Misonix says it will miss filing deadline; stock falls 18%
Misonix, Inc. in Farmingdale, NY, Sept. 11, 2014. Credit: Ed Betz
Shares of Misonix Inc. tumbled more than 18 percent Thursday after the Farmingdale medical device maker said that it will not file its annual report on time.
The company said the board of directors’ audit committee has determined that “deficiencies existed in the company’s internal control over financial reporting” as of June 30, the end of its fiscal year.
Misonix also said that on Tuesday it named Joseph Dwyer as interim chief financial officer and installed former CFO and senior vice president Richard Zaremba as senior vice president, finance.
In a filing with the Securities and Exchange Commission, Misonix said that the audit committee is still considering whether the financial reporting deficiencies “constitute one or more material weaknesses.”
The company reported a net loss of $1 million to $1.3 million on net sales of $23.1 million in preliminary results for the fiscal year ended June 30. That compared to net income of $5.6 million on net sales of $22.2 million in the prior year.
Calls to Zaremba were not immediately returned.
Misonix shares fell $1.13 to close at $5.00 on the Nasdaq Stock Market Thursday.
In August, the company announced that board member Stavros G. Vizirgianakis, 46, was taking over as interim chief executive, replacing Michael McManus Jr., who resigned from the board of directors and retired as president and CEO.
Misonix makes ultrasonic medical devices used in spine surgery, neurosurgery and orthopedic surgery, and to remove damaged tissue from wounds.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
Updated now Newsday travel writer Scott Vogel took the ferry over to Block Island for a weekend of fun.
Updated now Newsday travel writer Scott Vogel took the ferry over to Block Island for a weekend of fun.
