FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



(Mark  One)
[x]  QUARTERLY  REPORT  PURSUANT  TO  SECTION  13  OR  15  (d) OF THE SECURITIES
     EXCHANGE  ACT  OF  1934

For the quarterly period ended September 30, 2003
                               ------------------

                                       OR

[x]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13  OR  15 (d) OF THE SECURITIES
     EXCHANGE  ACT  OF  1934

               For the transition period from _______ to ________.

               Commission file number: 1-10986

                                  MISONIX, INC.
     ----------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                New York                                     11-2148932
      ------------------------------                       ---------------
     (State or other jurisdiction of                      (I.R.S. Employer
      incorporation or organization)                     Identification No.)

1938 New Highway, Farmingdale,  NY                              11735
-------------------------------------------                     -----
(Address of principal executive offices)                      (Zip Code)

                                 (631) 694-9555
                                ---------------
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

     Yes  X   No
         ---     ---

Indicate  by  check  mark  whether  the  registrant  is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

     Yes      No  X
         ---     ---


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date:

                                                   Outstanding at
            Class of Common Stock                 November 1, 2003
          -------------------------               ----------------

          Common Stock, $.01 par value               6,655,865


<PAGE>
                                  MISONIX, INC.
                                  -------------

                                      INDEX
                                      -----

PART I - FINANCIAL INFORMATION                                              PAGE

Item 1.  Financial Statements:

         Consolidated Balance Sheets as of
         September 30, 2003 (Unaudited) and June 30, 2003                      3

         Consolidated Statements of Operations
         Three months ended September 30, 2003
         and 2002 (Unaudited)                                                  4

         Consolidated Statements of Cash Flows
         Three months ended September 30, 2003
         and 2002 (Unaudited)                                                  5

         Notes to Consolidated Financial Statements                            6


Item 2.  Management's Discussion and Analysis of Financial Condition          11
         and Results of Operations

Item 3.  Quantitative and Qualitative Disclosures About Market Risk           18

Item 4.  Controls and Procedures                                              18

Part II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                                     19

Signatures                                                                    20


                                        2
<PAGE>
<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.

                                                MISONIX, INC.
                                         CONSOLIDATED BALANCE SHEETS
                                         ===========================


                                                                                 SEPTEMBER 30,     June 30,
                                                                                     2003            2003
                                                                               -----------------------------
ASSETS                                                                            (UNAUDITED)
                                                                               -----------------------------
<S>                                                                            <C>              <C>
Current assets:
    Cash and cash equivalents                                                  $    4,674,972   $ 2,279,869
    Accounts receivable, less allowance for doubtful accounts of $738,190 and
         $644,157, respectively                                                     6,492,919     7,844,399
    Inventories                                                                     9,286,604     8,979,472
    Deferred income taxes                                                             482,345       477,580
    Prepaid expenses and other current assets                                         868,446       983,523
                                                                               -----------------------------
Total current assets                                                               21,805,286    20,564,843

Property, plant and equipment, net                                                  3,645,368     3,574,207
Deferred income taxes                                                                 860,320       862,690
Goodwill                                                                            4,473,713     4,473,713
Other assets                                                                          319,419       319,136
                                                                               -----------------------------
Total assets                                                                   $   31,104,106   $29,794,589
                                                                               =============================

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Revolving credit facilities                                                  $      949,363   $   704,669
  Accounts payable                                                                  3,609,910     3,563,208
  Accrued expenses and other current liabilities                                    1,810,104     2,002,154
  Income taxes payable                                                                775,031        47,453
  Current maturities of long-term debt and capital lease obligations                  314,582       279,554
                                                                               -----------------------------
Total current liabilities                                                           7,458,990     6,597,038

Long-term debt and capital lease obligations                                        1,260,867     1,235,362

Deferred income                                                                       343,326       356,076
Minority interest                                                                     277,477       263,450


Stockholders' equity:
  Common stock, $.01 par value-shares authorized 10,000,000; 6,733,665
    issued and 6,655,865 outstanding                                                   67,337        67,337
  Additional paid-in capital                                                       22,712,511    22,712,511
  Retained deficit                                                                   (659,742)   (1,053,484)
  Treasury stock, 77,800 shares                                                      (412,424)     (412,424)
  Accumulated other comprehensive income                                               55,764        28,723
                                                                               -----------------------------
Total stockholders' equity                                                         21,763,446    21,342,663
                                                                               -----------------------------

Total liabilities and stockholders' equity                                     $   31,104,106   $29,794,589
                                                                               =============================
</TABLE>

See Accompanying Notes to Consolidated Financial Statements.


                                        3
<PAGE>
<TABLE>
<CAPTION>
                                     MISONIX, INC.
                         CONSOLIDATED STATEMENTS OF OPERATIONS
                                      (UNAUDITED)
                                      ===========


                                                             FOR THE THREE MONTHS ENDED
                                                                    SEPTEMBER 30,

                                                                 2003         2002
                                                              -----------  -----------
<S>                                                           <C>          <C>

Net sales                                                     $8,619,898   $7,010,322

Cost of goods sold                                             4,954,203    4,053,104
                                                              ------------------------

Gross profit                                                   3,665,695    2,957,218

Operating expenses:
    Selling expenses                                             956,533      935,603
    General and administrative expenses                        2,055,768    1,519,873
    Research and development expenses                            488,480      539,326
    Litigation (recovery) settlement expenses                          -     (127,302)
                                                              ------------------------
Total operating expenses                                       3,500,781    2,867,500
                                                              ------------------------
Income from operations                                           164,914       89,718

Other income (expense):
    Interest income                                                6,828       38,714
    Interest expense                                             (37,796)     (42,977)
    Option/license fees                                            6,461        6,078
    Royalty income                                               564,049      122,645
    Foreign exchange (loss) gain                                  (4,593)       3,283
    Loss on impairment of Hearing Innovations, Inc.              (23,000)     (98,907)
    Loss on impairment of Focus Surgery, Inc.                          -      (13,725)
                                                              ------------------------
  Total other income                                             511,949       15,111

Income before minority interest and income taxes                 676,863      104,829

Minority interest in net income of consolidated subsidiaries      14,026        6,717
                                                              ------------------------

Income before income taxes                                       662,837       98,112

Income tax expense                                               269,095       46,955
                                                              ------------------------

Net income                                                    $  393,742   $   51,157
                                                              ========================

Net income per share-Basic                                    $      .06   $      .01
                                                              ========================

Net income per share - Diluted                                $      .06   $      .01
                                                              ========================

Weighted average common shares outstanding - Basic             6,655,865    6,105,865
                                                              ========================

Weighted average common shares outstanding - Diluted           6,725,580    6,510,746
                                                              ========================
</TABLE>

See Accompanying Notes to Consolidated Financial Statements.


