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Melville, New York, August 13, 2008 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced second quarter and six month results for the period ended June 30, 2008.

Second quarter revenues were $6,985,312 compared to $7,439,380 recorded in the same period of 2007. *Net income was $1,430,220 or $.08 per diluted share versus net income of $1,067,991 or $.06 per diluted share in the prior year. Revenues were impacted by a decline in OEM business; however based on orders received, the Company anticipates an increase in OEM business for the remainder of the year. Gross profit margin increased to 41.5% due to improved product mix relating to higher sales of products other than OEM. Research & Development costs rose 34% in the second quarter as a result of several products under development.

Six month revenues were $13,662,879 compared to $14,142,243 reported during the first six months of 2007. *Net income totaled $1,620,664 or $.09 per diluted share versus net income of $1,648,177 or $.09 per diluted share comparable period last year. The OEM sales decline was partially offset by a 29% increase in international sales in the first six months of 2008. This trend is expected to continue for the year.

*The Company realized other income totaling $1,504,580, which included $1,495,634 in the second quarter for acquiring intellectual property in a non-monetary exchange from a contract settlement as well as $8,946 interest income.

New Products Update:

• FDA clearance and CE Mark to market MEG line of instruments in U.S. and abroad.
• Initiated marketing of Canady Argon Plasma probes.
• Submitted 510(k) application for ICON GP generator to be used in general surgery and in conjunction with the Company’s Polarian vessel sealing instruments currently being developed.
• Made significant advances in the development of the SEER resection technology, for initial uses in liver surgery, to be followed by applications in additional surgical procedures characterized by attractive markets and margins.
• Advances continue to be made in the ICON GS Plasma generator with plans for a 510(k) submission in the near future.
  

Andrew Makrides, president of Bovie, stated, “During the second quarter, Bovie made progress in the development of our new products highlighted by the acquisition of the SEER tissue resection device. The second half of 2008 will feature product development and new sales in the U.S. and abroad.”

In other news, the Company has secured a commitment for a $5.0 million line of credit from RBC Centura Bank. This new revolving line of credit will replace the prior $1.5 million unused credit line with Bank of America.

Gary Pickett, CFO of Bovie, commented that the Company considers this new banking relationship as another milestone. RBC Centura shares our vision in the future and the significant opportunities available to our Company.

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

BOVIE MEDICAL CORPORATION CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX-MONTH PERIODS
	Three Months Ending June 30th		Three Months Ending December 31th (Unaudited)
	2008	2007	2008	2007
Revenues	$6,985,312	$7,439,380	$13,662,879	$14,142,243
Cost of Sales	$4,084,859	$4,401,413	$ 8,176,501	$ 8,599,192
Gross Profit	$2,900,453	$3,037,967	$5,486,378	$5,543,051
Cost & Expense	$2,655,011	$2,457,299	$4,951,983	$4,566,583
Gain (Loss) from Operations	$245,442	$580,668	$534,395	$976,468
Interest, Net	8,946	$33,649	30,673	$72,236
Gain on Cancellation of Agreement	1,495,634	-	1,495,634	-
Net Income (loss) Before Minority Interest and Income Taxes	$1,750,02	$614,317	$2,060,702	$1,048,704
Benefit (provision) for Income Taxes	$(319,802)	$(232,049	$(440,038)	$(421,146)
Net Income (loss) EPS (loss) Basic EPS (loss) Diluted	$1,430,220 .09 .08	$1,067,991 .07 .06	$1,620,664 .10 .09	$1,648,177 .11 .09
Weighted Average Shares Outstanding	16,002,841	15,346,673	15,962,852	15,317,816
Weighted Average Shares Adjusted for Dilutive Securities	17,803,069	17,752,431	17,708,156	17,781,383

 

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Melville, New York, August 5, 2008 - Bovie Medical Corporation (the "Company") (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that the Food & Drug Administration has cleared its Modular Ergonomic Instruments (MEG Laparoscopic line), allowing the MEG line to be marketed and sold throughout the United States. The patent-pending modular forceps and accessories are designed to provide surgeons added comfort while reducing per-procedure costs through the reduction of inventory and obsolescence. The proprietary instruments offer a simpler assembly process for laparoscopic procedures. The MEG line is directed towards the laparoscopic market with estimated worldwide sales exceeding $425 million.

