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Press Release: Misonix Reports Fiscal 2021 Second -3-

· 02/04/2021 16:39
Six Months Ended December 31, Net Change -------------------------- ----------------------------- 2020 2019 $ % Revenue as reported $35,991,752 $30,867,908 $ 5,123,844 16.6% Solsys revenue - 8,344,795 ---------- ---------- Pro forma revenue $35,991,752 $39,212,703 $(3,220,951) -8.2% ========== ========== Three Months Ended Six Months Ended December 31, December 31, -------------------------- ----------------------------- 2020 2019 2020 2019 ------------ ------------ ------------ --------------- EBITDA: Net loss $(1,264,597) $(5,088,973) $(6,243,249) $(3,292,481) Income tax benefit - - - (4,085,000) Depreciation and amortization 1,118,056 965,876 2,241,435 1,426,172 Interest expense 949,105 833,035 1,882,828 869,132 ---------- ---------- ---------- ---------- EBITDA 802,564 (3,290,062) (2,118,986) (5,082,177) Non-cash stock compensation 753,011 404,652 1,519,144 749,736 Reserve for contract asset - 960,000 - 960,000 M&A transaction fees - - - 1,754,475 Adjusted EBITDA $ 1,555,575 $(1,925,410) $ (599,842) $(1,617,966) ========== ========== ========== ==========

The Company has presented the following non-GAAP financial measures in this press release: EBITDA and Adjusted EBITDA. The Company defines EBITDA as the net income (loss) as reported under GAAP, plus depreciation and amortization expense, interest expense and income tax expense (benefit). The Company defines Adjusted EBITDA as EBITDA plus non-cash stock compensation expense and M&A transaction fees. Historically, the Company excluded bad debt expense from its calculation of Adjusted EBITDA by adding bad debt expense to EBITDA. Beginning with the quarter ended September 30, 2020, the Company will no longer exclude bad debt expense from the calculation Adjusted EBITDA, and prior comparative periods will be adjusted accordingly.

The Company has also provided below pro-forma revenue, which is also a non-GAAP financial measurement. The Company acquired the operations of Solsys Medical at the end of its first fiscal quarter ended September 30, 2019. The Company has presented pro forma revenue to show revenue on a comparable basis as if Solsys had been acquired at the beginning of the comparative periods presented.

We present these non-GAAP measures because we believe these measures are useful indicators of our operating performance. Our management uses these non-GAAP measures principally as a measure of our operating performance and believes that these measures are useful to investors because they are frequently used by analysts, investors and other interested parties to evaluate the operating performance of companies in our industry. We also believe that these measures are useful to our management and investors as a measure of comparative operating performance from period to period.

(END) Dow Jones Newswires

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