                                        4
<PAGE>
<TABLE>
<CAPTION>
                                                     MISONIX, INC.
                                         CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                      (UNAUDITED)
                                                      ===========

                                                                                             FOR THE THREE MONTHS ENDED
                                                                                                   SEPTEMBER 30,
                                                                                                 2003         2002
                                                                                              ------------------------
<S>                                                                                           <C>          <C>
OPERATING ACTIVITIES
Net income                                                                                    $  393,742   $   51,157
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
     Bad debt expense                                                                            103,247       16,608
     Litigation recovery                                                                               -     (127,302)
     Deferred income tax benefit                                                                  (2,395)     (23,008)
     Depreciation and amortization                                                               171,521      153,558
     Loss on disposal of equipment                                                                41,816       53,795
     Foreign currency exchange loss (gain)                                                         4,593       (3,283)
     Minority interest in net income of subsidiaries                                              14,026        6,717
     Loss on impairment of investments                                                            23,000      112,632
     Changes in operating assets and liabilities:
        Accounts receivable                                                                    1,225,678      321,909
        Inventories                                                                             (280,095)    (943,179)
        Prepaid income taxes                                                                      44,204       72,384
        Prepaid expenses and other current assets                                                123,470       (6,224)
        Other assets                                                                             (14,319)     114,500
        Accounts payable and accrued expenses                                                   (117,744)     171,113
        Litigation settlement liabilities                                                              -       (4,332)
        Deferred (loss) income                                                                   (12,750)       2,290
        Income taxes payable                                                                     682,772      (37,392)
                                                                                              ------------------------
Net cash provided by (used in) operating activities                                            2,400,766      (68,057)
                                                                                              ------------------------

INVESTING ACTIVITIES
Acquisition of property, plant and equipment                                                    (130,084)     (97,830)
Loans to Hearing Innovations, Inc.                                                               (23,000)     (75,666)
                                                                                              ------------------------
Net cash used in investing activities                                                           (153,084)    (173,496)
                                                                                              ------------------------

FINANCING ACTIVITIES
Proceeds from short-term borrowings                                                              233,348      189,491
Principal payments on capital lease obligations                                                  (66,803)     (65,387)
Proceeds from long-term debt                                                                           -       11,824
Payments of long-term debt                                                                       (12,518)           -
                                                                                              ------------------------
Net cash provided by financing activities                                                        154,027      135,928
                                                                                              ------------------------

Effect of exchange rate changes on assets and liabilities                                         (6,606)      (7,546)
                                                                                              ------------------------
Net increase (decrease) in cash and cash equivalents                                           2,395,103     (113,171)
Cash and cash equivalents at beginning of period                                               2,279,869    1,065,465
                                                                                              ------------------------
Cash and cash equivalents at end of period                                                    $4,674,972   $  952,294
                                                                                              ========================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for (received from):
Interest                                                                                      $   37,796   $   42,977
                                                                                              ========================
Income taxes                                                                                  $ (456,500)  $   50,114
                                                                                              ========================
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Capital lease additions                                                                       $  130,568   $  198,722
                                                                                              ========================
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>


                                        5
<PAGE>
                                  MISONIX, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
           (Information with respect to interim periods is unaudited)
           ==========================================================

1.   Basis  of  Presentation
     -----------------------

     The  accompanying  unaudited  consolidated  financial  statements have been
     prepared  in  accordance  with generally accepted accounting principles for
     interim  financial  information  and with the instructions to Form 10-Q and
     Article  10  of Regulation S-X. Accordingly, they do not include all of the
     information  and  footnotes  required  by  accounting  principles generally
     accepted  in  the  United  States for complete financial statements. In the
     opinion  of  management,  all  adjustments  (consisting of normal recurring
     accruals)  considered necessary for a fair presentation have been included.
     Operating  results  for  the  three months ended September 30, 2003 are not
     necessarily  indicative  of  the  results that may be expected for the year
     ending  June  30,  2004.

     The  balance  sheet  at  June  30,  2003  has been derived from the audited
     financial  statements  at  that  date,  but  does  not  include  all of the
     information  and  footnotes  required  by  generally  accepted  accounting
     principles  for  complete  financial  statements.

     For further information, refer to the consolidated financial statements and
     footnotes  thereto included in the Company's Annual Report on Form 10-K for
     the  year  ended  June  30,  2003.


2.   Net  Income  Per  Share
     -----------------------

     Basic  income  per common share excludes any dilution. It is based upon the
     weighted  average  number  of  common shares outstanding during the period.
     Dilutive  earnings  per  share  reflects  the potential dilution that would
     occur  if  options  to  purchase common stock were exercised. The following
     table  sets forth the reconciliation of weighted average shares outstanding
     and  diluted  weighted  average  shares  outstanding:

<TABLE>
<CAPTION>
                                      For the Three Months
                                       Ended September 30,
                                         2003       2002
                                       ---------  ---------
<S>                                    <C>        <C>
     Weighted average common
       shares outstanding              6,655,865  6,105,865
     Dilutive effect of stock options     69,715    404,881
                                       ---------  ---------
     Diluted weighted average common
       shares outstanding              6,725,580  6,510,746
                                       =========  =========
</TABLE>


3.   Comprehensive  Income
     ---------------------
     Total  comprehensive  income was $420,783 and $202,289 for the three months
     ended  September  30,  2003  and  2002,  respectively.  Accumulated  other
     comprehensive  income  is  comprised  of  foreign  currency  translation
     adjustments.


                                        6
<PAGE>
                                  MISONIX, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
     (Information with respect to interim periods is unaudited) (CONTINUED)
     ======================================================================

4.   Stock-Based  Compensation
     -------------------------
     The  Company  accounts  for  stock-based  employee  and  outside directors'
     compensation  under  APB  Opinion  No.  25, "Accounting for Stock Issued to
     Employees"  and  related  interpretations.  The  Company  has  adopted  the
     disclosure-only  provisions  of  SFAS  No. 123, "Accounting for Stock-Based
     Compensation"  ("SFAS  No.  123")  and  SFAS  No.  148,  "Accounting  for
     Stock-Based  Compensation  - Transition and Disclosure", which was released
     in  December  2002  as  an  amendment  of SFAS No. 123. The following table
     illustrates the effect on net income (loss) and net income (loss) per share
     as if the Company had applied the fair value recognition provisions of SFAS
     123  to  stock-based  employee  compensation.

