Medical device maker Misonix Inc. plans to focus its foreign operations in 12 to 15 markets instead of spreading them in 48 countries and will put its primary emphasis on the United States, president and chief executive Stavros Vizirgianakis said in a conference call.
“We are redeploying our resources to more effectively develop the U.S. market,” adding seven clinical sales professionals, he said.
Vizirgianakis said the Farmingdale company will “dedicate the majority of our resources” to 12 to 15 key markets now.
He also said that the company had delivered equipment to its new distributor in China, a market that “represents a significant opportunity.”
In September, Misonix alerted the Securities and Exchange Commission and the Department of Justice about possible violations of the Foreign Corrupt Practices Act related to a previous distributor in China.
That law bars Americans from bribing foreign government officials to obtain or retain business and requires publicly traded companies to maintain accounting standards that would reveal compliance with anti-bribery provisions.
The Tuesday conference call followed the release of third-quarter earnings, when Misonix reported a net loss from operations of $145,846, or 2 cents per diluted share, versus a loss of $679,244, or 9 cents per diluted share, in the year-earlier quarter.
Net sales for the quarter ended March 31 climbed to $7.2 million from $5.4 million in the prior year’s period.
Misonix makes ultrasonic devices used in spine surgery, neurosurgery and orthopedic surgery, and to remove damaged tissue from wounds.
Shares of Misonix climbed 2.3 percent to close Wednesday at $11.05. The stock is up about 86 percent over the past 12 months.