Misonix shares tumble on news of $1.8 million loss
Misonix CEO Stavros Vizirgianakis said a new rental program may have cut into sales of capital equipment. Credit: Uli Seit
Shares of medical device maker Misonix Inc. tumbled Thursday after the company posted a wider fourth quarter net loss.
The stock fell 12 percent to $15.95 in midday trading after the Farmingdale company reported a net loss of $1.8 million on revenue of $8.6 million for the quarter ended June 30.
That compared with a net loss of $400,000 on revenue of $7.9 million in the prior year's period.
The earnings release came after the market close on Wednesday. Twelve months ago, the stock was trading at $10.
In a conference call, Stavros Vizirgianakis, president and chief executive of Misonix, said that the company had launched a rental program in some markets that could have cut into sales of capital equipment.
In a statement, chief financial officer Joe Dwyer said that the company ended the quarter with $11 million in cash and no debt. He said the company plans to pursue "organic growth initiatives" and "select accretive acquisitions."
Misonix makes ultrasonic devices used in neurosurgery and spine, cosmetic and orthopedic surgery.
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.
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