Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the third quarter and nine months ended September 30, 2010. Revenues for the third quarter ended September 30, 2010 increased 2% to $6,501,163 versus $6,371,371 for the comparable period last year; resulting in net income of $4,236 or $0.00 per diluted share as compared to net loss of $(37,749) or $.00 per diluted share in the same period last year. Revenues in the third quarter were positively impacted by an increase in sales of generators, electrodes and cauteries both domestically and internationally offsetting a reduction in the sale of OEM ablator deliveries. Revenues for the nine months ended September 30, 2010 were $17,997,180 versus $20,420,272 for the comparable period last year; resulting in net loss of $(165,774) or $(0.01) per diluted share as compared to net income of $568,136 or $.03 per diluted share in the same period in the prior year. Subsequent to the close of the third quarter, the Company received net cash proceeds of $633,000 for the sale of its old facility located at 7100 30 th Avenue North, St. Petersburg, Florida. Andrew Makrides, president of Bovie, stated, “With continued improvement in current electrosurgical sales, management is encouraged that, as 2011 approaches, future growth can be realized with the introduction of new product lines marketed by our increased number of independent sales reps, now totaling 37.” NEW PRODUCT ACTIVITIES J-Plasma™ The Company recently submitted a 510(k) application with the Food and Drug Administration (FDA) to market a new handpiece with retractable cutting features to be used in both laparoscopic and open procedures. On November 8, 2010 Bovie filed additional patents for its new J-Plasma™ handpiece. 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.
Coated Blades & Disposable Laparoscopic InstrumentsThe Resistick II™ and Bovie® branded coated blades have been well received and are currently being sold through an increasing number of distributors and independent sales reps. Initial and follow up orders continue to exceed our initial forecasts. A new line of disposable laparoscopic instruments are now scheduled for first quarter 2011 launch and will be sold through the recently developed independent sales rep channel. The 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. Sintered Steel As previously reported, the Company timely filed its Answer, Affirmative Defenses and Counterclaims on August 2, 2010 to a June 10, 2010 action commenced by Salient Surgical Technologies, Inc. and Medtronic claiming patent infringement by Bovie’s SEER fluid assisted device. Vessel Sealing The Company continues necessary preparatory testing in order to complete the 510(k) submission process. 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 NINE-MONTH PERIODS|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Cost of sales||$||3,797,451||$||3,611,482||$||10,692,297||$||11,359,427|
|Total costs & expenses||$||2,818,821||$||2,870,380||$||8,543,477||$||8,356,918|
|Income (loss) from operations||$||(115,109||)||$||(110,491||)||$||(1,238,594||)||$||703,927|
|Change in fair value of liabilities||$||182,137||--||$||799,302||--|
|Interest (expense) income, net||$||(57,929||)||$||(55,013||)||$||(168,935||)||$||1,376|
|Income (loss) before income taxes||$||9,099||$||(165,504||)||$||(608,227||)||$||705,303|
|Benefit (provision) for income taxes||$||4,863||$||127,755||$||442,453||$||(137,167||)|
|Net Income (loss)||$||4,236||$||(37,749||)||$||(165,774||)||$||568,136|
|EPS (loss) Basic||--||--||(0.01||)||.03|
|EPS (loss) Diluted||--||--||(0.01||)||.03|
|Weighted average number of shares outstanding||17,557,352||16,912,402||17,301,326||16,881,743|
|Weighted average number of shares outstanding adjusted for dilutive securities||17,755,765||16,912,402||17,301,326||17,809,845|