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 2019 fourth quarter and year ended June 30,
2019 as summarized below:
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
June 30 |
|
June 30 |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenue: |
|
|
|
|
|
Product revenue |
$ |
9,754,284 |
|
|
$ |
8,636,126 |
|
|
$ |
38,848,491 |
|
|
$ |
32,669,826 |
|
Total revenue |
$ |
9,754,284 |
|
|
$ |
8,636,126 |
|
|
$ |
38,848,491 |
|
|
$ |
36,679,826 |
|
Gross Profit |
$ |
6,786,138 |
|
|
$ |
6,116,302 |
|
|
$ |
27,280,152 |
|
|
$ |
26,884,928 |
|
GP Percentage - product
revenue |
|
69.6 |
% |
|
|
70.8 |
% |
|
|
70.2 |
% |
|
|
70.0 |
% |
Pretax loss |
$ |
(2,317,250 |
) |
|
$ |
(1,800,445 |
) |
|
$ |
(7,358,250 |
) |
|
$ |
(2,386,906 |
) |
Net loss |
$ |
(2,345,797 |
) |
|
$ |
(1,782,552 |
) |
|
$ |
(7,386,797 |
) |
|
$ |
(7,612,435 |
) |
|
|
|
|
|
|
EBITDA (1) |
$ |
(1,833,685 |
) |
|
$ |
(1,228,614 |
) |
|
$ |
(5,694,479 |
) |
|
$ |
(768,564 |
) |
Adjusted EBITDA (1) |
$ |
228,112 |
|
|
$ |
(269,495 |
) |
|
$ |
132,783 |
|
|
$ |
4,169,471 |
|
|
|
|
|
|
|
|
June 30, |
|
|
June 30, |
|
|
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
(unaudited) |
|
|
|
|
Long Term Debt |
$ |
- |
|
|
$ |
- |
|
|
|
|
Cash and cash equivalents |
$ |
7,842,403 |
|
|
$ |
10,979,455 |
|
|
|
|
|
|
|
|
|
|
- Definitions and disclosures regarding non-GAAP financial
information including reconciliations are included at the end of
this press release.
Fourth Quarter and Full Year 2019
Highlights:
- Fiscal fourth quarter 2019 revenue increased approximately
12.9% to $9.8 million, compared to $8.6 million in fiscal fourth
quarter 2018. Total fiscal Q4 2019 product revenue growth reflects
a 23.3% increase in consumables revenue and a 12.8% decline in
equipment revenue as compared to fiscal Q4 2018.
- Fiscal fourth quarter 2019 domestic product revenue increased
22.0% to $6.1 million, including a 16.4% increase in recurring
consumables revenue and a 97.0% rise in equipment revenue.
- Fiscal fourth quarter 2019 international product revenue
increased 0.6% to $3.7 million, reflecting a 44.6% increase in
consumables, partially offset by a 30.8% decrease in equipment
revenue related to approximately $800,000 of orders placed by
customers but unfilled by Misonix as of quarter end.
- Full fiscal year 2019 revenue increased approximately 5.9% to
38.8 million, comprising a product revenue increase of
approximately 18.9% to $38.8 million, compared to $32.7 million in
fiscal 2018, offset by no license revenue in fiscal 2019 compared
with $4 million in fiscal 2018. Total fiscal 2019 product revenue
growth reflects a 20.2% increase in consumables revenue and a 15.5%
rise in equipment revenue. Full year consumables revenue growth was
in line with expectations, while equipment revenue growth was
slightly impacted by previously disclosed supply disruptions
related to critical parts for BoneScalpel consoles.
- Fiscal 2019 domestic product revenue increased 14.6% to $23.0
million, including a 15.9% increase in recurring consumables
revenue and a 4.6% rise in equipment revenue.
- Fiscal 2019 international product revenue increased 25.7% to
$15.9 million, reflecting a 33.3% increase in consumables and a
19.2% rise in equipment revenue.
- In May 2019, Misonix announced it has entered into a definitive
agreement to acquire Solsys Medical, LLC (“Solsys”), a privately
held regenerative medical company, in an all-stock transaction
valued at approximately $97 million.
- The planned acquisition of Solsys substantially broadens
Misonix’s addressable market through wound care solutions that are
complementary to its existing products.
- The combined company anticipates top line revenue growth in
excess of 25% per annum over the next several years.
