Bovie Medical Corporation total revenues decreases in third quarter 2009

Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the third quarter ended September 30, 2009.

Third quarter revenues totaled $6,371,371 compared to $7,295,793 recorded in the comparable period last year, resulting in net loss of $37,749 or $.00 per diluted share versus net income of $365,890 or $.02 per diluted share during the comparable period in the prior year. Revenues declined in the quarter due to a general slowdown in purchasing by hospitals and physicians’ offices caused by the current economic uncertainty. Net income was negatively impacted by a one time $160,000 accrual recorded in the third quarter for the settlement of a lawsuit.

Nine month revenues were $20,420,272 versus $20,958,672 reported during the first nine months of 2008. Net income totaled $568,136 or $.03 per diluted share compared to net income of $1,793,021 or $.10 per diluted share in the comparable period in 2008, during which the Company had realized a gain of $1,495,634 from the acquisition of intellectual property in a non-monetary exchange from a contract settlement.

NEW PRODUCT ACTIVITIES DURING THE THIRD QUARTER

The Company is encouraged by the positive surgeon acceptance of our Saline Enhanced Electrosurgical Resection (SEER) tissue resection device. During the third quarter, we filed a 510K application with the Food and Drug Administration (FDA) for our BOSS orthopedic device. The BOSS is an expansion of our sintered steel technology and companion to the SEER. SEER and BOSS are high margin products that address markets exceeding $500 million. A sales program, which includes specialty sales teams, is being implemented to market the SEER and BOSS product lines.

Bovie also filed with the FDA a 510K application for our Seal-n-Cut™ vessel sealing instrument line as well as a separate application for our ICON VS generator designed to work with the Seal-n-Cut™ instruments. The vessel sealing market is estimated to exceed $1.0 billion, annually.

In August 2009, the Company received clearance to market our J-Plasma technology (ICON GS). J-Plasma includes an improved redesigned system with added features to increase efficiency for the surgeon, while reducing manufacturing costs. Marketing strategies for J-Plasma are currently being implemented developed for a variety of surgical specialties.

Andrew Makrides, CEO of Bovie, commented, “2009 has been a challenging year for the medical device industry as well as the overall economy. However, we are confident that our new technologies and products will contribute to our top and bottom lines in the future. While there can be no assurances as to how they will conclude, discussions regarding collaborations with larger companies are intensifying as to one or more of our new technologies that could result in an agreement or agreements. We remain focused on maximizing shareholder value through developing new products that provide high margins and growth opportunities.”

Source:

Bovie Medical Corporation

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