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|