BOVIE MEDICAL BOARD OF DIRECTORS ANNOUNCES DECISION ON INQUIRY REGARDING COO’S BIO

Melville, New York, November 29, 2011 – Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that its board of directors has completed its review of recent allegations and disclosures concerning the Company’s Chief Operating Officer, Mr. Moshe Citronowicz, that he misreported his academic credentials.

In assessing the appropriate action to be taken, the Board of Directors concluded it was in the best interest of the Company’s shareholders to retain Mr. Citronowicz, who has made significant contributions to the Company since joining in 1993, while imposing significant financial penalties and other remedial actions.

The Company’s unwavering commitment to the highest standards of business ethics resulted in the board and management having no choice but to vote for these severe penalties.

For further details, please refer to the Company’s November 29, 2011 8-K filing.

Cautionary Note on Forward-Looking Statements

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10‑K for the year ended December 31, 2010.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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 http://boviemedical.wpengine.com.

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

 

           BOVIE MEDICAL CORPORATION ADDS TO ITS J-Plasma® PATENT PORTFOLIO

Melville, New York, November 21, 2011 – Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that  the United States Patent and Trademark Office issued U.S. Patent No. 8,057,468 entitled “Method to Generate a Plasma Stream for Performing Electrosurgery”  to Bovie Medical Corporation.

The patent covers a method of performing endoscopic or laparoscopic surgery with an electrosurgical device that generates a plasma stream. The plasma stream conducts electrosurgical energy to a patient to cut and coagulate blood or tissue. The method covered by the patent provides an electronegative gas, which confines the plasma stream to an elongated narrow beam to achieve precision point accuracy and stability of the plasma stream during an electrosurgical procedure.

The newly issued patent is the fourth related to Bovie’s J-Plasma technology with three additional patent applications pending.

Cautionary Note on Forward-Looking Statements

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10‑K for the year ended December 31, 2010.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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 http://boviemedical.wpengine.com.

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 14, 2011 – Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the third quarter and nine months ended September 30, 2011.

Revenues for the quarter ended September 30, 2011 were $6.3 million versus $6.5 million for the comparable period last year, resulting in net income of $63,000 or $.00 per diluted share compared to net income of $9,000 or $.00 per share in the same period last year. The third quarter sales decrease was due to a reduction in electrosurgical orders to one of our OEM customers. The decrease in sales was partially offset by sales of a new medical lighting product line.

Revenues for the nine months ended September 30, 2011 increased 7% to $19.3 million versus $18.0 million for the comparable period last year. Net income was $984,000 or $.06 per diluted share compared to a net loss of $(166,000) or $(.01) per share in the same period last year.

J. Robert Saron, President and Chief Sales and Marketing officer, stated, “As we approach year-end, we are witnessing meaningful growth in several areas including government sales and our new line of lighting, as well as gaining positive traction in the veterinary market. In addition, International sales are continuing to trend upward. Bovie will be exhibiting at Medica the world’s largest medical meeting in Dusseldorf, Germany this week. We have also contracted for Arab Health in Dubai for January 2012, the largest medical trade show in the Middle East.”

Mr. Saron added, “We anticipate strong revenue growth in first quarter 2012 resulting in part from a large previously announced OEM order.”

The Company also reported continued progress on the J-Plasma® FDA 510k application. Five beta sites have been identified for the initial introduction of the J-Plasma® product line after FDA clearance to market has been granted.

At the close of the third quarter the Company’s cash position stood at $5.4 million with the only long term debt a recently reissued industrial revenue bond, which had an unpaid principal amount outstanding of $3,560,000 as of the closing, which was purchased by PNC Bank, N.A. The obligations represented by the Bonds are secured by a first mortgage and security interest on the Company’s Clearwater, Florida facility and mature October 31, 2018.

