Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the first quarter ended March 31, 2012.
For the first quarter of fiscal 2012, ended March 31, 2012 revenues increased 9.4% to $6.73 million when compared to $6.15 in the same period last year. Net income for the current year first quarter was $321,000 or $.01 per diluted share versus $674,000 or $.03 per diluted in the first three months of fiscal 2011.
In addition to the condensed statement of operations in accordance with GAAP, we have included a pro-forma of income (loss) from operations, which excludes the one-time legal settlement gain from the first quarter of 2011. This resulted in our pro-forma income (loss) from operations improving by approximately $561,000 over the prior period.
During the first three months of 2012, Bovie experienced increases in sales across all product lines and this trend has continued into the second quarter.J-PLASMA™ Jeff Rencher, Vice President of Sales and Marketing of Surgical Products, spearheading the launch of J-Plasma™, commented, “As Bovie prepares the near term delivery of J-Plasma™ units to university/hospital beta sites, we are both assured and encouraged by its performance as reported by Matt G. Oakes, DVM, Diplomat, American College of Veterinary Surgeons, Tampa Bay Veterinary Specialists.” Dr. Oakes stated, “Tampa Bay Veterinary Surgery has been excited to try out the new technology behind the J-Plasma™ unit brought to us by Bovie. We have found the cutting mode with the extended blade to work extremely well for skin incisions in dogs. The skin cuts with no resistance, no visible incisional edge char, and minimal smoke or odor. Recheck of our initial cases at 2 weeks showed excellent healing without crusting of the incision line that is typical of those incised with traditional electrocautery. The J-Plasma™ beam is useful for coagulation of small vessels and we are continuing to try varied settings to optimize this function. We are looking forward to trying J-Plasma™ for other applications such as oral and soft palate surgery, liver hemostasis, and tumor bed treatment.”