**FORM      10-Q**

**SECURITIES      AND EXCHANGE COMMISSION**

| 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)          |

| Class                  of Common Stock         |   | Outstanding                  atFebruary                  7, 2006 |
|-----------------------------------------------------|--------|------------------------------------------------------------------|
|                                                |   |                                                             |
| Common                  Stock, $.01 par value  |   | 6,893,776                                                        |

----

**MISONIX,      INC.**

**INDEX**

| **Part                I - FINANCIAL INFORMATION**   |                                                                                     | **Page** |
|---------------------------------------------------------------|-------------------------------------------------------------------------------------|----------|
|                                                          |                                                                                |     |
| Item 1.                                                       | Financial Statements:                                                               |     |  |
|                                                          |                                                                                |     |   |
|                                                          | Consolidated Balance Sheets as of                                              |     |  |
|                                                          | December                31, 2005 (Unaudited) and June 30, 2005                      | 3        |
|                                                          |                                                                                |     |   |
|                                                          | Consolidated Statements of              Operations                                  |     |   |
|                                                          | Six months ended December 31, 2005                                                  |     |   |
|                                                          | and                2004 (Unaudited)                                       |     | 4 |
|                                                          |                                                                                |     |   |
|                                                          | Consolidated Statements of              Operations                                  |     |   |
|                                                          | Three months ended December 31,              2005                                   |     |   |
|                                                          | and 2004 (Unaudited)                                                           |     | 5 |
|                                                          |                                                                                |     |   |
|                                                          | Consolidated                Statements of Cash Flows                                |     |   |
|                                                          | Six months ended December 31, 2005                                                  |     |   |
|                                                          | and 2004 (Unaudited)                                                                |     | 6 |
|                                                          |                                                                                |     |   |
|                                                          | Notes                to Consolidated Financial Statements                 | 7        |
|                                                          |                                                                                |     |   |
| Item 2.                                                       | Management’s                Discussion and Analysis of Financial Condition    |     |
|                                                          | and Results of Operations                                                 |     | 14 |
|                                                          |                                                                                |     |   |
| Item 3.                                                       | Quantitative and Qualitative              Disclosures About Market Risk   | 26       |
|                                                          |                                                                                |     |   |
| Item 4.                                                       | Controls and Procedures                                                   |     | 26 |
|                                                          |                                                                                |     |   |
| Part II - OTHER              INFORMATION                      |                                                                                |     |
|                                                          |                                                                                |     |   |
|  Item 4.                                                 | Submission of Matters to              a Vote of              Security Holders       | 27       |
|                                                          |                                                                                |     |   |
|  Item 6.                                                 | Exhibits                                                                  |     | 27 |
|                                                          |                                                                                |     |   |
| Signatures                                                    |                                                                                | 28       |

----

**MISONIX,      INC.**

**CONSOLIDATED      BALANCE SHEETS**

|                                                                                                                                                                                                              |   | **December                31, 2005** |            | June                30,2005 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|-----------------|-----------------------------|--------|
| **Assets**                                                                                                                                                                                                        |   |                                 | **(unaudited)** |                        |   |   |   |
| Current                assets:                                                                                                                                                                                    |   |                                 |            |                        |   |   |   |
| Cash                and cash equivalents                                                                                                                                                                          |   | **$**                                | **2,718,435**   |                        | $      | 2,484,534 |   |
| Accounts                receivable, less allowance for doubtful accounts of $544,368                and $405,998, respectively                                                                                    |   |                                 | **7,419,824**   |                        |   | 11,757,827 |   |
| Inventories                                                                                                                                                                                                       |   |                                 | **11,414,570**  |                        |   | 9,780,501 |   |
| Deferred                income taxes                                                                                                                                                                              |   |                                 | **1,072,514**   |                        |   | 964,426 |   |
| Income                tax receivable                                                                                                                                                                              |   |                                 | **754,031**     |                        |   | 224,734 |   |
| Prepaid                expenses and other current assets                                                                                                                                                          |   |                                 | **729,795**     |                        |   | 1,336,104 |   |
| Total                current assets                                                                                                                                                                               |   |                                 | **24,109,169**  |                        |   | 26,548,126 |   |
|                                                                                                                                                                                                              |   |                                 |            |                        |   |   |   |
| Property,                plant and equipment, net                                                                                                                                                                 |   |                                 | **6,101,123**   |                        |   | 6,409,835 |   |
| Deferred                income taxes                                                                                                                                                                              |   |                                 | **26,304**      |                        |   | 244,769 |   |
| Goodwill                                                                                                                                                                                                          |   |                                 | **4,473,713**   |                        |   | 4,473,713 |   |
| Other                assets                                                                                                                                                                                       |   |                                 | **443,399**     |                        |   | 409,493 |   |
| Total                assets                                                                                                                                                                                       |   | **$**                                | **35,153,708**  |                        | $      | 38,085,936 |   |
|                                                                                                                                                                                                              |   |                                 |            |                        |   |   |   |
| **Liabilities                and stockholders’ equity**                                                                                                                                                     |   |                                 |            |                        |   |   |   |
| Current                liabilities:                                                                                                                                                                               |   |                                 |            |                        |   |   |   |
| Revolving                credit facilities                                                                                                                                                                        |   | **$**                                | **1,989,205**   |                        | $      | 1,883,193 |   |
| Accounts                payable                                                                                                                                                                                   |   |                                 | **5,072,975**   |                        |   | 5,482,313 |   |
| Accrued                expenses and other current liabilities                                                                                                                                                     |   |                                 | **2,006,255**   |                        |   | 2,901,247 |   |
| Current                maturities of long-term debt and capital lease obligations                                                                                                                                 |   |                                 | **389,398**     |                        |   | 376,148 |   |
| Total                current liabilities                                                                                                                                                                          |   |                                 | **9,457,833**   |                        |   | 10,642,901 |   |
|                                                                                                                                                                                                              |   |                                 |            |                        |   |   |   |
| Long-term                debt and capital lease obligations                                                                                                                                                       |   |                                 | **1,139,094**   |                        |   | 1,240,324 |   |
| Deferred                income taxes                                                                                                                                                                              |   |                                 | **3⁄4**      |                        |   | 270,884 |   |
| Deferred                income                                                                                                                                                                                    |   |                                 | **456,500**     |                        |   | 508,582 |   |
| Minority                interest                                                                                                                                                                                  |   |                                 | **348,209**     |                        |   | 329,085 |   |
|                                                                                                                                                                                                              |   |                                 |            |                        |   |   |   |
| Commitments                and contingencies                                                                                                                                                                      |   |                                 |            |                        |   |   |   |
|                                                                                                                                                                                                              |   |                                 |            |                        |   |   |   |
| Stockholders’                equity:                                                                                                                                                                        |   |                                 |            |                        |   |   |   |
| Common                stock, $.01 par value—shares authorized 10,000,000; 6,935,319                and6,902,752                issued, and 6,857,519 and 6,824,952 outstanding,                respectively |   |                                 | **69,353**      |                        |   | 69,028 |   |
| Additional                paid-in capital                                                                                                                                                                         |   |                                 | **24,177,665**  |                        |   | 23,619,281 |   |
| Retained                (deficit) earnings                                                                                                                                                                        |   |                                 | **(211,302**    | **)**                       |   | 1,601,166 |   |
| Treasury                stock, 77,800 shares                                                                                                                                                                      |   |                                 | **(412,424**    | **)**                       |   | (412,424 | ) |
| Accumulated                other comprehensive income                                                                                                                                                             |   |                                 | **128,780**     |                        |   | 217,109 |   |
| Total                stockholders’ equity                                                                                                                                                                   |   |                                 | **23,752,072**  |                        |   | 25,094,160 |   |
|                                                                                                                                                                                                              |   |                                 |            |                        |   |   |   |
| Total                liabilities and stockholders’ equity                                                                                                                                                   |   | **$**                                | **35,153,708**  |                        | $      | 38,085,936 |   |
|                                                                                                                                                                                                              |   |                                 |            |                        |   |   |   |

