BOVIE MEDICAL CORPORATION CLOSES STRATEGIC $7.0M EQUITY INVESTMENT THROUGH GREAT POINT PARTNER

Appoints Robert Gershon New CEO to Promote Growth and Fuel J-Plasma(R) Expansion

MELVILLE, NY–(Marketwired – Dec 13, 2013) – Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, announced today that it completed a $7.0 million funding through Great Point Partners LLC (GPP). Gilford Securities Incorporated acted as sole placement agent.

In conjunction with the funding, Bovie’s board appointed Robert Gershon as the Company’s new Chief Executive Officer (CEO), replacing Andrew Makrides, who will assume the position of Executive Chairman of the Board. In addition, Mr. Gershon will also serve as a member of the Company’s Board of Directors.

Mr. Gershon has over 25 years of healthcare industry experience. On the operations side he ran the largest sales and marketing business at Covidien. With over $1 billion in P&L responsibility he consistently led an organization of over 600 people to double-digit revenue growth outpacing market category growth and capturing significant market share points during challenging healthcare economic conditions. He also was VP of Sales and Marketing at Henry Schein ($1.4 billion shared P&L for medical division/$115 million full P&L for dialysis division) and earlier in his career spent over 13 years as a healthcare consultant for Booz, Allen, KPMG and two boutique consultancies where his practice focused on strategic planning, business development and mergers and acquisitions. Mr. Gershon received an MBA from J.L. Kellogg Graduate School of Management at Northwestern University and a BSBA degree from American University.

“These are the most dynamic times our industry has ever seen and with innovative growth technologies such as J-Plasma® coupled with a robust pipeline of great new products Bovie is well-poised for explosive growth. I’m honored to join a company with such a rich history and bright future,” commented Robert Gershon.

Mr. Gershon entered into an employment agreement within the Company, and as part thereof, was awarded a non-qualified stock option to purchase an aggregate of 750,000 shares of Bovie common stock, exercisable at the closing price on the effective date of his employment agreement. The option shall vest and be exercisable in four equal annual installments of 187,000 shares each, beginning on the first anniversary of the effective date.

Bovie also welcomes Ian Sheffield of GPP to its Board. Mr. Sheffield was previously employed by Versant Ventures and Medtronic and holds an MBA from Harvard Business School. Mr. Sheffield and Mr. Gershon fill vacancies of resigning board members August Lentricchia and George Kromer. Mr. Sheffield said, “We look forward to participating in Bovie’s next phase of growth. We are pleased to partner with the company during this exciting period of Bovie’s history.” GPP also has the right to designate an additional director to Bovie’s Board, and upon identification and designation of this individual, Michael Norman will resign his position as a director.

The $7.0 million funding is structured as 3.5 million shares of Series A 6% Convertible Preferred Stock and 5.25 million common stock purchase warrants. The Preferred Stock is convertible into shares of the Company’s Common Stock on a 1:1 basis and accrue a 6% annual cash dividend, compounded annually, which is payable by the Company on demand of the holders forty-eight months after closing. The holders of the Preferred Stock have certain redemption rights as well. Additionally, the Company has agreed to register the sale of the shares of common stock underlying the shares of Preferred Stock and into which the warrants are exercisable. Bovie’s management believes that this funding and the associated operational changes will accelerate the growth of J-Plasma® which continues to gain support from influential surgeons across the United States.

About J-Plasma®

J-Plasma®, Bovie’s innovative new product, utilizes a gas ionization process to produce a stable, thin beam of ionized gas emitted from the J-Plasma® hand piece. It 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. Currently, there are six patents issued on J-Plasma® and another six pending.

As previously reported, the Company is focusing on the gynecological surgery market and anticipates entry into other surgical specialties such as dermatology, oncology and ENT.

About Great Point Partners

Great Point Partners (“GPP”), founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with approximately $700 million of equity capital under management. GPP is currently making new private equity investments from GPP II, which has closed on approximately $200 million in commitments. Great Point manages capital in private (GPP I and GPP II) and public equity (BMVF) funds.

Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 health care companies. Both the private and public funds invest across all sectors of the health care industry including biologics and pharmaceutical infrastructure, devices and diagnostics, health care services, hospital outsourcing, information technology, specialty pharmaceuticals, and workers compensation. The firm pursues a proactive and proprietary approach to sourcing investments. Reach Great Point at 203-971-3300. www.gppfunds.com.

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, 2012. 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.boviemed.com.

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

BOVIE MEDICAL REPORTS RESULTS FOR THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2013

Bovie’s J-Plasma® Presented as New Technology by Surgeons at Today’s Prestigious AAGL Global Congress

MELVILLE, NY–(Marketwired – Nov 14, 2013) – Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the third quarter and nine months ended September 30, 2013.

Revenues for the third quarter of fiscal 2013 ended September 30, 2013 decreased 13% to $5.8 million compared to $6.7 million in the same period of fiscal 2012. Net loss for the third quarter of 2013 was $(341,000) or $(.02) per diluted share versus a net loss of $(7,000) or $(.00) per diluted share in the third quarter last year.

For the nine months ended September 30, 2013, sales totaled $17.5 million resulting in a net loss of $(1,870,000) or $(.11) per diluted share. For the nine months of fiscal 2012 sales were $20.8 million resulting in net income of $331,000 or $.02 per diluted share. Included in the 2013 nine-month loss was a litigation-related payment of $1,041,000.

The third quarter and nine-month results were negatively impacted by an overall decline in OEM business, the costs of legal fees and litigation-related payments, and the continued investments in the marketing of J-Plasma®, Bovie’s innovative signature technology.

Additionally, the Company’s profitability and cash position suffered due to the newly imposed medical device tax of 2.3% on gross sales amounting to $101,000.00 in the third quarter and $284,000.00 for the nine months.

Management’s preliminary estimates for 2014 include improved sales, based in part upon gains in the Company’s OEM business and increases in revenues from the Company’s J-Plasma® technology. The Company is currently actively negotiating three OEM opportunities, with one of the proposed transactions in the contract preparation stage with payments to Bovie already having been made for pre-contract technology work. Management also believes that its core business in the physician office market should experience improvement next year.

Also contributing to a better outlook should be the significant reduction in legal costs for fiscal year 2014.

The Company is currently exploring funding opportunities to enable it to maximize the market opportunities for J-Plasma® in various surgical specialties.

J-Plasma® News – “A New Helium Based Energy”

The Company is pleased to report that earlier today (November 14, 2013) at the AAGL Global Congress in Washington, D.C., renowned gynecological surgeons Dr. Warren Volker and Dr. Melissa Gutierrez gave a video presentation and narration programmed and titled “A New Helium Based Energy Device for Advanced Gynecologic Laparoscopy.”

Jeff Rencher, Vice President of Surgical Sales stated: “The impact of Dr. Volker and Dr. Gutierrez’s video presentation is a significant development and milestone for J-Plasma®, in what we anticipate will be the first of several positive presentations and documents.” The presentation will be posted on Bovie’s website at www.boviemed.com.

At the conference (November 10-14) Bovie’s large, well-positioned and active booth was staffed by Bovie personnel and prominent surgeons daily, who made J-Plasma® presentations and then spoke to and answered questions from the many surgeons visiting the Bovie booth.

At the conference Bovie displayed its new ergonomic and user-friendly “Pistol Grip” handpiece which should be released for distribution by the end of the first quarter of 2014. The development of the “Pistol Grip,” facilitating better ergonomics and function, resulted from customer feedback during this early marketing of J-Plasma®.

Bovie also attended the AUGS (American Urogynecologic Society) Conference in late October where a considerable number of surgeons showed great interest in using J-Plasma®, and several were impressed with J-Plasma’s® safety aspect.

Jeff Rencher further stated: “In a laboratory session held before the AUGS meeting and attended by 60 surgeons, we made a positive impression on the surgeons in that we had seven J-Plasma® stations that surgeons rotated through, and were able to use J-Plasma®. Also, in another room with a robot demo and, much to my excitement, they used J-Plasma® through the auxiliary port.” Bovie will be working on a robot version of J-Plasma® during fiscal 2014.

