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Melville, New York, November 12, 2007 - 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 months ended September 30, 2007.
 
Revenues for the third quarter increased 6.6% to a record $7.5 million versus $7.0 million recorded for the third quarter 2006. Net income for the third quarter was $471,636 or $.03 per diluted share on 17,699,654 weighted average shares fully diluted compared to $856,959 or $.05 per diluted share on 17,483,781 weighted average shares fully diluted for the comparable period last year. Income before minority interest and income tax for the third quarter of 2007 was $744,917 compared to $859,526 in 2006.  The decline resulted from increased research and development expenses of approximately $155,000 related to new product development, as increases in other expenses were offset by increased gross profit.
 
The Company recognized a provision for income taxes of approximately $273,000 during the quarter ended September 30, 2007, which provision was negligible in 2006.  Bovie will be required to continue recognizing an expense for income taxes in those periods in which it generates positive results from operations.  However, the Company will not be responsible for the actual payment of any income taxes other than those arising from the alternative minimum tax, until it fully utilizes its operating loss carryforwards for tax purposes in the second half of 2008.
 
Revenues for the first nine months of 2007 increased 9.4% to a record $21.60 million versus $19.75 million recorded for the first nine months of 2006. Net income for the first nine months was $2,119,813 or $.12 per diluted share on 17,699,657 weighted average shares fully diluted compared to $2,259,899 or $.13 per diluted share on 16,895,099 weighted average shares fully diluted for the comparable period last year.  Income before minority interest and income tax for the nine months ended September 30, 2007 was $1,788,621 versus $2,277,466 last year.  Increases in research and development expenses of approximately $600,000 related to new product development (which the Company continues to fund through internal cash flow), was primarily the reason for the decline.
 
The increase in research and development expenses was partially offset by a net benefit for income taxes of approximately $326,000 that was recognized during the nine months ended September 30, 2007, as compared to a negligible provision for income taxes in 2006.  This benefit resulted from the recognition of an asset for remaining deferred income taxes relating to net operating loss carryforwards at June 30, 2007.
 
Andrew Makrides, CEO of Bovie Medical Corp., stated, “The Company continues to achieve the goals management established in the beginning of 2007. As a product development, manufacturing and marketing company, it is deemed essential by management for Bovie to continuously come to market with innovative new technologies and products. Bovie has successfully launched its ICON GI in August contributing to its largest sales quarter in its history. The development of the ICON platform has led to additional new generator designs with anticipated new product introductions in 2008.
 
Bovie continues to make progress on both its MEG Forceps and Polaris™ vessel sealing lines with scheduled introduction anticipated during the first half of 2008. With MEG and Polaris™, as with our other products, we look to develop the best marketing and distribution strategies in order to maximize each product’s potential. We continue having ongoing discussions with potential strategic partners at the same time we are establishing our own distribution channels. As previously stated, management is optimistic that the Polaris™ line of instruments will have a significant impact on Bovie’s sales and earnings in the future.”
 
Additionally, the Company reported that it has received approval for the marketing and sale of its products in China.  Management believes that the China market could become its largest contributor to overseas sales.
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2007 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 CONDENSED STATEMENTS OF OPERATION FOR THE THREE AND NINE-MONTH PERIODS
	Three Months Ending September 30th		Nine Months Ending September 30th
	2007	2006	2007	2006
Total Revenues	$7,459,818	$6,999,054	$21,602,061	$19,751,250
Cost of Sales	$4,343,709	$4,118,252	$12,942,901	$11,743,121
Gross Profit	$3,116,109	$2,880,802	$8,659,160	$8,008,129
Costs & Expenses	$2,405,278	$2,180,757	$6,971,862	$5,781,458
Gain (Loss) from Operations	$710,831	$830,654	$1,687,298	$2,226,671
Other Income (expense) Interest (net of expense):	$34,086	$28,872	$101,323	$50,795
Income before minority interest and income taxes	$744,917	$859,526	$1,788,621	$2,277,466
Minority Interest and Income Taxes	$(273,281)	$(2,567)	$331,192	$(17,567)
Net Income (loss)	$471,636	$856,959	$2,119,813	$2,259,899
EPS (loss) Basic	.03	.06	.14	.16
EPS (loss) Diluted	.03	.05	.12	.13
Weighted Average Shares Outstanding	15,388,073	14,610,828	15,284,033	14,223,949
Weighted Average Shares adjusted for dilutive securities	17,699,654	17,483,781	17,699,657	16,895,099

 

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Melville, New York, October 12, 2007 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that the Company was ranked #128 in a Forbes online (www.forbes.com) Special Report issued October 11, 2007 titled America’s 200 Best Small Cap Companies.
 