*See      Accompanying Notes to Consolidated Financial Statements. *

----

**MISONIX,      INC.**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

|                                                                                                                                     |   | **For                the six months                ended****December                31,** |                            |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|---------------------------------|
|                                                                                                                                     |   | **2005**                                                                                  |                            | 2004 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |
| Net                sales                                                                                                                 |   | **$**                                                                                     | **19,379,958**                  |   | $ | 21,137,278 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Cost                of goods sold                                                                                                        |   |                                                                                      | **12,079,906**                  |   |   | 12,279,880 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Gross                profit                                                                                                              |   |                                                                                      | **7,300,052**                   |   |   | 8,857,398 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Operating                expenses:                                                                                                       |   |                                                                                      |                            |   |   |   |   |
| Selling                expenses                                                                                                          |   |                                                                                      | **3,248,471**                   |   |   | 2,931,315 |   |
| General                and administrative expenses                                                                                       |   |                                                                                      | **5,025,542**                   |   |   | 3,742,125 |   |
| Research                and development expenses                                                                                         |   |                                                                                      | **1,763,736**                   |   |   | 1,621,958 |   |
| Total                operating expenses                                                                                                  |   |                                                                                      | **10,037,749**                  |   |   | 8,295,398 |   |
| (Loss)                income from operations                                                                                             |   |                                                                                      | **(2,737,697**                  | **)** |   | 562,000 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Other                income (expense):                                                                                                   |   |                                                                                      |                            |   |   |   |   |
| Interest                income                                                                                                           |   |                                                                                      | **48,115**                      |   |   | 29,732 |   |
| Interest                expense                                                                                                          |   |                                                                                      | **(114,610**                    | **)** |   | (112,722 | ) |
| Royalty                income and license fees net of royalty expense of  ($37,399)                and ($38,095), respectively |   |                                                                                      | **394,067**                     |   |   | 447,296 |   |
| Foreign                exchange loss                                                                                                     |   |                                                                                      | **(13,381**                     | **)** |   | (10,413 | ) |
| Total                other income                                                                                                        |   |                                                                                      | **314,191**                     |   |   | 353,893 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| (Loss)                income before minority interest and income taxes                                                                   |   |                                                                                      | **(2,423,506**                  | **)** |   | 915,893 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Minority                interest in net income of consolidatedsubsidiary                                                                 |   |                                                                                      | **19,124**                      |   |   | 27,246 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| (Loss)                income before income taxes                                                                                         |   |                                                                                      | **(2,442,630**                  | **)** |   | 888,647 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Income                tax (benefit) expense                                                                                              |   |                                                                                      | **(630,162**                    | **)** |   | 294,044 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Net                (loss) income                                                                                                         |   |                                                                                      | **($                1,812,468** | **)** | $ | 594,603 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Net                (loss) income per share-Basic                                                                                         |   |                                                                                      | **($                .26**       | **)** | $ | .09 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Net                (loss) income per share - Diluted                                                                                     |   |                                                                                      | **($                .26**       | **)** | $ | .09 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Weighted                average common shares outstanding - Basic                                                                        |   |                                                                                      | **6,844,802**                   |   |   | 6,757,870 |   |
|                                                                                                                                     |   |                                                                                      |                            |   |   |   |   |
| Weighted                average common shares outstanding - Diluted                                                                      |   |                                                                                      | **6,844,802**                   |   |   | 6,954,005 |   |

