Second graph of release should read: ... resulting in net income of $55,763 or $0.00 per diluted share as compared to net income of $206,672 or $.01 per diluted share in the same period last year (sted ... resulting in net income of $34,063 or $0.00 per diluted share ...).

The corrected release reads:

BOVIE MEDICAL CORPORATION ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the second quarter and six months ended June 30, 2010.

Revenues for the second quarter ended June 30, 2010 totaled $5,896,909 versus $6,831,578 for the comparable period last year; resulting in net income of $55,763 or $0.00 per diluted share as compared to net income of $206,672 or $.01 per diluted share in the same period last year.

Revenues continued to be affected by a decline in OEM ablator business although somewhat offset by increased international and disposable sales. Net income was impacted by costs associated with the closing of the Company’s Canadian facility, new employees, increased professional services and higher expenses related to the development of new products. The Company recorded a gain of approximately $617,165 primarily resulting from the change in value of the warrant liability related to its private placement in April 2010.

Revenues for the six months ended June 30, 2010 were $11,496,016 versus $14,048,901 for the comparable period last year; resulting in net loss of $(170,010) or $(0.01) per diluted share as compared to net income of $605,885 or $.03 per diluted share in the same period in the prior year.

Andrew Makrides, president of Bovie, stated, “During the second quarter significant progress was made in the development of our new products and technologies. We remain focused on bringing these new products to market as quickly as possible. We are encouraged with the progress being made on the J-Plasma™ technology and anticipate a new 510(k) application and patent filings, based on enhancements to our J-Plasma™ system. Marketing clearance was previously granted for its use in general surgery.

NEW PRODUCT ACTIVITIES

Sintered Steel

The Company timely filed its Answer, Affirmative Defenses and Counterclaims on Monday, August 2, 2010. The case is expected to proceed to discovery according to the judge’s case management order. Meanwhile, the Company is evaluating its best course of action in the litigation while continuing to refine and execute its plans for development, manufacture and sales of its sintered steel products. Bovie continues to move forward with its BOSS™ product line primarily targeting 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 continues to progress with the testing necessary to complete the 510(k) submission process. Bipolar vessel sealing and coagulation is one of the fastest growing markets in electrosurgery, estimated to exceed $1.0 billion in revenues worldwide.

J-Plasma™

Surgeons in diverse specialties are being engaged for testing and feedback for potential use in open and laparoscopic surgical applications for the J-Plasma™ system. We are also exploring possibilities that the J-Plasma™ technology could be useful in promoting wound healing, viral/bacterial mitigation and oncology applications. Management anticipates that J-Plasma™ systems will be commercially available this calendar year.

Coated Blades & Disposable Laparoscopic Instruments

The Resistick II™ and Bovie® branded coated blades have been well received and are currently being sold through distributors and 18 independent sales reps. Initial and follow up orders have exceeded our forecasts.

A new line of disposable laparoscopic instruments are scheduled for introduction in the fourth quarter through the recently developed independent sales rep channel. The new laparoscopic instruments will be used during surgeries that traditionally required a disposable scissor or other jaw-type instrument. The Bovie instrument incorporates previously developed components creating a reusable quality instrument at a disposable price.

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.

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 AND SIX-MONTH PERIODS ENDED JUNE 30, 2010 AND 2009

(unaudited)
   

 
           

 
     
 

Three Months Ended

June 30,

Six Months Ended

June 30,
 

2010

2009

2010

2009
 
Revenues $5,896,909 $6,831,578 $11,496,016 $14,048,901
Cost of sales $3,580,522 $3,850,436 $ 6,894,845 $ 7,747,945
 
Gross profit $2,316,387 $2,981,142 $4,601,171 $6,300,956
 
Total other costs & expenses $3,107,693 $2,705,328 $5,724,656 $5,486,538
Income (loss) from
operations $(791,306) $275,814 $(1,123,485) $814,418
 
Change in fair value of
liabilities, net $617,165 -- $617,165 --
 
Interest (expense) income,
net (67,412) (11,220) (111,006) 56,389
 
Income (loss) before income
taxes $(241,553) $264,594 $(617,326) $870,807
 
Benefit (provision) for
income taxes $297,316 $(57,922) $447,316 $(264,922)
 
Net (loss) income $55,763 $206,672 $(170,010) $605,885
 
Earnings per share
Basic -- 0.01 (0.01) 0.04
Diluted -- 0.01 (0.01) 0.03
 
Weighted average number of
shares outstanding 17,377,482 16,879,182 17,171,192 16,866,160
 
Weighted average number of
shares outstanding adjusted
for dilutive securities 17,874,472 17,818,101 17,171,192 17,762,124

Copyright Business Wire 2010

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