<TABLE>
<CAPTION>
                                        For the three months ended
                                              September 30,
                                             2003       2002
                                          ---------------------
<S>                                       <C>         <C>
          Net income - As reported:       $ 393,742   $ 51,157
          Stock based compensation
            determined under SFAS 123      (107,914)   (73,159)
                                          ---------------------
          Net income (loss)-  Pro forma:  $ 285,828   $(22,002)
          Net income (loss) per share -
            Basic:
            As reported                   $     .06   $    .01
            Pro forma                     $     .04          -
          Net income (loss) per share -
            Diluted:
            As reported                   $     .06   $    .01
            Pro forma                     $     .04   $      -
</TABLE>


5.   Inventories
     -----------

     Inventories are summarized as follows:

<TABLE>
<CAPTION>
                           SEPTEMBER 30, 2003   June 30, 2003
                           -------------------  --------------
<S>                        <C>                  <C>

          Raw materials    $         4,244,314  $    4,230,870
          Work-in-process            1,005,017       1,112,453
          Finished goods             4,037,273       3,636,149
                           -----------------------------------
                           $         9,286,604  $    8,979,472
                           ===================================
</TABLE>


                                        7
<PAGE>
                                  MISONIX, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
     (Information with respect to interim periods is unaudited) (CONTINUED)
     ======================================================================


6.   Accrued Expenses and Other Current Liabilities
     ----------------------------------------------

     The  following  summarizes  accrued expenses and other current liabilities:

<TABLE>
<CAPTION>
                                                    SEPTEMBER 30, 2003   June 30, 2003
                                                    -------------------  --------------
<S>                                                 <C>                  <C>

          Accrued payroll and vacation              $           279,274  $      283,339
          Accrued sales tax                                      79,353         208,005
          Accrued commissions and bonuses                       374,524         212,585
          Customer deposits and deferred contracts              864,583       1,116,869
          Accrued professional fees                             139,145         132,766
          Other                                                  73,225          48,590
                                                    -------------------  --------------
                                                    $         1,810,104  $    2,002,154
                                                    ===================  ==============
</TABLE>


7.   Loans  to  Affiliate
     --------------------

     Hearing  Innovations,  Inc.
     ---------------------------
     During  fiscal  2004,  the Company entered into two loan agreements whereby
     Hearing  Innovations,  Inc.  ("Hearing Innovations") is required to pay the
     Company  an  aggregate  amount  of $23,000 due November 30, 2003. All notes
     bear  interest  at  8% per annum. The notes are secured by a lien on all of
     Hearing  Innovations'  right,  title  and  interest in accounts receivable,
     inventory,  property,  plant  and  equipment  and  processes  of  specified
     products  whether  now  existing  or  arising  after  the  date  of  these
     agreements.  The  loan agreements contain warrants to acquire 23,000 shares
     of  Hearing  Innovations  common  stock, at the option of the Company, at a
     cost  of $.20 per share. These warrants, which are deemed nominal in value,
     expire  in  October  2005.  The  Company  recorded an allowance against the
     entire balance of $23,000 for the above loans. The related expense has been
     included  in  loss on impairment of Hearing Innovations in the accompanying
     consolidated  statements  of operations. The Company believes the loans and
     related  interest  are  impaired since the Company does not anticipate that
     these  loans  will  be paid in accordance with the contractual terms of the
     loan  agreements.  The  current  ability  of  companies  such  as  Hearing
     Innovations  to  access  capital  markets or incur third party debt is very
     limited  and is likely to remain so for the foreseeable future. In light of
     this  fact,  the Company continues to review strategic options available to
     it  and Hearing Innovations due to Hearing Innovations' continuing need for
     financial  support.  The  Company  has  made  the  decision not to continue
     funding Hearing Innovations' operations at this time. The Company continues
     to  believe  that  Hearing  Innovations  technology  provides  a benefit to
     patients  but the products require more improvement and market development.
     All  equity  investments  and  debt  in Hearing Innovations have been fully
     reserved  and  currently  have  a  zero  basis.


                                        8
<PAGE>
                                  MISONIX, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
     (Information with respect to interim periods is unaudited) (CONTINUED)
     ======================================================================


8.   Business  Segments
     ------------------

     The  Company  operates  in  two  business  segments  which are organized by
     product types: industrial products and medical devices. Industrial products
     include  the  Sonicator  ultrasonic  liquid  processor,  Aura ductless fume
     enclosure,  the  Labcaire  Autoscope  and  Guardian  endoscope disinfectant
     systems  and  the  Mystaire  wet scrubber. Medical devices include the Auto
     Sonix  ultrasonic  cutting and coagulatory system, refurbishing revenues of
     high-performance  ultrasound  systems  and  replacement transducers for the
     medical diagnostic ultrasound industry, ultrasonic lithotriptor, ultrasonic
     neuroaspirator  (used  for  neurosurgery)  and  soft tissue aspirator (used
     primarily  for  the  cosmetic  surgery  market).  The Company evaluates the
     performance  of  the  segments  based  upon  income  from operations before
     general  and  administrative  expenses and litigation (recovery) settlement
     expenses.  The  accounting  policies  of the segments are the same as those
     described in the summary of significant accounting policies (Note 1) in the
     Company's  Annual  Report  on  Form  10-K for the year ended June 30, 2003.
     Certain  items are maintained at the corporate headquarters (corporate) and
     are  not  allocated  to  the  segments.  They primarily include general and
     administrative  expenses.  The Company does not allocate assets by segment.
     Summarized  financial  information for each of the segments are as follows:

     For the three months ended September 30, 2003:

<TABLE>
<CAPTION>
                                                              (a)
                                MEDICAL    INDUSTRIAL    CORPORATE AND
                                DEVICES     PRODUCTS      UNALLOCATED      TOTAL
                               ----------------------------------------------------
<S>                            <C>         <C>          <C>              <C>
     Net sales                 $4,602,120  $ 4,017,778  $            -   $8,619,898
     Cost of goods sold         2,550,892    2,403,311               -    4,954,203
                               ----------  -----------                   ----------
     Gross profit               2,051,228    1,614,467               -    3,665,695
     Selling expenses             374,239      582,294               -      956,533
     Research and
       development expenses       318,066      170,414               -      488,480
                               ----------  -----------                   ----------
     Total operating expenses     692,305      752,708       2,055,768    3,500,781
                               ----------  -----------  ---------------  ----------
     Income from operations    $1,358,923  $   861,759  $   (2,055,768)  $  164,914
                               ==========  ===========  ===============  ==========
</TABLE>

   (a)  Amount represents general and administrative expenses.

