BOVIE MEDICAL CORPORATION ANNOUNCES FDA 510(k) CLEARANCE TO MARKET RESISTICK II COATED ELECTRODES

Melville, New York, December 23, 2009 – Bovie Medical Corporation (the “Company”) (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today announced the Company has received 510(k) clearance from the Food and Drug Administration (FDA) to market its line of coated blades, needles and ball electrodes used for cutting and coagulating soft tissues during surgical procedures. Resistick II is coating applied to stainless steel which resists eschar (scab or scar tissue caused by burning) during surgery. The coated electrodes continue the expansion of the Bovie line of electrosurgical disposables.Current applications still pending at the FDA include the BOSS soft tissue coagulation device, the Seal-N-Cut vessel sealing instrument line and the ICON VS (vessel sealing) generator.

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings.

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION ANNOUNCES THIRD QUARTER
FINANCIAL RESULTS

Melville, New York, November 9, 2009 – Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the third quarter ended September 30, 2009.

Third quarter revenues totaled $6,371,371 compared to $7,295,793 recorded in the comparable period last year, resulting in net loss of $37,749 or $.00 per diluted share versus net income of $365,890 or $.02 per diluted share during the comparable period in the prior year. Revenues declined in the quarter due to a general slowdown in purchasing by hospitals and physicians’ offices caused by the current economic uncertainty. Net income was negatively impacted by a one time $160,000 accrual recorded in the third quarter for the settlement of a lawsuit.

Nine month revenues were $20,420,272 versus $20,958,672 reported during the first nine months of 2008. Net income totaled $568,136 or $.03 per diluted share compared to net income of $1,793,021 or $.10 per diluted share in the comparable period in 2008, during which the Company had realized a gain of $1,495,634 from the acquisition of intellectual property in a non-monetary exchange from a contract settlement.

NEW PRODUCT ACTIVITIES DURING THE THIRD QUARTER

The Company is encouraged by the positive surgeon acceptance of our Saline Enhanced Electrosurgical Resection (SEER) tissue resection device.  During the third quarter, we filed a 510K application with the Food and Drug Administration (FDA) for our BOSS orthopedic device.  The BOSS is an expansion of our sintered steel technology and companion to the SEER.  SEER and BOSS are high margin products that address markets exceeding $500 million.  A sales program, which includes specialty sales teams, is being implemented to market the SEER and BOSS product lines.

Bovie also filed with the FDA a 510K application for our Seal-n-Cut™ vessel sealing instrument line as well as a separate application for our ICON VS generator designed to work with the Seal-n-Cut™ instruments.  The vessel sealing market is estimated to exceed $1.0 billion, annually.

In August 2009, the Company received clearance to market our J-Plasma technology (ICON GS).  J-Plasma includes an improved redesigned system with added features to increase efficiency for the surgeon, while reducing manufacturing costs.  Marketing strategies for J-Plasma are currently being implemented developed for a variety of surgical specialties.

Andrew Makrides, CEO of Bovie, commented, “2009 has been a challenging year for the medical device industry as well as the overall economy. However, we are confident that our new technologies and products will contribute to our top and bottom lines in the future.  While there can be no assurances as to how they will conclude, discussions regarding collaborations with larger companies are intensifying as to one or more of our new technologies that could result in an agreement or agreements.  We remain focused on maximizing shareholder value through developing new products that provide high margins and growth opportunities.” 

BOVIE MEDICAL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE-MONTH PERIODS
Three Months Ending
September 30th
Nine Months Ending
September 30th
2009
2008
2009
2008
Sales
$6,371,371
$7,295,793
$20,420,272
$20,958,672
Cost of Sales
$3,611,482
$4,062,424
$ 11,359,427
$ 12,238,925
Gross Profit
$2,759,889
$3,233,369
$9,060,845
$8,719,747
Gain on cancellation of agreement
$1,495,634
Total Cost & Expense
$2,870,380
$2,620,686
$8,356,918
$7,571,790
Income (loss) from operations
$(110,491)
$612,683
$703,927
$2,643,591
Income (expense) income, net:
$(55,013)
$(15,244)
$1,376
$15,430
Income (loss) before income taxes
$(165,504)
$597,439
$705,303
$2,659,021
Benefit (provision) for income taxes
$127,755
$(231,549)
$(137,167)
$(866,000)

Net Income (loss)