In other news, the Company recently filed a 510(k) application with the FDA for its ICON GP generator. The ICON GP will be used as a stand-alone advanced general purpose generator as well as in conjunction with the Company’s Polarian vessel sealing instruments currently under development.

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

 
Melville, New York, June 3, 2008 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced it recently launched the marketing of the Canady Argon Plasma Coagulation (APC) probes at the Digestive Disease Week (DDW) convention held in San Diego, CA. The DDW is the largest convention for gastroenterologists in the United States. Under a manufacturing and distribution agreement with Canady Technology signed last year, Bovie has been developing argon plasma probes for Canady Technology. The agreement allows Bovie to manufacture and distribute these Canady branded products through their GI distributors. The new probes incorporate several competitive advantages including price, a tip that prevents melting during prolonged use as well as several lengths and sizes in order to adapt to various procedures.

Bovie also announced it has submitted to the Food & Drug Administration (FDA) a 510(k) application for its Modular Ergonomic Instrument line (MEG line). The Company recently announced a CE Mark with the European Union (EU) allowing the MEG line to be marketed throughout the EU.

Management’s focus over the next several months will be to introduce new products into the marketplace; thus, expanding the Company’s future revenue sources.

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

 
Melville, New York, May 14, 2008 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced first quarter results for the period ended March 31, 2008.

First quarter revenues were $6,677,567 compared to $6,705,175 reported in the first quarter of 2007. Net income was $190,444 or $.01 per diluted share versus net income of $580,187 or $.03 per diluted share in the prior year. Revenues and net income in the first three months of the current fiscal year were impacted by a decline in OEM business and costs associated with the establishment of a European distribution network for the MEG laparoscopic line of instruments. The recently announced CE Mark allows the MEG to be marketed throughout the European Union. International sales increased 44% to a record $1.44 million versus $999,000 in the same period last year, which helped offset the decline in OEM business.

Andrew Makrides, president of Bovie, stated, “The costs associated with transforming Bovie from a company highly dependent on OEM customers to a proprietary product and sales company may impact short term results, as first quarter financials indicate. However, with the continued advancements in the development of Bovie’s MEG and Polarian hand held instruments, coupled with the recently acquired tissue resection technology from Boston Scientific Corporation, management remains optimistic that these products could significantly impact future revenues.”

Mr. Makrides added, “After a period of new product development, we have entered a new phase for Bovie Medical. Over the course of the next several months, we anticipate submitting several new products to the FDA, including our MEG laparoscopic line of instruments, an oncology tissue resection device, the Polarian vessel sealing instrument and generator and our ICON GS Plasma (J-Plasma) generator. The potential niche markets for these products are significantly larger than markets the Company currently serves.”

As the Company progresses towards its goal of becoming a dynamic, strong growth and high margin oriented company known for its proprietary technologies, management believes this will create long term increased shareholder value.

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

 
Melville, New York, May 5, 2008 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced a CE Mark for its Modular Ergonomic Instruments (MEG laparoscopic line), allowing the MEG Laparoscopic line to be marketed throughout the European Union. The patent-pending modular forceps and accessories are designed to provide surgeons added comfort while reducing per-procedure costs through the reduction of inventory and obsolescence. The proprietary instruments offer a simpler assembly process for laparoscopic procedures. The MEG Laparoscopic line is directed towards the laparoscopic market with estimated worldwide size exceeding $425 million. The Company anticipates shipments of the instrument line to commence during the second quarter of 2008. Mr. Johan Segers of Antwerp, Belgium, was appointed Bovie’s Director of Sales and Marketing for Europe and the Middle East. Mr. Segers has a Masters Degree in Health Care Sciences from the University of Brussels and has over 25 years of successful distribution experience with US, Israeli and European medical companies. Mr. Segers is in the process of recruiting and training a network of talented distributors throughout the EU and Middle East markets as well as retaining key surgeon opinion leaders for the MEG Laparoscopic line of instruments as well as other Bovie products. Andrew Makrides, president of Bovie Medical, stated, “The CE Mark confirms compliance with essential requirements of the European Medical Devices Directive and represents a product development milestone for our company. We look to build on this success with additional new products coming to market in the near future.” This document may contain some forward looking statements, particularly regarding operational prospects in 2008 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com "
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2008 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.
 