*See      Accompanying Notes to Consolidated Financial Statements.*

----

**MISONIX,      INC.**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

|                                                                                                                              |   |   | **For                the three months                ended**  |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------|--------|
|                                                                                                                              |   |   | **December                31,**                               |   |
|                                                                                                                              |   |   | **2005**                                                           |   |   | 2004 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Net                sales                                                                                                          |   | **$**  | **10,268,386**                                                     |   | $ | 10,637,212 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Cost                of goods sold                                                                                                 |   |   | **6,404,865**                                                      |   |   | 6,190,554 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Gross                profit                                                                                                       |   |   | **3,863,521**                                                      |   |   | 4,446,658 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Operating                expenses:                                                                                                |   |   |                                                               |   |   |   |   |
| Selling                expenses                                                                                                   |   |   | **1,686,837**                                                      |   |   | 1,491,506 |   |
| General                and administrative expenses                                                                                |   |   | **2,290,680**                                                      |   |   | 2,001,231 |   |
| Research                and development expenses                                                                                  |   |   | **846,996**                                                        |   |   | 880,190 |   |
| Total                operating expenses                                                                                           |   |   | **4,824,513**                                                      |   |   | 4,372,927 |   |
| (Loss)                income from operations                                                                                      |   |   | **(960,992**                                                       | **)**  |   | 73,731 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Other                income (expense):                                                                                            |   |   |                                                               |   |   |   |   |
| Interest                income                                                                                                    |   |   | **24,006**                                                         |   |   | 28,447 |   |
| Interest                expense                                                                                                   |   |   | **(59,276**                                                        | **)**  |   | (62,164 | ) |
| Royalty                income and license fee net of royalty expense of ($37,399)                and ($16,700), respectively |   |   | **178,369**                                                        |   |   | 196,218 |   |
| Foreign                exchange loss                                                                                              |   |   | **(3,767**                                                         | **)**  |   | (11,947 | ) |
| Total                other income                                                                                                 |   |   | **139,332**                                                        |   |   | 150,554 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| (Loss)                income before minority interest and income taxes                                                            |   |   | **(821,660**                                                       | **)**  |   | 224,285 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Minority                interest in net income of consolidated subsidiary                                                         |   |   | **2,785**                                                          |   |   | 11,807 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| (Loss)                income before income taxes                                                                                  |   |   | **(824,445**                                                       | **)**  |   | 212,478 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Income                tax (benefit) expense                                                                                       |   |   | **(317,340**                                                       | **)**  |   | 34,142 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Net                (loss) income                                                                                                  |   |   | **($507,105**                                                      | **)**  | $ | 178,336 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Net                (loss) income per share - Basic                                                                                |   |   | **($                .07**                                          | **)**  | $ | .03 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Net                (loss) income per share - Diluted                                                                              |   |   | **($                .07**                                          | **)**  | $ | .03 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Weighted                average common shares outstanding - Basic                                                                 |   |   | **6,856,981**                                                      |   |   | 6,773,953 |   |
|                                                                                                                              |   |   |                                                               |   |   |   |   |
| Weighted                average common shares outstanding - Diluted                                                               |   |   | **6,856,981**                                                      |   |   | 6,948,470 |   |