EPS (loss) Basic
EPS (loss) Diluted

$(37,749)


$365,890

.02
.02

$568,136

.03
.03

$1,793,021

.11
.10

Weighted average shares outstanding
16,912,402
16,067,979
16,881,743
15,998,150
Weighted average shares adjusted for dilutive securities
17,926,404
17,820,155
17,809,845
17,731,492

 

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

 

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION ANNOUNCES FDA 510(k)
CLEARANCE TO MARKET LAPAROSCOPIC DEVICE FOR SOLID ORGAN RESECTION; SUBMITS TO FDA 510(k) APPLICATION FOR RESISTICK II
COATED ELECTRODES

Melville, New York, October 13, 2009 – Bovie Medical Corporation (the “Company”) (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today announced the Company has received 510(k) clearance from the Food and Drug Administration (FDA) to market its laparoscopic SEER device for cutting and coagulating soft tissue. The laparoscopic SEER is a line extension of the Saline Enhance Electrosurgical Resection (SEER) device that Bovie launched earlier this year and will address the kidney resection (partial Nephrectomies) market.

The laparoscopic SEER allows the surgeon to dissect and achieve coagulation with a single device resulting in less instrument utilization and fewer instrument changes in a minimally invasive approach. The laparoscopic SEER is the second developed product in a series of new products under development based on the sintered steel technology.

In other news, the Company announced it has submitted a 510k application seeking pre-market clearance for Bovie’s line of coated blades, needles and ball electrodes. Resistick II is a coating applied to stainless steel which resists eschar (scab or scar tissue caused by burning) during surgery. The coated electrodes continue the expansion of the Bovie line of electrosurgical disposables.

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION ANNOUNCES
FDA 510(k) CLEARANCE TO MARKET ITS J-PLASMA ELECTROSURGICAL GENERATOR AND HANDPIECE

Melville, New York, August 11, 2009 – Bovie Medical Corporation (the “Company”) (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today announced the Company has received 510(k) clearance from the Food and Drug Administration (FDA) to market its J-Plasma ICON GS electrosurgical generator and handpiece.

The technology utilizes a gas ionization process producing a stable thin focused beam of ionized helium gas that can be controlled in a wide range of temperatures and intensities, providing the surgeon greater precision, minimal invasiveness and an absence of conductive currents during surgery. Independent control of the beam power (heating) and helium flow rate (cooling) produces a highly localized effect with minimal collateral damage to the surrounding healthy tissue.

Management believes the J-Plasma technology has a wide variety of medical applications including dermatology, gynecology, hepatobiliary (liver), thoracic and general surgery. The Company is consulting with both domestic and international physicians and scientists experienced in the field of plasma medicine to accelerate the commercialization of the technology in the U.S. and abroad. Worldwide revenues for the targeted surgical procedures are estimated to exceed $2 billion.

Mr. David Uffer, vice president of advanced technologies and director of plasma sales and marketing will lead the Company’s efforts in developing the technology’s applications and commercialization.

Andrew Makrides, president of Bovie Medical stated, “Management remains very encouraged regarding the potential of the J-Plasma technology. The FDA clearance to market J-Plasma is a milestone in our continued evolution into a high-tech medical device company.”

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION ANNOUNCES
SECOND QUARTER FINANCIAL RESULTS

Melville, New York, August 10, 2009 – Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the second quarter ended June 30, 2009.

Second quarter revenues were $6,831,578 compared to $6,985,312 recorded in the same period last year; resulting in net income of $206,672 or $.01 per diluted share versus *net income of $1,230,220 or $.07 per diluted share in the prior year.

Six month revenues were $14,048,901 compared to $13,662,879 reported during the first six months of 2008.
Net income totaled $605,885 or $.03 per diluted share versus *net income of $1,420,664 or $.08 per diluted share in the comparable period last year.

*During the second quarter of 2008, the Company realized a gain of $1,495,634 from the acquisition of intellectual property in a non-monetary exchange from a contract settlement.

Andrew Makrides, president of Bovie, stated, “Our focus remains on new product development and commercialization of these products in order to deliver future earnings and revenue growth. In addition, we continue to hold discussions with larger companies as potential partners and agreements remain a viable possibility.”

