Misonix posts record revenue of $12.4 million; boosts outlook for year
Misonix, based in Farmingdale, reported its second consecutive quarter of record revenue. Credit: Google Maps
Shares of Misonix Inc. climbed Tuesday after the ultrasonic device maker reported its second consecutive quarter of record revenue.
After the market close Monday, the Farmingdale company posted revenue of $12.4 million for the third quarter ended March 31, a 73.3 percent increase compared with the 2017 period.
The stock rose 15.8 percent to close Tuesday at $11.70. Twelve months ago, shares were trading at $10.65.
Net income was $2.2 million, compared with a net loss of $100,000 in the previous year's quarter.
"In addition to the license revenue, we generated continued revenue growth across domestic and international markets," Stavros Vizirgianakis, Misonix president and chief executive, said in a statement.
Chief financial officer Joe Dwyer said the company is increasing its revenue guidance for the year ending June 30 to between $35 million and $36 million.
Misonix makes devices used in applications including spine surgery, neurosurgery and orthopedic surgery.
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