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Bovie Medical Corporation Announces Third Quarter Financial Results

Stocks in this article: BVX

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, 2011.

Revenues for the quarter ended September 30, 2011 were $6.3 million versus $6.5 million for the comparable period last year, resulting in net income of $63,000 or $.00 per diluted share compared to net income of $9,000 or $.00 per share in the same period last year. The third quarter sales decrease was due to a reduction in electrosurgical orders to one of our OEM customers. The decrease in sales was partially offset by sales of a new medical lighting product line.

Revenues for the nine months ended September 30, 2011 increased 7% to $19.3 million versus $18.0 million for the comparable period last year. Net income was $984,000 or $.06 per diluted share compared to a net loss of $(166,000) or $(.01) per share in the same period last year.

J. Robert Saron, President and Chief Sales and Marketing officer, stated, “As we approach year-end, we are witnessing meaningful growth in several areas including government sales and our new line of lighting, as well as gaining positive traction in the veterinary market. In addition, International sales are continuing to trend upward. Bovie will be exhibiting at Medica the world’s largest medical meeting in Dusseldorf, Germany this week. We have also contracted for Arab Health in Dubai for January 2012, the largest medical trade show in the Middle East.”

Mr. Saron added, “We anticipate strong revenue growth in first quarter 2012 resulting in part from a large previously announced OEM order.”

The Company also reported continued progress on the J-Plasma™ FDA 510k application. Five beta sites have been identified for the initial introduction of the J-Plasma™ product line after FDA clearance to market has been granted.

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