Cautionary Note on Forward-Looking Statements

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10‑K for the year ended December 31, 2010.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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

BOVIE MEDICAL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE-MONTH ENDED SEPTEMBER 30, 2011 AND 2010

(UNAUDITED) (In thousands)

Three Months Ended June 30,
Six Months Ended June 30,
2011
2010
2011
2010
Sales
$6,256
$6,501
$19,252
$17,997
Cost of Sales
$3,650
$3,797
$11,167
$10,692
Gross Profit
$2,606
$2,704
$8,085
$7,305
Gain from settlement of litigation
$750
Total other costs & expenses
$2,358
$2,819
$7,452
$8,543
Income (loss) from operations
$248
$(115)
$1,383
$(1,238)
Change in fair value of liabilities, net
$(67)
$182
$181
$799
Interest (expense) income, net
$(42)
$(58)
$(141)
$(169)
Income (loss) before income taxes
$139
$9
$1,423
$(608)
Benefit (provision) for deferred income taxes
$(76)
$(5)
$(439)
$442

Net Income (loss)

$63
$4
$984
$(166)

Earnings (loss) per share
Basic
Diluted



$(0.06)
$(0.06)

$(0.01)
$(0.01)

Weighted average number of shares outstanding
17,601
17,557
17,592
17,301
Weighted average number of shares outstanding adjusted for dilutive securities
17,774
17,756
17,807
17,301

 

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

 

           BOVIE MEDICAL CORPORATION ANNOUNCES THE AWARD OF A PATENT FOR AN ELECTROSURGICAL SAFETY DEVICE
Melville, New York, October 10, 2011 – Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that it received a patent for a laparoscopic electrosurgical electrical leakage detection device.The device, when developed, will continuously monitor electrosurgical current from the generator, and is designed to prevent burns to the patient by detecting leakage of electrical current in the surgical handpiece during monopolar electrosurgery.  The device will shut down the system if leakage is detected; thus, reducing burn risks to the patient. Without an electrosurgical safety device, capacitive coupling and insulation failure are two unwanted side effects that can result in patient injury since these injuries often happen outside the view of the video camera during a laparoscopic procedure.  These unintended injuries can result in additional surgical procedures being performed on the patient.After completing the development of the device, the Company will file a 510k application with the FDA for clearance to market. The Company anticipates incorporating the device into electrosurgical generators manufactured by Bovie and others.Cautionary Note on Forward-Looking Statements

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10‑K for the year ended December 31, 2010.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

 

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.

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

 

           BOVIE MEDICAL CORPORATION ANNOUNCES DERIVATIVE LAWSUIT – COMPANY RESPONDS THAT SUIT IS WITHOUT MERIT
Melville, New York, September 23, 2011 – Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that it has been served with a summons and complaint in a stockholders derivative action that has been filed by two purported stockholders against the Company, several officers, directors and one former director.  The complaint alleges, among other things, breach of fiduciary duties and self dealing by certain officers and directors.  The plaintiffs are seeking unspecified monetary damages on behalf of the Company, as well as various forms of equitable relief including, the implementation of a number of specific corporate governance changes.  Management believes the action to be frivolous and without merit.

In July 2010, the Company’s Board of Directors removed a director for cause.  The Company then sued the former director alleging that he engaged in self-dealing and other wrongful acts, including statements intended to directly and negatively impact Bovie’s share price.  In response, the former director made unfounded allegations in a counterclaim against Bovie.  The allegations in the derivative action appear to be based largely on the former director’s counterclaim.

Management is investigating whether there is a collusive connection between the newly-filed derivative action and the pending lawsuit with the former director.  In the event that it is determined that any such collusion has taken place and is in fact wrongful, Management will take appropriate action to protect the Company and its stockholders.

Cautionary Note on Forward-Looking Statements

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10‑K for the year ended December 31, 2010.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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.

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

 

           BOVIE MEDICAL CORPORATION TO CONDUCT CONFERENCE CALL ON J-Plasma® TECHNOLOGY
Melville, New York, September 21, 2011 – Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced Jeff Rencher, Vice President of Sales and Marketing will host a conference call at 11:00 am EDST on Monday, September 26th to discuss Bovie’s J-Plasma technology.

Stockholders and interested parties may participate in the call by dialing 1 (866) 639-9991 or 1-678-302-3571. Please call in a few minutes before the conference call is scheduled to begin. A recording of the live conference call will be immediately available after the call has concluded for the next 30 days. The dial-in number to listen to the recording is 1 (866) 510-4862 or 1-678-302-3562 then enter access code 4804300#. Press 4 to listen and enter the confirmation number 201109205106963#.