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, 2012. 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.boviemed.com.

BOVIE MEDICAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012

(UNAUDITED)(in thousands except per share data)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2013
2012
2013
2012
Sales
$5,794
$6,671
$17,532
$20,843
Cost of sales
3,545
3,777
10,902
12,297
Gross Profit
2,249
2,894
6,630
8,546
Other costs and expenses
2,724
2,612
9,420
7,628
Income (loss) from operations
(475)
282
(2,790)
918
Change in fair value of liabilities, net
13
(135)
17
(108)
Interest expense, net
(54)
(58)
(171)
(175)
Income (loss) before income taxes
(516)
89
(2,944)
635
Benefit (provision) for income taxes, net
175
(96)
1,074
(304)
Net Income (loss)
$(341)
$(7)
$(1,870)
$331
Earnings (loss) per share
Basic
$(0.02)
$(0.11)
$0.02
   Diluted
$(0.02)
$(0.11)
$0.02
Weighted average number of shares outstanding-basic
17,678
17,634
17,666
17,628
Weighted average number of shares outstanding – dilutive
17,678
17,634
17,666
17,731
Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com

BOVIE MEDICAL CORPORATION REPORTS ON J-PLASMA® PRESENTATION AT AMERICAN UROLOGIC GYNECOLOGY CONFERENCE ON OCTOBER 16, 2013

 

Melville, New York, October 24, 2013 – Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, is pleased to announce that the Company in conjunction with the American Urologic Gynecology Society (AUGS) and Warren Volker, MD presented J-Plasma® at the 34th annual AUGS Conference in Las Vegas last week.  The course presentation by Dr. Volker, demonstrated useful techniques on Intuitive Surgical’s daVinci Robot, Ethicon’s Harmonic Scalpel and Bovie’s J-Plasma®.

In other news and as previously reported, a submission of a video and paper presentation by highly regarded and leading Gynecological surgeons, Dr. Warren K. Volker and Dr. Melissa Gutierrez, has been accepted for presentation at the prestigious AAGL Global Congress to be held in Washington, D.C., November 10-14, 2013.  The Congress is widely attended by surgeons from around the world, which should give J-Plasma® increased global recognition.

 

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, 2012.  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.boviemed.com.

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

BOVIE MEDICAL CORPORATION ANNOUNCES J-PLASMA® ACCEPTED FOR PRESENTATION AT THE PRESTIGIOUS 42nd AAGL ANNUAL GLOBAL CONGRESS ON MINIMALLY INVASIVE GYNECOLOGY

 

Melville, New York, August 27, 2013 – Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, is pleased to announce that the submission of a video and paper presentation, by noted Gynecological surgeons, Dr. Warren K. Volker and Dr. Melissa Gutierrez, has been accepted for presentation at the AAGL Global Congress to be held in Washington, D.C., November 10-14, 2013.  The Congress is attended by several thousand surgeons from around the world, representing highly skilled thought leaders in their respective communities.  Jeff Rencher, V.P. of Sales and Marketing for Surgical Products stated: “This acceptance supports Bovie’s conviction that J-Plasma® is an innovative surgical tool that can benefit surgeons and their patients in many surgical procedures performed by gynecologists.  Furthermore, the presentation should give J-Plasma® worldwide recognition.”

Additionally, several other papers are being developed by surgeons in diverse specialties.

About AAGL

The AAGL is the leading association promoting minimally invasive gynecologic surgery among surgeons worldwide.  Today, membership extends to over 110 countries and is clearly the recognized authority in minimally invasive gynecology, and includes the foremost authorities in gynecology and pioneers in techniques and procedures.

The presentation and video will be posted on www.boviemed.com following the final events of AAGL in November 2013.

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, 2012.  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.boviemed.com.

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

BOVIE MEDICAL CORPORATION REPORTS RESULTS FOR THREE AND SIX-MONTHS ENDED JUNE 30, 2013 J-PLASMA® EXPANDS USAGE

 

Melville, New York, August 14, 2013 – Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the second quarter and six months ended June 30, 2013.

