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Press Release: Misonix Reports Fiscal 2021 Second -2-

· 02/04/2021 16:39
December 31, June 30, 2020 2020 ------------ -------------- (Unaudited) Assets Current assets: Cash and cash equivalents $ 32,833,836 $ 37,978,809 Accounts receivable, less allowance for doubtful accounts of $2,202,392 and $2,573,968, respectively 11,077,214 11,064,768 Inventories, net 13,222,262 14,010,684 Prepaid expenses and other current assets 1,248,170 1,668,244 ----------- ----------- Total current assets 58,381,482 64,722,505 Property, plant and equipment, net of accumulated amortization and depreciation of $14,089,699 and $12,715,917, respectively 8,023,305 7,304,258 Patents, net of accumulated amortization of $1,413,910 and $1,341,976, respectively 786,007 784,318 Goodwill 108,234,664 108,310,350 Intangible assets 20,485,417 21,281,136 Lease right-of-use assets 1,202,017 1,098,830 Other assets 246,230 322,310 ----------- ----------- Total assets $197,359,122 $203,823,707 =========== =========== Liabilities and shareholders' equity Current liabilities: Accounts payable $ 2,656,252 $ 4,273,568 Accrued expenses and other current liabilities 7,075,399 7,515,751 Current portion of lease liabilities 508,870 414,058 Current portion of notes payable 2,888,604 5,099,744 ----------- ----------- Total current liabilities 13,129,125 17,303,121 Non-current liabilities: Notes payable 41,006,645 38,595,505 Lease liabilities 739,714 723,553 Deferred tax liabilities 33,293 33,293 Other non-current liabilities 498,938 516,665 ----------- ----------- Total liabilities 55,407,715 57,172,137 ----------- ----------- Commitments and contingencies Shareholders' equity Common stock, $.0001 par value; shares authorized 40,000,000; 17,377,748 and 17,369,435 shares issued and outstanding in each period 1,738 1,737 Additional paid-in capital 187,504,189 185,961,104 Accumulated deficit (45,554,520) (39,311,271) Total shareholders' equity 141,951,407 146,651,570 ----------- ----------- Total liabilities and shareholders' equity $197,359,122 $203,823,707 =========== ===========For the three months ended For the six months ended December 31, December 31, -------------------------- ---------------------------- 2020 2019 2020 2019 ------------ ------------ ------------ -------------- Revenue $18,256,410 $19,721,986 $35,991,752 $30,867,908 Cost of revenue 5,264,699 5,945,108 10,375,300 9,181,755 ---------- ---------- ---------- ---------- Gross profit 12,991,711 13,776,878 25,616,452 21,686,153 Operating expenses: Selling expenses 8,423,075 11,800,565 19,392,753 17,001,147 General and administrative expenses 3,918,950 5,149,715 8,371,277 9,357,522 Research and development expenses 968,377 1,087,449 2,218,551 1,858,860 Total operating expenses 13,310,402 18,037,729 29,982,581 28,217,529 ---------- ---------- ---------- ---------- Loss from operations (318,691) (4,260,851) (4,366,129) (6,531,376) Other income (expense): Interest income 2,920 5,293 4,012 24,170 Interest expense (949,105) (833,035) (1,882,828) (869,132) Other 279 (380) 1,696 (1,143) ---------- ---------- ---------- ---------- Total other expense (945,906) (828,122) (1,877,120) (846,105) Loss from operations before income taxes (1,264,597) (5,088,973) (6,243,249) (7,377,481) ---------- ---------- ---------- ---------- Income tax benefit - - - 4,085,000 ---------- ---------- ---------- ---------- Net loss $(1,264,597) $(5,088,973) $(6,243,249) $(3,292,481) ========== ========== ========== ========== Net loss per share: Basic $ (0.07) $ (0.33) $ (0.36) $ (0.26) ========== ========== ========== ========== Diluted $ (0.07) $ (0.33) $ (0.36) $ (0.26) ========== ========== ========== ========== Weighted average shares - Basic 17,217,948 15,222,870 17,215,817 12,439,860 Weighted average shares - Diluted 17,217,948 15,222,870 17,215,817 12,439,860Contact: Joe Dwyer Norberto Aja, Jennifer Neuman Chief Financial Officer JCIR Misonix, Inc. 212-835-8500 or mson@jcir.com 631-694-9555

With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements include projections regarding Misonix's future operating results, ability to grow revenue, and ability to maintain gross profit margins. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include general economic conditions, the impact of COVID-19, or other pandemics, including any increased rates of infection, and the impact of related governmental, individual and business responses. This includes our ability to obtain or forecast accurate surgical procedure volume in the midst of the COVID-19 pandemic; the risk that the COVID-19 pandemic could lead to further material delays and cancellations of, or reduced demand for, surgical procedures; curtailed or delayed capital spending by hospitals and surgical centers; potential closures of our facilities; delays in gathering clinical evidence; diversion of management and other resources to respond to the COVID-19 outbreak; the impact of global and regional economic and credit market conditions on healthcare spending; the risk that the COVID-19 virus disrupts local economies and causes economies in our key markets to enter prolonged recessions; the ability of our staff to travel to work; our ability to maintain adequate inventories and delivery capabilities; the impact on our customers and supply chain, and the impact on demand in general. These forward-looking statements are also subject to uncertainties and change resulting from delays and risks associated with the performance of contracts; risks associated with international sales and currency fluctuations; uncertainties as a result of research and development; acceptable results from clinical studies, including publication of results and patient/procedure data with varying levels of statistical relevancy; risks involved in introducing and marketing new products; potential acquisitions; the entry of competitive products into the marketplace; consumer and industry acceptance; litigation and/or court proceedings, including the timing and monetary requirements of such activities; the timing of finding strategic partners and implementing such relationships; regulatory risks including clearance of pending and/or contemplated 510(k) filings; our ability to achieve and maintain profitability in our business lines; access to capital; and other factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2020, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company disclaims any obligation to update its forward-looking statements.

Misonix, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

Misonix, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Use of Non-GAAP Financial Measures

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February 04, 2021 16:39 ET (21:39 GMT)