Bovie Medical Corporation
FINANCIALS
 

Financial Profile
 
 
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BOVIE MEDICAL CORPORATION ANNOUNCES FDA 510(k)
CLEARANCE TO MARKET SEER TISSUE RESECTION DEVICE

 

 
Melville, New York, November 19, 2008 - Bovie Medical Corporation (the “Company”) (NYSE Alternext US: BVX), a manufacturer and marketer of electrosurgical products, today announced the Company received 510(k) clearance from the Food and Drug Administration (FDA) to market its SEER tissue resection device intended for initial use in liver oncology surgery. The SEER device uses conductive sintered steel as an electrode for radio frequency (RF) for cutting and coagulation. The process involves delivery of RF current and sterile saline for resection and coagulation in surgical procedures. The Company anticipates developing additional products based on the SEER technology for use in orthopedic and blood vessel sealing procedures. The worldwide market size for the liver and orthopedic market is expected to total $500 million in 2009.

Andrew Makrides, president of Bovie stated, “We are pleased to have received FDA 510(k) clearance to market the SEER device in the United States having already CE Marked the product for sale in the European Union. Bovie’s ability to market the SEER positions the Company closer to its goal of increasing shareholder value through the development of proprietary technologies and products.”

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website, www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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.


Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 

BOVIE MEDICAL CORPORATION ANNOUNCES CLOSING OF
$4 MILLION INDUSTRIAL REVENUE BOND

 

 
Melville, New York, November 17, 2008 - Bovie Medical Corporation (the “Company”) (NYSE Alternext US: BVX), a manufacturer and marketer of electrosurgical products, today announced the closing of an Industrial Revenue Bond (IRB) offering by the Pinellas County Development Authority (Florida) on behalf of Bovie in the amount of $4,000,000. The bond is covered by a letter of credit by Royal Bank of Canada. The proceeds of the IRB substantially satisfied the balance on the Company’s line of credit used to purchase a larger facility in Largo, FL. The new facility allows the Company to consolidate its operations and provides for its future growth needs. The Company during the next several months will make available for sale its current premises in St. Petersburg, FL.

Gary Pickett, chief financial officer of Bovie, stated, “Bovie’s ability to access the capital markets at this time, especially the credit market, demonstrates investor confidence in Bovie’s future. The benefits of our IRB include: long term financing at interest rates below conventional financing and eliminating any current short term debt. We look forward to justifying this confidence as we transform Bovie from an OEM dependent company to one with a broad portfolio of proprietary products and technologies.”

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website, www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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.


Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 

BOVIE MEDICAL CORPORATION ANNOUNCES ANNOUNCES
THIRD QUARTER AND NINE MONTH FINANCIAL RESULTS

 

 
Melville, New York, November 10, 2008 - Bovie Medical Corporation (the “Company”) (NYSE Alternext US: BVX), a manufacturer and marketer of electrosurgical products, today announced third quarter and nine month results for the period ended September 30, 2008.

Third quarter revenues were $7,295,793 compared to $7,459,818 recorded in the same period of 2007. Net income was $365,890 or $.02 per diluted share versus net income of $471,636 or $.03 per diluted share in the prior year. Lower third quarter OEM sales were partially offset by an improved product mix, which contributed to a three percent increase in gross profit margins.   

Nine month revenues were $20,958,672 compared to $21,602,061 reported during the first nine months of 2007.  Net income totaled $1,793,021 or $.10 per diluted share versus net income of $2,119,813 or $.12 per diluted share comparable period last year. Income before income tax for 2008 is $2,659,021 compared to $1,697,122 in the same period a year-earlier.

New Products Update:

  • CE Mark for SEER tissue resection device intended for initial use in liver oncology surgery. The CE Mark allows for the sale of the device in the European Union and all countries recognizing the mark. Shipments of the device have commenced in the last week.
  • Filed a 510(k) pre-notification application to the U.S. Food and Drug Administration (FDA) for the SEER.
  • Received a 510(k) clearance from the FDA to market the Company’s ICON GP to be used in general surgery.
  • FDA clearance and CE Mark to market MEG line of instruments in U.S. and abroad.
  • Advances continue to be made to the ICON GS Plasma generator with plans for a 510(k) submission in the near future.

 

Andrew Makrides, president of Bovie, stated, “Significant resources have been allocated to the development of new technologies and products over the past two years. The continued investment in SEER and Polarian demonstrates management’s goal of creating sustainable future growth from new products resulting in added value to shareholders.”