*See      Accompanying Notes to Consolidated Financial Statements*

----

**MISONIX,      INC.**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**
** **

|                                                                                                                                            |   | **For                the six months                ended**  |            |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|-----------------|
|                                                                                                                                            |   | **December                31,**                                  |            |
|                                                                                                                                            |   | **2005**                                                         |            | 2004 |   |
| **Operating                activities**                                                                                                         |   |                                                             |            |   |   |
| Net                (loss) income                                                                                                                |   |                                                             | **($1,812,468** | **)** | $ | 594,603 |   |
| Adjustments                to reconcile net (loss) income to net cash provided by (used in)                operating                activities: |   |                                                             |            |   |   |   |   |
| Bad                debt expense (recovery)                                                                                                      |   |                                                             | **157,068**     |   |   | (78,000 | ) |
| Deferred                income tax benefit                                                                                                      |   |                                                             | **(159,401**    | **)** |   | (22,200 | ) |
| Depreciation                and amortization                                                                                                    |   |                                                             | **732,282**     |   |   | 404,859 |   |
| Loss                on disposal of equipment                                                                                                    |   |                                                             | **67,538**      |   |   | 110,394 |   |
| Minority                interest in net income of subsidiaries                                                                                  |   |                                                             | **19,124**      |   |   | 27,246 |   |
| Stock                option compensation                                                                                                        |   |                                                             | **373,746**     |   |   | - |   |
| Other                                                                                                                                           |   |                                                             | **6,131**       |   |   | 10,413 |   |
| Changes                in operating assets and liabilities:                                                                                     |   |                                                             |            |   |   |   |   |
| Accounts                receivable                                                                                                              |   |                                                             | **3,986,484**   |   |   | (416,048 | ) |
| Inventories                                                                                                                                     |   |                                                             | **(1,753,034**  | **)** |   | (958,079 | ) |
| Income                tax receivable                                                                                                            |   |                                                             | **(529,297**    | **)** |   | - |   |
| Prepaid                expenses and other current assets                                                                                        |   |                                                             | **577,576**     |   |   | 310,527 |   |
| Other                assets                                                                                                                     |   |                                                             | **(35,342**     | **)** |   | (66,305 | ) |
| Accounts                payable and accrued expenses                                                                                            |   |                                                             | **(1,003,612**  | **)** |   | (594,545 | ) |
| Deferred                income                                                                                                                  |   |                                                             | **(52,082**     | **)** |   | (150,884 | ) |
| Income                taxes payable                                                                                                             |   |                                                             | **-**           |   |   | (33,734 | ) |
| Net                cash provided by (used in) operating activities                                                                              |   |                                                             | **574,713**     |   |   | (861,753 | ) |
| **Investing                activities**                                                                                                         |   |                                                             |            |   |   |   |   |
| Acquisition                of property, plant and equipment                                                                                     |   |                                                             | **(477,623**    | **)** |   | (276,230 | ) |
| Net                cash used in investing activities                                                                                            |   |                                                             | **(477,623**    | **)** |   | (276,230 | ) |
| **Financing                activities**                                                                                                         |   |                                                             |            |   |   |   |   |
| Proceeds                from short-term borrowings                                                                                              |   |                                                             | **674,631**     |   |   | 317,377 |   |
| Payments                of short-term borrowings                                                                                                |   |                                                             | **(475,704**    | **)** |   | (391,686 | ) |
| Principal                payments on capital lease obligations                                                                                  |   |                                                             | **(198,708**    | **)** |   | (166,307 | ) |
| Proceeds                from exercise of employee stock options                                                                                 |   |                                                             | **166,145**     |   |   | 185,150 |   |
| Payments                of long-term debt                                                                                                       |   |                                                             | **(28,976**     | **)** |   | (27,529 | ) |
| Net                cash provided by (used in) financing activities                                                                              |   |                                                             | **137,388**     |   |   | (82,995 | ) |
|                                                                                                                                            |   |                                                             |            |   |   |   |   |
| Effect                of exchange rate changes on cash                                                                                          |   |                                                             | **(577**        | **)** |   | (33,228 | ) |
| Net                increase (decrease) in cash and cash equivalents                                                                             |   |                                                             | **233,901**     |   |   | (1,254,206 | ) |
| Cash                and cash equivalents at beginning of period                                                                                 |   |                                                             | **2,484,534**   |   |   | 4,839,866 |   |
| Cash                and cash equivalents at end of period                                                                                       |   | **$**                                                            | **2,718,435**   |   | $ | 3,585,660 |   |
| **Supplemental                disclosure of cash flow information:**                                                                            |   |                                                             |            |   |   |   |   |
| Cash                paid for                                                                                                                    |   |                                                             |            |   |   |   |   |
| Interest                                                                                                                                        |   | **$**                                                            | **114,610**     |   | $ | 112,722 |   |
| Income                taxes                                                                                                                     |   | **$**                                                            | **39,726**      |   | $ | 349,005 |   |
| **Supplemental                disclosure of noncash investing and financing                activities:**                                        |   |                                                             |            |   |   |   |   |
| Capital                lease additions                                                                                                          |   | **$**                                                            | **213,751**     |   | $ | 356,996 |   |

*See      Accompanying Notes to Consolidated Financial Statements*

----

**MISONIX,      INC.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

|                                                                           |   |  For                  the Six Months  |      |  For                  the Three Months |   |
|--------------------------------------------------------------------------------|--------|-------------------------------------------------|-----------|---------------------------------------------|--------|
|                                                                           |   |  Ended                  December 31,       |      |  Ended                  December 31,   |   |
|                                                                           |   |  **2005**                             |      |  2004                                  |   |  **2005** |   |  2004 |   |
| Weighted                  average common sharesoutstanding                     |   |                                            | 6,844,802 |                                        |   | 6,757,870 |   |   | 6,856,981 |   |   | 6,773,953 |   |
| Dilutive                effect of stock options                                |   |                                            | 3⁄4    |                                        |   | 196,135 |   |   | 3⁄4 |   |   | 174,517 |   |
| Diluted weighted average commonshares                  outstanding   |   |                                            | 6,844,802 |                                        |   | 6,954,005 |   |   | 6,856,981 |   |   | 6,948,470 |   |
|                                                                           |   |                                            |      |                                        |   |   |   |   |   |   |   |   |   |

----

**MISONIX,      INC.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

----

**MISONIX,      INC.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

|                                                                           |   | December                31,                 2005 |                   | December                31,                 2004 |   |
|--------------------------------------------------------------------------------|--------|-------------------------------------------------------|------------------------|-------------------------------------------------------|--------|
| Risk-free                interest rate                                         |   |                                                  | 4.22                   | %                                                     |   | 3.50 | % |
| Expected                life                                                   |   |                                                  | 5                years |                                                  |   | 5                years |   |
| Expected                volatility                                             |   |                                                  | 53.5                   | %                                                     |   | 100.0 | % |
| Expected                dividend yield                                         |   |                                                  | 0                      | %                                                     |   | 0 | % |
| Weighted-average                fair value of options                  granted |   | $                                                     | 3.85                   |                                                  | $      | 6.06 |   |