 
Melville, New York, August 10, 2007 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the second quarter and six months ended June 30, 2007.
 
Revenues for the second quarter increased 10% to a quarterly record $7.4 million versus $6.7 million recorded for the second quarter 2006. *Net income for the second quarter was $1,067,991 (includes $453,674 net deferred income tax benefit) or $.06 per diluted share on 17,752,431 shares compared to $712,810 or $.04 per diluted share on 17,129,404 shares for the comparable period last year. Income before minority interest and income tax for the second quarter of 2007 was $614,317 compared to $722,810 in 2006.
 
Revenues for the first six months of 2007 increased 11% to a record $14.1 million versus $12.7 million recorded for the first six months of 2007. *Net income for the first six months was $1,648,177 (includes $599,473 net deferred income tax benefit) or $.09 per diluted share on 17,781,383 shares compared to $1,402,940 or $.08 per diluted share on 16,957,670 shares for the comparable period last year. Income before minority interest and income tax for the six months ended June 30, 2007 was $1,048,704 versus $1,417,940 last year.
 
* In accordance with GAAP, the Company has recognized a current net deferred income tax asset of $453,674 in the second quarter and $599,473 for the first six months of 2007 due to management’s belief that the Company will most likely utilize all of the remaining balance of its net operating loss carryforward in the near future, prior to any portion expiring. As a result, and assuming the Company continues to generate positive operating results, subsequent quarterly net income will not be offset by a tax benefit as GAAP rules required the recognition of the whole amount of the asset in the current reported period. The Company does not anticipate paying any income taxes other than those arising from the alternative minimum tax, until it fully utilizes its operating loss carryforwards in late 2008. Management believes for analysis purposes, until the tax loss carryforward is fully utilized, an appropriate measure of the Company’s financials is its income before minority interest and incomes taxes.
 
The decrease in operating income in the second quarter was primarily attributable to a $168,800 or 63.2% increase in R & D costs as well as a $78,500 or 64.9% increase in professional fees. The increased expenses are mainly due to costs related to the final stages of software validation for the ICON GI, for new product development along with related patent costs, and legal expenses associated with new transactions.
 
Andrew Makrides, CEO of Bovie Medical Corp., stated, "We continue to make progress in the design and development of our new products including the initial shipment of Bovie’s ICON GI targeted for the gastroenterology market. Management considers the advances in Bovie’s MEG and Polaris™ hand held instrument product lines as playing a key role in the Company’s future growth. Marketing of the MEG is anticipated in late 2007 and Polaris™ in the first half of 2008. The Company is having ongoing discussions with potential strategic partners for these and other products, which may lead to beneficial collaborative manufacturing and marketing agreements."
 