Cautionary Note on Forward-Looking Statements

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10‑K for the year ended December 31, 2010.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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.

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

 

BOVIE MEDICAL CORPORATION ANNOUNCES SECOND QUARTER FINANCIAL RESULTS; REVENUES INCREASE 16% OVER PREVIOUS YEAR, RECEIVES $2.6 MILLION OEM ELECTROSURGICAL GENERATOR COMMITMENT

Melville, New York, August 12, 2011 – Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the second quarter and six months ended June 30, 2011.

Revenues for the quarter ended June 30, 2011 increased 16% to $6.8 million versus $5.9 million for the comparable period last year.  Net income was $429,000 or $.02 per diluted share compared to a net income of $56,000 or $.00 per share in the same period last year.

Revenues for the six months ended June 30, 2011 increased 13% to $13.0 million versus $11.5 million for the comparable period last year. Net income was $921,000 or $.05 per diluted share compared to a net loss of $(170,000) or $(.01) per share in the same period last year. Revenues continued to be positively impacted by increased OEM generator sales as well as higher disposable electrode sales. This improved product mix increased gross profit margins 2.2% for the first six months of 2011, which combined with cost reductions and a $750,000 gain from a litigation settlement helped to increase the Company’s cash position to over $5.7 million as of June 30.

In other news, the Company received a $2.6 million commitment from an OEM customer to manufacture electrosurgical generators with delivery slated to begin later in the year.  Bovie has also received initial orders resulting from its exclusive distribution agreement for the sale of a new next-generation medical lighting product entry.

Andrew Makrides, Chief Executive Officer of the Company stated, “We are pleased with the revenue increase the Company achieved in the second quarter and first six months of the year.  We are also very encouraged by the positive surgeon response regarding our J-Plasma® technology, as we await 510K clearance to market the handpiece.  Management believes that with the substantial advancements made on J-Plasma® and with its significant potential for use in several surgical specialties, Bovie is primed to become a potential leader in plasma surgery.”

NEW PRODUCT UPDATE

As announced previously, Bovie has joined with an outside regulatory consulting firm to assist in preparing and filing 510K applications.  Changing procedures at the FDA and lengthier average times for obtaining regulatory clearances have caused management to retain the firm.  As a result, and with the firm’s assistance, Bovie submitted a new 510K application for the J-Plasma® handpiece, having also been advised that the process toward clearance would be expedited by the resubmission.

Vessel Sealing and 1450 Generator
The Company is in the final stages of completing the necessary testing and paperwork in order to submit new vessel sealing and Bovie 1450 electrosurgical generator 510k applications to the FDA. By working with the regulatory consulting firm, the Company anticipates a more streamlined and faster 510k submission and clearance process.

Cautionary Note on Forward-Looking Statements

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10‑K for the year ended December 31, 2011.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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

BOVIE MEDICAL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(UNAUDITED)

Three Months Ended June 30,
Six Months Ended June 30,
2011
2010
2011
2010
Revenues
$6,841
$5,897
$12,995
$11,496
Cost of Sales
$3,796
$3,581
$7,517
$6,895
Gross Profit
$3,045
$2,316
$5,478
$4,601
Gain from settlement of litigation
$750
Total other costs & expenses
$2,496
$3,107
$5,093
$5,724
Income (loss) from operations
$549
$(791)
$1,135
$(1,123)
Change in fair value of liabilities, net
$107
$617
$248
$617
Interest (expense) income, net
$(46)
$(67)
$(98)
$(111)
Income (loss) before income taxes
$610
$(241)
$1,285
$(617)
Provision for current income taxes
Benefit (provision) for deferred income taxes
$(181)
$297
$(364)
$447

Net (loss) Income

$429
$56
$921
$(170)

Earnings (loss) per share
Basic
Diluted

$0.02
$0.02


$(0.05)
$(0.05)

$(0.01)
$(0.01)

Weighted average number of shares outstanding
17,600
17,377
17,587
17,171
Weighted average number of shares outstanding adjusted for dilutive securities
17,827
17,874
17,829
17,171

 

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

 

           BOVIE MEDICAL CORPORATION ANNOUNCES EXCLUSIVE AGREEMENT TO DISTRIBUTE NEXT GENERATION OF MEDICAL LIGHTING
Melville, New York, June 1, 2011 – Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that it has entered into an exclusive agreement with Medical Illumination International, Inc. San Fernando, CA to bring a new generation of medical lighting to the medical community in the United States. This line of LED lights features a 4300 degree Kelvin white light which uses half the electricity and produces a small fraction of the heating intensity of the old standard halogen lighting. The LED lights include an extended life of 50,000 hours which is approximately twenty-five times longer than halogen lighting.