|                                             |   |   | Options   |   |   | Weighted                AverageExercise                Price |   |   | Weighted                Average Remaining ContractualTerm                (yrs.) |   |
|-----------------------------------------------------------------|--------|--------|-----------|--------|--------|--------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------|--------|
| Outstanding                at June 30, 2005                     |   |   | 1,908,075 |   | $      | 5.66                                                         |   |   |                                                                            |   |
| Granted                                                         |   |   | 69,000    |   |   | 7.60                                                         |   |   |                                                                            |   |
| Exercised                                                       |   |   | (32,567   | )      |   | 5.10                                                         |   |   |                                                                            |   |
| Forfeited                                                       |   |   | (22,410   | )      |   | 6.02                                                         |   |   |                                                                            |   |
| Options                outstanding at December 31, 2005         |   |   | 1,922,098 |   | $      | 5.73                                                         |   |   | 7                                                                               |   |
| Options                vested at December 31, 2005              |   |   | 1,724,932 |   |   |                                                         |   |   |                                                                            |   |
| Options                available for grant at December 31, 2005 |   |   | 872,803   |   |   |                                                         |   |   |                                                                            |   |

----

**MISONIX,      INC.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

|                                                                                              |   |   | Six-month                  periodended                  December 31,2004 |   |   | Three-month                  period ended                  December 31,2004 |   |
|--------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------|--------|
| Net                  income - As reported:                                                             |   | $      | 594,603                                                                  |   | $      | 178,336                                                                     |   |
| Stock                  based compensation determined under SFAS 123 net of income                  tax |   |   | (364,860                                                                 | )      |   | (182,477                                                                    | )      |
| Net                  income (loss) - Pro forma:                                                        |   | $      | 229,743                                                                  |   | $      | (4,141                                                                      | )      |
| Net                  income (loss) per share -                                                         |   |   |                                                                     |   |   |                                                                        |   |
| Basic:                                                                                                 |   |   |                                                                     |   |   |                                                                        |   |
| As                  reported                                                                           |   | $      | .09                                                                      |   | $      | .03                                                                         |   |
| Pro                  forma                                                                             |   | $      | .03                                                                      |   | $      | ---                                                                         |   |
| Net                  income (loss) per share -                                                         |   |   |                                                                     |   |   |                                                                        |   |
| Diluted:                                                                                               |   |   |                                                                     |   |   |                                                                        |   |
| As                  reported                                                                           |   | $      | .09                                                                      |   | $      | .03                                                                         |   |
| Pro                  forma                                                                             |   | $      | .03                                                                      |   | $      | ---                                                                         |   |

|                          | **December                31,****2005** |   |           | June                30,2005 |   |
|-------------------------------|-----------------------------------------|--------|----------------|-----------------------------|--------|
| Raw                material   |                                    | **$**  | **4,709,105**  |                        | $      | 5,303,581 |   |
| Work-in-process               |                                    |   | **2,357,340**  |                        |   | 1,643,835 |   |
| Finished                goods |                                    |   | **4,348,125**  |                        |   | 2,833,085 |   |
|                          |                                    | **$**  | **11,414,570** |                        | $      | 9,780,501 |   |

|                                                    | **December                31,****2005** |   |  June                30, 2005 |   |
|---------------------------------------------------------|-----------------------------------------|--------|-----------------------------------------|--------|
|                                                    |                                    |   |                                    |   |   |   |   |
|                                                    |                                    |   |                                    |   |   |   |   |
| Customer                deposits and deferred contracts |                                    | **$**  | **653,342**                             |   | $ | 1,121,741 |   |
| Accrued                payroll and vacation             |                                    |   | **443,593**                             |   |   | 356,850 |   |
| Accrued                commissions and bonuses          |                                    |   | **168,305**                             |   |   | 255,400 |   |
| Accrued                professional fees                |                                    |   | **196,653**                             |   |   | 226,235 |   |
| Accrued                VAT and sales tax                |                                    |   | **6,447**                               |   |   | 246,170 |   |
| Litigation                                              |                                    |   | **419,000**                             |   |   | 419,000 |   |
| Other                                                   |                                    |   | **118,915**                             |   |   | 275,851 |   |
|                                                    |                                    | **$**  | **2,006,255**                           |   | $ | 2,901,247 |   |

----

**MISONIX,      INC.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**
** **

** **
**       **

|                                                |   |              |       |  **Laboratory** |   | **(a)**             |   |            |        |
|-----------------------------------------------------|--------|-------------------|------------|----------------------|--------|---------------------|--------|-----------------|-------------|
|                                                |   |              |       |  **and**        |   | **Corporate**       |   |            |        |
|                                                |   |  **Medical** |       |  **Scientific** |   | **and**             |   |            |        |
|                                                |   |  **Devices** |       |  **Products**   |   | ****Unallocated**** |   |  **Total** |        |
| Net                sales                  |   | $                 | 10,444,816 |                 | $      | 8,935,142           |   | $          | 3⁄4      |   | $ | 19,379,958 |   |
| Cost                of goods sold    |   |              | 6,111,109  |                 |   | 5,968,797           |   |            | 3⁄4      |   |   | 12,079,906 |   |
| Gross                profit                         |   |              | 4,333,707  |                 |   | 2,966,345           |   |            | 3⁄4      |   |   | 7,300,052 |   |
| Selling                expenses      |   |              | 1,890,609  |                 |   | 1,357,862           |   |            | 3⁄4      |   |   | 3,248,471 |   |
| Research                and development expenses    |   |              | 1,098,998  |                 |   | 664,738             |   |            | 3⁄4      |   |   | 1,763,736 |   |
| Total                operating expenses             |   |              | 2,989,607  |                 |   | 2,022,600           |   |            | 5,025,542   |   |   | 10,037,749 |   |
| (Loss)                income from operations        |   | $                 | 1,344,100  |                 | $      | 943,745             |   |            | ($5,025,542 | ) |   | ($2,737,697 | ) |