For the second quarter of fiscal 2013 ended June 30, 2013, revenues totaled $6.04 million resulting in a net loss of $(1.12) million or a loss of $(0.06) per diluted share.  In the comparable period last year revenues were $7.44 million resulting in net income of $152,000 or $0.01 per diluted share.

For the first-half of fiscal 2013, ended June 30, 2013 the Company reported revenues of $11.74 million and a net loss of $(1,529) million or a loss of $(0.09) per diluted share.  For the first six months of fiscal 2012, revenues were $14.17 million resulting in net income of $339,000 or $0.02 per diluted share.

Second quarter sales were negatively impacted by the completion of two large multi-year OEM contracts in 2012, a new medical device tax imposed under the Affordable Care Act of 2010, a legal award, costs relating to ongoing litigations, increasing expenses relating to the marketing of J-Plasma® as well as challenges and time delays encountered in the hospital purchasing committee process.  While J-Plasma® remains our main focus, talks continue with several potential OEM customers.

Following a jury trial on August 8, 2013, a jury awarded Leonard Keen severance and reinstatement of 110,000 stock options.  In addition, Mr. Keen was awarded attorney’s fees in an amount to be determined by the Court, and we have accrued $1,041 million as an estimate of the entire total.  The Company is presently reviewing its options as they pertain to the verdict.

J-Plasma® Update

The Company’s initial entry in the Gynecology market is for surgical procedures targeting Endometriosis.  There are over 600,000 surgeries performed annually.  Furthermore, it has been demonstrated that C-Section procedures are positively impacted by the usage of J-Plasma®.

Dr. Marcus Vennart, a noted women’s care surgeon, who has also used J-Plasma® on other surgical cases including laparoscopy, performed a C-Section procedure in Las Vegas, NV and remarked, “I just saw the C-Section patient back and the incision looks great.  The muscle really came down nice with J-Plasma® considering she was a previous C-Section.”

C-Sections are estimated to be performed on 32.8% of women resulting in over 1.5M procedures annually in the U.S.  Rob Saron, President of Bovie Medical Corporation stated, “Over the last several months, we have successfully proven the benefits of J-Plasma® in the Gynecology market with Endometriosis, ovarian cysts and several other procedures.  However, we have always suspected that C-Sections would be ideal procedures for the technology due to its ability to control the amount of tissue damage, when compared to conventional methods; as well as the surgeons’ desire to be able to cut, coagulate and dissect tissue with one device.   Now it’s been confirmed through its use in this procedure.  We continue to execute our plan and expect to report successful outcomes from many different procedures and specialties in the near future.”

Additionally, surgical papers and case studies on J-Plasma® are expected to be completed in coming months.

As previously reported, teaching courses for surgeons and sales representatives continue twice monthly and interest continues strong with nearly all participants requesting the use of J-Plasma® for their upcoming surgical procedures.

Management believes that the increasing number of successful J-Plasma® surgeries performed in several surgical specialties will result in hospital purchasing committee approval for J-Plasma’s® purchase and use, and increased sales.  The overwhelming surgeon acceptance of J-Plasma®, combined with its demonstrated superior outcomes for patients and hospital cost-cutting, bolster our confidence that J-Plasma® will be a major success for patients and Bovie 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, 2012.  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.boviemed.com.

BOVIE MEDICAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS PERIODS ENDED JUNE 30, 2013 AND 2012

(UNAUDITED)(in thousands except per share amounts)
(in thousands, except for per share amounts)

Three Months Ended
June 30,
Six Months Ended
June 30
,
2013
2012
2013
2012
Sales
$6,042
$7,440
$11,738
$14,173
Cost of sales
3,812
4,584
7,357
8,521
Gross Profit
2,230
2,856
4,381
5,652
Legal Award
1,041
1,041
Other costs and expenses
2,839
2,616
5,655
5,016
Income (loss) from operations
(1,650)
240
(2,315)
636
Other income (expenses):
          Change in fair value of
derivative liabilities, net
37
44
4
27
          Interest expense, net
(60)
(58)
(116)
(116)
Income (loss) before income taxes
(1,673)
226
(2,427)
547
Benefit (provision) for income taxes, net
554
(74)
898
(208)
Net Income (loss)
$(1,119)
$152
$(1,529)
$339
Earnings (loss) per share
Basic
$(0.06)
$0.01
$(0.09)
$0.02
   Diluted
$(0.06)
$0.01
$(0.09)
$0.02
Weighted average number of shares outstanding-basic
17,669
17,629
17,660
17,625
Weighted average number of shares Adjusted for dilutive securities
17,669
17,768
17,660
17,769