Recently submitted new products pending Food and Drug Administration clearance:

  • J-plasma system (ICON GS Electrosurgical generator and handpiece).
  • Laparoscopic SEER device for solid organ resection.
  • BOSS soft tissue coagulation device.
  • Seal-N-Cut™ vessel sealing line of hybrid monopolar and bipolar forceps.
  • ICON VS electrosurgical generator designed to work with the Seal-N-Cut™ vessel sealing instruments.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX-MONTH PERIODS
Three Months Ending
June 30th
Six Months Ending
June 30th
2009
2008
2009
2008
Revenues
$6,831,578
$6,985,312
$14,048,901
$13,662,879
Cost of Sales
$3,850,436
$4,084,859
$ 7,747,945
$ 8,176,501
Gross Profit
$2,981,142
$2,900,453
$6,300,956
$5,486,378
Cost & Expense
$2,705,328
$2,655,011
$5,486,538
$4,951,983
Gain (loss) from Operations
$275,814
 $245,442
$814,418
$534,395
Interest, net
(11,220)
 8,946
56,389
30,673
Gain on cancellation of agreement
            —
 1,495,634
             —
1,495,634
Net Income (loss) before minority
interest and income taxes
$264,594
$1,750,022
$870,807
$2,060,702
Benefit (provision) for income taxes
$(57,922)
$(519,802)
$(264,922)
$(640,038)

Net Income (loss)

EPS (loss) Basic
EPS (loss) Diluted

$206,672

.01
.01

$1,230,220

.08
.07

$605,885

.04
.03

$1,420,664

.09
.08

Weighted average shares outstanding
16,879,182
16,002,841
16,866,160
15,962,852
Weighted average shares adjusted for dilutive securities
17,818,101
17,803,069
17,762,124
17,708,156

BOVIE MEDICAL CORPORATION ANNOUNCES 510K SUBMISSIONS TO THE FDA FOR ITS
ICON VS ELECTROSURGICAL GENERATOR

Melville, New York, August 3, 2009 – Bovie Medical Corporation (the “Company”) (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today announced a 510K submission to the Food & Drug Administration seeking pre-market clearance for Bovie’s ICON VS electrosurgical generator. The generator has been designed to work with Bovie’s Seal-N-Cut™ line of vessel sealing instruments providing both monopolar and bipolar energy options to the surgeon.

The fully digital ICON VS generator has a user friendly interface allowing the surgeon flexibility to choose the type of effect desired. The monopolar and bipolar functions satisfy a wide variety of surgical demands needed during surgeries including vessel sealing.

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings.

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION ANNOUNCES 510K SUBMISSIONS TO THE FDA FOR ITS
SEAL-N-CUT™ VESSEL SEALING INSTRUMENTS

Dow Jones & Company, Inc. — July 22, 2009

Melville, New York –(BUSINESS WIRE)– July 22, 2009 – Bovie Medical Corporation (the “Company”) (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today announced a 510K submission to the Food & Drug Administration seeking pre-market clearance for Bovie’s Polarian Seal-N-Cut(TM) vessel sealing line of hybrid monopolar and bipolar forceps. The new Seal-N-Cut(TM) line of instruments provides for monopolar and bipolar energy combined with intelligent feedback from Bovie’s Hybrid VS electrosurgical generator. Furthermore, the Seal-N-Cut(TM) devices accommodate a wide array of possible applications in either monopolar or bipolar surgeries thereby serving endoscopic needs in multiple endoscopic fields including Endo GYN, General Surgery, Pediatric surgery, Thoracic Endoscopy and Urology. Bipolar vessel sealing and coagulation is one of the fastest growing markets in Endoscopy, estimated to exceed $1 billion in revenues worldwide. Andrew Makrides, president of Bovie Medical stated, “Vessel sealing during surgery especially in the field of gynecology has become a rapidly expanding growth market. The added features of our Seal-N-Cut(TM) instrumentation allows the Company to actively compete in this market.”

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings.

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

Melville, New York, July 17, 2009 – Bovie Medical Corporation (the “Company”) (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today announced a 510K submission to the FDA seeking pre-market clearance for Bovie’s BOSS for surgical applications where soft tissue bipolar coagulation is desired.  The BOSS is the latest generation device based on Bovie’s saline enhanced sintered steel technology.
The BOSS delivers RF energy simultaneously with saline to perform coagulation of soft tissue and bone, with minimal smoke, charring and sticking of tissue as well as reduced blood loss. Saline enhanced surgeries reduce operating time while improving post-operative outcomes and shortens recovery time.
The BOSS will primarily be targeted towards orthopedic hip and knee reconstruction surgeries, which are significant markets, with over 1.3 million procedures performed in the United States annually. These procedures represent large and growing markets due to a more active and aging population. The worldwide market is expected to exceed $500 million in 2009.

