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Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the fourth quarter and year ended December 31, 2010.
Revenues for the fourth quarter ended December 31, 2010 were approximately $6.2 million versus an approximate $6.5 million for the comparable period last year. During the fourth quarter of 2010, we recognized a non-recurring impairment loss of approximately $1.3 million; resulting in a net loss of approximately $(1,369,000) or $(0.08) per share as compared to net income of approximately $27,000 or $.00 per diluted share in the same period last year. The aforementioned impairment loss was the result of our annual evaluation of the future outlook of our patent related to our SEER product line, after which we determined that the asset value was fully impaired; we further calculated the impairment loss to be approximately $1.3 million.
Revenues for the year ended December 31 were approximately $24.2 million versus an approximate $26.9 million for the comparable period last year; resulting in an approximate net loss of $(1,535,000) or $(0.09) per share as compared to an approximate net income of $595,000 or $.03 per diluted share in the same period in the prior year. The decrease in revenues for the year was primarily due to a decline in OEM sales of approximately $3.6 million. The decrease in sales was partially offset by increased domestic and international electrosurgical generators and cauteries sales; with international sales spiking to a record exceeding $5 million. Net loss includes non-recurring expenses of approximately $1.3 million relating to asset impairment, a $300,000 loss on the sale of our St. Petersburg, Florida property and $100,000 on the closing of the Canadian facility. In addition, there were increased professional and consulting fees totaling $145,000.
Andrew Makrides, chief executive officer of Bovie Medical, stated, “The Company continues to place great effort and resources into the development of J-Plasma having submitted a 510k application to the FDA for a new handpiece with retractable cutting features used in both laparoscopic and open procedures. Since the outset of the current fiscal year, surgeons in diverse specialties have evaluated J-Plasma and the feedback received is most encouraging. While awaiting 510k clearance, J-Plasma developmental progress has far exceeded our expectations and management is convinced that its market potential will be the prime engine of Bovie’s future growth.”