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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. www.boviemedical.com


Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 
 

BOVIE MEDICAL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE-MONTH PERIODS
 
Three Months Ending
September 30th
Three Months Ending
September 30th
 
2008
2007
2008
2007
Revenues
$7,295,793
$7,459,818
$20,958,672
$21,602,061
Cost of Sales
$4,062,424
$4,343,709
$12,238,925
$12,942,901
Gross Profit
$3,233,369
$3,116,109
$8,719,747
$8,659,160
Cost & Expense
$2,620,686
$2,405,278
$7,571,790
$6,966,862
Gain (loss) from Operations
$612,683
 $710,831
$1,147,957
$1,692,298
Other Income (expense)
Interest (net of expense)
$(15,244)
 $34,086
$15,430
$101,323
Income Before Minority Interest and Income Taxes
$597,439
$744,917
2,659,021
$1,793,621
Minority Interest and Income Taxes
$(231,549)
$(273,281)
$(866,000)
$326,192

Net Income (loss)

EPS (loss) Basic
EPS (loss) Diluted

$365,890

.02
.02

$471,636

.03
.03

$1,793,021

.11
.10

$2,119,813

.14
.12

Weighted Average Shares Outstanding
16,067,979
15,388,073
15,998,150
15,284,033
Weighted Average Shares Adjusted for Dilutive Securities
17,820,155
17,699,654
17,731,492
17,669,657

 

BOVIE MEDICAL CORPORATION ANNOUNCES CE MARK AND SUBMISSION OF 510(k) APPLICATION FOR SEER TISSUE RESECTION DEVICE; COMMENCES SEER SHIPMENTS IN EUROPEAN UNION

 

 
Melville, New York, October 28, 2008 - Bovie Medical Corporation (the “Company”) (NYSE Alternext US: BVX), a manufacturer and marketer of electrosurgical products, today announced a CE Mark for its SEER tissue resection device intended for initial use in liver oncology surgery, allowing for the sale of the device in the European Union (EU) and all countries recognizing the CE Mark. The Company will immediately commence shipping the SEER to customers in the EU through its previously established network of distributors.

Additionally, the Company reported that it filed a 510(k) pre-market notification application to the U.S. Food and Drug Administration (FDA) requesting regulatory clearance for the SEER.  

Bovie Medical Corporation also received 510(k) clearance from the FDA to market its ICON GP generator to be used in general surgery and in conjunction with Bovie’s Polarian vessel sealing instruments. As of this date, a 510K application has not been filed for the Polarian instruments.

Andrew Makrides, president of Bovie stated, “These are significant milestones and are testaments to Bovie’s continued commitment to be an innovative player in the field of medical equipment. The Company is progressing in the development of its Polarian vessel sealing device and is developing prototypes for additional areas of surgery for the SEER. We believe the Polarian and the SEER product lines target new and significantly larger markets for Bovie.

As previously stated, discussions continue with larger companies regarding possible strategic partnerships involving some of the Company’s new product efforts.”

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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. www.boviemedical.com


Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 

BOVIE MEDICAL CORPORATION ANNOUNCES
SECOND QUARTER AND SIX MONTH FINANCIAL RESULTS;
SECURES $5 MILLION LINE OF CREDIT COMMITMENT
FROM RBC CENTURA BANK

 

 
Melville, New York, August 13, 2008 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced second quarter and six month results for the period ended June 30, 2008.

Second quarter revenues were $6,985,312 compared to $7,439,380 recorded in the same period of 2007. *Net income was $1,430,220 or $.08 per diluted share versus net income of $1,067,991 or $.06 per diluted share in the prior year. Revenues were impacted by a decline in OEM business; however based on orders received, the Company anticipates an increase in OEM business for the remainder of the year. Gross profit margin increased to 41.5% due to improved product mix relating to higher sales of products other than OEM. Research & Development costs rose 34% in the second quarter as a result of several products under development.

Six month revenues were $13,662,879 compared to $14,142,243 reported during the first six months of 2007. *Net income totaled $1,620,664 or $.09 per diluted share versus net income of $1,648,177 or $.09 per diluted share comparable period last year. The OEM sales decline was partially offset by a 29% increase in international sales in the first six months of 2008. This trend is expected to continue for the year.

*The Company realized other income totaling $1,504,580, which included $1,495,634 in the second quarter for acquiring intellectual property in a non-monetary exchange from a contract settlement as well as $8,946 interest income.

