MELVILLE, N.Y.--(BUSINESS WIRE)--Bovie Medical Corporation (the “Company”) (NYSE MKT: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the first quarter ended March 31, 2012.
For the first quarter of fiscal 2012, ended March 31, 2012 revenues increased 9.4% to $6.73 million when compared to $6.15 in the same period last year. Net income for the current year first quarter was $321,000 or $.01 per diluted share versus $674,000 or $.03 per diluted in the first three months of fiscal 2011.
In addition to the condensed statement of operations in accordance with GAAP, we have included a pro-forma of income (loss) from operations, which excludes the one-time legal settlement gain from the first quarter of 2011. This resulted in our pro-forma income (loss) from operations improving by approximately $561,000 over the prior period.
During the first three months of 2012, Bovie experienced increases in sales across all product lines and this trend has continued into the second quarter.
J-PLASMA™
Jeff Rencher, Vice President of Sales and Marketing of Surgical Products, spearheading the launch of J-Plasma™, commented, “As Bovie prepares the near term delivery of J-Plasma™ units to university/hospital beta sites, we are both assured and encouraged by its performance as reported by Matt G. Oakes, DVM, Diplomat, American College of Veterinary Surgeons, Tampa Bay Veterinary Specialists.”
Dr. Oakes stated, “Tampa Bay Veterinary Surgery has been excited to try out the new technology behind the J-Plasma™ unit brought to us by Bovie. We have found the cutting mode with the extended blade to work extremely well for skin incisions in dogs. The skin cuts with no resistance, no visible incisional edge char, and minimal smoke or odor. Recheck of our initial cases at 2 weeks showed excellent healing without crusting of the incision line that is typical of those incised with traditional electrocautery. The J-Plasma™ beam is useful for coagulation of small vessels and we are continuing to try varied settings to optimize this function. We are looking forward to trying J-Plasma™ for other applications such as oral and soft palate surgery, liver hemostasis, and tumor bed treatment.”
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.
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Bovie Medical Corporation Condensed Statements of Operations For the Three-month Period Ended March 2012 and 2011 (in thousands, except for per share amounts) |
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Three Months Ended March 31 (Unaudited) |
Three Months Ended March 31, Pro Forma1 |
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| 2012 | 2011 | 2012 | 2011 | |||
| Revenues | $6,733 | $6,154 | $6,733 | $6,154 | ||
| Cost of Sales | 3,937 | 3,721 | 3,937 | 3,721 | ||
| Gross Profit | 2,796 | 2,433 | 2,796 | 2,433 | ||
| Gain (loss) on legal settlement | --- | 750 | --- | --- | ||
| Costs & Expenses | 2,400 | 2,598 | 2,400 | 2,598 | ||
| Income (loss) from operations | 396 | 585 | 396 | (165) | ||
| Other income (expense) | ||||||
| Interest (net of expense) | (58) | (52) | (58) | (52) | ||
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Change in fair value of
liabilities, net |
(17) | 141 | (17) | 141 | ||
| Income (loss) before income taxes | 321 | 674 | 321 | (76) | ||
| Benefit (provision) for income taxes, net | (134) | (182) | ||||
| Net Income | $187 | $492 | ||||
| EPS Basic | 0.01 | 0.03 | ||||
| EPS Diluted | 0.01 | 0.03 | ||||
| Weighted average shares Outstanding-Basic | 17,622 | 17,575 | ||||
| Weighted average shares adjusted for dilutive securities | 17,791 | 17,906 | ||||
1 In addition to the condensed statement of operations in accordance with GAAP, we have included a pro-forma of income (loss) from operations, which excludes the one-time legal settlement gain from the first quarter of 2011. This resulted in our income (loss) from operations improving by approximately $561,000 over the prior period.