Misonix Announces Fiscal First Quarter of 2000 Results; Reports Increased Sales of 17%
November 8, 1999 08:07 AM
FARMINGDALE, N.Y.--(BUSINESS WIRE)--Nov. 8, 1999--MISONIX, INC. (MSON) today reported results for its first fiscal quarter of 2000 ended September 30, 1999. Revenues increased 17% for the fiscal first quarter of 2000 to $6.5 million compared to $5.6 million for the same period of fiscal 1999. The Company reported net income of $600,000 or $0.09 per diluted share for the quarter compared to a loss of $300,000 or $0.05 for the fiscal first quarter of 1999. Last year's results included a bad debt charge of $1.7 million.
The Company stated that growth in medical products and shipments of the Mystaire(TM) air pollution control system contributed to the increase in revenues despite reduced revenues in industrial ultrasonic products and fume enclosures. The increase in shipments of Mystaire's air pollution control products resulted from a major contract that was awarded in fiscal 1999. In addition, Misonix received product development revenue of approximately $150,000 from the previously announced joint development agreement with Focus Surgery, Inc.
Michael A. McManus, Jr., President and Chief Executive Officer stated, "We are very pleased with recent developments which illustrate our progress in attaining our stated goals. Following the court decision in our favor in the patent dispute with Mentor Corp., we filed a petition to regain the inventory of soft tissue aspirators that we sold to Medical Device Alliances (MDA) and commenced negotiations toward the establishment of a new license agreement. To that end, we have signed the Letter of Intent with MDA announced on October 22nd which is under review by the court."
"In another very important development, we announced that we completed the agreement to invest in 7% of the capital stock of Hearing Innovations, Inc. Hearing Innovations has developed HiSonic(R), the ultrasonic bone conduction device that is being used to help the profoundly deaf to hear. They are also developing and testing a device that may help people with ringing in the ear (tinnitus). In the U.S., 20 million people suffer from these afflictions. Misonix has the option to increase its investment to 15% and obtain the manufacturing rights to HiSonic(R) and the sales and marketing rights for the tinnitus product."
Mr. McManus continued, "During Prostate Cancer Awareness Week in September, we released an update of our progress on the Sonoblate(TM) (SBX), Focus Surgery's non-invasive, high intensity focused ultrasound treatment for benign prostatic hyperplasia (BPH) or enlarged prostate. We are presently in Phase III clinical trials in the U.S. and are particularly excited by the prospects for the Sonoblate(TM) especially since the potential market is so large - approximately eight million men in the U.S. alone have BPH."
"Looking ahead, we are continuing to invest in research and development to develop the next generation ultrasonic bone cutter and dermabrasion products. We have also invested in an expanded sales force for our ultrasonic products and fume enclosures to ensure that we maximize our opportunities in these markets. We are convinced that with each milestone we surpass, we are laying the groundwork for a solid future for each of our product lines and hence, our shareholders." |
