The Farmingdale-based ultrasonic surgical device maker Misonix Inc. has sold off its laboratory and forensic safety products business for $1.5 million in cash, the company said.
The buyer, Mystaire Inc., agreed to pay Misonix up to $500,000 more for the assets, depending on the sales volume of the products. The additional payment, if any, would amount to 30 percent of net sales exceeding $2 million for each of the three years after the sale closes.
In premarket trading Monday, Misonix was down $0.03 to $1.68. Its share price is down 26.7 percent so far this year. With 77 employees, Misonix lost $2.4 million in the past 12 months on sales of $14.4 million, a loss of $0.50 in diluted earnings per share.
Misonix chief executive Michael A. McManus Jr. said the lab and forensic safety lines were "non-core business" and he expected the income from the sale would be invested in sales and marketing of its mainstay medical devices.
"The transition emphasizes our complete commitment to focusing and growing our medical device business," he said in a Thursday news release.
Misonix says its proprietary devices are used for "wound debridement, cosmetic surgery, neurosurgery, laparoscopic surgery, and other surgical and medical applications."
Photo: The Misonix Sonastar FS1000RF surgical workstation.
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