New Products Update:

  • FDA clearance and CE Mark to market MEG line of instruments in U.S. and abroad.
  • Initiated marketing of Canady Argon Plasma probes.
  • Submitted 510(k) application for ICON GP generator to be used in general surgery and in conjunction with the Company’s Polarian vessel sealing instruments currently being developed.
  • Made significant advances in the development of the SEER resection technology, for initial uses in liver surgery, to be followed by applications in additional surgical procedures characterized by attractive markets and margins.
  • Advances continue to be made in the ICON GS Plasma generator with plans for a 510(k) submission in the near future.

Andrew Makrides, president of Bovie, stated, “During the second quarter, Bovie made progress in the development of our new products highlighted by the acquisition of the SEER tissue resection device. The second half of 2008 will feature product development and new sales in the U.S. and abroad.”

In other news, the Company has secured a commitment for a $5.0 million line of credit from RBC Centura Bank. This new revolving line of credit will replace the prior $1.5 million unused credit line with Bank of America.

Gary Pickett, CFO of Bovie, commented that the Company considers this new banking relationship as another milestone. RBC Centura shares our vision in the future and the significant opportunities available to our Company.

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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. www.boviemedical.com

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 

BOVIE MEDICAL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX-MONTH PERIODS
 
Three Months Ending
June 30th
Three Months Ending
December 31th (Unaudited)
 
2008
2007
2008
2007
Revenues
$6,985,312
$7,439,380
$13,662,879
$14,142,243
Cost of Sales
$4,084,859
$4,401,413
$ 8,176,501
$ 8,599,192
Gross Profit
$2,900,453
$3,037,967
$5,486,378
$5,543,051
Cost & Expense
$2,655,011
$2,457,299
$4,951,983
$4,566,583
Gain (Loss) from Operations
$245,442
 $580,668
$534,395
$976,468
Interest, Net
8,946
 $33,649
30,673
$72,236
Gain on Cancellation of Agreement
1,495,634
-
1,495,634
-
Net Income (loss) Before Minority Interest and Income Taxes
$1,750,02
$614,317
$2,060,702
$1,048,704
Benefit (provision) for Income Taxes
$(319,802)
$(232,049
$(440,038)
$(421,146)

Net Income (loss)

EPS (loss) Basic
EPS (loss) Diluted

$1,430,220

.09
.08

$1,067,991

.07
.06

$1,620,664

.10
.09

$1,648,177

.11
.09

Weighted Average Shares Outstanding
16,002,841
15,346,673
15,962,852
15,317,816
Weighted Average Shares Adjusted for Dilutive Securities
17,803,069
17,752,431
17,708,156
17,781,383

 

BOVIE MEDICAL CORPORATION ANNOUNCES
FDA CLEARANCE FOR SALE AND MARKETING
OF ITS MEG LAPAROSCOPIC LINE;
SUBMITS 510(k) APPLICATION FOR ICON GP GENERATOR

 

 
Melville, New York, August 5, 2008 - Bovie Medical Corporation (the "Company") (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced that the Food & Drug Administration has cleared its Modular Ergonomic Instruments (MEG Laparoscopic line), allowing the MEG line to be marketed and sold throughout the United States. The patent-pending modular forceps and accessories are designed to provide surgeons added comfort while reducing per-procedure costs through the reduction of inventory and obsolescence. The proprietary instruments offer a simpler assembly process for laparoscopic procedures. The MEG line is directed towards the laparoscopic market with estimated worldwide sales exceeding $425 million.

In other news, the Company recently filed a 510(k) application with the FDA for its ICON GP generator. The ICON GP will be used as a stand-alone advanced general purpose generator as well as in conjunction with the Company’s Polarian vessel sealing instruments currently under development.

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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. www.boviemedical.com

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 

BOVIE MEDICAL CORPORATION ANNOUNCES
MARKET RELEASE OF CANADY APC PROBES;
FDA SUBMISSION OF MEG LAPAROSCOPIC INSTRUMENT LINE

 
Melville, New York, June 3, 2008 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced it recently launched the marketing of the Canady Argon Plasma Coagulation (APC) probes at the Digestive Disease Week (DDW) convention held in San Diego, CA. The DDW is the largest convention for gastroenterologists in the United States. Under a manufacturing and distribution agreement with Canady Technology signed last year, Bovie has been developing argon plasma probes for Canady Technology. The agreement allows Bovie to manufacture and distribute these Canady branded products through their GI distributors. The new probes incorporate several competitive advantages including price, a tip that prevents melting during prolonged use as well as several lengths and sizes in order to adapt to various procedures.