- On August 13, 2019, the Company’s S-4 registration statement
with the U.S. Securities and Exchange Commission (“SEC”) relating
to the Solsys acquisition was declared effective. A meeting of
Misonix’s shareholders to vote on the transaction, among other
related matters, has been set for September 26, 2019 at 10:00 a.m.
at the Company’s headquarters.
- In June 2019, Misonix announced that it had received 510(k)
clearance by the U.S. Food and Drug Administration (FDA) for Nexus,
its new revolutionary ultrasonic surgical platform. The Company has
launched Nexus in a limited market release in the United
States.
- In June 2019, the Company received notice from the SEC that it
had concluded its investigation regarding Misonix’s potential
breaches of the Foreign Corrupt Practices Act that the Company had
self-reported to the SEC and U.S. Department of Justice. The SEC
stated that, based on the information it had as of the date of the
letter, it did not intend to recommend an enforcement action by the
SEC against the Company.
- In July 2019, the Company favorably settled its shareholder
derivative litigation brought in connection with alleged violations
by the Company of the Foreign Corrupt Practices Act. Under the
terms of the settlement, the Company agreed to enact a six-year
plan to implement certain corporate governance measures and pay
$500,000 of legal fees, which was paid by the Company’s insurance
carrier.
Stavros Vizirgianakis, President and Chief
Executive Officer of Misonix, stated, “Our fourth quarter of fiscal
2019 marks two years of continued improvements across the entire
organization, including double-digit top-line growth for eight
consecutive quarters, as well as significant and continuous
improvements across most of our key financial and operational
metrics. Equally important, the close of fiscal 2019 highlights the
success of various strategic initiatives we have undertaken to
improve and grow the business in a sustained manner. From
significantly revamping our go-to-market strategy, including our
sales and marketing department, to back office systems supporting
inventory procurement and bringing onboard more capable production
partners, Misonix has created a stable and robust foundation for
the future.
“Of course, none of this would be possible
without having both great products and great people. While the
demonstrated clinical benefits of Misonix’s ultrasonic surgical
devices are clear, the opportunity ahead of us as we look to grow
our business across both applications and markets is largely based
on the evolution of our product offering. To that end, we have
continued to invest in R&D to support the development of new
ultrasonic surgical solutions and products, including our next
generation Nexus platform. We are energized by our success to bring
Nexus to market. The time, effort and knowhow that was involved in
this achievement was significant and we are very pleased with the
outcome as well as the enthusiastic market reception we have
received. We have begun a controlled market launch of Nexus and
have begun to transition our business to this unique and extremely
capable platform.
“We are equally excited about our planned
acquisition of Solsys and the opportunities that the combination
will create by bringing together a direct sales team of over 80
professionals on wound and 55 on the surgical side. We are
confident this will help drive increased sales productivity and
broaden the market penetration of the combined company’s wound and
surgical products in operating rooms and hospital outpatient
facilities. Together, we plan to combine our expertise and customer
relationships with demonstrated clinical benefits and improving
patient outcomes to drive sales.”
“With the positive operating momentum across our
business, Misonix has a solid foundation to continue pursuing a
range of near- and long-term growth opportunities to deliver
enhanced returns for our shareholders. As we enter fiscal 2020, we
continue to focus on prudently managing our capital resources,
growing sales, improving productivity and operational efficiencies
and successfully integrating Solsys under the Misonix
umbrella.”