The agreement also includes Bovie exclusively distributing Medical Illumination’s non-LED medical lights as well as any new LED lights under development.

Rob Saron, president of Bovie Medical stated, “We are excited to add this domestic manufactured line of medical lighting as a compliment to our electrosurgical products, since it represents the same call point for both our sales representatives and
distribution partners.”

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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.

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

 

BOVIE MEDICAL CORPORATION ANNOUNCES FIRST QUARTER FINANCIAL RESULTS; REVENUES INCREASE 10% OVER PREVIOUS YEAR

Melville, New York, May 12, 2011 – Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the first quarter and year ended March 31, 2011.

Revenues for the first quarter ended March 31, 2011 increased 10% to $6.2 million versus $5.6 million for the comparable period last year. Revenues were positively impacted by increased OEM generator sales as well as higher electrosurgical disposable sales.

Net income was $492,000 or $.03 per diluted share compared to a loss of ($226,000) or ($.01) per share in the same period last year. During the quarter, the Company received a one-time payment of $750,000 as part of a previously announced settlement of a legal action with Salient Surgical Technologies, Inc. and Medtronic, Inc. This gain was reflected in our results of operations as a gain from settlement of litigation.

Andrew Makrides, chief executive officer of Bovie Medical, stated, “Both new and longstanding OEM customer sales increases positively impacted on first quarter revenues. We are pleased with the revenue gains and the trend continued early into the second quarter. We are also encouraged by the response that our network of independent sales representatives is receiving from surgeons
and buyers of medical equipment throughout the country.”

Mr. Makrides continued, “Due to the much longer process of clearing new products through the Food & Drug Administration, we have dedicated additional resources both internal and external to the application process. The application phase for J-Plasma® continues as we await 510k clearance.  The company also expects to file a re-submission of its vessel sealing product during the second or third quarter.”

NEW PRODUCT UPDATE

J-Plasma®

In the first quarter, Bovie Medical increased J-Plasma’s exposure to the medical community by meeting with and gaining support and input from physicians, nurses and physician assistants in specialties such as Gynecology, Uro-gynecology and Plastic Surgery, as well as sub-specialties such as robotic surgery. As a result of recent testing and industry trade shows, we believe Bovie will be better positioned to market J-Plasma in foreign markets earlier than previously anticipated, although the initial focus continues to be for the U.S. market.   We intend to continue studies beyond the current 510k filing of the J-Plasma device to establish further uses of the technology and expand its revenue potential. 

Vessel Sealing

Tests have demonstrated efficacy in our redesigned and updated vessel sealing technology as we enter the final phases of the 510k re-submission process.  Our intention is to deliver a cost effective device with superior performance than what is currently being marketed.

Disposable Laparoscopic Instruments and Coated Blades

Our independent sales force has successfully launched our disposable laparoscopic instruments by receiving both orders and re-orders since the products early March launch.  We now have over 50 independent sales reps selling some of our disposable products and anticipate this channel continuing to successfully introduce new products as they become available.

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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

BOVIE MEDICAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010

(UNAUDITED) (in thousands, except EPS)

March 31,
March 31,
2011
2010
Sales
$6,154
$5,599
Cost of Sales
$3,721
$3,314
Gross Profit
$2,433
$2,285
Gain from settlement of litigation
$750
Total other costs
$2,598
$2,617
Income from operations
$585
$(332)
Change in fair value of liabilities, net
$141
Interest expense, net
$(52)
$(44)
Income (loss) before income taxes
$674
$(376)
Provision for current income taxes
(1)
Benefit (Provision) for deferred income taxes
$(182)
$151
Total benefit (provision) for income taxes – net
$(182)
$150

Net Income (loss)

$492

$(226)

Earnings (loss) per common share
Basic
Diluted

$0.03
$0.03

$(0.01)
$(0.01)

Weighted average number of shares outstanding
17,575
16,963
Weighted average number of shares outstanding adjusted for dilutive securities – * no dilutive shares
17,906
16,963 *

 

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

 

BOVIE MEDICAL CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR END FINANCIAL RESULTS

Melville, New York, March 31, 2011 – Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the fourth quarter and year ended December 31, 2010.

