Misonix Reports First Quarter Fiscal Year 2018 Financial Results
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| [07-November-2017] |
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FARMINGDALE, N.Y., Nov. 7, 2017 /PRNewswire/ -- Misonix (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:
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 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 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
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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
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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)
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Total other income 448,526 942,091
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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)
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Net loss per share - Basic $(0.14) $(0.07)
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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, respectively
less
allowance
for
doubtful
accounts
of
$96,868
and
$96,868, 4,153,511 5,133,389
Inventories,
net 5,206,025 4,992,434
Prepaid
expenses
and other
current
assets 504,653 918,899
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Total
current
assets 20,392,230 22,601,793
Property,
plant and $7,794,580,
equipment, respectively
net of
accumulated
amortization
and
depreciation
of
$8,134,134
and 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
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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, issued
$.01 par and
value- outstanding
shares in each
authorized period,
20,000,000; respectively
9,365,666
and
9,357,166
shares 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
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Corporate Contact Investor Contact
Joe Dwyer Joe Diaz
Misonix, Inc. Lytham Partners
631-927-9113 602-889-9700
jdwyer@misonix.com mson@lythampartners.com
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Company Codes: NASDAQ-NMS:MSON |