Misonix, a surgical device company, announced that it filed a form with the Securities and Exchange Commission (SEC) indicating that its likely will not be in a position to file its annual report within the 15-day extension period.
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The Filing stated that the Audit Committee of the company has determined that deficiencies existed in the company's internal control over financial reporting at June 30, 2016.
The Audit Committee is still considering whether or not the deficiencies constitute one or more material weaknesses in the company's internal control over financial reporting at such date.
Notwithstanding its determination, the Audit Committee has no current information to suggest that the company's previously reported financial statements and results are incorrect in any material respect.
The filing may also be delayed as a result of the appointment effective September 13, 2016 by the board of directors of the company of Joseph Dwyer as interim chief financial officer. Richard A. Zaremba, senior vice president and chief financial officer through September 13, 2016, has been appointed senior vice president, finance.
Preliminary results for the fiscal year ended June 30, 2016 are net sales of $23.1 million and a net loss ranging from $(1.0) million to $(1.3) million for the fiscal year ended June 30, 2016.
This compares to net sales of $22.2 million and net income of $5.6 million for the fiscal year ended June 30, 2015, which included a $2.9 million reversal of the valuation allowance previously recorded against deferred tax assets.
On a per share basis, such preliminary results represent a net loss per share – basic ranging from $(0.13) to $(0.17) and a net loss per share – diluted ranging from $(0.13) to $(0.17) for the fiscal year ended June 30, 2016 as compared to net income per share – basic of $0.74 and net income per share – diluted of $0.69.
The preliminary net loss for the fiscal year ended June 30, 2016 is attributable to higher operating expenses, including higher sales and marketing expense. ■