Bovie Medical Corporation
FINANCIALS
 

Financial Profile
 
 
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BOVIE MEDICAL CORPORATION ANNOUNCES SECOND QUARTER 2015 EARNINGS CALL

CLEARWATER, FL — July 23, 2015 –  Bovie Medical (BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, today announced that it will issue its financial results for the second quarter ended June 30, 2015 on Thursday August 6, 2015 after market close.

Management will host a conference call on Thursday August 6, 2015 at 5:00pm Eastern Time to discuss latest corporate developments. Following management’s formal remarks, there will be a question and answer session.

To listen to the call by phone, interested parties within the U.S. should call 1-888-349-0106. International callers should call 1-412-902-0131. All parties should ask for the Bovie Medical Corporation call. The conference call will also be available through a live webcast at Bovie Medical Corporation’s website or at http://services.choruscall.com/links/bvx150806.html

A replay of the call will be available approximately one hour after the end of the call through August 14, 2015. The replay can be accessed via Bovie Medical Corporation’s website or by dialing 1-877-344-7529 for U.S. callers or 1-412-317-0088 for International callers and using the replay access code 10068946.

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com.

Investor Relations Contact
MBS Value Partners
Hugh Collins
212-223-4632
investor.relations@boviemed.com




BOVIE MEDICAL CORPORATION TO PRESENT AT
JMP SECURITIES LIFE SCIENCES CONFERENCE

CLEARWATER, FL — June 18, 2015 –  Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE: BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, announced today that Robert L. Gershon, Chief Executive Officer of the Company, will present at the JMP Securities Life Sciences Conference at 11.30am EST on June 24, 2015 at the St. Regis Hotel in New York.

During his presentation, Mr. Gershon will discuss 2015 targets and milestones to date for J-Plasma, Bovie’s transformational surgical product which enables surgeons to operate with greater precision on and around delicate structures with minimal thermal spread.
The presentation will be webcast at http://www.boviemedical.com/financials.asp

The JMP Securities’ annual life sciences equity research conference is an institutional investor forum featuring publicly traded and privately held companies in the areas of biotechnology, specialty pharmaceuticals, medical devices, life science tools and diagnostic.

 

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com.

 

Investor Relations Contact
 Hugh Collins
 MBS Value Partners
(212) 223-4632
investor.relations@boviemed.com




BOVIE MEDICAL CORPORATION ANNOUNCES CFO TRANSITION

CLEARWATER, FL — June 15, 2015 –  Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE: BVX), a maker of medical devices and supplies, and the developer of J-Plasma®, a patented new surgical product, today announced that Peter Donato, Chief Financial Officer, will leave the company on or about June 25, 2015 to take a position in his home state of Ohio.

Jay Ewers, Corporate Controller, has been appointed interim CFO effective upon Mr. Donato’s departure. Mr. Ewers has more than 30 years of senior experience and has held financial executive positions in corporations ranging from early stage to high profile public companies with global operations in the medical equipment, manufacturing and semiconductor industries. He has extensive experience with Sarbanes Oxley, inventory management, Oracle modules and financial planning & analysis. Mr. Ewers is a certified public accountant, internal auditor, and holds a BS in Accounting.

Bovie Medical will engage an executive search firm to conduct a search for a permanent CFO.

“We appreciate Peter’s contribution during the time he has been with us and wish him the best,” said Robert L. Gershon, Chief Executive Officer. “We are fortunate to have a senior executive with Jay’s experience and a supporting financial team. Jay has played a key role in managing finance-related functions at Bovie Medical.” Mr. Donato has entered into a consulting agreement to assist Mr. Ewers’ seamless transition to interim CFO until a permanent CFO is named.

 

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com.

 

Cautionary Statement on Forward-Looking Statements

Certain matters discussed in this 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 release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Forms 10-Q for the quarter ended March 31, 2015 and 10-K for the year ended December 31, 2014.  For forward-looking statements in this 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.

 

 

Investor Relations Contact
Hugh Collins /Jane Searle
MBS Value Partners
(212) 750-5800
investor.relations@boviemed.com




BOVIE MEDICAL CORPORATION HIRES J-PLASMA® PRODUCT DEVELOPMENT MANAGER

CLEARWATER, FL — May 26, 2015 –  Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE: BVX), a maker of medical devices and supplies, and the developer of J-Plasma®, a patented new surgical product, today announced that it has hired Mark Charbonneau as J-Plasma® Product Development Manager.  

Prior to joining Bovie, Mark was an engineering manager for Centrix and senior manufacturing engineer for Ventripoint Diagnostics. Previously, Mark worked in senior engineering roles at companies including Cenorin, Archus Orthopedics and Salient Surgical Technologies. He brings more than 14 years of experience to Bovie and received a B.S. in engineering from the University of Massachusetts.