Sales Performance Supplemental Data
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
|
|
|
For the year ended |
|
|
|
|
|
June 30, |
|
Net change |
|
June 30, |
|
Net change |
|
|
|
2019 |
|
2018 |
|
$ |
|
% |
|
|
2019 |
|
2018 |
|
$ |
% |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumables |
|
$ |
7,591,616 |
$ |
6,155,886 |
|
$ |
1,435,730 |
|
|
23.3 |
% |
|
$ |
28,371,517 |
$ |
23,596,476 |
|
$ |
4,775,041 |
|
20.2 |
% |
Equipment |
|
|
2,162,668 |
|
2,480,240 |
|
|
(317,572 |
) |
|
-12.8 |
% |
|
|
10,476,974 |
|
9,073,350 |
|
|
1,403,624 |
|
15.5 |
% |
Total Product |
|
|
9,754,284 |
|
8,636,126 |
|
|
1,118,158 |
|
|
12.9 |
% |
|
|
38,848,491 |
|
32,669,826 |
|
|
6,178,665 |
|
18.9 |
% |
License |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
4,010,000 |
|
|
(4,010,000 |
) |
-100.0 |
% |
Total |
|
$ |
9,754,284 |
$ |
8,636,126 |
|
$ |
1,118,158 |
|
|
12.9 |
% |
|
$ |
38,848,491 |
$ |
36,679,826 |
|
$ |
2,168,665 |
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumables |
|
$ |
5,395,371 |
$ |
4,636,527 |
|
$ |
758,844 |
|
|
16.4 |
% |
|
$ |
20,561,273 |
$ |
17,735,749 |
|
$ |
2,825,524 |
|
15.9 |
% |
Equipment |
|
|
687,487 |
|
349,043 |
|
|
338,444 |
|
|
97.0 |
% |
|
|
2,414,435 |
|
2,308,614 |
|
|
105,821 |
|
4.6 |
% |
Total |
|
$ |
6,082,858 |
$ |
4,985,570 |
|
$ |
1,097,288 |
|
|
22.0 |
% |
|
$ |
22,975,708 |
$ |
20,044,363 |
|
$ |
2,931,345 |
|
14.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumables |
|
$ |
2,196,245 |
$ |
1,519,359 |
|
$ |
676,886 |
|
|
44.6 |
% |
|
$ |
7,810,244 |
$ |
5,860,727 |
|
$ |
1,949,517 |
|
33.3 |
% |
Equipment |
|
|
1,475,181 |
|
2,131,197 |
|
|
(656,016 |
) |
|
-30.8 |
% |
|
|
8,062,539 |
|
6,764,736 |
|
|
1,297,803 |
|
19.2 |
% |
Total |
|
$ |
3,671,426 |
$ |
3,650,556 |
|
$ |
20,870 |
|
|
0.6 |
% |
|
$ |
15,872,783 |
$ |
12,625,463 |
|
$ |
3,247,320 |
|
25.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License |
|
$ |
- |
$ |
- |
|
$ |
- |
|
|
- |
|
|
$ |
- |
$ |
4,010,000 |
|
$ |
(4,010,000 |
) |
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joe Dwyer, Chief Financial Officer, added, “We are pleased with
our fourth fiscal quarter and full fiscal year 2019 financial
results. Our ability to drive recurring consumables as well as
equipment sales growth is driving double-digit increases in product
revenue and reinforces our conviction that Misonix is on the right
path toward achieving continued top-line growth and improved
profitability going forward.
“Fourth quarter operating expenses of $9.1
million increased by $1.2 million or 14.8% year-over-year,
reflecting a $1.7 million increase in general and administrative
expense, which was primarily attributable to fees and expenses
related to the Solsys transaction. Fiscal fourth quarter selling
expenses were essentially flat at $4.4 million and research and
development expenses of $0.9 million decreased by 32.8% or $0.4
million as we completed the development of our Nexus platform.
“Looking ahead to fiscal 2020, we expect
double-digit product revenue growth in excess of 20% and gross
profit margins of approximately 70%. We estimate that the first
half of fiscal 2020 will encompass approximately 47% of total
annual revenue, with the remainder being generated in the second
half of fiscal 2020. On a standalone basis without Solsys, we
expect that adjusted EBITDA will be breakeven. Assuming the
successful completion of the Solsys transaction as of the beginning
of our second quarter, we will add the Soslys revenue stream, which
generated $24 million of revenue in calendar 2018 and is growing at
a rate in excess of 25%. We will provide further combined company
guidance after the transaction is completed.”
Fiscal Fourth Quarter 2019 Conference
CallMisonix will host a conference call at 4:30 p.m. ET
today, Wednesday, August 14, 2019. Senior management will discuss
the financial results and host a question and answer session. The
dial in number for the audio conference call is dial 888/220-8451
(domestic) or 323/794-2588 (international) conference ID 1769560.
Participants may also listen to a live webcast of the call through
the “Events and Presentations” section under “Investor Relations”
on Misonix’s website at www.misonix.com. A webcast replay will be
available for 30 days following the live event at
www.misonix.com.
