Misonix (MSON) Misses Q2 EPS by 8c, Revenues Beat

Misonix (NASDAQ: MSON) reported Q2 EPS of ($0.33), $0.08 worse than the analyst estimate of ($0.25). Revenue for the quarter came in at $19.72 million versus the consensus estimate of $19.4 million.

Stavros Vizirgianakis, President and Chief Executive Officer of Misonix stated, “The second quarter of fiscal 2020 marked yet another period of significant change and positive operating momentum across Misonix. Our first full quarter of operations including Solsys combined with organic revenue growth and our focus on leveraging our expanded sales resources, resulted in a 94% increase in product revenue to a record $19.7 million. In addition, the fiscal second quarter offered further evidence of the success of Nexus, our revolutionary ultrasonic surgical platform, as we continued to expand the installed base for this new platform. Together, these initiatives helped us post another quarter of strong financial growth across both our wound and surgical business divisions.

“We are pleased with the progress we are making in integrating Solsys into the Misonix platform and creating what we refer to as One Misonix. With a significant sales force and the successful creation of two separate sales teams to more effectively and efficiently support each of our two divisions, surgical and wound, we believe that we are better positioned to grow and evolve our business and leverage the significant opportunities we see ahead. In addition, the publication of two new large real-world studies in late 2019 further proved the clinical effectiveness of TheraSkin for the treatment of complex wounds. TheraSkin provides us with a large direct advanced wound care channel-to-market that we believe will enable us to grow revenue in our wound division and help us establish Misonix’s ultrasonic technology as the standard of care in the growing chronic wound care market.

“In addition, we are excited about the opportunity in front of us related to our new Nexus product. While we have been in a soft rollout and only just recently received FDA approval and the CE mark, we have now started the process of expanding and accelerating the rate at which we bring Nexus to market. Nexus enables us to engage in multiple clinical opportunities.

“I would also like to highlight our recent agreement with CryoLife for its NeoPatch product. NeoPatch is highly complementary to SonicOne and TheraSkin, allowing us to further leverage the strength and potential of our expanding wound offering to grow our share of the wound biologics market. This agreement also reflects the value of our growing distribution base we have built over the past few quarters. We are excited for our launch of NeoPatch later this Spring and remain on track to commence a full commercial phase midway through 2020.

“As we look ahead, our focus remains on establishing a foundation that will allow Misonix to achieve sustainable and profitable growth by leveraging our ability to bring to market a growing portfolio of world-class solutions that improve patient outcomes and offer a compelling value proposition to healthcare practitioners. As we enter the second half of fiscal 2020, we remain focused on our efforts to further integrate Solsys and increase both the capacity and utilization of our sales resources across our two divisions, while leveraging our distribution agreements, and, in accelerating the velocity at which we bring Nexus to market across both new and existing customers as we expand our market share across multiple specialties.”

For earnings history and earnings-related data on Misonix (MSON) click here.

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