Misonix Reports Preliminary Fiscal 2020 Fourth Quarter Revenue of Approximately $13.5 Million
FARMINGDALE, N.Y., July 10, 2020 (GLOBE NEWSWIRE) — Misonix, Inc. (Nasdaq: MSON) (“Misonix,” the “Company,” “we,” “us” or “our”), a provider of minimally invasive therapeutic ultrasonic medical devices and regenerative products that enhance clinical outcomes, today announced preliminary unaudited fiscal 2020 fourth quarter revenue for the three months ended June 30, 2020.
Fiscal Fourth Quarter Revenue
Misonix’s revenue for the three months ended June 30, 2020 was approximately $13.5 million, compared to $9.8 million in the prior year period. Due to Misonix’s acquisition of Solsys Medical, which was completed in the first fiscal quarter of 2020, the prior year period revenue excludes TheraSkin revenue of $7.8 million. On a pro-forma basis, including the TheraSkin revenue from the three-month period ended June 30, 2019, revenue declined approximately 23% for the fourth quarter and increased approximately 8% for the full fiscal year ended June 30, 2020. For the fourth quarter of fiscal 2020, surgical revenue declined approximately 36% and wound revenue declined approximately 11%, compared with the fourth quarter of fiscal 2019 and including TheraSkin revenue in the fourth quarter of fiscal 2019 on a pro forma basis. At June 30, 2020, the Company had approximately $38 million in cash.
Misonix President and Chief Executive Officer, Stavros Vizirgianakis, said, “I am extremely proud of the entire Misonix team for their unwavering commitment and success in navigating during this global pandemic. While we have experienced a significant slowdown in elective procedures brought on by the onset of COVID-19 in recent months, procedure volumes in the domestic market showed improvement during May and June. Although it is difficult to predict what the impact of COVID-19 will be in the coming months in both the domestic and international markets, we remain prepared to adjust our business accordingly.
“In the first half of fiscal 2020, prior to the onset of COVID-19, we were on track to meet our revenue expectations as a result of the early success of the Nexus platform and its positive impact on our Surgical division, the growth and strengthening of our wound division on the back of the Solsys acquisition, as well as the overall value proposition that our solutions bring to physicians and patients.”
Misonix intends to announce full fourth quarter and year end results and host a webcast conference call in mid-August 2020.
The revenue for the quarter ended June 30, 2020 is preliminary and unaudited and represents the most current information available to Misonix management. Actual results may differ due to the completion of Misonix’s financial closing procedures, year-end audit by independent public accountants and other developments that may arise between the date of this press release and the time that financial results for the quarter and year ended June 30, 2020 are finalized.