About Misonix, Inc.Misonix, Inc. (Nasdaq: MSON)
designs, manufactures and markets ultrasonic medical devices for
the precise removal of hard and soft tissue, including bone
removal, wound debridement and ultrasonic aspiration. Misonix is
focused on leveraging its proprietary ultrasonic technology to
become the standard of care in operating rooms and clinics around
the world. Misonix's proprietary ultrasonic medical devices are
used in a growing number of medical procedures, including spine
surgery, neurosurgery, orthopedic surgery, cosmetic surgery,
laparoscopic surgery, and other surgical and medical applications.
At Misonix, Better Matters to us. That is why throughout the
Company’s history, Misonix has maintained its commitment to medical
technology innovation and the development of ultrasonic surgical
products that radically improve patient outcomes. Additional
information is available on the Company's web site at
www.misonix.com.
Forward Looking StatementsWith 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 statements
regarding future operating results, future operating metrics and
the effect and completion of the transactions (the “Transactions”)
with Solsys Medical, LLC (“Solsys”). These statements are based on
management’s current expectations and beliefs and are subject to a
number of factors, uncertainties 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 the
ability to satisfy the conditions to closing of the Transactions on
the expected timing or at all, the occurrence of any event that
could give rise to the termination of the merger agreement with
Solsys, the risk of stockholder litigation relating to the
Transactions, including resulting expense or delay, higher than
expected or unexpected costs associated with or relating to the
Transactions, the risk that expected benefits, synergies and growth
prospects of the Transactions may not be achieved in a timely
manner, or at all, the risk that Solsys’ business may not be
successfully integrated with Misonix following the closing, the
risk that Misonix and Solsys will be unable to retain and hire key
personnel, the risk that disruption from the Transactions may
adversely affect Misonix’s or Solsys’ business and relationships
with their customers, suppliers or employees, general economic
conditions, 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, 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, the ability to achieve and maintain profitability
in the Company’s business lines, the impact of the pending
investigation by the Department of Justice, and other factors
discussed in the Company’s Annual Report on Form 10-K for the
fiscal year ended June 30, 2019, 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.
Important Additional Information Filed
With The SECIn connection with the proposed Transactions,
Misonix and Solsys have filed relevant information with the SEC,
including a registration statement of Misonix on Form S-4 (file No.
333-231797) that includes a prospectus and proxy statement of
Misonix and an information statement of Solsys (the “joint proxy
statement/information statement and prospectus”). INVESTORS AND
SECURITY HOLDERS OF MISONIX AND SOLSYS ARE URGED TO CAREFULLY READ
THE ENTIRE REGISTRATION STATEMENT AND JOINT PROXY
STATEMENT/INFORMATION STATEMENT AND PROSPECTUS AND OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT
INFORMATION ABOUT MISONIX, SOLSYS AND THE PROPOSED TRANSACTIONs. A
definitive joint proxy statement/information statement and
prospectus will be sent to Misonix’s stockholders and Solsys
unitholders. Investors and security holders can obtain the
registration statement and the joint proxy statement/information
statement and prospectus free of charge from the SEC’s website or
from Misonix as described below. The documents filed by Misonix
with the SEC may be obtained free of charge at Misonix’s website at
www.misonix.com or at the SEC’s website at www.sec.gov. These
documents may also be obtained free of charge from Misonix by
requesting them by mail at Misonix, Inc., 1938 New Highway,
Farmingdale, New York 11735, Attention Investor Relations, or by
telephone at 631-694-9555.
Participants in the
SolicitationMisonix, Solsys and certain of their
directors, executive officers and employees may be deemed
participants in the solicitation of proxies from Misonix
shareholders in connection with the proposed Transactions.
Information regarding the persons who may be deemed to be
participants in the solicitation of Misonix shareholders in
connection with the proposed Transactions, including a description
of their direct or indirect interests, by security holdings or
otherwise, is set forth in the joint proxy statement/information
statement and prospectus filed with the SEC.
Non-SolicitationThis
communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of the Securities Act of 1933, as amended.
