Misonix delays annual report, taps Dwyer as interim CFO

Misonix (NSDQ:MSON) said today it delayed its annual report due to “deficiencies” in its internal control over financial reporting, and that it tapped Joseph Dwyer as its interim CFO.

The Farmingdale, N.Y.-based company said it filed a form with the SEC indicating it will “not be in a position to file its annual report on Form 10-K” within the 15-day extension period it was provided.

“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 of the company’s annual report on Form 10-K for the fiscal year ended June 30, 2016 will be delayed pending completion of an investigation relating to these deficiencies being overseen by the audit committee,” the company wrote in an SEC filing.

The delay may also have been due to the appointment of Dwyer as its new interim CFO, the company said, replacing Richard Zaremba, who has been appointed senior veep of finance.

Preliminary earnings indicated losses of $1 to $1.3 million on revenue of $23.1 million, with revenue ticking up from $22.2 million it reported last year while sales declined from $5.6 million into the red. Losses per share are expected to be between 13¢ and 17¢, down from diluted earnings per share of 69¢ reported last year.

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