For the three months ended September 30, 2002:

<TABLE>
<CAPTION>
                                                              (a)
                                MEDICAL    INDUSTRIAL    CORPORATE AND
                                DEVICES     PRODUCTS      UNALLOCATED      TOTAL
                               ----------------------------------------------------
<S>                            <C>         <C>          <C>              <C>
     Net sales                 $3,168,672  $ 3,841,650  $            -   $7,010,322
     Cost of goods sold         1,843,770    2,209,334               -    4,053,104
                               ----------  -----------                   ----------
     Gross profit               1,324,902    1,632,316               -    2,957,218
     Selling expenses             267,625      667,978               -      935,603
     Research and
       development expenses       383,021      156,305               -      539,326
                               ----------  -----------                   ----------
     Total operating expenses     650,646      824,283       1,392,571    2,867,500
                               ----------  -----------  ---------------  ----------
     Income from operations    $  674,256  $   808,033  $   (1,392,571)  $   89,718
                               ==========  ===========  ===============  ==========
</TABLE>

   (a)  Amount represents general and administrative and litigation (recovery)
        settlement expenses.


                                        9
<PAGE>
                                  MISONIX, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
     (Information with respect to interim periods is unaudited) (CONTINUED)
     ======================================================================


The  Company's  revenues  are  generated  from  various  geographic regions. The
following  is  an  analysis  of  net  sales  by  geographic  region:

For the three months ended September 30:

<TABLE>
<CAPTION>
                                       2003        2002
                                    ----------  ----------
<S>                                 <C>         <C>

               United States        $5,765,060  $4,481,294
               Canada                   66,639     101,373
               Mexico                        -       4,321
               United Kingdom        2,130,915   1,715,181
               Europe                  173,211     472,385
               Asia                    181,990     153,995
               Middle East              73,723      13,018
               Other                   228,360      68,755
                                    ----------------------
                                    $8,619,898  $7,010,322
                                    ======================
</TABLE>

9.   Subsequent Event
     ----------------

     The Company received a letter dated October 31, 2003 from the Food and Drug
     Administration  ("FDA") regarding the Company's notification concerning the
     implemented procedures to "field correct" a shock sensation that was caused
     by  users  forcing  the  output connector improperly when using the Lysonix
     2000. Although the output cable was properly marked, the Company issued new
     sticker  directions  and  notified  all  its  customers in writing. The FDA
     stated  that  it "agreed with the Company's decision to "field correct" the
     Lysonix  2000."

     The  FDA  classified this field correction as a Class II recall which means
     that  this  is  a situation in which use of or exposure to such product may
     cause  temporary  or  medically  reversible  adverse health consequences or
     which  probability  of  serious  adverse health consequences is remote. The
     Company  will  do  everything  necessary  to  satisfy  the  FDA request for
     information  on  the  "field  correction."  The  Company,  additionally, is
     following  FDA  policies  to  be fully compliant with all requirements. The
     Company  has  estimated the cost of this field correction to be immaterial.


                                       10
<PAGE>
                                  MISONIX, INC.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                ================================================

ITEM  2.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF FINANCIAL CONDITION AND
RESULTS  OF  OPERATIONS.

Three Months Ended September 30, 2003 and 2002.

NET  SALES.  Net  sales of the Company's medical devices and industrial products
-----------
increased $1,609,576 to $8,619,898 for the three months ended September 30, 2003
from  $7,010,322 for the three months ended September 30, 2002.  This difference
in  net sales is due to an increase in sales of medical devices of $1,433,448 to
$4,602,120 for the three months ended September 30, 2003 from $3,168,672 for the
three  months  ended September 30,  2002.   This difference in net sales is also
due to an increase in sales of industrial products of $176,128 to $4,017,778 for
the  three  months ended September 30, 2003 from $3,841,650 for the three months
ended  September 30,  2002.   The increase in sales of medical devices is due to
an  increase  in sales of diagnostic medical devices of $631,423 and an increase
of  $802,025  in  sales  of  therapeutic  medical devices, both due to increased
customer  demand  for  several diagnostic and therapeutic medical products.  The
increase  in  sales  for  diagnostic  medical  devices was not attributable to a
single  customer,  distributor  or  any  other specific factor.  The increase in
sales  for therapeutic medical devices was mostly attributable to an increase in
sales  to  United States Surgical Corporation ("USS") of approximately $634,000.
The remaining increase in therapeutic medical devices is due to increased demand
for several products.  The increase in industrial products is due to an increase
in  Labcaire  sales of $352,036 and ultrasonic sales of $21,467 partially offset
by  a decrease in wet scrubber sales of $108,555 and a decrease in ductless fume
enclosure  sales  of  $88,820.  Wet  scrubber  sales  continue  to  be adversely
affected by the downturn in the semi-conductor market.  The increase in Labcaire
sales  is primarily due to the demand for the new Guardian (endoscopic cleaning)
product.  The  decrease  in fume enclosure sales is due to lower customer demand
for  several  industrial  products  and  current  economic  conditions  for such
products.  Export  sales from the United States are remitted in U.S. Dollars and
export  sales  for  Labcaire  are  remitted in English Pounds.  During the three
months  ended  September  2003  and  2002,  the Company had foreign net sales of
$2,854,839  and  $2,529,028,  respectively,  representing 33.1% and 36.1% of net
sales  for  such  years, respectively.  The increase in foreign sales during the
three  months  ended  September  30,  2003 as compared to the three months ended
September  30,  2002  is  substantially  due to an increase in Labcaire sales of
$352,036.   Labcaire  represented  88%  and  85% of foreign net sales during the
three months ended September 30, 2003 and 2002, respectively.  Approximately 29%
of  the  Company's  revenues  for the three months ended September 30, 2003 were
received  in English Pounds currency.  To the extent that the Company's revenues
are  generated  in  English  Pounds,  its  operating  results are translated for
reporting  purposes  into  U.S. Dollars using weighted average rates of 1.61 and
1.55  for  the  three months ended September 30, 2003 and 2002, respectively.  A
strengthening  of  the  English Pound, in relation to the U.S. Dollar, will have
the effect of increasing reported revenues and profits, while a weakening of the
English  Pound will have the opposite effect.  Since the Company's operations in
England  generally  set  prices  and  bids  for  contracts  in English Pounds, a
strengthening of the English Pound, while increasing the value of its UK assets,
might  place  the  Company  at  a  pricing disadvantage in bidding for work from
manufacturers  based  overseas.  The  Company  collects  its  receivables in the
currency  the  subsidiary  resides  in.  The  Company has not engaged in foreign
currency hedging transactions, which include forward exchange agreements.