Contact: |
|
|
|
Joe Dwyer |
|
|
Norberto Aja, Jennifer
Neuman |
Chief Financial Officer |
|
|
JCIR |
Misonix, Inc. |
|
|
212-835-8500 or
mson@jcir.com |
631-694-9555 |
|
|
|
Misonix, Inc. and Subsidiaries |
|
Consolidated Statements of Operations |
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
|
June 30, |
|
June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
(unaudited) |
(unaudited) |
|
(unaudited) |
|
|
Revenues |
|
|
|
|
|
|
Product |
$ |
9,754,284 |
|
$ |
8,636,126 |
|
|
$ |
38,848,491 |
|
$ |
32,669,826 |
|
|
License |
|
- |
|
|
- |
|
|
|
- |
|
|
4,010,000 |
|
|
Total revenue |
|
9,754,284 |
|
|
8,636,126 |
|
|
|
38,848,491 |
|
|
36,679,826 |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
2,968,146 |
|
|
2,519,824 |
|
|
|
11,568,339 |
|
|
9,794,898 |
|
|
Gross profit |
|
6,786,138 |
|
|
6,116,302 |
|
|
|
27,280,152 |
|
|
26,884,928 |
|
|
Operating expenses: |
|
|
|
|
|
|
Selling expenses |
|
4,393,479 |
|
|
4,430,732 |
|
|
|
18,343,837 |
|
|
16,368,381 |
|
|
General and
administrative expenses |
|
3,835,131 |
|
|
2,184,062 |
|
|
|
11,878,209 |
|
|
9,063,139 |
|
|
Research and development
expenses |
|
897,501 |
|
|
1,335,776 |
|
|
|
4,467,969 |
|
|
4,394,149 |
|
|
Total operating expenses |
|
9,126,111 |
|
|
7,950,570 |
|
|
|
34,690,015 |
|
|
29,825,669 |
|
|
(Loss) income from
operations |
|
(2,339,973 |
) |
|
(1,834,268 |
) |
|
|
(7,409,863 |
) |
|
(2,940,741 |
) |
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Interest income |
|
30,148 |
|
|
16,991 |
|
|
|
89,856 |
|
|
26,123 |
|
|
Royalty
income |
|
- |
|
|
1 |
|
|
|
- |
|
|
525,438 |
|
|
Other |
|
(7,425 |
) |
|
16,831 |
|
|
|
(38,243 |
) |
|
2,274 |
|
|
Total other income |
|
22,723 |
|
|
33,823 |
|
|
|
51,613 |
|
|
553,835 |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing
operations before income taxes |
|
(2,317,250 |
) |
|
(1,800,445 |
) |
|
|
(7,358,250 |
) |
|
(2,386,906 |
) |
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
28,547 |
|
|
173,224 |
|
|
|
28,547 |
|
|
5,416,646 |
|
|
Net loss from continuing
operations |
|
(2,345,797 |
) |
|
(1,973,669 |
) |
|
|
(7,386,797 |
) |
|
(7,803,552 |
) |
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
Gain from sale of
discontinued operations net of tax of $58,883 |
|
- |
|
|
191,117 |
|
|
|
- |
|
|
191,117 |
|
|
Net income from discontinued
operations |
|
- |
|
|
191,117 |
|
|
|
- |
|
|
191,117 |
|
|
Net (loss) |
$ |
(2,345,797 |
) |
$ |
(1,782,552 |
) |
|
$ |
(7,386,797 |
) |
$ |
(7,612,435 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
Continuing operations: |
|
|
|
|
|
|
Basic |
$ |
(0.25 |
) |
$ |
(0.22 |
) |
|
$ |
(0.79 |
) |
$ |
(0.87 |
) |
|
Diluted |
$ |
(0.25 |
) |
$ |
(0.22 |
) |
|
$ |
(0.79 |
) |
$ |
(0.87 |
) |
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
Basic |
$ |
- |
|
$ |
0.02 |
|
|
$ |
- |
|
$ |
0.02 |
|
|
Diluted |
$ |
- |
|
$ |
0.02 |
|
|
$ |
- |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
Combined |
|
|
|
|
|
|
Basic |
$ |
(0.25 |
) |
$ |
(0.20 |
) |
|
$ |
(0.79 |
) |
$ |
(0.85 |
) |
|
Diluted |
$ |
(0.25 |
) |
$ |
(0.20 |
) |
|
$ |
(0.79 |
) |
$ |
(0.85 |
) |
|
|
|
|
|
|
|
|
Weighted average shares -
Basic |
|
9,428,938 |
|
|
9,037,046 |
|
|
|
9,333,117 |
|
|
9,009,189 |
|
|
Weighted average shares -
Diluted |
|
9,428,938 |
|
|
9,037,046 |
|
|
|
9,333,117 |
|
|
9,009,189 |
|
|
|
|
|
|
|
|
|
|
|