“This hire is part of our broader strategy to expand a highly-credentialed team to accelerate the adoption of J-Plasma,” said Robert L. Gershon, Chief Executive Officer. “Mark comes to Bovie Medical with a proven track record in new medical device roll-outs, product design and a strong technical background.”

Mr. Charbonneau’s hire was effective May 18, 2015. He reports to Mr. Shawn Roman, Director of Research and Development.

The terms of Mark’s employment with Bovie include an inducement grant of 10,000 options with a 4 year vesting period. The strike price of the inducement grant will equal the closing price as of today, May 26, 2015. The options shall vest and be exercisable in four equal annual installments beginning on the first anniversary of the effective date.

 

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com

 

Cautionary Statement on Forward-Looking Statements

Certain matters discussed in this 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 release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Forms 10-Q for the quarter ended March 31, 2015 and 10-K for the year ended December 31, 2014.  For forward-looking statements in this 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.

 

Investor Relations Contact
Hugh Collins
MBS Value Partners
(212) 223-4632
investor.relations@boviemed.com




BOVIE MEDICAL REPORTS FIRST QUARTER 2015 RESULTS

  • Strong sales momentum achieved by J-Plasma®
  • Gross margin was 43.6%
  • Higher core products sales partially offset the anticipated reduction in OEM revenues
  • Net proceeds of equity offering to fund future growth

J-Plasma® Update

  • First quarter sales of $283,370, 35% ahead of full year 2014 sales  
  • 21 ordering accounts, up from 18 at the end of 2014
  • Systems approved by 35 Hospital Value Analysis Committees (VACs)
CLEARWATER, Fl. – May 8, 2015- Bovie Medical (NYSE:BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, today announced results for the first quarter ended March 31, 2015.



Management Comments

“First quarter 2015 was a period of strong execution for Bovie across key metrics,” said Robert L. Gershon, Chief Executive Officer. “We continued to post year-over-year growth in core product sales, led by electrodes and medical lighting, which partially mitigated the impact of lower OEM revenues, where several projects underway are not scheduled to go into production until later this year.

“Importantly, this was a very strong quarter for J-Plasma® sales, which exceeded full year 2014 sales by over 35%, a testament to the growing awareness and adoption of the product. At the end of the period we had 21 ordering accounts, defined as accounts that have adopted the technology as evidenced by placing re-orders of J-Plasma®. Our systems have been approved by 35 Hospital Value Analysis Committees (VACs) and are currently being evaluated by an additional 34 throughout the country, setting the stage for continued positive momentum.

“Approximately 50% of the year-on-year increase in first quarter operating expenses was directly related to the commercialization of J-Plasma® and to R&D spending to drive new product development. Based on our current portfolio, this spending level is expected to remain relatively constant throughout the remaining quarters of 2015. The net proceeds raised in our recent public offering provide us with financial flexibility and will be used to support our growth initiatives.”


First Quarter 2015 Results

First quarter sales were $6.1 million, a 5.5% decline from the $6.5 million reported in last year’s first quarter, as higher core product and J-Plasma® sales only partly offset the anticipated reduction in OEM revenues. Gross margin expanded to 43.6% from 42.5%.

Operating expenses increased by 83% year-on-year as a result of significantly higher spending levels to accelerate the commercialization of J-Plasma®, expand R&D activities, and build the infrastructure needed to support Bovie’s future growth. The operating loss was $2.3 million compared to an operating profit of $58,000 in the first quarter of 2014.

The Company had GAAP income of $12.9 million, or $0.57 per diluted share. This compares to GAAP loss of $9.8 million in last year’s first quarter. Both quarters were impacted by mark-to-market fair value of issued common stock purchase warrants. Exclusive of these non-cash gains and losses, the Company would have reported a net loss of $2.5 million vs a loss of $212,000 last year.

 

Recent Developments

  • On March 31, 2015, the Company completed an underwritten public offering of 5,218,749 shares of its common stock, including an over-allotment option, at a price to the public of $2.50 per share. The estimated net proceeds from the offering were approximately $11.5 million. Great Point Partners subscribed to the public offering as did other well-known institutional healthcare investors.
  • Upon the completion of the above-mentioned public offering, Great Point Partners, LLC agreed to convert its holdings of 3.5 million shares of the Company’s Series A 6% Convertible Preferred Stock and warrants to purchase up to 5,250,000 shares of Bovie’s common stock into 3,588,139 shares of the Company’s newly-issued Series B Convertible Preferred Stock, which is convertible into an aggregate of 7,176,278 shares of the Company’s common stock.