 

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

BOVIE MEDICAL CORPORATION’S ANNUAL MEETING OF SHAREHOLDERS SEES ROYCE T. ADKINS, M.D., REPORT FAVORABLY ON J-PLASMA®

 

Melville, New York, July 23, 2013- Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, today announced that Royce T. Adkins, M.D., a key opinion leader in Women’s Health and regularly listed as one of “America’s Top Obstetricians and Gynecologists” by Who’s Who Best Doctors in America, addressed Bovie’s Annual Meeting held on July 16, 2013 at 3:00 P.M.  Dr. Adkins shared his and other surgeons’ sentiments and conclusions on J-Plasma®.

Dr. Adkins stated, “In 25 years as a surgeon, I have not previously had the ability to use such a safe product that not only gives me precise tissue dissection with the ability to coagulate safely near delicate tissues and other vital structures.  Multiple colleagues have duplicated my experience and often say, ‘Why didn’t I think of this?’ Often in surgery, surgeons may have the opportunity to utilize new and revolutionary tools. Unfortunately, the majority of these innovations frequently come with the significant disadvantage of adding cost to an already overwhelmed healthcare system.  Compared to many of the tools surgeons previously have utilized, J-Plasma® outperforms many while providing an actual cost savings of several magnitudes to healthcare delivery systems who increasingly have either fixed or lower reimbursement for the majority of the care they provide our patients.”

He concluded, “The unique physical qualities of a helium based gas plasma, used in J-Plasma®, may now possibly give us even better results in multiple applications due to the “cooling effect” specifically on the tissue itself when compared to the heat produced by conventional electrosurgery and laser technology.”  “In other words, a cool drink of water will basically not lead to the same degree of potential thermal tissue damage as compared to a boiling cup of coffee!”

Results of shareholder voting can be found in the Company’s 8-K filing of July 17, 2013.

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, 2012.  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.boviemed.com.
For further information contact:

Bovie Medical Investor Relations and Shareholder Information

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

BOVIE MEDICAL CORPORATION REPORTS FIRST QUARTER RESULTS AND NEW PROGRESS ON J-PLASMA®

 

Melville, New York, May 15, 2013- Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the first quarter ended March 31, 2013.

For first quarter of fiscal 2013 ended March 31, 2013, the Company reported revenues of $5.70 million resulting in a net loss of $(409,000) or a $(0.02) loss per diluted share.  For the comparable period in the prior year sales totaled $6.73 million with net income of $187,000 or $0.01 per diluted share.

First quarter performance was negatively impacted by the completion of two large multi-year OEM contracts in 2012, a new medical device tax imposed under the Affordable Care Act of 2010, legal costs associated with on-going litigations together with increased costs associated with the development and marketing of the Company’s J-Plasma® technology.  The Company will continue to devote increased resources and efforts to J-Plasma®, while otherwise effecting a program to manage costs.  Currently, the Company is involved in discussions with several companies relating to possible design, development and manufacturing projects that could result in one or more OEM agreements.

Update on J-Plasma®
As previously reported, teaching courses for surgeons and sales representatives continue to generate strong surgeon interest from participants.  Courses have been scheduled monthly in both Las Vegas and Nashville through September of this year.  The location of these courses allows for surgeons in the eastern U.S. and western U.S. to have access to a teaching facility where they can increase their skills and knowledge of J-Plasma®.  Interest in J-Plasma® remains high and clinical outcomes have been impressive enough for surgeons to document their findings in papers.  There is a difficult process, however, to receiving hospital purchasing committee approval, in order to affect a sale, since hospitals require a two committee approach, of first giving consent to use the product on patients, followed by further approval from a purchasing committee.  This has contributed to delays in accomplishing our initial sales goals.  The delays are more extensive than in prior years and have impacted other companies as well.  The success of J-Plasma® surgeon evaluations portend that committee approvals should be forthcoming, resulting in future sales.

