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, 2010.
Revenues for the third quarter ended September 30, 2010 increased 2% to $6,501,163 versus $6,371,371 for the comparable period last year; resulting in net income of $4,236 or $0.00 per diluted share as compared to net loss of $(37,749) or $.00 per diluted share in the same period last year.
Revenues in the third quarter were positively impacted by an increase in sales of generators, electrodes and cauteries both domestically and internationally offsetting a reduction in the sale of OEM ablator deliveries.
Revenues for the nine months ended September 30, 2010 were $17,997,180 versus $20,420,272 for the comparable period last year; resulting in net loss of $(165,774) or $(0.01) per diluted share as compared to net income of $568,136 or $.03 per diluted share in the same period in the prior year.
Subsequent to the close of the third quarter, the Company received net cash proceeds of $633,000 for the sale of its old facility located at 7100 30
Avenue North, St. Petersburg, Florida.
Andrew Makrides, president of Bovie, stated, “With continued improvement in current electrosurgical sales, management is encouraged that, as 2011 approaches, future growth can be realized with the introduction of new product lines marketed by our increased number of independent sales reps, now totaling 37.”
NEW PRODUCT ACTIVITIES
The Company recently submitted a 510(k) application with the Food and Drug Administration (FDA) to market a new handpiece with retractable cutting features to be used in both laparoscopic and open procedures. On November 8, 2010 Bovie filed additional patents for its new J-Plasma™ handpiece.
Surgeons in diverse specialties are being engaged for testing and feedback for potential use in open and laparoscopic surgical applications for the J-Plasma™ system. We are also exploring possibilities that the J-Plasma™ technology could be useful in promoting wound healing, viral/bacterial mitigation and oncology applications.