MELVILLE, N.Y., April 1, 2013 /PRNewswire/ -- Bovie Medical Corporation (the "Company") (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the year ended December 31, 2012 and fourth quarter.
Revenues for the year ended December 31, 2012 increased 8.9% to $27.7 million versus $25.4 million for the comparable period the prior year. Net income for FY 2012 totaled $617,000 or $.03 per diluted share compared to $109,000 or $.01 diluted share in the same period last year. Higher sales resulted from increased general demand in all segments of Bovie's business.
Revenues for the quarter ended December 31, 2012 were $6.8 million versus $6.2 million in the comparable period last year; resulting in net income of $285,000 or $.02 per diluted share after the effects of adjusting the quarterly tax provision and gain on the valuation of our warrant liability. For the fourth quarter of FY 2011 the Company reported a loss of $(875,000) or $(.05) per diluted share, which included a recognized $1,591,000 expense for the transfer of inventory and intellectual property related to a legal settlement.
In a March 2011 news release, mention was made of an anticipated developmental and manufacturing agreement with a large medical device company. Due to modified specifications yet to be finalized, discussions are continuing.
J-Plasma™ NewsOn Monday, March 25 in Las Vegas, NV the Company completed the second in a series of surgical courses designed to introduce J-Plasma™ to surgeons, clinicians and sales representatives from across the U.S. The first course was held in Nashville, TN on Thursday, March 21st. Both went smoothly with excellent results. The courses are given to optimize the surgeons experience allowing the return to their respective practices and hospitals with a full understanding of J-Plasma™ and its potential. Judging from surgeon attendee responses it is expected that a high percentage of these surgeons will commit to the use of J-Plasma™.
Royce T. Adkins , M.D., well-known researcher and gynecology surgeon, who lectured the Nashville surgical course, stated: "These courses allow surgeons from multiple disciplines to familiarize with J-Plasma™, hence becoming quickly proficient in a safe environment and, importantly, provide a better patient outcome."
Jeff Rencher , V.P. of Sales for Surgical Production stated: "Our representatives have done an outstanding job in introducing J-Plasma™ to large parts of the U.S. The high level of interest resulting from these courses clearly demonstrates J-Plasma's™ broadening appeal."
In recent news, the U.S. Patent and Trademark Office issued a notification that a patent will issue for Bovie's "Electrosurgical Device to Generate a Plasma Stream." The issue date is April 2, 2013. Currently, there are five patents issued on J-Plasma™ and another six pending.
In other news, management is pleased to report that on February 21, 2013, Bovie Medical's President and Chief Sales and Marketing Officer, J. Robert Saron was inducted into the Medical Distribution Hall of Fame in Atlanta Georgia. Mr. Saron is one of only three individuals in the medical device industry to have received the Industry Award of Distinction from the Health Industry Distributors Association, The Leonard Berke Achievement Award from the Healthcare Manufacturers Management Council and be inducted into the Medical Distribution Hall of Fame.
Cautionary Note on Forward-Looking StatementsCertain 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, 2012. 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.
For further information contact:
Bovie Medical Investor Relations and Shareholder Information
Joseph M. Vazquez III
Phone: (800) 448-7097
Email: firstname.lastname@example.orgBovie Medical Corporation
Condensed Statements of Operations
For the Three and twelve-month Periods
(in thousands, except for per share amounts)Three Months Ended
December 31 (Unaudited)
$25,411Cost of Sales
10,731Gain (loss) on legal settlement
750Costs & Expenses
1,591Income (loss) from operations
(18)Other income (expense)Interest (net of expense)
(237)Other Gain (loss)
287Income (loss) before income taxes
32Benefit (provision) for deferred income taxes
77Net Income (loss)
$109EPS (loss) Basic
$0.01EPS (loss) Diluted
$0.01Weighted average shares Outstanding-Basic
17,597Weighted average shares adjusted for dilutive securities
|SOURCE Bovie Medical Corporation|
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