                                       11
<PAGE>
                                  MISONIX, INC.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
          OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
          ============================================================

The  Company's  revenues  are  generated  from  various  geographic regions. The
following  is  an  analysis  of  net  sales  by  geographic  region:

For the three months ended September 30:

<TABLE>
<CAPTION>
                                       2003        2002
                                    ----------  ----------
<S>                                 <C>         <C>
               United States        $5,765,060  $4,481,294
               Canada                   66,639     101,373
               Mexico                        -       4,321
               United Kingdom        2,130,915   1,715,181
               Europe                  173,211     472,385
               Asia                    181,990     153,995
               Middle East              73,723      13,018
               Other                   228,360      68,755
                                    ----------------------
                                    $8,619,898  $7,010,322
                                    ======================
</TABLE>


Summarized  financial  information for each of the segments for the three months
ended  September  30,  2003  and  2002  are  as  follows:

For the three months ended September 30, 2003:

<TABLE>
<CAPTION>
                                                              (a)
                                MEDICAL    INDUSTRIAL    CORPORATE AND
                                DEVICES     PRODUCTS      UNALLOCATED      TOTAL
                               ----------------------------------------------------
<S>                            <C>         <C>          <C>              <C>
     Net sales                 $4,602,120  $ 4,017,778  $            -   $8,619,898
     Cost of goods sold         2,550,892    2,403,311               -    4,954,203
                               ----------  -----------                   ----------
     Gross profit               2,051,228    1,614,467               -    3,665,695
     Selling expenses             374,239      582,294               -      956,533
     Research and
       development expenses       318,066      170,414               -      488,480
                               ----------  -----------                   ----------
     Total operating expenses     692,305      752,708       2,055,768    3,500,781
                               ----------  -----------  ---------------  ----------
     Income from operations    $1,358,923  $   861,759  $   (2,055,768)  $  164,914
                               ==========  ===========  ===============  ==========
</TABLE>

       (a)  Amount represents general and administrative expenses.

For the three months ended September 30, 2002:

<TABLE>
<CAPTION>
                                                              (a)
                                MEDICAL    INDUSTRIAL    CORPORATE AND
                                DEVICES     PRODUCTS      UNALLOCATED      TOTAL
                               ----------------------------------------------------
<S>                            <C>         <C>          <C>              <C>
     Net sales                 $3,168,672  $ 3,841,650  $            -   $7,010,322
     Cost of goods sold         1,843,770    2,209,334               -    4,053,104
                               ----------  -----------                   ----------
     Gross profit               1,324,902    1,632,316               -    2,957,218
     Selling expenses             267,625      667,978               -      935,603
     Research and development
       expenses                   383,021      156,305               -      539,326
                               ----------  -----------                   ----------
     Total operating expenses     650,646      824,283       1,392,571    2,867,500
                               ----------  -----------  ---------------  ----------
     Income from operations    $  674,256  $   808,033  $   (1,392,571)  $   89,718
                               ==========  ===========  ===============  ==========
</TABLE>

       (a)  Amount represents general and administrative expenses and
            litigation (recovery) settlement expenses.


                                       12
<PAGE>
                                  MISONIX, INC.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
          OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
          ============================================================

GROSS  PROFIT:  Gross  profit  increased  to  42.5%  for  the three months ended
--------------
September  30,  2003  from  42.2% for the three months ended September 30, 2002.
Gross profit for medical devices increased to 44.6% of sales in the three months
ended September 30, 2003 from 41.8% of sales in the three months ended September
30,  2002.  The  increase  in  gross  profit  for medical devices was positively
impacted  by  the  favorable  order mix for sales of therapeutic medical devices
offset  by  a  decrease in diagnostic medical devices, which traditionally carry
lower  margins.  Gross profit for industrial products decreased to 40.2% for the
three  months  ended  September  30,  2003 from 42.5% for the three months ended
September  30,  2002.   The  decrease in gross profit for industrial products is
due  to  a  proportionate  increase  in  sales  by  Labcaire,  whose  products
traditionally  carry  lower  gross  margins.  The Company manufactures and sells
both  medical devices and industrial products with a wide range of product costs
and  gross  margin  dollars  as  a  percentage  of  revenues.

SELLING  EXPENSES:  Selling expenses increased $20,930 to $956,533 for the three
------------------
months  ended  September  30,  2003  from  $935,603  for  the three months ended
September  30,  2002.  Medical  device  selling  expenses  increased  $106,614
predominantly  due  to  additional  sales  and  marketing efforts for diagnostic
medical  devices.  Industrial  selling  expenses decreased $85,684 predominantly
due  to  a  decrease in fume enclosure and industrial ultrasonic commissions and
marketing  expenses  and  a  transfer  of  salaries of two Labcaire employees to
general  and  administrative  expenses  from  selling  expenses.

GENERAL  AND  ADMINISTRATIVE  EXPENSES:  General  and  administrative  expenses
--------------------------------------
increased  $535,895 from $1,519,873 in the three months ended September 30, 2002
to  $2,055,768  in  the  three months ended September 30, 2003.  The increase is
predominantly due to an increase in general and administrative expenses relating
to  severance  costs  and a transfer of two employees from selling expenses, all
attributable  to Labcaire, as well as an increase in corporate expenses relating
to  insurance,  bad  debt  and  legal  and  accounting  fees.

RESEARCH  AND  DEVELOPMENT EXPENSES: Research and development expenses decreased
------------------------------------
$50,846  from $539,326 for the three months ended September 30, 2002 to $488,480
for  the  three  months  ended  September 30, 2003.  Medical device research and
development  expenses  decreased  $64,955  predominantly  due  to  a decrease in
research  and  development funding made to Focus Surgery, Inc. ("Focus Surgery")
for  the  three  months ended September 30, 2003 as compared to the three months
ended  September  30,  2002.  Industrial  research  and  development  expenses
increased  $14,109  predominantly  due  to  increased  research  and development
efforts  at  Labcaire.

LITIGATION  (RECOVERY)  SETTLEMENT  EXPENSES: The Company recorded a reversal of
---------------------------------------------
the  litigation  settlement  for  the  three  months ended September 30, 2002 of
$127,302  as compared to $0 for the three months ended September 30, 2003.  This
reversal  represents  the  sale  of  $127,302  of  Lysonix  2000 units by Mentor
Corporation  ("Mentor")  that  were  received  by  Mentor  from  LySonix,  Inc.
("LySonix") in connection with inventory received under the settlement agreement
with LySonix (this inventory was previously reserved for in fiscal year June 30,
2002,  as  its salability was uncertain).  For further information, refer to the
consolidated  financial  statements  and  footnotes  thereto  included  in  the
Company's Annual Report on Form 10-K for the year ended June 30, 2003.

OTHER  INCOME  (EXPENSE):  Other income for the three months ended September 30,
-------------------------
2003  was  $511,949 as compared to $15,111 for  the three months ended September
30,  2002.  The increase of $496,838 was primarily due to an increase in royalty
income.  The  Company  received  an  additional royalty payment of approximately
$410,000,  which  was  based  upon a review of USS' records that determined that
royalties  were  due  for  prior  years.  The  review  showed that USS owed (and
subsequently  paid in the first quarter) royalties due on a product that was not
included  in  the original royalty computation.   The increase was also due to a
decrease  in  loss  on  impairment  of  investments of Hearing Innovations, Inc.
("Hearing  Innovations")  of  $75,907.  The  decrease  in  impairment of Hearing
Innovations  is  a direct result of current period loans to  Hearing Innovations
being  less  than  in  the  prior  period.