In other news, the Company announced it will be speaking at the Flaherty Financial News / Wall Street Research Small Cap Conference in New York City (www.flahertyfinancialnews.com) on Tuesday, August 14th as well as the Red Chip New York City Small-Cap Investor Conference (www.redchip.com) on Thursday, August 16th.
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2007 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 SIX MONTHS PERIODS
	Three Months Ending June 30th		Six Months Ending June 30th
	2007	2006	2007	2006
Total Revenues	$7,439,380	$6,740,745	$14,142,243	$12,752,196
Cost of Sales	$4,401,413	$3,848,484	$ 8,599,192	$ 7,553,776
Gross Profit	$3,037,967	$2,892,261	$5,543,051	$5,198,420
Costs & Expenses	$2,457,299	$2,180,757	$4,566,583	$3,802,272
Gain (Loss) from Operations	$580,668	$711,504	$976,468	$1,396,148
Other Income	$33,649	$11,306	$72,236	$21,792
Net Income (loss) before minority interest and income taxes	$614,317	$722,810	$1,048,704	$1,417,940
Minority Interest	$0	$5,000	$0	$10,000
Provision for income taxes	$(232,049)	$(235,700)	$(421,146)	$(493,200)
Realized benefit of loss carryforward	$685,723	$220,700	$1,020,619	$468,200
Net Income (loss)	$1,067,991	$712,810	$1,648,177	$1,402,940
EPS (loss) Basic	.07	.05	.11	.10
EPS (loss) Diluted	.06	.04	.09	.08
Weighted Average Shares Outstanding	15,346,673	14,286,858	15,317,816	14,223,949
Weighted Average Shares adjusted for dilutive securities	17,752,431	17,129,404	17,781,383	16,957,670

 

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Melville, New York, June 13, 2007 — Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced it will join the Russell Microcap™ Index when Russell Investment Group reconstitutes its family of U.S. indexes on June 22, according to a preliminary list of additions posted Friday on www.russell.com.
 
Membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
 
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $4 trillion in assets currently are benchmarked to them.
 
Annual reconstitution of Russell indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000Ò Index and Russell Microcap. The largest 1,000 companies in the ranking comprise the large-cap Russell 1000Ò Index and the next 2,000 companies become the widely used small-cap Russell 2000Ò Index. These investment tools originated from Russell's multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2007 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.
 

 
Melville, New York, June 4, 2007 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that it has entered into distribution and manufacturing agreements with Canady Technology, LLC for its plasma related products. Bovie will manufacture several types of argon plasma accessories for Canady Technology as well as distribute Canady products worldwide.
 
The founder of Canady Technology, Dr. Jerome Canady, who holds several plasma related patents, is recognized as a clinical expert in plasma technology and is the Director of the Institute for Advanced Biological Technical Sciences in Hampton, Virginia. Dr. Canady will also assist in the clinical development of Bovie’s J-Plasma technology, which will be co-labeled and marketed alongside the Canady Technology products upon eventual submission and clearance by the FDA.
 
Commenting on the agreements, Dr. Canady said, “Bovie is a recognized name in electrosurgery and Canady Technology is a leader in medical applications for plasma; blending the two organizations through these agreements, could result in a powerful combination for new technologies and market potential.”
 
Andrew Makrides, president of Bovie Medical, added, "Under Dr. Canady’s leadership, Canady Technology has been at the forefront in the use of plasma in the medical industry, and we look forward to partnering with Dr. Canady in what should be a mutually beneficial long term relationship."
 
About Canady Technology, LLC – Canady Technology is a private medical technology, research and development corporation located in McKeesport, PA. and Hampton,VA. Its focus is developing advanced, innovative, high quality biomedical devices using plasma technology. The Company was founded by Jerome Canady, M.D. who is chairman of the board and chief executive officer. Dr. Canady is a transplant surgeon who completed his transplant fellowship at Yale University School of Medicine/Yale New Haven Hospital and the University Of Pittsburgh Medical Center, Thomas E. Starzl Transplantation Institute. He is certified by the American Society of Transplant Surgeons and the American Board of Surgery. In May 1993, Dr. Canady received a US patent for a surgical coagulator device patent #5,207,675 and in 1999; the European patent office issued the corresponding patent. Dr. Canady was the first to demonstrate the utilization of tissue coagulation by argon plasma coagulation via flexible endoscopes.
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2007 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.
 

 
Melville, New York, May 15, 2007 - BoviMedical Coe rporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the first quarter ended March 31, 2007.
 
Revenues for the first three months increased 11.5% to a first quarter record $6.7 million versus $6.0 million recorded for the first quarter 2006. Net income for the first quarter was $580,187 or $.03 per diluted share (including additional income tax benefit of approximately $160,000) on 17,844,626 shares compared to $690,130 or $.04 per diluted share on 16,602,713 shares for the comparable period last year. The decrease in net income was due to increased costs related to acquiring and establishing the Bovie Canada operation as well as new product development. Research and development expenses increased $239,693, costs related to salaries attributable to the hiring of additional employees needed to foster future growth increased $176,114 and professional services increased $60,658 due to patent related filings and development contracts.
 