Revenues for the fourth quarter ended December 31, 2010 were approximately $6.2 million versus an approximate $6.5 million for the comparable period last year. During the fourth quarter of 2010, we recognized a non-recurring impairment loss of approximately $1.3 million; resulting in a net loss of approximately $(1,369,000) or $(0.08) per share as compared to net income of approximately $27,000 or $.00 per diluted share in the same period last year. The aforementioned impairment loss was the result of our annual evaluation of the future outlook of our patent related to our SEER product line, after which we determined that the asset value was fully impaired; we further calculated the impairment loss to be approximately $1.3 million.

Revenues for the year ended December 31 were approximately $24.2 million versus an approximate $26.9 million for the comparable period last year; resulting in an approximate net loss of $(1,535,000) or $(0.09) per share as compared to an approximate net income of $595,000 or $.03 per diluted share in the same period in the prior year. The decrease in revenues for the year was primarily due to a decline in OEM sales of approximately $3.6 million. The decrease in sales was partially offset by increased domestic and international electrosurgical generators and cauteries sales; with international sales spiking to a record exceeding $5 million. Net loss includes non-recurring expenses of approximately $1.3 million relating to asset impairment, a $300,000 loss on the sale of our St. Petersburg, Florida property and $100,000 on the closing of the Canadian facility.  In addition, there were increased professional and consulting fees totaling $145,000.

Andrew Makrides, chief executive officer of Bovie Medical, stated, “The Company continues to place great effort and resources into the development of J-Plasma having submitted a 510k application to the FDA for a new handpiece with retractable cutting features used in both laparoscopic and open procedures. Since the outset of the current fiscal year, surgeons in diverse specialties have evaluated J-Plasma and the feedback received is most encouraging. While awaiting 510k clearance, J-Plasma developmental progress has far exceeded our expectations and management is convinced that its market potential will be the prime engine of Bovie’s future growth.”

Mr. Makrides continued, “We have increased our sales and marketing efforts with the engagement of over 50 commission-based direct sales representatives.  The sales of our Resistick II™ coated blades and the initial orders of our laparoscopic instruments through this network have been encouraging.”

NEW PRODUCT UPDATE

J-Plasma®

Work and additional testing in support of the application process for 510K clearance to market the J-Plasma® handpiece with retractable cutting features continues to progress.

The combination of J-Plasma® energy with an extendable knife allows the surgeon to cut as well as reduce tissue bleeding without the need of a grounding pad.  By using a single, multi-modal instrument, the Company believes surgeons will reduce their operating time and lower the cost of a procedure.

Vessel Sealing

The Seal-N-Cut™ is going through additional testing and due to recent device design improvements and we currently anticipate that we will be re-submitting an application for 510k clearance in the third quarter of 2011. The vessel sealing market continues to be among the fastest growing markets of electrosurgery.

Disposable Laparoscopic Instruments and Coated Blades

Bovie’s more than 50 independent sales representatives have recently commenced marketing the laparoscopic instruments with what we view as a positive market response. Sales of Resistick™ II and the coated blades product lines continue to increase since their introduction several months ago.

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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

BOVIE MEDICAL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND TWELVE-MONTH PERIODS

 (in thousands, except per share amounts)

Three Months Ended
December 31, (Unaudited)
Year Ended
December 31,
2010
2009
2010
2009
Revenues
$6,233
$6,533
$24,230
$26,953
Cost of Sales
$3,550
$3,739
$14,242
$15,099
Gross Profit
$2,683
$2,794
$9,988
$11,854
Cost & Expenses
$2,911
$2,783
$11,454
$11,139
Asset Impairment
$1,286
—–
$1,286
—–
Gain (loss) from operations
$(1,514)
$11
$(2,752)
$715
Other income (expense):
Interest (net of expense)
$(54)
$(53)
$(223)
$(52)
Other Gain (loss)
$(285)
—–
$513
—–
Income (loss) before income taxes
$1,853
$(42)
$(2,462)
$663
Income Taxes (Provision) Benefit
$484
$69
$927
$(67)

