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| CORPORATE INFORMATION Bovie Medical Corporation (Corporate Office) 734 Walt Whitman Rd. • Melville, NY 11747 • USA Ph +631-421-5452 • Fx +631-421-5821 janeralla@bellsouth.net |
MANAGEMENTAndrew Makrides, Chief Executive Officer & President
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Bovie Medical Corporation is actively engaged in the business of manufacturing and marketing
a variety of electrosurgical medical products as well as developing related technologies and products. Recently, greater effort and resources have been directed towards manufacturing electrosurgical generators which are primarily used for outpatient surgical procedures. Bovie continues the ongoing development of high-powered generators for operating room use. It is estimated that the electrosurgery industry is currently growing 10% annually and is used in 80% of all surgical procedures performed worldwide.
- Named Growthink Securities, Inc. as strategic advisor to assist Bovie as its strategic consulting, business planning and financial advisor in connection with developing sales and marketing strategies, any potential financing and/or sale transaction, related to one of more of Bovie’s medical devices.
- First Quarter revenues totaled $5,599,107 versus $7,217,324 for the comparable period last year, resulting in a net loss of $(225,774) or
$(0.01) per diluted share. - Awarded a five year contract with the U.S. government to sell Bovie products within the U.S. government’s healthcare system.
- April 2010 raised $3 million in a private placement of common stock and warrants with institutional investors.
- Submitted 510(k) application to market new high frequency electrosurgical generator designed for the physician office market.
- March 2010 received FDA 510(k) clearance to market its BOSS™ bipolar sintered steel soft tissue coagulation device.
- 2009 revenues were $26,953,447 versus $28,096,510 reported during 2008. Net income totaled $595,222 or $.03 per diluted share compared to net income of $1,831,788 or $.11 per diluted share in the previous year.
- March 2010 received FDA 510(k) clearance to market ICON VS electrosurgical generator designed to perform vessel sealing procedures.
- Announced the signing of a supplier agreement between Medline Industries and Amerinet for Bovie branded electrosurgical generators and accessories. The supply agreement names Bovie Medical through Medline Industries and one other manufacturer as suppliers of electrosurgical equipment and accessories.
- August 2009 received FDA 510(k) clearance to market its J-Plasma ICON GS electrosurgical generator and handpiece.
- October 2009 received FDA 510(k) clearance to market laparoscopic SEER for solid organ resection.
The Company’s products compete primarily in the multi-billion dollar market for electrosurgical generators and single-use specialty medical products. Industry demand for electrosurgical medical products is being favorably impacted by several trends including: the aging population, increased emphasis on less invasive surgical procedures, higher level of outpatient care, continuing pressure to improve productivity and reduce costs; and the heightened awareness for reducing the transmission of infectious diseases.
Polarian Seal-N-Cut™ Vessel Sealing Instruments - Approximate worldwide market $1 billion
The patent pending Polarian line of forceps allows for monopolar and bipolar energy combined with intelligent feedback from an electrosurgical generator. The Polarian handle will accommodate a wide array of possible applications in either monopolar or bipolar surgeries serving the endoscopic needs. The Endoscopy market is the fastest growing market in electrosurgery. The Polarian line of instruments is subject
to FDA 510k clearance to market.
SEER/BOSS Tissue Resection Devices – Approximate worldwide market $500 million
The patent pending technology uses conductive sintered steel as an electrode for radio frequency (RF) cutting and coagulation, intended to lower blood loss, quicken procedure times and provide cost savings for hospitals. Potential fields of therapy
for the technology include liver, pancreatic and kidney tumor therapies along with orthopedic and blood vessel sealing. The process involves delivery of RF current and sterile saline for resection, hemostatic sealing and coagulation in open and laparoscopic surgery.
J-Plasma ICON GS electrosurgical generator - Approximate total worldwide market exceeds $2 billion
The technology utilizes a gas ionization process producing a stable thin beam of ionized gas that can be controlled in a wide range of temperatures and intensities,
providing the surgeon great precision, minimal invasiveness and an absence of conductive currents during surgery. Potential markets include gynecology, urology, dermatology, plastic surgery, neurology, gastroenterology, and veterinary medicine. Bovie anticipates directing its resources to each individual niche as best suited to the Company's overall business plan.
ICON GI - Approximate worldwide market for GI/Argon generators and accessories $150 million
The ICON GI was designed in collaboration with GI physicians and nurses and offers many new features including digital output, a touch screen interface, physician preference database, neutral electrode monitoring, and common sense messages. The ICON platform provides the basis to develop customized generators for other specialties.
Standard Electrosurgical Generators & accessories - Approximate worldwide $80 million
Standard electrosurgical generators range in power from 30-300 watts and are used in physician offices, surgery centers and hospitals. Bovie holds a dominate market position in physician offices for these products and a growing market share in surgery centers and hospitals.
Battery Operated Cauteries - Approximate worldwide market $10 million
Battery operated cauteries represent the Company's original line. Cauteries were originally designed for precise hemostasis (to stop bleeding) in ophthalmology. The Company estimates it manufactures more types of cauteries than any other company in the world controlling up to 70% of the market, including a line of replaceable battery and tip cauteries, which are popular in overseas markets.
This corporate information sheet is intended to provide general information about the Company. It is not designed to be a source for making investment decisions, and Bovie will make every reasonable effort to include accurate and current information. Except for the historical information contained herein, this information may include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. More complete information is contained in the company's SEC filings. Neither Bovie Medical Corporation nor any party involved in creating, producing or delivering this information sheet shall be liable for any direct, incidental, consequential, indirect, or punitive damages arising out of the user's access, use, or liability to use the corporate information sheet, or any errors or omissions in the content.