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MISONIX Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: September 20, 2012 10:36AM
MISONIX Inc. (MSON) filed Annual Report for the period ended 2012-06-30. Misonix, Inc. has a market cap of $20.7 million; its shares were traded at around $3.71 with and P/S ratio of 1.4. Misonix, Inc. had an annual average earning growth of 7.2% over the past 5 years.
Highlight of Business Operations:Net sales for the three months ended June 30, 2012 were $5,300,520, an increase of $1,535,086 as compared to $3,765,434 for the three months ended June 30, 2011. The sales increase is due to higher BoneScalpel revenue of $746,820, higher SonaStar revenue of $303,936, higher SonicOne revenue of $243,966 and higher Lysonix revenue of $222,650.
Set forth below are tables showing the Company’s net sales by (i) product category and (ii) geographic region for the three months ended June 30, 2012 and June 30, 2011:
Gross profit: Gross profit increased to 58.8% in fiscal 2012 from 57.3% in fiscal 2011. Gross profit for the three months ended June 30, 2012 was 57.7% as compared to 56.7% for the three months ended June 30, 2011 due to increased sales of the BoneScalpel.
Selling expenses: Selling expenses increased $1,146,047 to $5,031,831 (32.2% of sales) in fiscal 2012 from $3,885,784 (31.4% of sales) in fiscal 2011. The increase in selling expenses is related to higher salary expenses of $358,821, higher commissions of $286,308, higher advertising expenses of $192,679, higher travel expenses of $147,773, higher depreciation of demonstration equipment units related to more evaluation units in the field of $151,127 and other unfavorable expenses of $9,339. Selling expenses for the three months ended June 30, 2012 increased $226,349 to $1,411,752 (26.9% of sales) from $1,185,403 (31.5% of sales) for the three months ended June 30, 2011. The increase in selling expenses is due to increased salary expense of $145,277 (increased headcount) higher travel expense of $43,700, higher depreciation expenses of $23,961 due to new demonstration units in the field and higher advertising expense of $15,901, partially offset by other favorable expenses of $2,490.
Revenue Recognition: The Company records revenue upon shipment for products shipped F.O.B. shipping point. Products shipped F.O.B. destination points are recorded as revenue when received at the point of destination. Shipments under agreements with distributors are not subject to return and payment for these shipments is not contingent on sales by the distributor. Accordingly, the Company recognizes revenue on shipments to distributors in the same manner as with other customers. Fees from exclusive license agreements are recognized ratably over the terms of the respective agreements. Service contract and royalty income are recognized when earned.
Stocks Discussed: MSON,