Commenting on these developments, Mr. Gershon said, “We took advantage of market conditions to raise the funds needed to accelerate the commercialization of our transformational J-Plasma® product and to gain the resources to pursue additional product development opportunities. We are pleased to have built a base of institutional ownership through this offering, and that we were able to reach an agreement with Great Point that will enable our future net income results to more closely track our operating progress.”

  • Mr. Charles Orsatti has joined the Board as an independent director effective May 6, 2015, replacing Ian Sheffield who is stepping down as a director in connection with his departure from Great Point Partners (GPP). Mr. Orsatti comes to Bovie with more than 35 years of experience at the executive management level in public and private medical device companies, both in the United States and Europe, with an emphasis on start-up and high growth businesses. He is currently chairman and a director of the Biotronic Neuronetwork, a provider of inter-operative neurological monitoring services. Previously, Mr. Orsatti served as a board member of Angiodynamics, SRI Surgical, Ossur Americas, LTD, and dj Orthopedics, following a successful career in private equity and as CEO of Fairfield Medical Products Corporation and Coloplast, Inc.

“We are pleased to welcome Charles Orsatti to the Bovie Board. Charles’ board credentials are supported by over 20 years of direct executive management experience in the healthcare field, which will be invaluable as we scale up our business in the coming years,” Mr. Gershon said.

Summary and Outlook

We believe that the key elements are in place for the effective execution of our growth strategy in 2015, led by full commercialization of J-Plasma® and related products. Specifically, we are targeting:

  • An increase in the number of ordering accounts to 125 from the current 21
  • To reach 250 surgeons using J-Plasma® compared to 41 today
  • The expansion of our direct sales force to 20 from 16
  • Publication of 10-15 independent white papers, including the 5 published in 2014
  • An increase in the number of key opinion leaders speaking on J-Plasma® to 10-15 from 8

 

“At the same time, we are working toward building our core business at a strong, sustainable pace. This involves making ongoing R&D investments to reinforce our market leadership and unlock the value of our product and patent portfolio, expanding internationally, and addressing new markets,” Mr. Gershon concluded.


Conference Call Details

The Company’s management will host a conference call on Friday, May 8, 2015 at 9am Eastern Time to discuss latest corporate developments. Following management’s formal remarks, there will be a question and answer session.
To listen to the call by phone, interested parties within the U.S. should call 1-888-349-0106. International callers should call 1-412-902-0131. All parties should ask for the Bovie Medical Corporation call. The conference call will also be available through a live webcast at Bovie Medical Corporation’s website or at http://services.choruscall.com/links/bvx150508.html
A replay of the call will be available approximately one hour after the end of the call through May 16, 2015. The replay can be accessed via Bovie Medical Corporation’s website or by dialing 1-877-344-7529 for U.S. callers or 1-412-317-0088 for International callers and using the replay access code 10064668.

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com


Cautionary Statement on Forward-Looking Statements

Certain matters discussed in this 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 release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Forms 10-K for the year ended December 31, 2014.   For forward-looking statements in this 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.

 

 

BOVIE MEDICAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(unaudited) (in thousands except per share data)

 
Three Months Ended
March 31, 2015
 
2015
2014
Sales
$ 6,128
$ 6,482
Cost of sales
3,454
3,726
Gross Profit
2,674
2,756
Other costs and expenses:
  Research and development
446
332
  Professional services
331
258
  Salaries and related costs
1,952
907
  Selling, general, and administrative
2,217
1,201
Total other costs and expenses
4,946
2,698
Loss from operations
(2,272)
58
Interest and other expense, net
(40)
(28)
Change in fair value of liabilities, net
1,444
(9,599)
Total other expenses, net
1,404
(9,627)
Loss before income taxes
(868)
(9,569)
Provision for income taxes, net
(8)
(38)
Net (loss)
$ (876)
$ (9,607)
Accretion on convertible preferred
stock
(222)
(204)
Deemed dividend on conversion of warrants and Series A preferred stock to Series B convertible preferred stock
13,956
-
Net Income (loss) attributable to common shareholders
$ 12,858
$ (9,811)
Income (loss) per share:    
Basic
0.69
(0.55)
Diluted
0.57
(0.55)
Weighted average number of shares:
Basic
18,615
17,684
Diluted
20,470
17,684

BOVIE MEDICAL CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands)

ASSETS
March 31, 2015
(Unaudited)
December 31, 2014
Current assets:
Cash and cash equivalents
$ 15,396
$ 5,733
Restricted cash
839
899
Trade accounts receivable, net
1,398
1,992
Inventories, net
6,130
5,727
Current portion of deposits
286
210
Prepaid expenses and other current assets
1,011
804
 