Andrew Makrides, president of Bovie, stated, “In today’s economic environment, where controlling medical costs is important, the BOSS technology meets the needs of patients, surgeons and hospitals. Reduced blood loss, shortened operating and recovery time makes the BOSS a technology product that targets a large and growing market.”

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings..

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION SELECTED TO BE
INCLUDED IN THE RUSSELL 2000®, RUSSELL 3000®
and RUSSELL GLOBAL INDEXES

Melville, New York, June 22, 2009 — Bovie Medical Corporation (the “Company”) (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today announced it was selected to be part of the Russell 2000®, Russell 3000® and Russell Global Indexes when the Russell Investment Group reconstitutes its family of U.S. indexes on June 26th, according to a preliminary list of additions posted Friday, June 19th on www.russell.com.

Membership in the Russell Indexes, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $4 trillion in assets currently are benchmarked to them.

Annual reconstitution of Russell indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000® Index and Russell Microcap. The largest 1,000 companies in the ranking comprise the large-cap Russell 1000® Index and the next 2,000 companies become the widely used small-cap Russell 2000® Index. These investment tools originated from Russell’s multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION ANNOUNCES
FIRST QUARTER  FINANCIAL RESULTS;
RECORD FIRST QUATER REVENUES

Melville, New York, May 8, 2009 – Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the first quarter ended March 31, 2009.

First quarter revenues increased 8.1% to a first quarter record $7.2 million compared to $6.7 million recorded in the same period last year; resulting in net income of $403,266 or $.02 per diluted share versus net income of $190,444 or $.01 per diluted share in the prior year. Gross Profit margins increased to 46% during the first quarter from 39% in last year’s first quarter. Both revenue and gross profit margin increases were primarily attributable to an increase in sales of disposable products.

Andrew Makrides, president of Bovie, stated, “We are pleased to report an increase in revenues and earnings in the first quarter despite the economic downturn.  As previously reported, the Company submitted an application to the FDA regarding J-Plasma and is currently working toward 510K submission for the BOSS orthopedic tissue resection device and our Polarian vessel sealing technology, each of which we believe can significantly impact future revenues.”

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH PERIOD (UNAUDITED)
Three Months Ending
March 31, 2009
2009
2008
Revenues
$7,217,324
$6,677,567
Cost of sales
$3,897,510
$4,091,642
Gross profit
$3,319,814
$2,585,925
Totalcost & expense
$2,777,156
$2,296,977
Income from operations
$542,658
 $288,948
Interest income, net
$67,608
 $21,727
Income before income taxes
$610,266
$310,675
Provision for income taxes
$(207,000)
$(120,231)
Net income
$403,266
$190,444
Earnings per common share
         Basic
         Diluted

$0.02
$0.02

$0.01
$0.01
Weighted average number of shares outstanding
16,852,994
15,922,863
Weighted average number of shares outstanding adjusted for dilutive securities
17,777,738
17,684,783

BOVIE MEDICAL CORPORATION ANNOUNCES
NEW DIRECTOR TO BOARD

Melville, New York, April 24, 2009 – Bovie Medical Corporation (the “Company”) (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today announced Dr. Peter Pardoll, a board certified gastroenterologist, has been elected to Bovie’s board of directors.  Dr. Pardoll succeeds Randy Rossi who resigned in March 2009.

Dr. Pardoll has a diverse background in medicine.  He is an active member of the National Association of Healthcare Consultants and the founding past managing partner of the Center for Digestive Diseases (CDD) in St. Petersburg, Florida. Dr. Peter Pardoll is the president of Medical Education Associates (MEA), a healthcare consulting group. Dr. Pardoll is a past trustee of the Board of the American College of Gastroenterology and past president of the Florida Gastroenterology Society.

Andrew Makrides, president of Bovie, stated, “I am pleased to welcome Dr. Pardoll to our board.  He has long been recognized in the healthcare field witnessed by his inclusion from 1996 to 2005 being honored and elected to “The Best Doctors in America.”

