An ultrasonic mixing system having a treatment chamber in which antimicrobial agents, particularly, hydrophobic antimicrobial agents, can be mixed with one or more formulations is disclosed. Specifically, the treatment chamber has an elongate housing through which a formulation and antimicrobial agents flow longitudinally from a first inlet port and a second inlet port to an outlet port thereof. An elongate ultrasonic waveguide assembly extends within the housing and is operable at a predetermined ultrasonic frequency to ultrasonically energize the formulation and antimicrobial agents within the housing. An elongate ultrasonic horn of the waveguide assembly is disposed at least in part intermediate the inlet and outlet ports, and has a plurality of discrete agitating members in contact with and extending transversely outward from the horn intermediate the inlet and outlet ports in longitudinally spaced relationship with each other. The horn and agitating members are constructed and arranged for dynamic motion of the agitating members relative to the horn at the predetermined frequency and to operate in an ultrasonic cavitation mode of the agitating members corresponding to the predetermined frequency and the formulation and antimicrobial agents being mixed in the chamber.