Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the second quarter and six months ended June 30, 2012.
For the second quarter of fiscal 2012, ended June 30, 2012, revenues increased 8.8% to $7.44 million when compared to $6.84 million in the same period last year. Net income for the second quarter of fiscal 2012 was $152,000 or $.01 per diluted share versus $429,000 or $.02 per diluted in the second quarter of fiscal 2011.
For the six months ended June 30, 2012 revenues increased 9.1% to $14.17 million when compared to $12.99 million in the same period last year; resulting in a net income of $339,000 or $.02 per diluted share, versus $921,000 or $.05 per diluted in the first six months of fiscal 2011. The Company received a payment of $750,000 as part of a legal settlement agreement in the first six months of fiscal 2011.
In addition to the condensed statement of operations, which are presented in accordance with GAAP, we have included a pro-forma of income from operations for the six months ended June 30, 2011, which excludes the legal settlement gain from 2011 for comparative purposes.
Since last reporting on J-Plasma™, significant progress continues to be made. Jeff Rencher, Vice President of Sales and Marketing of Surgical Products stated, “Since introducing J-Plasma™ to surgeons approximately six weeks ago we have achieved three significant milestones. First and most importantly, the product performed as intended and each surgical procedure was completed successfully. Secondly, when compared to similar devices, we have proven the viability and superior performance of our device and technology in the targeted specialties of GYN, plastics and general surgery. Thirdly, we have gained acceptance from both surgeons who were familiar with plasma and those who were only recently introduced to the technology through Bovie's J-Plasma™. To date, we have completed 21 cases including: hysterectomies, adhesiolysis, hernia, breast augmentation and endometriosis, in which surgeons utilized J-Plasma™ on human patients in an operating room setting. Bovie remains focused on the GYN market with surgeons who have used the product indicating a clear preference for J-Plasma™ in lieu of those devices they previously used. As the Company further expands its market presence throughout the U.S., we will continue our evaluations in new areas of surgery and anticipate continued acceptance in future cases. Additionally, the product continues to be used successfully by veterinary surgeons in a variety of applications."