 million for the same period in fiscal 2009. Medical device products sales increased $904,000 or 46% to $2.9 million and laboratory and scientific products sales decreased $99,000 to $678,000 for the three months ended December 31, 2009.
Gross profit as a percentage of sales increased to 54.7% for the three months ended March 31, 2010 from 45.4% for the three months ended March 31, 2009. The increase in gross profit percentage is primarily attributable to increased margins from the Company's BoneScalpel(TM) product.
The Company reported a net income from continuing operations of $17,000 for the three months ended March 31, 2010 compared with a loss of $223,000 or $.03 per share for the same period in fiscal 2009. The Company reported a net loss attributable to Misonix, Inc. shareholders for the three months ended March 31, 2010 of $266,000 or $.04 per share which included a loss from discontinued operations of $257,000 or $.04 per share compared to net income attributable to Misonix, Inc. shareholders of $115,000 or $.02 per share which included income from discontinued operations of $334,000 or $.05 per share for the three months ended March 31, 2009.
Revenues for the nine months ended March 31, 2010 were $9.6 million, a decrease of $1.1 million when compared with $10.7 million for the same period in fiscal 2009. Medical device products sales decreased $779,000 to $7.7 million and laboratory and scientific products sales decreased $324,000 to $1.9 million for the nine months ended March 31, 2010.
Gross profit as a percentage of sales increased to 49.5% for the three months ended March 31, 2010 from 42% for the three months ended March 31, 2009. The increase in gross profit percentage is primarily attributable to increased margins from the Company's BoneScalpel and ultrasonic assisted liposuction products.
The Company reported a net loss from continuing operations for the nine months ended March 31, 2010 of $1.6 million or $.23 per share, compared to a loss from continuing operations of $188,000 or $.03 per share for the same period in fiscal 2009. The Company reported a net loss attributable to Misonix, Inc. shareholders for the nine months ended March 31, 2010 of $1.4 million or $.20 per share including income from discontinued operations of $274,000 or $.04 per share compared to net income attributable to Misonix, Inc. shareholders of $629,000 or $.09 per share including income from discontinued operations of $830,000 or $.12 per share for the nine months ended March 31, 2009.
Commenting on Misonix's financial and operating results, Michael A. McManus, Jr., President and Chief Executive Officer, said, "Even though our progress has been slower then we had expected, we are pleased with our medical device revenue increase for the this quarter, our gross margin percentage increase and our income from continuing operations. We will continue to keep close control on expenses even as we make necessary investments in our product development and sales and marketing activities. Our strong balance sheet, with cash of approximately $9 million, provides us with the necessary resources to invest for growth as needed.
"We continue to build out our sales network and now have 85 of our present 100 person sales force fully trained on our products. We now have in place 31 International distributors. We are pleased that 3 poster presentations at the recent Meeting of the Society of Advanced Would Care showed improved healing time and less trauma to the patient using our SonicOne® Ultrasonic Wound Debrider.
"We are pursuing a number of potential relationships that could add new products, synergistic with our present product portfolio that we would sell either directly or through our significantly expanded international distribution network. In addition, we continue to look at ways to grow our product platform, review potential acquisitions and analyze other opportunities to enhance shareholder value."
Misonix management will host a conference call and webcast on Wednesday, May 12, 2010 at 4:30 pm to discuss the Company's third quarter and nine months results.
Shareholders and other interested parties may participate in the conference call by dialing (800) 322 2803 (domestic) or (617) 614 4925 (international) and entering access code 65906262, 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 May 19, 2010. The dial-in number to listen to the recording is (888) 286 8010 or (617) 801 6888. The replay access code is 42529340.
Misonix, Inc. (NASDAQ: MSON) designs, develops, manufactures and markets therapeutic ultrasonic medical devices and laboratory 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.
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.
-- Net income from continuing operations of $17,000 for the third quarter fiscal 2010 compared to a loss of $223,000 for the third quarter fiscal 2009 -- A 30% increase in revenue for the third quarter fiscal 2010 compared with the third quarter fiscal 2009 -- Gross margin as a percentage of revenues increased to 54.7% in the third quarter fiscal 2010
SOURCE Misonix, Inc.
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