CORRECTING and REPLACING – Misonix Reports Record Fourth Quarter and Fiscal Year 2018 Revenue
FARMINGDALE, N.Y., Sept. 06, 2018 (GLOBE NEWSWIRE) — On September 5, 2018, Misonix, Inc. (Nasdaq: MSON) (“Misonix” or the “Company”), issued a press release announcing financial results of its fourth fiscal quarter and fiscal year ended June 30, 2018. The sales performance supplemental data table in that release included a classification error between international consumables and equipment revenue for the three and twelve months ended June 30, 2018. Total, domestic and international revenue was reported correctly in all periods. A corrected supplemental data table and updated percentages within the text of the press release are included herein. Please note these changes when referencing the transcript of the quarterly results review conference call the Company held on September 5, 2018.
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 fiscal 2018 fourth quarter and year ended June 30, 2018 as summarized below:
| ($ in millions) | Three Months Ended | Year Ended | |||||||||||
| June 30, | June 30, | ||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||
| Revenue | $ | 8.6 | $ | 7.9 | $ | 36.7 | $ | 27.3 | |||||
| Gross Profit | $ | 6.1 | $ | 5.5 | $ | 26.9 | $ | 19.1 | |||||
| GP Percentage – product revenue | 70.8% | 69.9% | 70.0% | 69.9% | |||||||||
| Pretax loss from continuing operations | $ | (1.8) | $ | (1.1) | $ | (2.4) | $ | (2.9) | |||||
| Net loss | $ | (1.8) | $ | (0.4) | $ | (7.6) | $ | (1.7) | |||||
| EBITDA (1) | $ | (1.1) | $ | (0.9) | $ | (0.8) | $ | (1.6) | |||||
| Adjusted EBITDA (1) | $ | (0.2) | $ | (0.3) | $ | 4.2 | $ | (0.5) | |||||
| June 30, | June 30, | ||||||||||||
| 2018 | 2017 | ||||||||||||
| Long Term Debt | $ | – | $ | – | |||||||||
| Cash | $ | 11.0 | $ | 11.6 | |||||||||
- Definitions and disclosures regarding non-GAAP financial information including reconciliations are included on page 6 of this press release.
Stavros Vizirgianakis, President and Chief Executive Officer of Misonix stated, “Our fourth quarter and fiscal 2018 top-line financial results mark the conclusion of another year of significant company-wide improvements and growth for Misonix. The ongoing and successful execution of our strategies to aggressively expand our leading ultrasonic medical device platform resulted in a 35% rise in annual revenues to a record $36.7 million, exceeding the high-end of our fiscal 2018 guidance. Record top-line growth drove a 41% increase in annual gross profit, while maintaining our healthy gross margin on product sales of 70%. The significant improvement in our fiscal 2018 top- and bottom-line financial performance reflects the added value we are generating from our growth investments and our continued progress in positioning Misonix for ongoing sustainable growth and future profitability. With the positive operating momentum across our business and a strong balance sheet, Misonix has a solid foundation to continue pursuing a range of near- and long-term growth opportunities that we are confident will deliver enhanced returns for our shareholders.
“The demonstrated clinical benefits of Misonix’s ultrasonic surgical devices are a key driver behind the strong demand for our products and improved competitive position across our domestic and international markets. Robust growth in both consumables and equipment sales drove a 20% increase in product revenue for fiscal 2018. We are also very pleased to see continued double-digit revenue growth in our consumables business, a high-margin recurring revenue stream that brings added predictability to our results. Excluding license revenue, consumables accounted for 71% of total sales for the fiscal fourth quarter and 72% of sales for the full year. And, with over 62,000 surgical procedures performed with Misonix consumables, we exceeded our goal for fiscal 2018 and remain on track to meet or exceed our goal of 100,000 annual procedures world-wide within three years.
“In line with our commitment to radically improve patient outcomes through medical technology innovation, we continued to invest in R&D to support the development of new ultrasonic surgical solutions and products, including our next generation Nexus platform product. We have received an overwhelmingly positive response from physicians who tested early prototypes and have incorporated their feedback to make further enhancements to the Nexus product line, which will be unveiled at the NASS conference in September. Nexus presents a compelling value proposition to hospitals and physicians, allowing Misonix to further penetrate operating rooms by expanding our addressable markets.
“As we pursue the next phase of growth for Misonix, we will continue to focus on actively managing our capital structure, driving sales, improving productivity and increasing efficiencies. We are confident that the direction we are headed in will enable us to meet our goal of enhancing long-term shareholder value as we move through fiscal 2019 and beyond.”
