Aug 12 2011
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, 2011.
Revenues for the quarter ended June 30, 2011 increased 16% to $6.8 million versus $5.9 million for the comparable period last year. Net income was $429,000 or $.02 per diluted share compared to a net income of $56,000 or $.00 per share in the same period last year.
Revenues for the six months ended June 30, 2011 increased 13% to $13.0 million versus $11.5 million for the comparable period last year. Net income was $921,000 or $.05 per diluted share compared to a net loss of $(170,000) or $(.01) per share in the same period last year. Revenues continued to be positively impacted by increased OEM generator sales as well as higher disposable electrode sales. This improved product mix increased gross profit margins 2.2% for the first six months of 2011, which combined with cost reductions and a $750,000 gain from a litigation settlement helped to increase the Company's cash position to over $5.7 million as of June 30.
In other news, the Company received a $2.6 million commitment from an OEM customer to manufacture electrosurgical generators with delivery slated to begin later in the year. Bovie has also received initial orders resulting from its exclusive distribution agreement for the sale of a new next-generation medical lighting product entry.
Andrew Makrides, Chief Executive Officer of the Company stated, "We are pleased with the revenue increase the Company achieved in the second quarter and first six months of the year. We are also very encouraged by the positive surgeon response regarding our J-Plasma™ technology, as we await 510K clearance to market the handpiece. Management believes that with the substantial advancements made on J-Plasma™ and with its significant potential for use in several surgical specialties, Bovie is primed to become a potential leader in plasma surgery."
NEW PRODUCT UPDATE
As announced previously, Bovie has joined with an outside regulatory consulting firm to assist in preparing and filing 510K applications. Changing procedures at the FDA and lengthier average times for obtaining regulatory clearances have caused management to retain the firm. As a result, and with the firm's assistance, Bovie submitted a new 510K application for the J-Plasma™ handpiece, having also been advised that the process toward clearance would be expedited by the resubmission.
Vessel Sealing and 1450 Generator
The Company is in the final stages of completing the necessary testing and paperwork in order to submit new vessel sealing and Bovie 1450 electrosurgical generator 510k applications to the FDA. By working with the regulatory consulting firm, the Company anticipates a more streamlined and faster 510k submission and clearance process.
Source:
Bovie Medical Corporation