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, 2011.
Revenues for the year ended December 31, 2011 increased 4.9% to $25.4 million versus $24.2 million for the comparable period the prior year. Net income for FY 2011 totaled $109,000 or $.01 per diluted share compared to a net loss of $(1,535,000) or $(.09) per share in the same period last year. Higher sales resulted from increased demand for Bovie’s electrosurgical generators both domestically and internationally. Newly introduced product lines in medical lighting systems and coated blades also contributed to the revenue increase.
In addition to the condensed statement of operations in accordance with GAAP, we have included a pro-forma of income (loss) from operations excluding the effect of legal settlements in 2011 and the asset impairment in 2010, income (loss) from operations improved to approximately $823,000 and $(1,466,000) in 2011 and 2010 respectively.
Revenues for the quarter ended December 31, 2011 were $6.1 million versus $6.2 million in the same period last year; resulting in net loss of $(876,000) or $(.05) per diluted share compared to net loss of $(1,369,000) or $(.08) per share in the same period last year. In the fourth quarter of fiscal 2011, the Company recognized a $1,591,000 expense for the transfer of inventory and intellectual property related to a legal settlement.
In other developments, the Company announced today that it has signed several interim and related product development agreements with a major multi-national medical device company in anticipation of a final developmental and manufacturing agreement expected to be completed in the second quarter this year.
The Company’s current balance sheet remains strong and management is encouraged by increased first quarter sales, which point to positive sales momentum. Additionally, progress continues on J-Plasma™ following the previously announced FDA 510K clearance to market.