**(a)**

** **

** **

|                                                |   |              |      |                                    |   | **(a)**             |   |    |        |   |
|-----------------------------------------------------|--------|-------------------|-----------|-----------------------------------------|--------|---------------------|--------|---------|-------------|--------|
|                                                |   |              |      |  **Laboratory                and** |   |  **Corporate** |   |    |        |   |
|                                                |   |  **Medical** |      |  **Scientific**                    |   |  **and**       |   |    |        |   |
|                                                |        | **Devices**       |           | **Products**                            |   | **Unallocated**     |   |    | **Total**   |   |
| Net                sales                  |   | $                 | 5,470,480 |                                    | $      | 4,797,906           |   | $  | 3⁄4      |   | $ | 10,268,386 |   |
| Cost                of goods sold    |   |              | 3,016,912 |                                    |   | 3,387,953           |   |    | 3⁄4      |   |   | 6,404,865 |   |
| Gross                profit                         |   |              | 2,453,568 |                                    |   | 1,409,953           |   |    | 3⁄4      |   |   | 3,863,521 |   |
| Selling                expenses      |   |              | 983,565   |                                    |   | 703,272             |   |    | 3⁄4      |   |   | 1,686,837 |   |
| Research                and development expenses    |   |              | 507,207   |                                    |   | 339,789             |   |    | 3⁄4      |   |   | 846,996 |   |
| Total                operating expenses             |   |              | 1,490,772 |                                    |   | 1,043,061           |   |    | 2,290,680   |   |   | 4,824,513 |   |
| (Loss)                income from operations        |   | $                 | 962,796   |                                    | $      | 366,892             |   |    | ($2,290,680 | )      |   | ($                960,992 | ) |

**(a)**

----

**MISONIX,      INC.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**
** **

** **
**       **

|                                                |   |   |         |   |                                    |           |   |          | **(a)**         |   |   |       |   |
|-----------------------------------------------------|--------|--------|--------------|--------|-----------------------------------------|----------------|--------|---------------|-----------------|--------|--------|------------|--------|
|                                                |   |   | **Medical**  |   |  **Laboratory                and** |           |   | **Corporate** |            |   |   |       |
|                                                |   |   | **Device**   |   |                                    | **Scientific** |   |          | **and**         |   |   |       |   |
|                                                |   |   | **Products** |   |                                    | **Products**   |   |          | **Unallocated** |   |   | **Total**  |   |
| Net                sales                  |   | $      | 11,651,379   |   | $                                       | 9,485,899      |   | $             | -               |   | $      | 21,137,278 |   |
| Cost                of goods sold    |   |   | 6,537,997    |   |                                    | 5,741,883      |   |          | -               |   |   | 12,279,880 |   |
| Gross                profit                         |   |   | 5,113,382    |   |                                    | 3,744,016      |   |          | -               |   |   | 8,857,398  |   |
| Selling                expenses      |   |   | 1,513,415    |   |                                    | 1,417,900      |   |          | -               |   |   | 2,931,315  |   |
| Research                and development expenses    |   |   | 1,175,755    |   |                                    | 446,203        |   |          | -               |   |   | 1,621,958  |   |
| Total                operating expenses             |   |   | 2,689,170    |   |                                    | 1,864,103      |   |          | 3,742,125       |   |   | 8,295,398  |   |
| Income                from operations     |   | $      | 2,424,212    |   | $                                       | 1,879,913      |   | $             | (3,742,125      | )      | $      | 562,000    |   |

**(a)**

**       **

|                                                |   |   |         |   |                              |           |   |          | **(a)**         |   |   |       |   |
|-----------------------------------------------------|--------|--------|--------------|--------|-----------------------------------|----------------|--------|---------------|-----------------|--------|--------|------------|--------|
|                                                |   |   | **Medical**  |   | **Laboratory                and** |           |   | **Corporate** |            |   |   |       |
|                                                |   |   | **Device**   |   |                              | **Scientific** |   |          | **and**         |   |   |       |   |
|                                                |   |   | **Products** |   |                              | **Products**   |   |          | **Unallocated** |   |   | **Total**  |   |
| Net                sales                  |   | $      | 5,720,706    |   | $                                 | 4,916,506      |   | $             | -               |   | $      | 10,637,212 |   |
| Cost                of goods sold    |   |   | 3,161,391    |   |                              | 3,029,163      |   |          | -               |   |   | 6,190,554  |   |
| Gross                profit                         |   |   | 2,559,315    |   |                              | 1,887,343      |   |          | -               |   |   | 4,446,658  |   |
| Selling                expenses      |   |   | 752,375      |   |                              | 739,131        |   |          | -               |   |   | 1,491,506  |   |
| Research                and development expenses    |   |   | 666,315      |   |                              | 213,875        |   |          | -               |   |   | 880,190    |   |
| Total                operating expenses             |   |   | 1,418,690    |   |                              | 953,006        |   |          | 2,001,231       |   |   | 4,372,927  |   |
| Income                from operations     |   | $      | 1,140,625    |   | $                                 | 934,337        |   | $             | (2,001,231      | )      | $      | 73,731     |   |

