Commenting on the Growthink relationship, Mr. Makrides added, “Growthink has the expertise and relationships within the medical device industry that can enhance our new product development and revenues with the ultimate goal of increased shareholder value.”Sintered Steel The proprietary Sintered Steel technology is a stainless steel sponge that allows saline to flow through it in conjunction with radiofrequency energy creating a stick-resistant coagulation effect minimizing bleeding during surgery. Bovie’s first commercialized sintered device, SEER™ is a single-use monopolar electrosurgical electrode used for dissection and coagulation of soft tissue. Bovie received a 510k marketing clearance for BOSS™, a bipolar sintered steel electrocautery device in late March of this year and has commenced marketing of the product. The BOSS™ device will be primarily targeted to orthopedic surgeons performing hip and knee arthroplasty procedures; a market comprised of approximately 1.1 million procedures performed in the US annually. The estimated worldwide market for the sintered steel technology is in excess of $500 million. Vessel Sealing The Company recently received 510(k) clearance to market its ICON™ VS generator designed to perform vessel sealing procedures, while providing both monopolar and bipolar energy options to the surgeon. The clearance of the ICON™ VS generator allows the Company to complete testing required for a 510(k) Seal-N-Cut™ instrument submission. Bipolar vessel sealing and coagulation is one of the fastest growing markets in electrosurgery, estimated to exceed $1 billion in revenues worldwide. J-Plasma™ The manufacturing and development of multiple units has commenced with the goal of distributing to physicians and surgeons in various specialties. We are studying the possibilities of our plasma technology being useful in promoting wound healing, viral eradication and oncologic applications. Bovie anticipates J-Plasma™ systems will be available for sale this fiscal year. In other news, the Company announced it will be attending the Jefferies 2010 Global Life Sciences Conference to be held at The Grand Hyatt in New York City on June 8-11, 2010. Bovie’s presentation will be Friday, June 11 th from 2:15PM-2:45PM. Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.About Growthink, Inc. Growthink is an integrated investment banking, strategy consulting, and venture investing firm. Founded in 1999, Growthink has worked with more than 2,000 clients, including start-ups, small and medium-sized businesses, venture capital firms, Fortune 1,000 companies, and other organizations. GT Securities, the firm's subsidiary, provides one-of-a-kind investment banking services, a platform that combines hands-on management support, business sector experience, and transactional expertise. Growthink specializes in medical device and healthcare technology engagements. For more information about Growthink, please refer to the Company’s website. www.growthink.com For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.
|BOVIE MEDICAL CORPORATION|
|CONDENSED STATEMENTS OF OPERATIONS|
|FOR THE THREE MONTH PERIOD|
|Three Months EndedMarch 31,|
|Cost of sales||$||3,314,324||$||3,897,510|
|Total costs & expenses||$||2,616,963||$||2,777,156|
|Income (Loss) from operations||$||(332,180||)||$||542,658|
|Interest (Expense) income, net||$||(43,594||)||$||67,608|
|Income (Loss) before income taxes||$||(375,774||)||$||610,266|
|Total benefit (Provision) for income taxes-net||$||150,000||$||(207,000||)|
|Net Income (Loss)||$||(225,774||)||$||403,266|
|Earnings (Loss) per common share|
|Weighted average number of shares outstanding||16,962,610||16,852,994|
|Weighted average number of shares outstanding adjusted for dilutive securities-*no dilutive shares||16,962,610*||17,777,738|