Bovie Medical Corporation Reports Results For Three And Six-Months Ended June 30, 2012: J-Plasma™ Achieves Key Milestones

Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the second quarter and six months ended June 30, 2012.

For the second quarter of fiscal 2012, ended June 30, 2012, revenues increased 8.8% to $7.44 million when compared to $6.84 million in the same period last year. Net income for the second quarter of fiscal 2012 was $152,000 or $.01 per diluted share versus $429,000 or $.02 per diluted in the second quarter of fiscal 2011.

For the six months ended June 30, 2012 revenues increased 9.1% to $14.17 million when compared to $12.99 million in the same period last year; resulting in a net income of $339,000 or $.02 per diluted share, versus $921,000 or $.05 per diluted in the first six months of fiscal 2011. The Company received a payment of $750,000 as part of a legal settlement agreement in the first six months of fiscal 2011.

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 six months ended June 30, 2011, which excludes the legal settlement gain from 2011 for comparative purposes.

J-Plasma™ Update

Since last reporting on J-Plasma™, significant progress continues to be made. Jeff Rencher, Vice President of Sales and Marketing of Surgical Products stated, “Since introducing J-Plasma™ to surgeons approximately six weeks ago we have achieved three significant milestones. First and most importantly, the product performed as intended and each surgical procedure was completed successfully. Secondly, when compared to similar devices, we have proven the viability and superior performance of our device and technology in the targeted specialties of GYN, plastics and general surgery. Thirdly, we have gained acceptance from both surgeons who were familiar with plasma and those who were only recently introduced to the technology through Bovie's J-Plasma™. To date, we have completed 21 cases including: hysterectomies, adhesiolysis, hernia, breast augmentation and endometriosis, in which surgeons utilized J-Plasma™ on human patients in an operating room setting. Bovie remains focused on the GYN market with surgeons who have used the product indicating a clear preference for J-Plasma™ in lieu of those devices they previously used. As the Company further expands its market presence throughout the U.S., we will continue our evaluations in new areas of surgery and anticipate continued acceptance in future cases. Additionally, the product continues to be used successfully by veterinary surgeons in a variety of applications."

Cautionary Note on Forward-Looking Statements

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 including the Company’s Report on Form 10-K for the year ended December 31, 2011. 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.boviemed.com.

BOVIE MEDICAL CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX-MONTH PERIODS

(unaudited) (in thousands, except for per share amounts)
 
 

Three Months Ended
 

Six Months Ended
 

Six Months Ended June 30,

June 30

June 30

Pro Forma1
2012   2011   2012   2011   2012   2011
Sales $ 7,440   $ 6,841 $ 14,173   $ 12,995 $

14,173

 
  $

12,995

 
Cost of sales   4,584       3,796       8,521       7,517       8,521       7,517  
 
Gross profit 2,856 3,045 5,652 5,478 5,652 5,478
 
Gain from settlement of litigation ------ ------ ------ 750 ------ -------
 
Other costs   2,616       2,496       5,016       5,093       5,016       5,093  
 
Income from operations 240 549 636 1,135   636       385  
 
Other income (expense):
Interest (Net of expense) (58 ) (46 ) (116 ) (98 )
Change in fair value of liabilities, net   44       107       27       248  
 
Income before income taxes 226 610 547 1,285
 
Income taxes (provision)   (74 )     (181 )     (208 )     (364 )
 
Net Income $ 152     $ 429     $ 339     $ 921  
EPS Basic 0.01 0.02 0.02 0.05
EPS Diluted 0.01 0.02 0.02 0.05
 
Weighted average shares Outstanding-Basic 17,629 17,600 17,625 17,769
Weighted average shares adjusted for dilutive securities 17,768 17,827 17,769 17,829

1 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 six months ended June 30, 2011, which excludes the legal settlement gain from 2011 for comparative purposes.

Copyright Business Wire 2010

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