Misonix, Inc. and Subsidiaries |
Consolidated Balance Sheets |
|
|
|
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
|
|
2018 |
|
|
(unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
7,842,403 |
|
|
$ |
10,979,455 |
|
Accounts receivable, less
allowance for doubtful accounts of $100,000 and $200,000,
respectively |
|
5,360,454 |
|
|
|
5,245,549 |
|
Inventories, net |
|
7,353,562 |
|
|
|
5,019,886 |
|
Prepaid expenses and other
current assets |
|
835,044 |
|
|
|
611,647 |
|
Total current assets |
|
21,391,463 |
|
|
|
21,856,537 |
|
|
|
|
|
Property, plant and equipment,
net of accumulated amortization and depreciation of $10,546,810 and
$9,023,235, respectively |
|
4,198,721 |
|
|
|
4,188,378 |
|
Patents, net of accumulated
amortization of $1,204,589 and $1,063,393, respectively |
|
779,100 |
|
|
|
757,447 |
|
Goodwill |
|
1,701,094 |
|
|
|
1,701,094 |
|
Contract assets |
|
960,000 |
|
|
|
- |
|
Intangible and other
assets |
|
381,921 |
|
|
|
517,295 |
|
Total assets |
$ |
29,412,299 |
|
|
$ |
29,020,751 |
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
4,818,736 |
|
|
$ |
1,794,098 |
|
Accrued expenses and other
current liabilities |
|
2,488,514 |
|
|
|
2,812,172 |
|
Total current liabilities |
|
7,307,250 |
|
|
|
4,606,270 |
|
|
|
|
|
Non current liabilities |
|
401,000 |
|
|
|
13,303 |
|
Total liabilities |
|
7,708,250 |
|
|
|
4,619,573 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
Common stock, $.01 par
value-shares authorized 40,000,000; 9,646,728 and 9,430,466 shares
issued and outstanding in each period |
|
96,468 |
|
|
|
94,305 |
|
Additional paid-in
capital |
|
43,500,478 |
|
|
|
39,772,973 |
|
Accumulated deficit |
|
(21,892,897 |
) |
|
|
(15,466,100 |
) |
Total shareholders'
equity |
|
21,704,049 |
|
|
|
24,401,178 |
|
|
|
|
|
Total liabilities and
shareholders' equity |
$ |
29,412,299 |
|
|
$ |
29,020,751 |
|
|
|
|
|
Use of Non-GAAP Financial
MeasuresThe Company has presented the following non-GAAP
financial measures in this press release: EBITDA and Adjusted
EBITDA. The Company defines EBITDA as 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,
merger and acquisition transaction costs, and engineering costs
associated with its development of its next generation platform,
which will not be a future on-going cost as the project was
completed.
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.
Misonix, Inc. and Subsidiaries |
Reconciliation of GAAP Results to Non-GAAP
Measures |
(unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
June 30 |
|
June 30 |
|
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
Net (loss) income |
$ |
(2,345,797 |
) |
$ |
(1,782,552 |
) |
|
$ |
(7,386,797 |
) |
$ |
(7,612,435 |
) |
Depreciation and
amortization |
|
483,565 |
|
|
380,714 |
|
|
|
1,663,771 |
|
|
1,427,225 |
|
Income tax expense |
|
28,547 |
|
|
173,224 |
|
|
|
28,547 |
|
|
5,416,646 |
|
EBITDA |
|
(1,833,685 |
) |
|
(1,228,614 |
) |
|
|
(5,694,479 |
) |
|
(768,564 |
) |
|
|
|
|
|
|
Non-cash stock
compensation |
|
446,965 |
|
|
547,807 |
|
|
|
2,336,139 |
|
|
2,628,828 |
|
M&A transaction fees |
|
1,298,459 |
|
|
- |
|
|
|
1,396,459 |
|
|
- |
|
Nexus next generation
engineering |
|
316,373 |
|
|
411,312 |
|
|
|
2,094,664 |
|
|
2,309,207 |
|
Adjusted EBITDA |
$ |
228,112 |
|
$ |
(269,495 |
) |
|
$ |
132,783 |
|
$ |
4,169,471 |
|
|
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