Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the first quarter ended March 31, 2010.
Revenues for the quarter ended March 31, 2010 totaled $5,599,107 versus $7,217,324 for the comparable period last year; resulting in net loss of $(225,774) or $(0.01) per diluted share as compared to net income of $403,266 or $.02 per diluted share in the same period in the prior year. While OEM business declined and is difficult to predict, the Company anticipates an improvement in non-OEM and new product sales.
The Company also announced today that it has retained Growthink Securities, Inc. to assist Bovie as its strategic consulting, business planning and financial advisor in connection with developing various sales and marketing strategies, any potential financing and/or sale transaction, related to one or more of Bovie’s medical device product lines. Growthink services include strategic business planning consulting, investment banking, market research, feasibility studies and private equity investing.
NEW PRODUCT ACTIVITIES
Andrew Makrides, president of Bovie, stated, “While management is disappointed in the first quarter’s results, we continue to work to improve the Company’s bottom line by cutting costs and increasing efficiencies. The Company remains optimistic regarding its future prospects and its new proprietary products targeted towards the higher margin hospital, surgi-centers and specialty markets. Recent progress with our Sintered Steel technology highlighted by FDA clearance of the soon to be launched BOSS™ device, adds to our optimism. Pre-clinical testing for the Seal-N-Cut™ vessel sealing instrument line has been scheduled to collect data for a 501k submission, while plans for marketing the product are moving forward. J-Plasma, a product with multi-market potential, is advancing toward market availability during 2010.
We understand shareholder impatience and frustration with perceived delays in new product introductions into the marketplace. However, the lengthy process of developing new technologies into new products is often the result of regulatory hurdles that must be overcome. Additionally, our recent $3.0 million private placement will be directed at marketing our new products, while not precluding a large company collaboration.”