                                       13
<PAGE>
                                  MISONIX, INC.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
          OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
          ============================================================


INCOME  TAXES:  The  effective  tax  rate  is  40.6%  for the three months ended
--------------
September  30,  2003 as compared to an effective tax rate of 47.9% for the three
months ended September 30, 2002.  The current effective income tax rate of 40.6%
was  impacted by no corresponding income tax benefit from the loss on impairment
of  Hearing  Innovations  of approximately $9,200 plus the standard consolidated
tax rate of approximately 36%.  The loss on impairment of Hearing Innovations is
recorded  with no corresponding tax benefit since these transactions are capital
losses.  Benefits  for  such losses are only received if Hearing Innovations has
the  ability  to  generate  capital  gains.

CRITICAL  ACCOUNTING  POLICIES:

General:  Financial  Reporting  Release  No.  60,  which  was  released  by  the
--------
Securities  and  Exchange Commission in December 2001, requires all companies to
include  a  discussion  of  critical  accounting policies or methods used in the
preparation  of  the  financial statements.  Note 1 of the Notes to Consolidated
Financial  Statements  included  in the Company's Annual Report on Form 10-K for
the  year  ended  June  30, 2003 includes a summary of the Company's significant
accounting  policies  and  methods  used  in  the  preparation  of its financial
statements.  The  Company's  discussion  and analysis of its financial condition
and  results  of  operations  are based upon the Company's financial statements,
which  have  been  prepared  in  accordance with accounting principles generally
accepted  in  the  United States.  The preparation of these financial statements
requires  the  Company  to make estimates and judgments that affect the reported
amounts  of  assets,  liabilities, revenues and expenses.  On an on-going basis,
management evaluates its estimates and judgments, including those related to bad
debts,  inventories,  goodwill,  property, plant and equipment and income taxes.
Management  bases  its  estimates  and judgments on historical experience and on
various  other  factors  that  are  believed  to  be  reasonable  under  the
circumstances,  the  results  of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from
other  sources.  Actual  results may differ from these estimates under different
assumptions  or  conditions.  The  Company considers certain accounting policies
related  to  allowance  for  doubtful accounts, inventories, property, plant and
equipment,  goodwill  and  income  taxes  to  be  critical  policies  due to the
estimation  process  involved  in  each.

Allowance  for  Doubtful  Accounts:  The  Company's  policy  is  to  review  its
-----------------------------------
customers'  financial  condition  prior  to  extending  credit  and,  generally,
collateral  is  not required.  The Company utilizes letters of credit on foreign
or  export  sales  where  appropriate.

Inventories:  Inventories  are stated at the lower of cost (first-in, first-out)
------------
or  market  and  consist  of  raw materials, work-in-process and finished goods.
Management evaluates the need to record adjustments for impairments of inventory
on  a  quarterly  basis.  The Company's policy is to assess the valuation of all
inventories,  including  raw  materials,  work-in-process  and  finished  goods.

Property,  Plant  and  Equipment:  Property, plant and equipment are recorded at
---------------------------------
cost. Depreciation of property and equipment is provided using the straight-line
method  over estimated useful lives ranging from 1 to 5 years.   Depreciation of
the  Labcaire  building  is  provided  using  the  straight-line method over the
estimated  useful  life  of 50 years.  Leasehold improvements are amortized over
the  life  of  the  lease  or the useful life of the related asset, whichever is
shorter.  The  Company's  policy is to periodically evaluate the appropriateness
of  the  lives assigned to property, plant and equipment and to make adjustments
if  necessary.


                                       14
<PAGE>
                                  MISONIX, INC.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
          OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
          ============================================================

Goodwill: In July 2001, the Financial Accounting Standards Board ("FASB") issued
---------
Statement  of  Financial  Accounting Standards ("SFAS") No. 141 ("SFAS 141") and
No. 142 ("SFAS 142"), "Business Combinations" and "Goodwill and Other Intangible
Assets,"  respectively.  SFAS  141  replaced Accounting Principles Board ("APB")
Opinion  16  "Business Combinations" and requires the use of the purchase method
for  all business combinations initiated after June 30, 2001.  SFAS 142 requires
goodwill  and  intangible  assets  with  indefinite useful lives to no longer be
amortized,  but  instead be tested for impairment at least annually and whenever
events  or  circumstances  occur that indicate goodwill might be impaired.  With
the  adoption of SFAS 142, as of July 1, 2001, the Company reassessed the useful
lives  and  residual  values  of  all  acquired  intangible  assets  to make any
necessary  amortization  period  adjustments.  Based  on  that  assessment, only
goodwill  was  determined  to  have an indefinite useful life and no adjustments
were  made  to  the  amortization  period or residual values of other intangible
assets.  SFAS  142  provided  a six-month transitional period from the effective
date of adoption for the Company to perform an assessment of whether there is an
indication  that  goodwill  is  impaired.  To  the  extent that an indication of
impairment  exists, the Company must perform a second test to measure the amount
of  impairment.  The  second  test must be performed as soon as possible, but no
later  than  the end of the fiscal year.  Any impairment measured as of the date
of  adoption  will  be  recognized  as  the  cumulative  effect  of  a change in
accounting  principle.  The Company performed the first test and determined that
there  is  no  indication that the goodwill recorded is impaired and, therefore,
the  second  test  was  not  required.  The  Company  also  completed its annual
goodwill  impairment  tests  for  fiscal  2004  in  the  fourth  quarter with no
impairment  noted.

Income  Taxes:  Income  taxes are accounted for in accordance with SFAS No. 109,
--------------
"Accounting  for  Income  Taxes".  Under  this  method,  deferred tax assets and
liabilities  are  recognized  for  the  future  tax consequences attributable to
differences  between the financial statement carrying amounts of existing assets
and  liabilities and their respective tax bases, operating losses and tax credit
carry  forwards.  Deferred tax assets and liabilities are measured using enacted
tax  rates  expected  to  apply  to  taxable  income in the years in which those
temporary  differences  are  expected to be recovered or settled.  The effect on
deferred  tax  assets  and liabilities of a change in tax rates is recognized in
income  in  the  period  that  includes  the  enactment  date.

Stock-Based  Compensation: The Company accounts for its stock-based compensation
--------------------------
plans  in  accordance  with  APB Opinion No. 25, "Accounting for Stock Issued to
Employees"  ("APB  25")  and related interpretations.  Under APB 25, because the
exercise price of the Company's employee stock options is generally set equal to
the  market  price of the underlying stock on the date of grant, no compensation
expense  is  recognized.


