Misonix stock climbs 9.5% on report of revenue jump
Shares of Misonix Inc. climbed 9.5 percent Wednesday after the maker of ultrasonic medical devices posted a 38 percent gain in second quarter revenue.
The Farmingdale company reported revenue of $8.3 million for the quarter ended Dec. 31 after the stock market close Tuesday. That compared to revenue of $6 million in the prior year’s period.
Misonix stock gained 85 cents Wednesday to $9.80. The stock has fallen about 11 percent over the past 12 months.
Chief executive Stavros G. Vizirgianakis said in a conference call Tuesday that the company is forecasting revenue of more than $31 million for fiscal 2018.
He said Misonix is expanding its sales force, adding new products and addressing new markets in an effort to become a “more customer-centric and R&D driven company.”
The company posted a net loss for the quarter of $6.9 million, or 76 cents per share, versus a net loss of $600,000, or 7 cents per share, in the previous year’s quarter.
The wider loss was driven by a $5.8 million noncash charge related to the revaluation of deferred tax losses to reflect the lower 21 percent corporate tax rate in the new federal tax law passed in December.
“Excluding this one-time tax expense, the net loss would have been $1.1 million for the quarter,” Misonix chief financial officer Joseph Dwyer said in the conference call.
Misonix’s ultrasonic devices are used in spine surgery, neurosurgery and orthopedic surgery, and in the removal of damaged tissue from wounds.