 
Melville, New York, May 1, 2008 - Bovie Medical Corporation (the "Company") (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced it has signed an agreement with Boston Scientific Corporation (NYSE: BSX) to acquire technology, patents, and assets related to the use of conductive sintered steel as an electrode for radio frequency (RF) cutting and coagulation, intended to lower blood loss, quicken procedure times and provide cost savings for hospitals.  Potential fields of therapy for the technology acquired include liver, pancreatic and kidney tumor therapies along with orthopedic and blood vessel sealing.  The process involves delivery of RF current and sterile saline for resection, hemostatic sealing and coagulation in open and laparoscopic surgery. The worldwide market size for the liver and orthopedic market is expected to total $500 million in 2009.
 
This agreement replaces a previously signed distribution and marketing agreement between the Companies for the technology’s use in Boston Scientifics’ oncology business. The original development and manufacturing agreement signed in 2007 required Bovie to develop and manufacture certain products using Boston Scientifics’ intellectual property. Bovie intends to finalize the development and commercialization of the technology. As part of the agreement, Bovie granted a license to Boston Scientific limited until 2016 to uses outside of those fields listed above.
 
Andrew Makrides, president of Bovie Medical Corporation commented, "This agreement further enhances Bovie’s intellectual property portfolio, while creating new significant market opportunities for the Company. Adding strength to Bovie’s new product line, Mr. Bob Rioux, who was at the forefront of the Boston Scientific tissue resection program, is joining Bovie as Vice President of Advanced Resection Technologies. Mr. Rioux’s combination of technical and marketing skills makes him ideally suited to commercialize these new products."
 
Mr. Makrides concluded, "With the expected launch of the MEG line in Europe, management’s goal of transforming Bovie into a leading technology medical device company has commenced. While these initiatives may, in the short term, impact our bottom line, management believes we are building a solid foundation for increasing shareholder value."
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2008 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.
 

 
Melville, April 14, 2008 - Bovie Medical Corporation (the "Company") (Amex: BVX), a manufacturer and marketer of electrosurgical products, reported that it named Steve Livneh and Steve MacLaren to serve on the Company's Board of Directors effective April 8, 2008.
 
Steve Livneh became President of Bovie Canada in October 2006 following the asset purchase of certain intellectual properties by Bovie from LICAN Development of Ontario, Canada. Mr. Livneh is a mechanical engineer and inventor and has developed and manufactured varied products, including aerial munitions, consumer goods, irrigation and hydraulic devices and guidance systems. During the past several years he has been engaged in developing endoscopic electrosurgery instruments, targeting the general surgery, gynecology, urology and thoracic surgery markets. Mr. Livneh has also been appointed to be Chief Technology Officer of Bovie Medical Corporation, effective April 8, 2008.
 
Steven MacLaren holds a BSBA degree in accounting from Ohio State University. He is currently the principal owner of Ronin Business Consulting which he started in 2004 and has provided consulting services for Bovie Medical since August 2005. Previous to this he served as the CFO and a technical currency trader of Capital Management Group, LLC, an investment company located in Naples, FL. Mr. MacLaren has a history with the company as he served as Bovie Medical’s Controller from 1996 through 2001. He has extensive knowledge in technical analysis techniques and trading systems applied in both U.S. equity and foreign currency markets. In addition, Mr. MacLaren has previous public accounting and business ownership experience.
 
Andrew Makrides, president of Bovie Medical, stated, "We are extremely pleased to welcome Messers. Livneh and MacLaren to our board. I am confident that their individual professionalism, experience and personal integrity will enable them to contribute meaningfully to our strong commitment to serve Bovie shareholders."
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2008 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.
 

BOVIE MEDICAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006 AND FOR THE YEAR ENDED DECEMBER 31, 2007 AND 2006
	Twelve Months Ending December 31th (Audited)		Three Months Ending December 31th (Unaudited)
	2007	2006	2007	2006
Total Revenues	$28,779,157	$26,676,182	$7,177,095	$6,924,930
Cost of Sales	$17,463,644	$16,075,426	$4,520,743	$4,332,303
Gross Profit	$11,315,513	$10,600,756	$2,656,352	$2,592,627
Total Net Earnings	$2,400,591	$2,683,206	$280,778	$423,307
Earnings Per Share Diluted	$0.14	$0.16	$0.02	$0.02
Weighted number of diluted shares outstanding	17,684,705	16,909,103	17,773,579	17,696,226

 

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