**(a)**

----

**MISONIX,      INC.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**
** **

|                          |   |   | **2005**       |        |   | 2004       |   |
|-------------------------------|--------|--------|----------------|--------------------------------------|--------|------------|--------|
|                          |   |   |           |                                 |   |       |   |
| United                States  |   | **$**  | **12,650,811** |                                 | $      | 13,392,212 |   |
| United                Kingdom |   |   | **4,303,706**  |                                 |   | 4,422,642  |   |
| Europe                        |   |   | **1,139,940**  |                                 |   | 1,618,978  |   |
| Asia                          |   |   | **598,391**    |                                 |   | 666,342    |   |
| Canada                        |   |   | **235,765**    |                                 |   | 455,403    |   |
| Middle                East    |   |   | **130,555**    |                                 |   | 191,145    |   |
| Other                         |   |   | **320,790**    |                                 |   | 390,556    |   |
|                          |   | **$**  | **19,379,958** |                                 | $      | 21,137,278 |   |

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS      (CONTINUED)**

|                          |   |   | **2005**       |        |   | 2004       |   |
|-------------------------------|--------|--------|----------------|--------------------------------------|--------|------------|--------|
|                          |   |   |           |                                 |   |       |   |
| United                States  |   | **$**  | **12,650,811** |                                 | $      | 13,392,212 |   |
| United                Kingdom |   |   | **4,303,706**  |                                 |   | 4,422,642  |   |
| Europe                        |   |   | **1,139,940**  |                                 |   | 1,618,978  |   |
| Asia                          |   |   | **598,391**    |                                 |   | 666,342    |   |
| Canada                        |   |   | **235,765**    |                                 |   | 455,403    |   |
| Middle                East    |   |   | **130,555**    |                                 |   | 191,145    |   |
| Other                         |   |   | **320,790**    |                                 |   | 390,556    |   |
|                          |   | **$**  | **19,379,958** |                                 | $      | 21,137,278 |   |

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS      (CONTINUED)**

**       **

**       **

|                                                |   |        |                                                                      |           |          | **(a)**    |   |      |        |
|-----------------------------------------------------|--------|-------------|---------------------------------------------------------------------------|----------------|---------------|-----------------|--------|-----------|-------------|
|                                                |   |        | **                      Laboratory****and** |           | **Corporate** |            |   |      |
|                                                |   | **Medical** |                                                                      | **Scientific** |          |  **and**   |   |      |        |
|                                                |   | **Devices** |                                                                      | **Products**   |          | **Unallocated** |   | **Total** |        |
| Net                sales                  |   | $           | 10,444,816                                                                |           | $             | 8,935,142       |   | $    | 3⁄4      |   | $ | 19,379,958 |   |
| Cost                of goods sold    |   |        | 6,111,109                                                                 |           |          | 5,968,797       |   |      | 3⁄4      |   |   | 12,079,906 |   |
| Gross                profit                         |   |        | 4,333,707                                                                 |           |          | 2,966,345       |   |      | 3⁄4      |   |   | 7,300,052 |   |
| Selling                expenses      |   |        | 1,890,609                                                                 |           |          | 1,357,862       |   |      | 3⁄4      |   |   | 3,248,471 |   |
| Research                and development expenses    |   |        | 1,098,998                                                                 |           |          | 664,738         |   |      | 3⁄4      |   |   | 1,763,736 |   |
| Total                operating expenses             |   |        | 2,989,607                                                                 |           |          | 2,022,600       |   |      | 5,025,542   |   |   | 10,037,749 |   |
| (Loss)                income from operations        |   | $           | 1,344,100                                                                 |           | $             | 943,745         |   |      | ($5,025,542 | ) |   | ($2,737,697 | ) |

**(a)**

** **

|                                             |   |        |       |                              |   | **(a)**         |   |      |       |
|--------------------------------------------------|--------|-------------|------------|-----------------------------------|--------|-----------------|--------|-----------|------------|
|                                             |   |        |       | **Laboratory                and** |   | **Corporate**   |   |      |       |
|                                             |   | **Medical** |       | **Scientific**                    |   | **and**         |   |      |       |
|                                             |   | **Devices** |       | ** Products**                |   | **Unallocated** |   | **Total** |       |
| Net                sales                         |   | $           | 11,651,379 |                              | $      | 9,485,899       |   | $         | -          |   | $ | 21,137,278 |   |
| Cost                of goods sold                |   |        | 6,537,997  |                              |   | 5,741,883       |   |      | -          |   |   | 12,279,880 |   |
| Gross                profit                      |   |        | 5,113,382  |                              |   | 3,744,016       |   |      | -          |   |   | 8,857,398 |   |
| Selling                expenses                  |   |        | 1,513,415  |                              |   | 1,417,900       |   |      | -          |   |   | 2,931,315 |   |
| Research                and development expenses |   |        | 1,175,755  |                              |   | 446,203         |   |      | -          |   |   | 1,621,958 |   |
| Total                operating expenses          |   |        | 2,689,170  |                              |   | 1,864,103       |   |      | 3,742,125  |   |   | 8,295,398 |   |
| Income                from operations            |   | $           | 2,424,212  |                              | $      | 1,879,913       |   | $         | (3,742,125 | ) | $ | 562,000 |   |

