Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the second quarter ended June 30, 2009.
Second quarter revenues were $6,831,578 compared to $6,985,312 recorded in the same period last year; resulting in net income of $206,672 or $.01 per diluted share versus *net income of $1,230,220 or $.07 per diluted share in the prior year.
Six month revenues were $14,048,901 compared to $13,662,879 reported during the first six months of 2008.
Net income totaled $605,885 or $.03 per diluted share versus *net income of $1,420,664 or $.08 per diluted share in the comparable period last year.
*During the second quarter of 2008, the Company realized a gain of $1,495,634 from the acquisition of intellectual property in a non-monetary exchange from a contract settlement.
Andrew Makrides, president of Bovie, stated, “Our focus remains on new product development and commercialization of these products in order to deliver future earnings and revenue growth. In addition, we continue to hold discussions with larger companies as potential partners and agreements remain a viable possibility.”
Recently submitted new products pending Food and Drug Administration clearance:
- J-plasma system (ICON GS Electrosurgical generator and handpiece).
- Laparoscopic SEER device for solid organ resection.
- BOSS soft tissue coagulation device.
- Seal-N-Cut™ vessel sealing line of hybrid monopolar and bipolar forceps.
- ICON VS electrosurgical generator designed to work with the Seal-N-Cut™ vessel sealing instruments.