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION APPOINTS DAVID UFFER AS VICE PRESIDENT OF ADVANCED TECHNOLOGIES AND DIRECTOR OF PLASMA SALES AND MARKETING

Melville, New York, April 13, 2009 – Bovie Medical Corporation (the “Company”) (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today announced the appointment of David Uffer as Vice President of Advanced Technologies and Director of Plasma sales and marketing. Mr. Uffer comes to Bovie with 18 years experience in the medical products industry. He has been extensively involved in several new product introductions including: supervising and staffing sales representatives, developing worldwide marketing plans, creating customer training modules, accessing clinical trials and establishing strategic partnerships.

Andrew Makrides, president of Bovie, stated, “David is a welcome addition to Bovie’s management team. His experience with new product launches should accelerate J-Plasma’s entree into the marketplace.”

Management believes that J-Plasma has potential in several surgical specialties including dermatology and plastic surgery. In addition, we are encouraged by the feedback from our participation and presentation at the International Conference on Plasma Medicine in March 2009. The conference, technical in scope, provided the Company an excellent opportunity to assess the current status of plasma medicine.

As previously reported on March 3, 2009, Bovie submitted a 510(K) pre-market notification application to the U.S. Food and Drug Administration (FDA).

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website HYPERLINK “http://boviemedical.wpengine.com” www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION ANNOUNCES
FOURTH QUARTER  AND FISCAL 2008 RESULTS;
REPORTS EARLY FY 2009 REVENUE GAINS

Melville, New York, March 13, 2009 – Bovie Medical Corporation (the “Company”) (NYSE Alternext US: BVX), a manufacturer and marketer of electrosurgical products, today announced fourth quarter and fiscal 2008 financial results.

Fourth quarter revenues totaled $7.1 million compared to $7.2 million recorded in the same period last year; resulting in net income of $38,767 or $.00 per diluted share versus net income of $125,778 or $.01 per diluted share in the prior year. The Company finished 2008 strongly with December being the highest sales month in Bovie’s history.

For the fiscal year ended December 31, 2008 revenues were $28.1 million compared to $28.8 million reported for 2007.  Net income totaled $1,831,788 or $.11 per diluted share versus net income of $2,245,591 or $.13 per diluted share comparable period last year. Gross profit margins increased by 3% during 2008 due to an improved product mix. Research and development expenses increased $418,000 primarily due to costs relating to the development of new products.

New Product Update:

  • Management is encouraged by the positive reception of our new SEER tissue resection device and has established a direct and specialty sales team already resulting in initial orders.  A 510(k) FDA application for the BOSS orthopedic device, an expansion and companion of SEER, is tentatively planned to be submitted in the near future.
  • The recent 510(k) application for our ICON GS/J-Plasma system includes an improved generator and handpiece with several new features that should increase efficiency for the physician and surgeon, while reducing manufacturing costs.  Management is developing a marketing strategy for the ICON GS, a product we believe to be versatile with possible uses in several surgical specialties.
  • Bovie Canada continues to direct efforts to finalize development of its MEG line and Polarian vessel sealing instruments.  The submission of a 510(k) FDA application for Polarian is scheduled to be completed in the next several months.

Andrew Makrides, president of Bovie, stated, “We are pleased 2008 showed real progress in the development of our new products featured by the marketing entry of our SEER tissue resection device. Our core business remained strong highlighted by a record sales month for December 2008 and sales increases in January and February 2009 over the corresponding months in 2008.

While no agreements have concluded to date, discussions continue with other companies regarding the possibility of strategic partnerships.”

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND TWELVE-MONTH PERIODS(AUDITED)
Three Months Ending
December 31st
Year Ending
December 31st
2008
2007
2008
2007
Revenues
$7,137,838
$7,177,096
$28,096,510
$28,779,157
Cost of Sales
$4,008,777
$4,520,743
$16,247,702
$17,463,644
Gross Profit
$3,129,061
$2,656,353
$11,848,808
$11,315,513
Cost & Expense
$2,985,740
$2,242,145
$10,557,530
$9,209,007
Gain (loss) from Operations
$143,321
 $414,208
$1,291,278
$2,106,506
Other Income (expense)
Interest (net of expense)
$(25,131)
 $43,927
$1,485,933
$145,250
Income Before Minority Interest and Income Taxes
$118,190
$458,135
2,777,211
$2,251,756
Minority Interest and Income Taxes
$(79,423)
$(332,357)
$(945,423)
$(6,165)

