Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the third quarter and nine months ended September 30, 2012.
Revenues for the third quarter of fiscal 2012 ended September 30, 2012 increased 6.6% to $6.67 million when compared to $6.26 million in the same period last year. Net loss for the third quarter of fiscal 2012 was $(7,000) or $.00 per diluted share versus net income of $63,000 or $.00 per diluted in the third quarter of fiscal 2011.
For the nine months ended September 30, 2012, revenues increased 8.3% to $20.84 million when compared to $19.25 million in the same period last year. Net income for the first nine months of 2012 was $331,000 or $.02 per diluted share versus $984,000 or $.06 per diluted in the first nine months of fiscal 2011, which included the receipt of a one-time payment of $750,000 as part of a legal settlement agreement in the first nine months of fiscal 2011.
Third quarter revenues were positively impacted by increased electrosurgical generator sales both domestically and internationally as well as increased medical lighting sales compared to the previous year. Gross profit margin increased 1.7% during the quarter mainly attributable to increased sales of higher margin products.
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 nine months ended September 30, 2011, which excludes the legal settlement gain from 2011 for comparative purposes.
The Company continues to make progress with the marketing of J-Plasma™. Training of independent sales representatives covering over half of the United States has been completed with additional representatives having been identified for the remainder of the country.