We were recently informed that a video and paper on J-Plasma® has been submitted by a prominent surgeon to one of the most prestigious GYN conferences in the world.  If accepted, J-Plasma® will be presented which should give J-Plasma® worldwide credibility.  In addition, several other papers are being developed by a GYN oncologist, a plastic surgeon and infertility surgeons including GYN surgeons.

J. Robert Saron, Bovie’s President stated, “With increased surgeon sentiment supporting the application of J-Plasma® in multiple surgical specialties, the Company is reviewing a program to enter new markets; thus, taking further advantage of J-Plasma’s® revenue potential.”

A prominent gynecological surgeon recently commented, “J-Plasma® replaces both the Argon Beam technology as well as the CO2 laser.”  He added that after using J-Plasma® for several months he believes that it has many uses in surgery for endometriosis, ovarian cystectomy and cystotomy, myomectomy, sacrocolpopexy, vulvar vaginal wart removal, deep pelvic surgery and dissection.

Another GYN-surgeon stated, “This is exactly what I’ve been looking for.  It fills the void between high energy, vessel sealing type devices and monopolar instruments.”

While management believes its first targeted GYN market is sizable, J-Plasma’s® potential applications in several surgical specialties could make Bovie a major player in electrosurgery.

An example in support of this premise for use in other surgical areas is a recent comment by a plastic surgeon who stated that J-Plasma® could be a “game changer” in plastic surgery.

Jeff Rencher, VP of Sales and Marketing of Surgical Products concluded: “Interest in J-Plasma® continues to grow nationally.  Currently, there are cases pending in Chicago, South Carolina and Portland, to name a few.  Furthermore, the teaching courses conducted by leading surgeons add to J-Plasma’s® growing acceptance and momentum.”

Additionally, we are receiving valuable input from surgeons resulting in ergonomic design modifications to the J-Plasma® hand piece, while incorporating system improvements which will benefit manufacturing processes and profit margins.

 

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, 2012.  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.boviemed.com.

BOVIE MEDICAL CORPORATION
Condensed Statements of Operations For the Three-month Period Ended March 2013 and 2012

(in thousands, except for per share amounts)

Three Months Ended
March 31
(Unaudited)
2013
2012
Revenues
$5,696
$6,733
Cost of Sales
3,545
3,937
Gross Profit
2,151
2,796
Cost & Expenses
2,816
2,400
Income (loss) from operations
(665)
396
Other income (expense)
Interest (net of expense)
(55)
(58)
          Change in fair value of
liabilities, net
(34)
(17)
Income (loss) before income taxes
(754)
321
Benefit (provision) for income taxes, net
345
(134)
Net Income
$(409)
$187
EPS Basic
0.02
(0.01)
   EPS Diluted
0.02
(0.01)
Weighted average shares Outstanding-Basic
17,650
17,622
Weighted average shares adjusted for dilutive securities
17,650
17,791

 

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

BOVIE MEDICAL CORPORATION ANNOUNCES FISCAL YEAR 2012 FINANCIAL RESULTS

LAUNCHES SUCCESSFUL J-Plasma® SURGEON COURSES

 

Melville, New York, April 1, 2013- Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the year ended December 31, 2012 and fourth quarter.

Revenues for the year ended December 31, 2012 increased 8.9% to $27.7 million versus $25.4 million for the comparable period the prior year. Net income for FY 2012 totaled $617,000 or $.03 per diluted share compared to $109,000 or $.01 diluted share in the same period last year. Higher sales resulted from increased general demand in all segments of Bovie’s business.

Revenues for the quarter ended December 31, 2012 were $6.8 million versus $6.2 million in the comparable period last year; resulting in net income of $285,000 or $.02 per diluted share after the effects of adjusting the quarterly tax provision and gain on the valuation of our warrant liability.  For the fourth quarter of FY 2011 the Company reported a loss of $(875,000) or $(.05) per diluted share, which included a recognized $1,591,000 expense for the transfer of inventory and intellectual property related to a legal settlement.