Total current assets
25,060
15,365
  
Property and equipment, net
7,011
6,947
Brand name and trademark
1,510
1,510
Purchased technology and license rights, net
404
 431
Deposits, net of current portion
164
165
Other assets
439
415
  
Total assets
$34,588
$24,833

BOVIE MEDICAL CORPORATION CONSOLIDATED BALANCE SHEETS
(unaudited) (in thousands)

LIABILITIES AND STOCKHOLDERS' EQUITY
 
March 31, 2015 (unaudited)
December 31, 2014

Current liabilities:
 Accounts payable
$1,876
$1,553
 Accrued payroll
118
197
 Accrued vacation
209
181
 Current portion of mortgage note payable
239
239
 Deferred revenue
5
--
 Accrued and other liabilities
1,629
1,596
Total current liabilities
4,076
3,766

Mortgage note payable, net of current portion
3,113
3,173
Deferred rents
22
23
Deferred tax liability
563
564
Derivative liabilities
622
12,613
Total liabilities
8,396
20,139
     
Commitments and Contingencies
Series A 6% convertible preferred stock, par value $0.001; 3,500,000 shares authorized, zero issued and outstanding as of March 31, 2015
--
3,190
     
Stockholders' equity:
   
Series B convertible preferred stock, par value $.001; 10,000,000 authorized, 3,588,139 issued and outstanding as of March 31, 2015
4
--
Common stock, par value $.001 par value; 40,000,000 shares authorized; 23,335,894 issued and 23,192,815 outstanding as of March 31, 2015 and 17,995,409 issued and 17,852,330 outstanding as of December 31, 2014, respectively
23
18
Additional paid-in capital
41,155
29,334
Accumulated deficit
(14,990)
(27,848)
Total stockholders' equity
26,192
1,504
Total liabilities and stockholders' equity
$34,588
$24,833

BOVIE MEDICAL CORPORATION
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES
(unaudited) (in thousands except per share data)

 
Three Months Ended
March 31, 2015
(Amounts in '000's except earnings per share)
2015
2014
Net income/(loss) GAAP basis
$ (876)
$ (9,608)
Accretion on convertible preferred stock
(222)
(204)
Deemed dividend on conversion of warrants and Series A    convertible preferred to Series B convertible preferred stock
13,956
-
Net income/(loss) attributable to common shareholders
$12,858
$ (9,811)
Net income/(loss) per share - basic (GAAP basis)
$ 0.69
$ (0.55)
Other non-GAAP adjustments:
(Gain)/loss on change in fair value of derivative liabilities
$ (1,444)
$ 9,599
Deemed dividend on conversion of warrants and Series A convertible preferred to Series B convertible preferred stock
(13,956)
-
Adjusted non-GAAP net income/(loss)
(2,542)
(212)
 
Income/(loss) per share - basic on: (Note 1)
(Gain)/loss on change in fair value of derivative liabilities
$(0.08)
$0.54
Gain on conversion of warrants and Series A convertible preferred to Series B convertible preferred stock
(0.75)
-
Adjusted non-GAAP net (loss) per share -basic
(0.14)
(0.01)

Weighted average number of shares outstanding - basic
18,615
17,684
(Note 1) Amounts reflected in the presentation of EPS calculations may be impacted by rounding

 

Investor Relations Contact

MBS Value Partners
Lynn Morgen and Hugh Collins
212.750.5800
investor.relations@boviemed.com




BOVIE MEDICAL CORPORATION ANNOUNCES FIRST QUARTER 2015 EARNINGS CALL

CLEARWATER, FL — April 24, 2015 –  Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE: BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, today announced that it will issue its financial results for the first quarter ended March 31, 2015 on Friday May 8, before market open. 

Management will host a conference call on Friday, May 8, 2015 at 9:00am Eastern Time to discuss latest corporate developments. Following management’s formal remarks, there will be a question and answer session.

To listen to the call by phone, interested parties within the U.S. should call 1-888-349-0106. International callers should call 1-412-902-0131. All parties should ask for the Bovie Medical Corporation call. The conference call will also be available through a live webcast at Bovie Medical Corporation’s website or at http://services.choruscall.com/links/bvx150508.html

A replay of the call will be available approximately one hour after the end of the call through May 16, 2015. The replay can be accessed via Bovie Medical Corporation’s website or by dialing 1-877-344-7529 for U.S. callers or 1-412-317-0088 for International callers and using the replay access code 10064668.