Net Income (loss)

EPS (loss) Basic
EPS (loss) Diluted

$38,767

.00
.00

$125,778

.01
.01

$1,831,788

.11
.11

$2,245,591

.15
.13

Weighted Average Shares Outstanding
16,288,878
15,444,613
16,071,229
15,324,508
Weighted Average Shares Adjusted for Dilutive Securities
17,261,999
17,773,579
17,086,798
17,684,705

BOVIE MEDICAL CORPORATION ANNOUNCES SUBMISSION OF 510(k) APPLICATION FOR ITS ICON GS ELECTROSURGICAL GENERATOR AND HANDPIECE (J-PLASMA SYSTEM); Presenting at the Second Annual International Conference on Plasma Medicine March 16th-20th

Melville, New York, March 3, 2009 – Bovie Medical Corporation (the “Company”) (NYSE Alternext US: BVX), a manufacturer and marketer of electrosurgical products, today announced the Company has submitted a 510(k) pre-market notification application to the U.S. Food and Drug Administration (FDA) requesting regulatory clearance for its ICON GS electrosurgical generator and handpiece
(J-Plasma system).

The technology utilizes a gas ionization process producing a stable thin focused beam of ionized gas that can be controlled in a wide range of temperatures and intensities, providing the surgeon greater precision, minimal invasiveness and an absence of conductive currents during surgery. Recent engineering improvements include increases in power and efficiency and component miniaturization, making manufacturing easier and more efficient.

Mr. Makrides president of Bovie Medical commented, “Since the 2007 acquisition giving Bovie total ownership of J-Plasma, the Company has dynamically changed and improved the device. By incorporating Bovie’s ICON technology as a platform for J-Plasma, we have enhanced the flexibility of the product as well as its potential applications.”

Management is considering possible uses in several surgical procedures including dermatology and plastic surgery as well as several other surgical specialties.

The Company will be attending and presenting its plasma technology at the second annual International Conference on Plasma Medicine at the Tropicano Riverwalk Hotel, San Antonio, TX. March 16th-20th.  According to the conferences website (http://plasma.mem.drexel.edu/icpm-2/), the International Conference on Plasma Medicine brings together plasma scientists, medical doctors, biologists and biochemists to share fascinating results of their research and share latest developments in plasma medicine, a new field at the intersection of plasma science, biology and medicine.

Conference Topics: Fundamentals of interaction between plasma and living systems; plasma sterilization; plasma wounds treatment; plasma blood coagulation; plasma cancer treatment; new applications of plasma in medicine; design of plasma systems for medical applications; physics of plasma discharges in medicine; plasma chemistry in medicine.

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION REPORTS SUCCESS WITH SEER TISSUE RESECTION DEVICE SALES AND MARKETING

Melville, New York, February 19, 2009 – Bovie Medical Corporation (the “Company”) (NYSE Alternext US: BVX), a manufacturer and marketer of electrosurgical products, today announced that the Company has completed numerous successful surgical procedures with its SEER tissue resection device in France, Italy, Belgium, Spain and in the United States. Sales of the product have commenced in both the U.S. and abroad.

The SEER utilizes RF energy and saline together with Bovie’s proprietary technology to create a distinct clinical effect that has been initially used in solid organ resection to cut tissue and limit blood loss while improving surgeon visibility and patient outcomes.

Since the SEER’s 510K clearance from the FDA in November 2008, the Company has employed three direct sales representatives and two specialty distributors dedicated to SEER sales. Regarding sales in the European Union, Bovie utilizes specialty distributors managed by Johan Segers who directs sales and marketing efforts for Europe and the Middle East.

The worldwide market size for tissue coagulation is estimated to exceed $500 million, and with the advent of Bovie’s new BOSS technology, management is focused on large and growing opportunities driven by an aging population. The BOSS technology, an expansion of the SEER technology, is especially designed for reducing blood loss during orthopedic surgery. The technology will address hip, knee and spinal fusion surgeries estimated to be over one million performed annually, and projected to grow at a rate of over 5 percent per annum.

Andrew Makrides, president of Bovie, commented that we are highly encouraged by surgeon responses to the SEER and the Company anticipates reporting on the BOSS and other product developments in coming weeks.

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com