J-Plasma® News

On Monday, March 25 in Las Vegas, NV the Company completed the second in a series of surgical courses designed to introduce the J-Plasma® to surgeons, clinicians and sales representatives from across the U.S.  The first course was held in Nashville, TN on Thursday, March 21st.  Both went exceedingly well with excellent results.  The courses are given to optimize the surgeon’s experience, allowing the return to their respective practices and hospitals with a full comprehensive understanding of the J-Plasma® and its potential.  Judging from surgeon attendee responses it is expected that a high percentage of these surgeons will commit to the use of the J-Plasma®.

Royce T. Adkins, M.D., well-known researcher and gynecology surgeon, who lectured the Nashville surgical course, stated, “These courses allow surgeons from multiple disciplines to familiarize with J-Plasma®, hence becoming quickly proficient in a safe environment and, more importantly, provide a better patient outcome.”

Jeff Rencher, V.P. of Sales for Surgical Production, stated,  “Our representatives have done an outstanding job in introducing the J-Plasma® to significant parts of the U.S.  The high level of interest resulting from these courses clearly demonstrates J-Plasma’s™ broadening appeal.”

As previously reported in March 2011, the Company anticipates a developmental and manufacturing agreement with a large medical device company.  Due to modified specifications yet to be finalized, discussions continue to be ongoing. However, the Company is pleased with the progress being made and feels they are relatively close to concluding this agreement.
In recent news, the U.S. Patent and Trademark Office issued a notification that a patent will be issued for Bovies’ “Electrosurgical Device to Generate a Plasma Stream.”  The issue date is set for April 2, 2013.  Currently, there are five patents issued on the J-Plasma® and another six pending.

In other news, management is pleased to report that on February 21, 2013, Bovie Medical’s President and Chief Sales and Marketing Officer, J. Robert Saron was inducted into the Medical Distribution Hall of Fame in Atlanta, Georgia.  Mr. Saron is one of only three individuals in the medical device industry to have received the Industry Award of Distinction from the Health Industry Distributors Association, The Leonard Berke Achievement Award from the Healthcare Manufacturers Management Council, and to be inducted into the Medical Distribution Hall of Fame.

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, 2012.  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.boviemed.com.

BOVIE MEDICAL CORPORATION
Condensed Statements of Operations For the Three and twelve-month Periods

(in thousands, except for per share amounts)

Three Months Ended
December 31
(Unaudited)
Year Ended
December 31
2012
2011
2012
2011
Revenues
$6,827
$6,158
$27,671
$25,411
Cost of Sales
4,040
3,512
16,338
14,680
Gross Profit
2,787
2,646
11,333
10,731
Gain (loss) on legal settlement
750
Cost & Expenses
2,659
2,457
10,287
9,908
Legal Settlement
1,591
1,591
Income (loss) from operations
128
(1,402)
1,046
(18)
Other income (expense)
Interest (net of expense)
(58)
(96)
(232)
(237)
          Other Gain (loss)
128
106
20
287
Income (loss) before income taxes
198
(1,392)
834
32
Benefit (provision) for deferred income taxes
87
517
(217)
77
Net Income (loss)
$285
(875)
$617
$109
EPS (loss) Basic
0.02
(0.05)
$0.04
$0.01
   EPS (loss) Diluted
0.02
(0.05)
$0.03
$0.01
Weighted average shares Outstanding-Basic
17,638
17,614
17,631
17,597
Weighted average shares adjusted for dilutive securities
17,830
17,614
17,787
17,669

 

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

BOVIE MEDICAL CORP. CONTINUES TO RECEIVE POSITIVE RESPONSES FOR ITS J-Plasma® TECHNOLOGY Company
Continues to See Strong Sales Potential for J-Plasma®

Melville, New York, March 25, 2013 /PRNewswire via COMTEX/ — Bovie Medical Corporation (NYSE AMEX: BVX) (the “Company”) a manufacturer and marketer of electrosurgical products, is pleased to report that it continues to receive increasing numbers of highly favorable responses and praise for its J-Plasma® technology from leading surgeons and medical professionals.

