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Melville, New York, November 14, 2005 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the third quarter and nine-month period ended September 30, 2005.
 
Revenues for the third quarter of FY 2005 totaled $5.0 million resulting in net income of $171,620 or $.01 per diluted share. For the comparable period last year the Company reported revenues of $5.6 million and net income of $522,815 or $.03 per diluted share.
 
As a result of a decrease in OEM sales, revenues for the first nine months of FY 2005 totaled $14.8 million compared to $15.6 million reported one year ago. The Company reported net income of $142,306 or $.01 per diluted share for the nine-month period ended September 30, 2005, versus net income of $1,167,191 or $.07 per diluted share for the comparable period last year.
 
Andrew Makrides, president of Bovie Medical, stated, “We are pleased with the progress being achieved in developing our new products. At the outset of fiscal 2005 management committed to advancing products that would be marketed under the Bovie name with the result being less dependency on OEM contracts and higher profit margins. Recently, a 510K application was submitted to the FDA for the “Bovie Button,” a unique device designed to eliminate the need for a foot pedal during GI procedures. It is important to note that almost all therapeutic instruments utilizing RF energy during GI surgery currently require a foot pedal.”
 
He added, “Based on strong sales in October we are optimistic that fourth quarter revenues could be a record for the period.”
 
Bovie is also exploring collaborative opportunities, including direct sales, strategic alliances and joint ventures for the manufacturing and marketing of its new products.
 
Furthermore, Bovie announced a program for a commercial J-Plasma device targeting the veterinary market, with initial sales expected to be generated from the overseas market.
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2005 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.
 

BOVIE MEDICAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND NINE MONTHS PERIODS
	Three Months Ending September 30th		Nine Months Ending September 30th
	2005	2004	2005	2004
Total Revenues	$5,038,908	$5,616,662	$14,840,031	$15,629,483
Cost of Sales	$2,924,168	$3,449,913	$9,484,363	$9,759,031
Gross Profit	$2,114,740	$2,166,749	$5,355,668	$5,870,452
Costs & Expenses	$1,946,214	$1,640,087	$5,222,660	$4,692,077
Gain (Loss) from Operations	$168,526	$526,662	$133,008	$1,178,375/div>
Other Income (expense)	$5,594	$(3,847)	$16,798	$(11,184)
Net Income (loss)	$171,620	$522,815	$142,306	$1,167,191
EPS Basic	.01	.05	.01	.09
EPS Diluted	.01	.03	.01	.07
Weighted Average Shares Outstanding	13,928,162	13,834,101	13,907,579	13,721,602
Weighted Average Shares Adjusted For Dilutive Securities	15,925,494	16,438,199	16,020,454	16,515,281

 

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Melville, New York, August 15, 2005 – Bovie Medical Corporation (“the Company”) (Amex Symbol: BVX), a premier manufacturer and marketer of electrosurgery products today announced its financial results for the second quarter and six months ended June 30, 2005.
 
Revenues for the second quarter of FY2005 totaled $5.05 million resulting in a loss of $(118,337). For the comparable period last year the Company reported revenues of $5.26 million and net income of $404,547 or $.03 per diluted share.
 
Revenues for the first six months of FY 2005 total $9.81 million compared to $10.0 million reported one year ago. The Company reported a net loss of $(29,314) for the six-month period ended June 30, 2005 versus net income of $644,376 or $.04 per diluted share for the comparable period last year.
 
As previously announced, sales were in line with our expectations reflecting the impact of reduced orders from one of our larger OEM customers. The lower sales from this customer were partially offset by new business. Net income was adversely impacted by the Company’s accelerated commitment towards the commercialization of its suture removal device, G.I. Device and J-Plasma technology. Additionally, there were higher costs relating to the expansion and acceleration of our marketing efforts both domestically and internationally, together with a dramatic increase in insurance premiums.
 
On a positive note, initial orders from a major medical company, previously anticipated in the third quarter should be reflected in late 2005 with significant impact expected in FY 2006.
 
Commenting on the second quarter results, Andrew Makrides, president of Bovie Medical, stated, “Our emphasis in 2005 has been to commit substantial resources towards commercializing proprietary products and technologies to be released under the Bovie name, which should translate into higher profit margins as well as diversifying our customer base. We continue to review new OEM design and manufacturing opportunities with current and new customers.
 
Marketing of the Company’s new products has experienced slight delays which are a direct result of Bovie’s continued efforts to improve and refine both the Suture Remover and G.I. Device. Management remains enthusiastic regarding the successful marketing and potential of these products.
 