Bovie also announced it has submitted to the Food & Drug Administration (FDA) a 510(k) application for its Modular Ergonomic Instrument line (MEG line). The Company recently announced a CE Mark with the European Union (EU) allowing the MEG line to be marketed throughout the EU.

Management’s focus over the next several months will be to introduce new products into the marketplace; thus, expanding the Company’s future revenue sources.

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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. www.boviemedical.com

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 

BOVIE MEDICAL CORPORATION ANNOUNCES FIRST QUARTER
FINANCIAL RESULTS

 
Melville, New York, May 14, 2008 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced first quarter results for the period ended March 31, 2008.

First quarter revenues were $6,677,567 compared to $6,705,175 reported in the first quarter of 2007. Net income was $190,444 or $.01 per diluted share versus net income of $580,187 or $.03 per diluted share in the prior year. Revenues and net income in the first three months of the current fiscal year were impacted by a decline in OEM business and costs associated with the establishment of a European distribution network for the MEG laparoscopic line of instruments. The recently announced CE Mark allows the MEG to be marketed throughout the European Union. International sales increased 44% to a record $1.44 million versus $999,000 in the same period last year, which helped offset the decline in OEM business.

Andrew Makrides, president of Bovie, stated, “The costs associated with transforming Bovie from a company highly dependent on OEM customers to a proprietary product and sales company may impact short term results, as first quarter financials indicate. However, with the continued advancements in the development of Bovie’s MEG and Polarian hand held instruments, coupled with the recently acquired tissue resection technology from Boston Scientific Corporation, management remains optimistic that these products could significantly impact future revenues.”

Mr. Makrides added, “After a period of new product development, we have entered a new phase for Bovie Medical. Over the course of the next several months, we anticipate submitting several new products to the FDA, including our MEG laparoscopic line of instruments, an oncology tissue resection device, the Polarian vessel sealing instrument and generator and our ICON GS Plasma (J-Plasma) generator. The potential niche markets for these products are significantly larger than markets the Company currently serves.”

As the Company progresses towards its goal of becoming a dynamic, strong growth and high margin oriented company known for its proprietary technologies, management believes this will create long term increased shareholder value.

This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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.

Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 

Bovie Medical Corporation Announces CE Mark For Sale And Marketing Of MEG Laparoscopic Line

 
Melville, New York, May 5, 2008 - Bovie Medical Corporation (the “Company”) (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced a CE Mark for its Modular Ergonomic Instruments (MEG laparoscopic line), allowing the MEG Laparoscopic line to be marketed throughout the European Union. The patent-pending modular forceps and accessories are designed to provide surgeons added comfort while reducing per-procedure costs through the reduction of inventory and obsolescence. The proprietary instruments offer a simpler assembly process for laparoscopic procedures. The MEG Laparoscopic line is directed towards the laparoscopic market with estimated worldwide size exceeding $425 million. The Company anticipates shipments of the instrument line to commence during the second quarter of 2008. Mr. Johan Segers of Antwerp, Belgium, was appointed Bovie’s Director of Sales and Marketing for Europe and the Middle East. Mr. Segers has a Masters Degree in Health Care Sciences from the University of Brussels and has over 25 years of successful distribution experience with US, Israeli and European medical companies. Mr. Segers is in the process of recruiting and training a network of talented distributors throughout the EU and Middle East markets as well as retaining key surgeon opinion leaders for the MEG Laparoscopic line of instruments as well as other Bovie products. Andrew Makrides, president of Bovie Medical, stated, “The CE Mark confirms compliance with essential requirements of the European Medical Devices Directive and represents a product development milestone for our company. We look to build on this success with additional new products coming to market in the near future.” This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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. www.boviemedical.com "
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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.
 
Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 

Bovie Medical Corporation Acquires Technology, Patents And Assets From Boston Scientific For RF Resection Device New Growth Opportunity Emerges

 
Melville, New York, May 1, 2008 - Bovie Medical Corporation (the "Company") (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced it has signed an agreement with Boston Scientific Corporation (NYSE: BSX) to acquire technology, patents, and assets related to the use of conductive sintered steel as an electrode for radio frequency (RF) cutting and coagulation, intended to lower blood loss, quicken procedure times and provide cost savings for hospitals.  Potential fields of therapy for the technology acquired include liver, pancreatic and kidney tumor therapies along with orthopedic and blood vessel sealing.  The process involves delivery of RF current and sterile saline for resection, hemostatic sealing and coagulation in open and laparoscopic surgery. The worldwide market size for the liver and orthopedic market is expected to total $500 million in 2009.
 