J-Plasma®utilizes a gas ionization process producing a stable thin beam of ionized gas emitted from the J-Plasma® handpiece 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. Currently, there are five patents issued on J-Plasma® and another six pending.

To date, over 100 surgeries have been performed on procedures such as Myomectomy, Ovarian Cyst, Endometriosis, Bowel Resection, Adhesiolysis, Robotic Assisted Hysterectomy, Hernia, LAVH, Ectopic, Abdominoplasty, Anterior/Posterior Repair and Breast Augmentation by Gynecologist, General Surgeons, and Plastic Surgeons on patients during surgeries in hospital settings, as well as, Urologists in laboratory settings, with excellent results.

J-Plasma® continues to receive great support from influential surgeons across the country, further bolstering the positive results already achieved. While the Company is energetically pursuing the field of gynecological surgery, it anticipates entries into specialties such as oncology, dermatology, ENT and others, prompted by positive surgeon reactions in those specialties.

As indicated, leading surgeons have been generous in their praise of J-Plasma® and the Company is pleased to list some noteworthy comments by surgeons:

  • A well known surgeon in the Western U.S. suggested that, “J-Plasma® will be a household name by next year.”
  • A Tennessee gynecology surgeon commented, “You saved me 45 minutes and I honestly don’t think there is a product on the market that would do what I just did.”
  • A gynecology surgeon in Nevada stated, “J-Plasma® saved me at least an hour on this myomectomy.  It was much faster than what we usually use.”
  • A gynecology surgeon in Tampa: “You guys finally came up with something that all of us (surgeons) have been looking for… it solves a lot of problems in a safe affordable manner.”
  • A general surgeon in Nashville commented that, “I usually have a lot of fear when I activate an instrument near the bowel, but after using J-Plasma® for twenty minutes, that fear is gone.”
  • A gynecology surgeon in Pennsylvania offered, “This thing is great. It went through muscle, the uterus and ligaments without effort and with no charring.”

There are 20 hospitals permitting J-Plasma® usage on patients with 11 of those hospitals already giving approval for the purchase of J-Plasma®. The remaining 9 hospitals are in the evaluation process and purchasing approvals are expected to be granted in the coming months. In addition, there are another 30 in the committee process and we continue to add to this number weekly.

In order to affect a sale, hospitals require a two-committee approach of first giving consent to use the product on patients, followed by approval from a purchasing committee.  Although the process can be lengthy, the Company fully expects additional approvals to be forthcoming.  The Company estimates that the potential for increasing sales is evidenced by the number of surgeons who perform multiple procedures monthly.

Currently, 54 Bovie Medical sales reps blanket a substantial part of the U.S. and report strong interest in the J-Plasma®.  The Company continues to add and train representatives on a weekly basis and it is anticipated that the Company will eventually have 120 representatives throughout the U.S.

Company management believes that although sales to date are in their early stages, due to the lengthy committee approval and evaluation process, J-Plasma’s™ benefits, coupled with hospital purchasing committee approvals and continued surgeon exposure, should result in a medical success for Bovie Medical with a goal of potential sales in the tens of millions.

Additionally, leading surgeons in the West and Southeast are currently conducting teaching labs and courses for varied uses of J-Plasma® for both surgeons and sales representatives. Bovie will also be attending multiple conferences that specifically target minimally invasive surgeons, including conferences ACOG, SLS, and AAGL commencing in May and continuing for the rest of the year
.
Jeff Rencher, Vice President of Sales and Marketing, stated, “We are pleased and enthused with the overwhelming positive feedback we have received from well recognized and established surgeons who are now committed J-Plasma users.” He also stated, “We are very confident that our state-of-the-art technology has the capability to become a commonplace fixture in hospitals and outpatient surgery centers.”

About Bovie Medical Corp.
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 battery operated cauteries, vessel sealing instruments and high-powered generators for operating room use. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemed.com.

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.

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