FARMINGDALE, N.Y., Feb. 06, 2018 (GLOBE NEWSWIRE) — Misonix, Inc. (Nasdaq:MSON) (“Misonix” or the “Company”), a provider of minimally invasive therapeutic ultrasonic medical devices that enhance clinical outcomes, today reported financial results for the second quarter of fiscal year 2018 ended December 31, 2017 as summarized below:
| ($ in millions) | Three Months Ended | Six Months Ended | |||||||||||
| December 31, | December 31, | ||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||
| Revenue | $ | 8.3 | $ | 6.0 | $ | 15.6 | $ | 12.2 | |||||
| Gross Profit | $ | 5.9 | $ | 4.2 | $ | 11.0 | $ | 8.5 | |||||
| Gross Profit Percentage | 70.4 | % | 69.8 | % | 70.2 | % | 69.4 | % | |||||
| Operating loss | $ | (1.4 | ) | $ | (1.6 | ) | $ | (3.3 | ) | $ | (3.1 | ) | |
| Net loss | $ | (6.9 | ) | $ | (0.6 | ) | $ | (8.1 | ) | $ | (1.1 | ) | |
| EBITDA (1) | $ | (1.0 | ) | $ | (0.4 | ) | $ | (2.1 | ) | $ | (0.7 | ) | |
| Adjusted EBITDA (1) | $ | 0.4 | $ | (0.1 | ) | $ | 0.5 | $ | (0.6 | ) | |||
| December 31, | June 30, | ||||||||||||
| 2017 | 2017 | ||||||||||||
| Long Term Debt | $ | – | $ | – | |||||||||
| Cash | $ | 12.1 | $ | 11.6 | |||||||||
(1) Definitions and disclosures regarding non-GAAP financial information including reconciliations are included at the end of this press release.
Stavros Vizirgianakis, President and Chief Executive Officer of Misonix stated, “Misonix’s record fiscal second quarter revenue results again highlight the value of our leading ultrasonic medical device platform and continued execution against our strategy to transform our operating model into a rapidly growing business with high-margin recurring revenue streams. Our domestic and international sales growth reflects rising market demand for our products, which led to our highest ever quarterly revenue, including 26% growth in our consumables business and a near doubling of our equipment sales. We are particularly encouraged by our ability to grow total revenue by 38% while also maintaining our gross margin above 70%, further highlighting the leverage we are achieving from the planned shift in our sales mix toward higher margin products and the positive impact the transition to a consignment model is having across our domestic sales.
“Our initiatives to position Misonix for near and long term growth and profitability are yielding positive results across many areas of our business. Our consumable products are driving growth in our recurring revenue base both domestically and internationally with 22% growth in consumable products in fiscal 2018 to date. In addition, we are pleased with the strong performance our core products, including the 36% rise in BoneScalpel sales and the robust sales growth in SonaStar both in the US and abroad during the quarter.
“Our strategic investments in various areas of the business also contributed to the quarterly revenue growth and we expect growing returns from these investments in the second half of this fiscal year. During the second quarter, we increased our R&D spend to accelerate our comprehensive product development roadmap and now expect to bring our next generation of therapeutic ultrasonic medical device platform to market by the end of 2018. In addition, we expanded our commercialization team to over 43 sales personnel, which will allow us to better penetrate both existing and new markets. These results provide us with added confidence in our ability to reach our goal of having Misonix consumable products utilized in 100,000 surgical procedures per year across the world within the next three years.
“Looking forward, Misonix has several significant opportunities to create substantial shareholder value and we remain confident that we will end fiscal 2018 with double-digit top-line growth with revenues exceeding $31 million as we capitalize on the recently implemented sales and marketing initiatives and further benefit from our ongoing efforts to transform Misonix into a customer centric and R&D-driven business.”