LIQUIDITY  AND  CAPITAL  RESOURCES:

Working  capital  at  September  30,  2003 and June 30, 2003 was $14,346,296 and
$13,967,805,  respectively.  In  the three months ended September 30, 2003, cash
provided  by operations totaled $2,400,766.  The increase in the cash balance is
due  to  the  collection  of  accounts  receivable and royalties and a refund of
prepaid  income  taxes offset by cash paid for inventory purchased for unshipped
orders.  In  the  three  months ended September 30, 2003, cash used in investing
activities  was $153,084, which primarily consisted of the purchase of property,
plant  and  equipment during the regular course of business and of loans made to
Hearing  Innovations.  In  the  three  months  ended  September  30,  2003, cash
provided  by financing activities was $154,027, primarily consisting of proceeds
from  short-term  borrowings  offset  by  payments on capital lease obligations.


                                       15
<PAGE>
                                  MISONIX, INC.
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
            =========================================================

Hearing  Innovations,  Inc.
---------------------------
During fiscal 2004, the Company entered into two loan agreements whereby Hearing
Innovations  is  required  to pay the Company an aggregate amount of $23,000 due
November  30,  2003.   All  notes  bear interest at 8% per annum.  The notes are
secured  by  a  lien on all of Hearing Innovations' right, title and interest in
accounts  receivable,  inventory, property, plant and equipment and processes of
specified  products  whether  now  existing  or  arising after the date of these
agreements.  The  loan  agreements  contain warrants to acquire 23,000 shares of
Hearing  Innovations  common  stock,  at the option of the Company, at a cost of
$.20  per  share.  These  warrants, which are deemed nominal in value, expire in
October  2005.  The  Company recorded an allowance against the entire balance of
$23,000  for the above loans.   The related expense has been included in loss on
impairment of Hearing Innovations in the accompanying consolidated statements of
operations.  The  Company  believes  the loans and related interest are impaired
since  the  Company  does  not  anticipate  that  these  loans  will  be paid in
accordance  with  the  contractual  terms  of  the loan agreements.  The current
ability  of  companies  such as Hearing Innovations to access capital markets or
incur  third  party  debt  is  very  limited  and is likely to remain so for the
foreseeable  future.  In  light  of  this  fact, the Company continues to review
strategic  options  available  to  it  and  Hearing  Innovations  due to Hearing
Innovations'  continuing  need  for financial support.  The Company has made the
decision  not  to continue funding Hearing Innovations' operations at this time.
The  Company continues to believe that Hearing Innovations technology provides a
benefit  to  patients  but  the  products  require  more  improvement and market
development.  All  equity  investments and debt in Hearing Innovations have been
fully  reserved  and  currently  have  a  zero  basis.

Regulatory
----------
The  Company  received  a  letter  dated October 31, 2003 from the Food and Drug
Administration  ("FDA")  regarding  the  Company's  notification  concerning the
implemented  procedures  to  "field correct" a shock sensation that was cause by
users  forcing  the  output  connector  improperly  when using the Lysonix 2000.
Although  the  output  cable was properly marked, the Company issued new sticker
directions  and  notified  all  its customers in writing. The FDA stated that it
"agreed  with  the  Company's decision to "field correct" the Lysonix 2000." The
FDA  classified this field correction as a Class II recall which means that this
is  a  situation in which use of or exposure to such product may cause temporary
or  medically  reversible  adverse  health  consequences or which probability of
serious  adverse  health  consequences is remote. The Company will do everything
necessary  to satisfy the FDA request for information on the "field correction."
The  Company, additionally, is following FDA policies to be fully compliant with
all requirements. The Company has estimated the cost of this field correction to
be  immaterial.

Recent  Accounting  Pronouncements
----------------------------------
In June 2002, the FASB issued SFAS No. 146 "Accounting for Costs Associated with
Exit  or  Disposal  Activities."  ("SFAS  No.  146")  This  Statement  addresses
financial  accounting  and  reporting for costs associated with exit or disposal
activities  and  nullifies  Emerging  Issues  Task  Force (EITF) Issue No. 94-3,
"Liability Recognition for Certain Employee Termination Benefits and Other Costs
to Exit an Activity (including Certain Costs Incurred in a Restructuring)." This
Statement  requires  that  a  liability  for  a  cost associated with an exit or
disposal  activity  be  recognized when the liability is incurred rather than at
the  date  of  an  entity's  commitment  as  provided under Issue No. 94-3. This
Statement  also  establishes  that  fair  value  is  the  objective  for initial
measurement of the liability. The provisions of this Statement are effective for
exit  or  disposal  activities  that are initiated after December 31, 2002.  The
adoption  of  SFAS  No.  146  did  not  have  a material impact on the Company's
consolidated  results  of  operations  or  financial  condition.

In  April 2003, the FASB issued SFAS No. 149, "Amendment of Statement No. 133 on
Derivative  Instruments  and  Hedging Activities."("SFAS No. 149").  Among other
things, the Statement requires that contracts with comparable characteristics be
accounted  for  similarly and clarifies under what circumstances a contract with
an  initial  net investment meets the characteristics of a derivative.  SFAS No.
149  was  effective  July  1,  2003.  In  the  first quarter of fiscal 2004, the
Company  adopted  SFAS  No.  149.  The  adoption  of SFAS No. 149 did not have a
material impact on the Company's consolidated results of operations or financial
condition.

In  May  2003,  the  FASB issued SFAS No. 150, "Accounting for Certain Financial
Instruments  with  characteristics  of  both  Liabilities and Equity."("SFAS No.
150").  SFAS No. 150 establishes standards for classifying and measuring certain
financial instruments with characteristics of both liabilities and equity.  SFAS
No.  150  was effective for financial instruments entered into or modified after
May  31,  2003.  In October 2003, the FASB deferred indefinitely the application
of  SFAS 150 only as it relates to non-controlling interests that are classified
as  equity in the financial statements of the subsidiary but would be classified
as  a liability in the parent's financial statements under SFAS150. In the first
quarter  of fiscal 2004, the Company adopted SFAS No. 150.  The adoption of SFAS
No.  150 did not have a material impact on the Company's consolidated results of
operations  or  financial  condition.