Andrew Makrides, CEO of Bovie Medical Corp., stated, “Although we have experienced a reduced earnings impact on our first quarter bottom line as a result of costs related to Bovie Canada and increased research and development costs, we are confident that the acquisition will be of great benefit to our future long term growth. We anticipate new products like the MEG and Polaris™ instrument lines together with other innovative products such as J-Plasma and the ICON GI will significantly increase revenues and earnings going forward. It is our belief that new technologies and product introductions will transform Bovie into a more prominent player in the medical device industry.”
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2007 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 (UNAUDITED)
	Three Months Ending March 31
	2007	2006
Total Revenues	$6,705,175	$6,011,451
Cost of Sales	$4,222,431	$3,705,292
Gross Profit	$2,482,744	$2,306,159
Total Other Costs	$2,092,129	$1,621,515
Operating Income	$390,615	$684,644
Other Income (expense)	$39,672	$10,486
Minority Interest Expense	$5,000	$5,000
Provision for Income Tax	$(189,996)	$(257,500)
Realized Benefit of Loss Carryforward	$334,896	$247,500
Total Net Earnings	$2,683,206	$423,307
Earnings Per Share Basic	$0.04	$0.05
Earnings Per Share Diluted	$0.03	$.04
Weighted Average Number of Shares Outstanding	15,288,638	14,156,497
Weighted Number of Diluted Shares Outstanding	17,844,626	16,602,713

 

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Melville, New York, May 4, 2007 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that it has acquired the remaining 50% interest in its J-Plasma co-venture, resulting in Bovie having 100% ownership of the medical device technology. The technology utilizes a gas ionization process producing a stable thin focused beam of ionized gas that can be controlled in a wide range of temperatures and intensities, providing the surgeon greater precision, minimal invasiveness and an absence of conductive currents during surgery. Recent engineering improvements include increases in power and efficiency and component miniaturization, making manufacturing easier and less costly. Production prototypes have been developed for testing purposes. Intended areas of use include veterinary medicine and dermatology. Other possible uses contemplated are in gastroenterology, gynecology, urology and cosmetology. Terms of the acquisition were not disclosed.
 
Commenting on the J-Plasma acquisition, Andrew Makrides, president of Bovie Medical, stated, “The acquisition is a highly positive step for it confirms Bovie’s strong commitment to increasing its technology base as we progress toward initial stages of marketing several proprietary products, including J-Plasma.”
 
In other news, Bovie announced that it will commence the marketing of its ICON GI electrosurgery generator at the largest exhibit meetings for GI physicians (Digestive Disease Week) and GI nurses conference (Society of Gastrointestinal Nurses and Associates), both in late May 2007. The ICON GI incorporates many special features including digital output, touch screen interface and a physician database. The ICON “platform” provides the basis to develop, in a timely manner, customized generators for other specialty niche markets.
 
Resources directed to Bovie Canada operations are producing anticipated results. The aggressive integration of Bovie Canada has resulted in the further development of the MEG (Modular Ergonomic Grip) line. The advanced monopolar instruments provide ergonomic comfort with interchangeability of working cartridges, targeting both the arthroscopic and endoscopic fields of laparoscopy, gynecology and general surgery. Marketing is expected to begin in the fourth quarter of 2007.
 
Bovie Canada, through an expansion of the MEG line, has developed the Polaris™ vessel sealing line, which accepts monopolar and bipolar disposable and reusable cartridges. In conjunction with the Polaris™ instruments, Bovie is currently developing an advanced electrosurgical generator to support the proprietary Polaris™ line. The combined market opportunity for arthroscopy, laparoscopy and bipolar instruments is estimated at over $500 million, worldwide. Subject to 510K FDA clearance, the Company expects to commence marketing the Polaris™ line with its advanced supporting generators during the first half of 2008. Additionally, the Company is exploring possible collaborations with a larger company.
 
