The Farmingdale, N.Y.-based company also said it named Joseph Dwyer as interim CFO, replacing Richard Zaremba, who was named senior finance VP.
“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 1 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,” Misonix wrote in an SEC filing.
Misonix said it expects to post losses of -$1 million to -$1.3 million, or -13¢ to -17¢ per share, despite sales growth of 4.1% to $23.1 million for the fiscal year ended June 30, compared with profits of $5.6 million during fiscal 2015.
MSON shares closed down -18.4% at $5.00 apiece.