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Bovie Medical Corporation Announces Second Quarter Financial Results

Second graph of release should read: ... resulting in net income of $55,763 or $0.00 per diluted share as compared to net income of $206,672 or $.01 per diluted share in the same period last year (sted ... resulting in net income of $34,063 or $0.00 per diluted share ...).

The corrected release reads:


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, 2010.

Revenues for the second quarter ended June 30, 2010 totaled $5,896,909 versus $6,831,578 for the comparable period last year; resulting in net income of $55,763 or $0.00 per diluted share as compared to net income of $206,672 or $.01 per diluted share in the same period last year.

Revenues continued to be affected by a decline in OEM ablator business although somewhat offset by increased international and disposable sales. Net income was impacted by costs associated with the closing of the Company’s Canadian facility, new employees, increased professional services and higher expenses related to the development of new products. The Company recorded a gain of approximately $617,165 primarily resulting from the change in value of the warrant liability related to its private placement in April 2010.

Revenues for the six months ended June 30, 2010 were $11,496,016 versus $14,048,901 for the comparable period last year; resulting in net loss of $(170,010) or $(0.01) per diluted share as compared to net income of $605,885 or $.03 per diluted share in the same period in the prior year.

Andrew Makrides, president of Bovie, stated, “During the second quarter significant progress was made in the development of our new products and technologies. We remain focused on bringing these new products to market as quickly as possible. We are encouraged with the progress being made on the J-Plasma™ technology and anticipate a new 510(k) application and patent filings, based on enhancements to our J-Plasma™ system. Marketing clearance was previously granted for its use in general surgery.

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