**(a)**

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS      (CONTINUED)**

**Gross      profit:**

**Selling      expenses:**

**General      and administrative expenses**

**Research      and development expenses:**

**Other      income (expense):**

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS      (CONTINUED)**

**Income      taxes:**

**Net      sales:**

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS      (CONTINUED)**

|                          |   | **2005** |       | 2004   |   |
|-------------------------------|--------|----------|------------|--------|--------|
|                          |   |     |            |   |   |  |   |
| United                States  |   | **$**    | 6,489,051  |   | $      | 6,794,197 |   |
| United                Kingdom |   |     | 2,408,806  |   |   | 2,199,847 |   |
| Europe                        |   |     | 667,673    |   |   | 746,771 |   |
| Asia                          |   |     | 275,575    |   |   | 440,994 |   |
| Canada                        |   |     | 103,749    |   |   | 183,214 |   |
| Middle                East    |   |     | 99,662     |   |   | 179,911 |   |
| Other                         |   |     | 223,870    |   |   | 92,278 |   |
|                          |   | **$**    | 10,268,386 |   | $      | 10,637,212 |   |

** **
**        **

|                                                |   |   |        |   |                                    |           |   |          | **(a)**         |   |   |                      |   |
|-----------------------------------------------------|--------|--------|-------------|--------|-----------------------------------------|----------------|--------|---------------|-----------------|--------|--------|---------------------------|--------|
|                                                |   |   |        |   |  **Laboratory                and** |           |   | **Corporate** |            |   |   |                      |
|                                                |   |   | **Medical** |   |                                    | **Scientific** |   |          | **and**         |   |   |                      |   |
|                                                |   |   | **Devices** |   |                                    | **Products**   |   |          | **Unallocated** |   |   | **Total**            |   |
| Net                sales                  |   | $      | 5,470,480   |   | $                                       | 4,797,906      |   | $             | 3⁄4          |   | $      | 10,268,386                |   |
| Cost                of goods sold    |   |   | 3,016,912   |   |                                    | 3,387,953      |   |          | 3⁄4          |   |   | 6,404,865                 |   |
| Gross                profit                         |   |   | 2,453,568   |   |                                    | 1,409,953      |   |          | 3⁄4          |   |   | 3,863,521                 |   |
| Selling                expenses      |   |   | 983,565     |   |                                    | 703,272        |   |          | 3⁄4          |   |   | 1,686,837                 |   |
| Research                and development expenses    |   |   | 507,207     |   |                                    | 339,789        |   |          | 3⁄4          |   |   | 846,996                   |   |
| Total                operating expenses             |   |   | 1,490,772   |   |                                    | 1,043,061      |   |          | 2,290,680       |   |   | 4,824,513                 |   |
| (Loss)                income from operations        |   | $      | 962,796     |   | $                                       | 366,892        |   |          | ($2,290,680     | )      |   | ($                960,992 | )      |

**(a)**

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS      (CONTINUED)**

**        **

|                                                |   |         |      |                         |   |  **(a)**         |   |       |        |
|-----------------------------------------------------|--------|-------------------|-----------|-----------------------------------|--------|-----------------------|--------|-----------------|-------------|
|                                                |   |         |      | **Laboratory                and** |   |  **Corporate**   |   |       |        |
|                                                |   |  **Medical** |      |  **Scientific**              |   |  **and**         |   |       |        |
|                                                |   |  **Devices** |      |  **Products**                |   |  **Unallocated** |   |  **Total** |        |
| Net                sales                  |   | $                 | 5,720,706 |                              | $      | 4,916,506             |   | $               | 3⁄4      |   | $ | 10,637,212 |   |
| Cost                of goods sold    |   |              | 3,161,391 |                              |   | 3,029,163             |   |            | 3⁄4      |   |   | 6,190,554 |   |
| Gross                profit                         |   |              | 2,559,315 |                              |   | 1,887,343             |   |            | 3⁄4      |   |   | 4,446,658 |   |
| Selling                expenses      |   |              | 752,375   |                              |   | 739,131               |   |            | 3⁄4      |   |   | 1,491,506 |   |
| Research                and development expenses    |   |              | 666,315   |                              |   | 213,875               |   |            | 3⁄4      |   |   | 880,190 |   |
| Total                operating expenses             |   |              | 1,418,690 |                              |   | 953,006               |   |            | 2,001,231   |   |   | 4,372,927 |   |
| Income                from operations               |   | $                 | 1,140,625 |                              | $      | 934,337               |   |            | ($2,001,231 | ) | $ | 73,731 |   |

**Gross      profit:**

**Selling      expenses:**

**General      and administrative expenses**

**Research      and development expenses:**

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS      (CONTINUED)**

**Other      income (expense):**

**Income      taxes:**

**Critical      Accounting Policies:**

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS      (CONTINUED)**

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS      (CONTINUED)**

**Recent      Accounting Standards**

**Forward      Looking Statements**

** **

----

**Liquidity and Capital Resources**

**Revolving      Credit Facilities**

----

**MISONIX,      INC.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS **

**OF      FINANCIAL CONDITION AND RESULTS OF OPERATIONS      (CONTINUED)**

**Off-Balance      Sheet Arrangements**

**Other**

----

*Market      Risk:*

*Foreign      Exchange Rates:*

----

**MISONIX,      INC.**

**PART      II - **
**OTHER      INFORMATION**

----

**SIGNATURES**

|   | MISONIX,              INC. |
|--------|----------------------------|
|   | (Registrant)               |
|   |                       |
|   |                       |
|   | By:                   | /s/              Michael A. McManus, Jr. |
|   |                       | Michael                A. McManus, Jr. |
|   |                       | President                and Chief Executive Officer |
|   |                       |   |
|   |                       |   |
|   | By:                   | /s/                Richard Zaremba |
|   |                       | Richard                Zaremba |
|   |                       | Senior                Vice President, Chief Financial Officer, |
|   |                       | Treasurer                and Secretary |

----