dancing with myself?
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Misonix Announces Results for Second Fiscal Quarter 2000
January 26, 2000 09:48 AM
FARMINGDALE, N.Y.--(BUSINESS WIRE)--Jan. 26, 2000--Revenues Increase 24%; Net Income Improves by 53%
MISONIX, INC. (MSON) today reported results for its second fiscal quarter of 2000 ended December 31, 1999. Revenues increased 24% to $7.3 million compared to $5.9 million for the same period in fiscal 1999. Net income improved 53% to $711,000 or $0.11 per diluted share for the second fiscal quarter of 2000 compared to $465,000 or $0.07 per diluted share for the second quarter of fiscal 1999.
Revenues for the six months ended December 31, 1999 were $13.8 million, a 21% increase over $11.4 million reported in the same period ended December 31, 1998. The Company reported net income for the six months of $1.3 million or $0.20 per diluted share compared to $185,000 or $0.03 per diluted share for the same period in 1998, a 600% improvement.
The Company stated that sales for the quarter increased due to the revenue from sales of its soft tissue aspirator product, the inclusion of revenue for paid research and development from Focus Surgery and the consolidation of revenues from Sonora Medical Systems (Sonora). Higher industrial ultrasonic and Labcaire revenues were partially offset by lower revenue from fume enclosure products and reduced shipments to U.S. Surgical. Orders from U.S. Surgical remain in tact, but the timing for future deliveries of product has been changed at U.S. Surgical's request.
Michael A. McManus, Jr., President and Chief Executive Officer of Misonix, stated, "We continue to be pleased with the Company's financial results of revenue and earnings growth in the first half of the year. We look forward to the benefits to be derived from other initiatives that were implemented recently including our equity investments in Hearing Innovations, Focus Surgery and Sonora Medical."
During the second quarter of this year, Misonix signed an agreement with Hearing Innovations to help launch the HiSonic(R), a non-invasive hearing device that enables the profoundly deaf to hear at a relatively low cost compared to a product in the marketplace at this time which requires major surgery. A pilot program has been launched to test the HiSonic(R) in three doctors' offices in New York, Miami and Tucson.
Earlier this year, Misonix purchased a 20% equity position in Focus Surgery, Inc., a privately-held Indianapolis firm specializing in ultrasound technology for the non-invasive treatment of benign prostatic hyperplasia (BPH), more commonly known as enlarged prostate. The high intensity focused ultrasound (HIFU) device is in Phase III PMA clinical trials in the U.S., but has already been used successfully on 1,500 patients primarily in the Far East. Phase III trials in the U.S. should be completed by the fall of 2000. The Company estimates that approximately eight million men have BPH and over $4.5 billion a year is spent on its treatment in the U.S. The worldwide market is estimated to be $8 billion.
Mr. McManus continued, "In an important development, we have completed the acquisition of our 51% stake in Sonora announced in November 1999. Sonora is a 9002 certified refurbisher of high performance ultrasound systems and replacement transducers for the medical diagnostic ultrasound industry. Sonora also has tremendous technical abilities as evidenced by its work with 3-D imagery which is anticipated to have many clinical uses. We expect Sonora to contribute to our technological expertise and to both the short- and long-term financial growth of Misonix."
Mr. Mc Manus concluded, "We continue to negotiate for a long term license agreement with Medical Device Alliance/LySonix to market and sell our soft tissue aspirator product. The attainment of our goal to team up with Medical Device Alliance/Lysonix, combined with the many other initiatives we have taken over the past year, should increase value for the Company's shareholders." |