 

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com

Investor Relations Contact
Hugh Collins
MBS Value Partners
(212) 223-4632
investor.relations@boviemed.com




BOVIE MEDICAL CORPORATION ANNOUNCES CLOSING OF OVER-ALLOTMENT OPTION

CLEARWATER, FL — March 31, 2015 –  Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE: BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, announced today that it has closed the sale of an additional 418,749 shares of its common stock pursuant to the over-allotment option of the underwriter in connection with its recent public offering of common stock. After closing of the over-allotment, the total number of shares sold by Bovie in the offering is 5,218,749.  The total net proceeds of the offering, after deducting underwriting discounts, commissions and estimated offering expenses, are approximately $11.6 million.

Craig-Hallum Capital Group LLC acted as sole managing underwriter for the offering.

The shares are being offered pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC). The securities may be offered only by means of a prospectus. The prospectus and prospectus supplement related to the offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov and may also be obtained from Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, telephone 612-334-6300, email: prospectus@chlm.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com

Cautionary Statement on Forward-Looking Statements

Certain matters discussed in this 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 release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Reports on Forms 10-K and 10-Qs for the year ended December 31, 2014 and the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014.  For forward-looking statements in this 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.

Investor Relations Contact
Hugh Collins
MBS Value Partners
(212) 223-4632
investor.relations@boviemed.com




BOVIE MEDICAL CORPORATION ANNOUNCES
CLOSING OF PUBLIC OFFERING OF COMMON STOCK

CLEARWATER, FL — March 17, 2015 – Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE: BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, announced today that it has closed its previously-announced registered underwritten public offering of 4,800,000 shares of its common stock at a price to the public of $2.50 per share. Bovie estimates net proceeds from the offering to be approximately $10.6 million, after deducting underwriting discounts and commissions and estimated offering expenses. Bovie intends to use the proceeds from the offering for working capital and general corporate purposes.

Craig-Hallum Capital Group LLC acted as sole managing underwriter for the offering.

The shares are being offered pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC). The securities may be offered only by means of a prospectus. The prospectus and prospectus supplement related to the offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov and may also be obtained from Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, telephone 612-334-6300, email: prospectus@chlm.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

 

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com

Cautionary Statement on Forward-Looking Statements

Certain matters discussed in this 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 release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Reports on Forms 10-K and 10-Qs for the year ended December 31, 2014 and the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014.  For forward-looking statements in this 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.

Investor Relations Contact
Hugh Collins
MBS Value Partners
(212) 223-4632
investor.relations@boviemed.com




BOVIE MEDICAL CORPORATION ANNOUNCES
PRICING OF PUBLIC OFFERING OF COMMON STOCK

CLEARWATER, FL — March 12, 2015 – Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE: BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, today announced that it has priced an underwritten public offering of 4,800,000 shares of its common stock at a price to the public of $2.50 per share. In addition, Bovie has granted the underwriter a 30-day option to purchase up to 720,000 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about March 17, 2015, subject to satisfaction of customary closing conditions.

The total gross proceeds of the offering are expected to be approximately $12.0 million. After deducting the underwriter’s discount and other estimated offering expenses payable by Bovie, the net proceeds to the Company are expected to be approximately $10.6 million. These amounts assume no exercise of the underwriter’s over-allotment option.

Craig-Hallum Capital Group LLC acted as sole managing underwriter for the offering.

The shares are being offered pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC). The securities may be offered only by means of a prospectus. The prospectus and a preliminary prospectus supplement related to the offering have been filed with the SEC, and a final prospectus supplement related to the offering will be filed with the SEC, and are available on the SEC’s website located at http://www.sec.gov and may also be obtained from Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, telephone 612-334-6300, email: prospectus@chlm.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com.

Cautionary Statement on Forward-Looking Statements

Certain matters discussed in this 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 release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Reports on Forms 10-K and 10-Qs for the year ended December 31, 2014 and the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014.  For forward-looking statements in this 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.

Investor Relations Contact
Hugh Collins
MBS Value Partners
(212) 223-4632
investor.relations@boviemed.com




BOVIE MEDICAL CORPORATION ANNOUNCES PROPOSED
PUBLIC OFFERING OF COMMON STOCK

CLEARWATER, FL — March 11, 2015 – Bovie Medical Corporation (“Bovie” or the “Company”) (NYSE: BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, today announced a proposed registered underwritten public offering of its common stock, subject to market and other conditions. In addition, the Company intends to grant the underwriter an option to purchase additional shares equal to up to 15% of the aggregate number of shares to be sold in the offering. 

Craig-Hallum Capital Group LLC is acting as sole underwriter for the offering.

Bovie intends to use the net proceeds from the offering, if completed, for working capital and general corporate purposes.