Net Income (loss) EPS (loss) Basic
EPS (loss) Diluted

$1,369

(.08)
(.08)

$27

(.00)
(.00)

$(1,535)

(0.9)
(0.9)

$595

.04
.03

Weighted average shares Outstanding-Basic
17,561
16,951
17,367
16,899
Weighted average shares adjusted for dilutive securities
17,561
17,922
17,367
17,836

 

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

 

           BOVIE MEDICAL CORPORATION NAMES J. ROBERT SARON PRESIDENT; APPOINTS TWO NEW MEMBERS TO ITS BOARD OF DIRECTOR

Melville, New York, March 21, 2011 Bovie Medical Corporation (the “Company”)
(NYSE-AMEX: BVX), a manufacturer and marketer of electrosurgical products, today announced it has named J. Robert Saron as president of the Company and appointed Lawrence Waldman and Michael Geraghty to serve on the Company’s Board of Directors effective March 15, 2011.

Mr. J. Robert Saron has served as a director of the Company since 1988 to present and is currently the Chief Sales and Marketing Officer. Mr. Saron also currently serves on one industry board as past president and director of the Health Care Manufacturing Management Council and formerly served as a director on the Health Industry Distributors Association Education Foundation. Mr. Saron has over 32 years of executive marketing and distribution experience in the medical industry.

Mr. Andrew Makrides, who previously held the position of president, will remain CEO and Chairman of the Board of Directors.

Mr. Lawrence Waldman is a certified public accountant and is currently the Partner-in-Charge of the Commercial Audit Practice Development of the accounting firm Holtz Rubenstein Reminick LLP. He has significant experience in public accounting, including over thirty years as an audit partner working with a wide range of public and privately-held clients. He possesses extensive knowledge and experience in all aspects of SEC periodic reporting and will serve on Bovie’s audit committee. Mr. Waldman has served on several civic, charitable, industry and business boards throughout the Long Island area. He is also an associate Adjunct professor of accounting theory and auditing in the graduate school at the Hofstra University School of Business.

Mr. Michael Geraghty has over twenty-five years of sales management experience in the medical /surgical device field. He currently serves as Executive Vice President of Global sales for Optos Inc., a manufacturer and marketer of retinal imaging devices for screening, detection and diagnosis of eye related conditions. Mr. Geraghty specializes in building independent direct sales teams in the medical device industry and has extensive domestic and international sales and marketing experience.

In other news, board member Dr. Peter Pardoll resigned from the board effective March 15, 2011.

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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

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

 

           BOVIE MEDICAL CORPORATION ANNOUNCES SETTLEMENT OF LITIGATION WITH SALIENT SURGICAL AND MEDTRONIC
Melville, New York, March 4, 2011 – Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced a settlement to the June 10, 2010, action brought by Salient Surgical Technologies, Inc. and Medtronic, Inc. against the Company. In the complaint, the Plaintiffs alleged that the sale and use of the Company’s SEER™ (Saline Enhanced Electrosurgical Resection) fluid-assisted electrosurgical device infringed on a patent owned by Medtronic and licensed to Salient.

The settlement calls for Bovie to immediately exit the monopolar and bipolar saline-enhanced RF device business (including Bovie’s SEER™ and BOSS™) worldwide, and to acknowledge the validity and enforceability of Medtronic’s patent in the U.S. and Europe, through February 2015. In exchange, Medtronic will make a one-time payment to Bovie of $750,000. Terms also include a provision for a possible OEM contract manufacturing relationship between Bovie and Salient. The Company already has a longstanding OEM contract manufacturing agreement with Medtronic for advanced electrosurgical generators.

Commenting on the settlement, Andrew Makrides president and CEO of Bovie stated “After carefully weighing the considerable costs of continued litigation and the inherent uncertainty in this type of action, management concluded that this settlement was in the best interest of the Company and its shareholders. With this issue behind us, we can focus increased resources and efforts on our J-Plasma® technology and other new products.”

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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

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