Management is pleased with the progress being made in the development of J-Plasma and, while costly, continues to believe this technology can be a significant factor to Bovie’s growth potential.”
 
The J-Plasma technology utilizes a gas ionization process creating a ultra-violet beam which allows the surgeon to control temperatures and intensities, resulting in precision, minimal invasiveness and an absence of conductive currents during a medical procedure. Initial markets being targeted include: dermatology, plastic surgery and gastroenterology.
 
In unrelated news, the Company has accepted the resignation of Charles Peabody, its Chief Financial Officer effective August 12, 2005.
 

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Melville, New York, May 13, 2005 - Bovie Medical Corporation (“the Company”) (Amex Symbol: BVX), a premier manufacturer and marketer of electrosurgery products is today announced its financial results for the first quarter ended March 31, 2005.
 
Revenues for the first quarter of FY2005 totaled $4.74 million resulting in net income of $89,023 or $.01 per diluted share. For the comparable period last year the Company reported revenues of $4.74 million and net income of $239,831 or $.01 per diluted share.
 
Commenting on the first quarter results, Andrew Makrides, president of Bovie Medical, stated, “As was previously reported first quarter results were impacted by a reduction in orders from a large OEM customer coupled with an increase in general overall expenses including R&D expenses directed at developing and marketing proprietary products: the suture removal device, GI device, J-Plasma and various additions to our electrosurgical generators. Both the suture removal device and GI device are slated for marketing in 2005.”
 

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Melville, New York, March 31, 2005 – Bovie Medical Corporation (“the Company”) (Amex Symbol: BVX), a premier manufacturer and marketer of electrosurgery products is today announced its financial results for the fiscal year ended December 31, 2004.
 
Revenues for fiscal year 2004 totaled a record $20.5 million, or a 27 percent increase over the $16.1 million recorded in fiscal 2003. The increased revenues resulted in a 122 percent increase in net income, which totaled $1,511,993 or $.09 per diluted share, including extraordinary income of $245,264 (insurance proceeds from hurricane loss) versus net income of $681,317 or $.05 per diluted share in 2003. Earnings per diluted share were computed on 16,177,881 and 14,835,450 shares, respectively.
 
Revenues for the fourth quarter reached a record $4.9 million, versus $4.1 million recorded for the same three-month period in the prior year. Net earnings for the fourth quarter improved to $344,802, including extraordinary income of $245,264, compared to a net loss of $(263,007) in the same period last year.
 
In 2004 milestones were achieved both in revenues and earnings, reflecting stronger sales in our electrosurgery product line. Entering fiscal 2005, excluding the mortgage note of $380,000 on the Florida manufacturing facility, Bovie had no long-term debt and cash exceeding $2.2 million. First quarter sales in FY2005 should be comparable to last year’s same period, despite a main Bovie OEM customer reducing its order stream. It should be noted that this customer continues to contribute significantly to overall sales.
 
“During fiscal 2005, we will direct increased effort and resources at advancing product development and geographic expansion of distributors, while continuing to take advantage of OEM opportunities as they occur,” commented Andrew Makrides, president of Bovie Medical.
 
Management is optimistic that the following projects, among others, will contribute to Bovie’s future growth:
 
Suture Remover — Bovie is the worldwide licensee of a hand held device designed to reduce the time required for suture removal, while providing a tension-free cut during various medical and veterinary procedures. Presently, pre-production prototypes are being developed and subject to FDA clearance, the Company intends to commence marketing in 2005.
 
GI Electrosurgical Generator — The Company’s new GI generator has been designed as a specialty electrosurgical niche product for the gastroenterological market. The product design and styling adds a new dimension to Bovie’s continued expansive array of generators. Additionally, the product is expected to be the basis for entry into other niche markets. Target dates for marketing are late 2005 or early 2006.
 
International Sales — Sales in the overseas markets have continued to increase and since Bovie’s announced distribution center agreement in Hong Kong, the Company has intensified its Far East marketing efforts. A Bovie marketing and technical team recently trained over thirty distributors to market Bovie products in the Far East. Bovie’s marketing division has already reported successes and anticipates continued sales growth.
 
J-Plasma — Recently, the Company retained the services of an electrical engineer skilled in plasma technology devices and Bovie has increased its efforts and resources to accelerate the commercialization of J-Plasma. The technology utilizes a gas ionization process allowing the surgeon to control temperatures and intensities, resulting in precision, minimal invasiveness and an absence of conductive currents during a medical procedure. Management has determined that initial markets for J-Plasma will concentrate in dermatology, cosmetology, plastic surgery and gastroenterology.