The shares are being offered pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC). The securities may be offered only by means of a prospectus. The prospectus and a preliminary prospectus supplement related to the offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov and may also be obtained from Craig-Hallum Capital Group, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, telephone 612-334-6300, email: prospectus@chlm.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com.

Cautionary Statement on Forward-Looking Statements

Certain matters discussed in this 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 release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Reports on Forms 10-K and 10-Qs for the year ended December 31, 2014 and the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014.  For forward-looking statements in this 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.
 

Investor Relations Contact
Hugh Collins
MBS Value Partners
(212) 223-4632
investor.relations@boviemed.com




BOVIE MEDICAL CORPORATION REPORTS
FOURTH QUARTER AND FULL YEAR 2014 RESULTS

Fourth Quarter Highlights

  • Sales increased 22% year-on-year to $7.5 million
  • Expanded R&D activities
  • Bovie® Ultimate™ Generator receives 510(k) approval

J-Plasma® Update

  • Q4 sales of $73,000; Full year sales of $209,000;
  • 18 ordering accounts at year-end, up from 14 at the end of Q3;
  • Systems Being Evaluated at 34 Hospital Value Analysis Committees (VACs)
  • Increased direct sales force to 16

February 27, 2015 07:30 AM Eastern Standard Time

CLEARWATER, Fla.--(BUSINESS WIRE)--Bovie Medical (BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, today announced results for the fourth quarter and full year ended December 31, 2014.

Management Comments

“We are pleased to report that we ended 2014 with positive momentum and with the key elements in place for excellent execution in 2015,” said Robert L. Gershon, Chief Executive Officer. “We succeeded in posting another quarter of double-digit revenue growth in core products, led by sales of generators, electrodes and lighting, and have expanded our R&D activities to leverage the value of the Bovie brand, product pipeline and patent portfolio.

“J-Plasma® sales for the fourth quarter increased almost seven times from the comparable year-ago period, bringing full year 2014 sales to $209,000, or approximately five times the $42,000 reported in 2013. We progressively added experienced health care sales professionals to create a direct sales force in 2014, supplemented with a dedicated group of 20 independent manufacturers’ representatives. At the end of 2014, we had 18 ordering accounts, defined as accounts that have re-ordered the J-Plasma®, product, and our systems were under evaluation at 34 Hospital Value Analysis Committees (VACs), up from 20 at the end of this year’s third quarter. This increase reflects the expanding number of institutions and surgeons that have recognized the exceptional benefits of J-Plasma® in eliminating or significantly lowering the risk of collateral thermal injury to healthy soft tissue surrounding an operative site.

“The investments we made in the roll-out of J-Plasma® and in R&D spending resulted in higher operating expenses in the fourth quarter and full year, which we are confident will begin to yield solid returns in 2015,” Mr. Gershon noted. “In the first two months of 2015, J-Plasma® sales have already exceeded those of the fourth quarter, and we are confident that they will accelerate as the year progresses.”

Fourth Quarter Results

Fourth quarter sales were $7.5 million, a 21.8% increase from $6.1 million in the fourth quarter of 2013, reflecting strong demand for distributed and branded products.

Gross profit was $2.4 million compared with $2.6 million in the fourth quarter of 2013, while gross profit margin was 32.7%, compared to 41.9%. Adjusted gross margin, which excludes the impact of inventory write-downs, was 38.7% in the fourth quarter of 2014.

Operating loss for the quarter was $1.8 million, compared with $875,000 in the fourth quarter of 2013, reflecting increased spending on J-Plasma® commercialization, which accounted for approximately 67% of the year-over-year increase. Additionally, R&D spending increased 23.7%, as the Company moved ahead with plans to optimize its existing product and patent portfolio.

The Company recorded a non-cash gain of $2.5 million related to the mark-to-market accounting for the fair value of issued common stock purchase warrants, compared with a non-cash loss of $859,000 in the fourth quarter of 2013. In addition, the Company recorded a non-cash charge of $6.0 million on the write-down of a deferred tax asset.

Net loss attributable to common shareholders for the period was $5.5 million, or $0.39 per diluted share, compared with a loss of $5.1 million, or $0.29 per diluted share, in the fourth quarter of 2013.

Full Year 2014 Results

For full year 2014, total sales were $27.7 million, up 17% from $23.7 million in 2013. Gross profit was $9.0 million, compared to 2013’s gross profit of $9.2 million. Adjusted gross margin, which excludes costs related to excess and obsolete inventory and other adjustments, was 40.7%, up from 38.9% in 2013.

Operating loss in 2014 was $5.8 million, compared with $3.7 million in 2013. The Company’s full year 2014 operating costs included $2.6 million related to the production and marketing of J-Plasma®, up from $1.3 million in 2013.