Finally, Bovie reported that Russian authorities have granted approval for the marketing and sale of Bovie products in the Russian Federation.
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2007 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.
 

 
Melville, New York, March 22, 2007 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced record fourth quarter and fiscal year 2006, net earnings and earnings per share, led by its electrosurgery product line.
 
For the fiscal year ended December 31, 2006, Bovie’s revenues increased 32% to a record $26.67 million versus $20.12 million for fiscal 2005. Net income increased to a record $2,683,206 or $.16 per diluted share based on 16,909,103 weighted number of diluted shares outstanding from $406,208 or $.03 per diluted share based on 15,750,284 weighted number of diluted shares outstanding in 2005.
 
For the fourth quarter ended December 31, 2006, revenue rose to a record $6.92 million, a 29% increase over the $5.37 million recorded in the same period last year. Net income increased 60% to $423,307 or $.02 per diluted share based on 17,696,226 weighted average diluted shares outstanding versus net income of $263,903 or $.02 per diluted share based on 16,318,046 weighted average diluted shares outstanding in fiscal 2005.
 
Andrew Makrides, president of Bovie, stated, “We are pleased with the Company’s solid financial results for the fourth quarter and full year. Record revenues and earnings were driven by strong growth in electrosurgical generators as well as improved gross profit margins.”
 
He added, “Our acquisition of the Bovie Canada facility in October 2006, defines our goals for 2007 and beyond as we expand while reducing a reliance from OEM business to developing state-of-the-art electrosurgical instrument technology in a market exceeding $1.0 billion, annually. As a result, we are directing considerable effort and resources in the Bovie Canada facility with the goal to maximize what management identifies as a major opportunity.”
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2007 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 ENDED DECEMBER 31, 2006 AND 2005 AND FOR THE YEAR ENDED DECEMBER 31, 2006 AND 2005 (AUDITED)
	Twelve Months Ending December 31st		Three Months Ending December 31st
	2006	2005	2006	2005
Total Revenues	$26,676,182	$20,211,141	$6,924,930	$5,371,430
Cost of Sales	$16,075,426	$12,649,209	$4,332,303	$3,159,369
Gross Profit	$10,600,756	$7,561,932	$2,592,627	$2,212,061
Total Net Earnings	$2,683,206	$406,208	$423,307	$263,902
Earnings Per Share Diluted	$0.16	$0.03	$0.02	$0.02
Weighted Number of Diluted Shares Outstanding	16,909,103	15,750,284	17,696,226	16,318,046

 

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Melville, New York, March 12, 2007 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that it’s Canadian subsidiary has completed the prototypes of the Company’s Polaris™ line of monopolar and bipolar modular forceps. The patent pending Polaris™ line offers all the benefits of the Company’s recently FDA cleared Modular Ergonomic Grip (MEG) forceps line while expanding the cartridge offerings to bipolar endoscopic cartridges (jaws and electrodes), between 4-12 mm in diameter.
 
The new Polaris™ line for the first time offers advantages to the end user that allow for monopolar and bipolar energy combined with intelligent feedback from an electrosurgical generator. The Polaris™ handle will also accommodate a wide array of possible applications in either monopolar or bipolar surgeries, thus serving endoscopic needs in multiple endoscopic fields. Bipolar vessel sealing and coagulation is one of the fastest, most lucrative growing markets in Endoscopy, estimated to be over $500 million in revenues worldwide.
 
The company anticipates submitting the Polaris™ line to the Food and Drug Administration for 510(k) review during the second half of 2007.
 
Commenting on the Polaris™ line, Andrew Makrides, president and CEO of Bovie Medical stated, “One of our main goals as a company is to develop innovative technologies that are complementary to our core electrosurgery business. When we made the decision to acquire Lican Development, Ltd. last fall, we were confident their instrument technologies would lead to several high margin new products. The early indications from potential customers for our new instruments, with the Polaris™ line, in particular, generating substantial interest have been promising. It is conceivable that the Polaris™ line of instruments has the possibility to significantly impact future revenues while becoming the mainstay of our electrosurgical product line.”
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2007 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.