Misonix Inc., a Farmingdale maker of ultrasonic medical devices, posted an 18 percent increase in first quarter revenue, but a wider net loss as royalty income and licensing fees declined, and research and development expenses increased.
Revenue for the quarter ended Sept. 30 rose to $7.3 million compared to $6.2 million in the 2016 quarter, the company said late Tuesday. The company said the addition of “new clinical sales specialists” helped boost revenue.
It posted a net loss of $1.2 million, or 14 cents per diluted share, compared to a net loss of $500,000, or 7 cents per diluted share, in the year-earlier period.
“We are making steady progress with the surgical community, and the hospitals where they practice, to further embed our technology in their respective surgical suites,” Stavros Vizirgianakis, president and chief executive of Misonix, said in a news release.
Royalty income and license fees declined to $452,971 in the first quarter from $944,068 in the 2016 period. Meanwhile, research and development expenses climbed to $901,274 from $492,084 in the prior year.
In October, Misonix announced that it had entered into a license and manufacturing deal with a Chinese company in exchange for payments of at least $11 million.
Under the licensing deal, Hunan Xing Hang Rui Kang Bio-technologies Co. Ltd. will get manufacturing and distribution rights for Misonix’s SonaStar product line in China, Hong Kong and Macau.
Misonix shares Wednesday closed up 7 cents to $10.50. The stock has risen almost 30 percent in the past 12 months.