The Company recorded a non-cash loss of $7.3 million related to the mark-to-market accounting for the fair value of issued common stock purchase warrants, compared with a non-cash loss of $842,000 in 2013.

The Company reported a net loss of $18.2 million, or $1.03 per diluted share, compared with $7.0 million, or $0.40 per diluted share, in 2013. Non-GAAP adjusted net loss, which excludes the non-cash loss related to warrants and other adjustments, was $5.3 million or $0.30 per basic share, compared with $3.8 million or $0.21 per basic share, in 2013.

Summary and Outlook

“At the beginning of 2014, we stated that our main objective was to build the appropriate foundation for substantial and sustainable long-term growth and to report milestones as they occurred over the course of the year. We are pleased to have accomplished this objective, and to have improved both the performance and growth prospects of our core business, while we moved ahead with the commercialization of J-Plasma®,” Mr. Gershon said.

Highlights of 2014 included the following:

  • Five independent white papers on J-Plasma® were published in 2014, detailing the benefits of J-Plasma® when used in procedures within the Company’s initial target markets, namely gynecology, dermatology and plastic surgery.
  • In 2014, the Company completed 10 surgeon training courses in six cities across the U.S.
  • The Company’s direct sales force grew from zero at the end of 2013 to 16 by the end of 2014 and is comprised of a group very experienced sales professionals who have been attracted to Bovie by the attributes of its J-Plasma® product.
  • Bovie hired a Director of Research and Development in line with its strategy to develop its existing R&D pipeline and leverage its in-house design capabilities and manufacturing facility.
  • The Company launched new products: IDS 310, Derm101 and 102 in 2014, and in December received FDA 510(k) for the Bovie® Ultimate™, a product that combines J-Plasma® technology with the highest wattage operating room electrosurgical generator and is expected to be launched in the second quarter of 2015.
  • The next generation handle for the J-Plasma® product, the Pistol Grip was launched in October.
  • In early January 2015, the Company received CE approval for all J-Plasma® disposable hand pieces and the Bovie® Ultimate™ generator, enabling it to sell these devices in the 31 of the European Economic Area.

“In summary, 2014 was an investment year for Bovie, as we moved forward with initiatives that have strengthened our core business, while we have remained keenly focused on accelerating the adoption of J-Plasma® nationwide. With a trained and motivated sales force in place, a surgeon-user base that has experienced superior outcomes, and a product with the potential to be a transformational technology across a broad range of surgical specialties, we are entering 2015 with positive momentum and ambitious growth objectives,” Mr. Gershon concluded.


Recent hires

Bovie Medical made several important hires in recent months including:

  • Ms. Stephanie Van Skike was appointed as Western US Regional Sales Manager
  • Mr. Brian Kunst was appointed Vice President of Clinical and Regulatory Affairs
  • Mr. Brad Boklage was appointed as Senior Surgical Device Specialist
  • Mr. Benjamin Kirsch was appointed as Senior Surgical Specialist

In addition, Bovie Medical is pleased to announce the hiring of Mr. Christopher R. Corp as Director, National Accounts, effective February 2, 2015. Mr. Corp has more than 15 years of experience in healthcare, with companies including Kimberly-Clark and Medical Action Industries. He will report to Jack McCarthy, Chief Commercialization Officer. Mr. Corp has been awarded non-qualified stock options to purchase 20,000 shares of common stock, exercisable at the closing price as of today, February 27, 2015. The options shall vest and be exercisable in four equal installments beginning on the first anniversary of the effective date.


Conference Call

The Company’s management will host a conference call on Friday, February 27, 2015 at 9:00am Eastern Time to discuss latest corporate developments. Following management’s formal remarks, there will be a question and answer session.

To listen to the call by phone, interested parties within the U.S. should call 1-888-349-0106. International callers should call 1-412-902-0131. All parties should ask for the Bovie Medical Corporation call. The conference call will also be available through a live webcast at Bovie Medical Corporation’s website or at http://services.choruscall.com/links/bvx150227.html

A replay of the call will be available approximately one hour after the end of the call through March 7, 2015. The replay can be accessed via Bovie Medical Corporation’s website or by dialing 1-877-344-7529 for U.S. callers or 1-412-317-0088 for International callers and using the replay access code 10060385.