                                       16
<PAGE>
                                  MISONIX, INC.
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
            =========================================================

In  November 2002, the Emerging Issues Task Force reached a consensus opinion on
EITF  00-21,  "Revenue Arrangements with Multiple Deliverables." ("EITF 00-21").
The  consensus  provides  that  revenue  arrangements with multiple deliverables
should be divided into separate units of accounting if certain criteria are met.
The  consideration for the arrangement should be allocated to the separate units
of  accounting based on their relative fair values, with different provisions if
the  fair  value  of  all  deliverables  are  not  known or if the fair value is
contingent  on delivery of specified items or performance conditions. Applicable
revenue  recognition  criteria should be considered separately for each separate
unit  of  accounting.  EITF 00-21 was effective for revenue arrangements entered
into  in  fiscal  periods  beginning  after June 15, 2003. Entities may elect to
report  the  change  as  a  cumulative  effect adjustment in accordance with APB
Opinion  20,  Accounting  Changes.  In  the  first  quarter  of fiscal 2004, the
Company  adopted EITF 00-21.  The adoption of EITF 00-21 did not have a material
impact  on  the  Company's  consolidated  results  of  operations  or  financial
condition.

In  January  2003,  the  FASB  issued  Interpretation  No. 46, "Consolidation of
Variable  Interest  Entities"  ("FIN  46"),  which  clarifies the application of
Accounting Research Bulletin No. 51, "Consolidated Financial Statements." FIN 46
defines  variable  interest  entities  and  how  an enterprise should assess its
interests  in  a  variable interest entity to decide whether to consolidate that
entity.  The interpretation requires certain minimum disclosures with respect to
variable  interest  entities  in  which an enterprise holds significant variable
interest  but  which  it  does  not  consolidate.  FIN 46 applies immediately to
variable  interest  entities  created  after  January  31, 2003, and to variable
interest entities in which an enterprise obtains an interest after that date. It
applies in the first fiscal year or interim period beginning after June 15, 2003
to  variable  interest entities in which an enterprise holds a variable interest
that  it  acquired before February 1, 2003. FIN 46 applies to public enterprises
as  of  the beginning of the applicable interim or annual period, and it applies
to  nonpublic  enterprises as of the end of the applicable annual period. FIN 46
may  be applied prospectively with a cumulative-effect adjustment as of the date
on  which  it  is  first  applied  or  by  restating previously issued financial
statements  for  one or more years with a cumulative-effect adjustment as of the
beginning  of  the  first  year restated. The Company has not yet determined the
impact on its consolidated results of operations or financial condition that may
result  from  the  application  of  FIN  46.  In October 2003, FASB deferred the
effective  date  for  applying the provisions of FIN 46 provided that conditions
are  met.  FIN  46  will  now  be  effective  December 31, 2003 for the Company.

Forward  Looking  Statements:  This  report  contains  certain  forward  looking
statements  within  the meaning of Section 27A of the Securities Act and Section
21E  of  the  Exchange Act, which are intended to be covered by the safe harbors
created  thereby.  Although the Company believes that the assumptions underlying
the  forward  looking  statements  contained  herein  are reasonable, any of the
assumptions  could  be inaccurate, and therefore, there can be no assurance that
the  forward  looking  statements  contained  in  this  report  will prove to be
accurate.  Factors  that  could  cause actual results to differ from the results
specifically  discussed  in  the forward looking statements include, but are not
limited  to,  the absence of anticipated contracts, higher than historical costs
incurred  in performance of contracts or in conducting other activities, product
mix  in  sales,  results  of joint ventures and investments in related entities,
future  economic,  competitive  and  market conditions, and the outcome of legal
proceedings  as  well  as  management  business  decisions.


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                                  MISONIX, INC.

ITEM  3.  QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK.

Market  Risk:
The  principal  market risks (i.e. the risk of loss arising from adverse changes
in  market  rates and prices) to which the Company is exposed are interest rates
on short-term investments and foreign exchange rates, which generate translation
gains and losses due to the English Pound to U.S. Dollar conversion of Labcaire.

Foreign  Exchange  Rates:
Approximately  29%  of the Company's revenues in the period ending September 30,
2003 were received in English Pounds currency.  To the extent that the Company's
revenues  are  generated in English Pounds, its operating results are translated
for  reporting  purposes  into U.S. Dollars using rates of 1.61 and 1.55 for the
three  months  ended September 30, 2003 and 2002, respectively.  A strengthening
of  the  English  Pound, in relation to the U.S. Dollar, will have the effect of
increasing  its  reported revenues and profits, while a weakening of the English
Pound  will have the opposite effect.  Since the Company's operations in England
generally  sets prices and bids for contracts in English Pounds, a strengthening
of  the  English Pound, while increasing the value of its UK assets, might place
the  Company  at  a  pricing disadvantage in bidding for work from manufacturers
based  overseas.  The  Company  collects  its  receivables  in  the currency the
subsidiary  resides in.  The Company has not engaged in foreign currency hedging
transactions,  which  include  forward  exchange  agreements.

ITEM  4.  CONTROLS  AND  PROCEDURES.

Our  disclosure  controls  and  procedures  (as  defined  in Rules 13a-15(e) and
15d-15(e)  under  the Securities Exchange Act of 1934, as amended (the "Exchange
Act"))  are  designed to ensure that information required to be disclosed in the
reports  that  we  file or submit under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the rules and forms
of  the  Securities  and  Exchange  Commission.  The  Company  carried  out  an
evaluation,  under  the  supervision and with the participation of the Company's
management,  including the Company's Chief Executive Officer and Chief Financial
Officer,  of  the  effectiveness  of  the  design and operation of the Company's
disclosure  controls and procedures as of September 30, 2003 and, based on their
evaluation,  the  Chief  Executive Officer and Chief Financial Officer concluded
that  the  Company's  disclosure  controls  and  procedures  are  effective.

There  has  been  no  change  in  the  Company's internal control over financial
reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that
occurred  during  the first quarter of fiscal 2004 that has materially affected,
or  is  reasonable  likely  to materially affect, the Company's internal control
over  financial  reporting.


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                                  MISONIX, INC.

PART II - OTHER INFORMATION

Item 6.     Exhibits and Reports on Form 8-K.

     (a)  Exhibit 31.1 - Rule 13a-14(a)/15d-14(a) Certification
          Exhibit 31.2 - Rule 13a-14(a)/15d-14(a) Certification
          Exhibit 32.1 - Section 1350 Certification of Chief Executive Officer
          Exhibit 32.2 - Section 1350 Certification of Chief Financial Officer

     (b)  The following report on Form 8-K was filed during the last quarter of
          the period covered by the Report.

          On August 27, 2003, a Form 8-K was filed by the Company under "Item 9.
          Regulation FD Disclosure."


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                                   SIGNATURES
                                   ----------

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.

Date: November 6, 2003


                                   MISONIX, INC.
                                   ------------------------------------
                                   (Registrant)

                                   By:  /s/ Michael A. McManus, Jr.
                                        -------------------------------
                                        Michael A. McManus, Jr.
                                        President and Chief Executive Officer


                                   By:  /s/ Richard Zaremba
                                        -------------------------------
                                        Richard Zaremba
                                        Vice President, Chief Financial Officer,
                                        Treasurer and Secretary


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