This agreement replaces a previously signed distribution and marketing agreement between the Companies for the technology’s use in Boston Scientifics’ oncology business. The original development and manufacturing agreement signed in 2007 required Bovie to develop and manufacture certain products using Boston Scientifics’ intellectual property. Bovie intends to finalize the development and commercialization of the technology. As part of the agreement, Bovie granted a license to Boston Scientific limited until 2016 to uses outside of those fields listed above.
 
Andrew Makrides, president of Bovie Medical Corporation commented, "This agreement further enhances Bovie’s intellectual property portfolio, while creating new significant market opportunities for the Company. Adding strength to Bovie’s new product line, Mr. Bob Rioux, who was at the forefront of the Boston Scientific tissue resection program, is joining Bovie as Vice President of Advanced Resection Technologies. Mr. Rioux’s combination of technical and marketing skills makes him ideally suited to commercialize these new products."
 
Mr. Makrides concluded, "With the expected launch of the MEG line in Europe, management’s goal of transforming Bovie into a leading technology medical device company has commenced. While these initiatives may, in the short term, impact our bottom line, management believes we are building a solid foundation for increasing shareholder value."
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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.
 
Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 

Bovie Medical Corporation Appoints
Two New Members To Its Board Of Directors

 
Melville, April 14, 2008 - Bovie Medical Corporation (the "Company") (Amex: BVX), a manufacturer and marketer of electrosurgical products, reported that it named Steve Livneh and Steve MacLaren to serve on the Company's Board of Directors effective April 8, 2008.
 
Steve Livneh became President of Bovie Canada in October 2006 following the asset purchase of certain intellectual properties by Bovie from LICAN Development of Ontario, Canada. Mr. Livneh is a mechanical engineer and inventor and has developed and manufactured varied products, including aerial munitions, consumer goods, irrigation and hydraulic devices and guidance systems. During the past several years he has been engaged in developing endoscopic electrosurgery instruments, targeting the general surgery, gynecology, urology and thoracic surgery markets. Mr. Livneh has also been appointed to be Chief Technology Officer of Bovie Medical Corporation, effective April 8, 2008.
 
Steven MacLaren holds a BSBA degree in accounting from Ohio State University. He is currently the principal owner of Ronin Business Consulting which he started in 2004 and has provided consulting services for Bovie Medical since August 2005. Previous to this he served as the CFO and a technical currency trader of Capital Management Group, LLC, an investment company located in Naples, FL. Mr. MacLaren has a history with the company as he served as Bovie Medical’s Controller from 1996 through 2001. He has extensive knowledge in technical analysis techniques and trading systems applied in both U.S. equity and foreign currency markets. In addition, Mr. MacLaren has previous public accounting and business ownership experience.
 
Andrew Makrides, president of Bovie Medical, stated, "We are extremely pleased to welcome Messers. Livneh and MacLaren to our board. I am confident that their individual professionalism, experience and personal integrity will enable them to contribute meaningfully to our strong commitment to serve Bovie shareholders."
 
This document may contain some forward looking statements, particularly regarding operational prospects in 2008 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.
 
Contact Information
Bovie Medical Investor Relations and Shareholder Information:
investor.relations@boviemed.com
 

 
 
BOVIE MEDICAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006 AND
FOR THE YEAR ENDED DECEMBER 31, 2007 AND 2006
 
Twelve Months Ending
December 31th (Audited)
Three Months Ending
December 31th (Unaudited)
 
2007
2006
2007
2006
Total Revenues
$28,779,157
$26,676,182
$7,177,095
$6,924,930
Cost of Sales
$17,463,644
$16,075,426
$4,520,743
$4,332,303
Gross Profit
$11,315,513
$10,600,756
$2,656,352
$2,592,627
Total Net Earnings
$2,400,591
$2,683,206
$280,778
$423,307
Earnings Per Share Diluted
$0.14
$0.16
$0.02
$0.02
Weighted number of diluted shares outstanding
17,684,705
16,909,103
17,773,579
17,696,226