About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com


Use of Non-GAAP Financial Measures

In this press announcement, management has disclosed financial measurements that present financial information not in accordance with Generally Accepted Accounting Principles (GAAP). These measurements are not a substitute for GAAP measurements, although company management uses these measurements as aids in monitoring the company's ongoing financial performance from quarter to quarter and year to year on a regular basis and for benchmarking against other medical technology companies. Adjusted non-GAAP gross margin, adjusted non-GAAP income from operations, adjusted non-GAAP net income and adjusted non-GAAP income per diluted share measure the gross margin, income from operations, net income and income per diluted share of the company excluding unusual items. Management uses and presents these measures because management believes that such adjustments facilitate an understanding of the financial impact of unusual items on the company's short- and long-term financial trends. Management also uses adjusted non-GAAP items to forecast and to evaluate the operational performance of the company, as well as to compare results of current periods to prior periods on a consistent basis.

Non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly-titled measures used by other companies. Investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with GAAP.
Please refer to the attached reconciliation between GAAP and non-GAAP financial measures.


Cautionary Statement on Forward-Looking Statements

Certain matters discussed in this 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 release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Reports on Forms 10-K/A and 10-Q for the year ended December 31, 2013 and the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014, respectively. For forward-looking statements in this 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.

 

BOVIE MEDICAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2014 AND 2013
(unaudited) (in thousands except per share data)

 
Three Months Ended
December 31,
Years Ended
December 31,
 
2014
2013
2014
2013
Sales
$ 7,467
$ 6,128
$ 27,681
$ 23,660
Cost of sales
5,026
3,560
18,689
14,462
Gross Profit
2,441
2,568
8,992
9,198
Other costs and expenses:
  Research and development
398
321
1,416
1,260
  Professional services
330
488
1,016
1,835
  Salaries and related costs
1,743
1,423
5,723
3,992
  Selling, general, and administrative
1,762
1,212
6,686
5,777
  Legal award
-
-
-
-
Total other costs and expenses
4,233
3,443
14,841
12,864
Loss from operations
(1,792)
(875)
(5,849)
(3,666)
Interest and other expense, net
(40)
(1,274)
(151)
(1,444)
Change in fair value of liabilities, net
2,535
(859)
(7,285)
(842)
Income (loss) before income taxes
703
(3,009)
(13,285)
(5,952)
Benefit (provision) for deferred income taxes, net
(5,893)
539
(3,997)
1,613
Net (loss)
$ (5,190)
$ (2,470)
$ (17,282)
$ (4,339)
Accretion on convertible preferred
stock
(264)
(39)
(932)
(39)
Deemed dividend on beneficial conversion feature
-
(2,616)
-
(2,616)
Net loss attributable to common shareholders
$ (5,454)
$ (5,125)
$ (18,214)
$ (6,994)
Loss per share        
Basic
(0.31)
(0.29)
(1.03)
(0.40)
Diluted
(0.39)
(0.29)
(1.03)
(0.40)
Weighted average number of shares outstanding- basic
17,840
17,670
17,756
17,670
Weighted average number of shares outstanding - dilutive
20,366
17,670
17,756
17,670

BOVIE MEDICAL CORPORATION BALANCE SHEET DECEMBER 31, 2014 AND DECEMBER 31, 2013 (unaudited) (in thousands)

ASSETS
2014
2013
Current assets:
  Cash and cash equivalents
$ 5,733
$ 7,924
  Restricted cash
899
-
  Trade accounts receivable, net
1,992
1,990
  Inventories, net
5,727
8,415
  Current portion of deposits
210
948
  Prepaid expenses and other current assets
804
545
 
  Total current assets
15,365
19,822
  
  Property and equipment, net
6,947
7,063
  Brand name and trademark
1,510
1,510
  Purchased technology and license rights, net
431
 575
  Deferred income tax asset, net
-
3,412
  Deposits, net of current portion
165
120
  Other assets
415
674
  
  Total assets
$ 24,833
$ 33,176

BOVIE MEDICAL CORPORATION BALANCE SHEET DECEMBER 31, 2014 AND DECEMBER 31, 2014
(unaudited) (in thousands)

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
2014
2013

Current liabilities:
  Accounts payable
$1,553
$1,060
  Accrued payroll
197
172
  Accrued vacation
181
200
  Current portion of bonds payable
-
72
  Current portion of mortgage note payable
239
-
  Current portion of settlement
-
541
  Accrued and other liabilities
1,596
867
 
Total current liabilities
3,766
2,912

Mortgage note payable, net of current portion
3,173
-
Bonds payable, net of current portion
-
3,185
Deferred rents
23
-
Deferred tax liability
564
Derivative liabilities
12,613
5,749

Total liabilities
20,139
11,846
     
Commitments and Contingencies
Series A 6% convertible preferred stock, par value $0.001; 3,500,000 shares authorized and issued; preference in liquidation - $7,442,260
3,190
2,259
     
STOCKHOLDERS' EQUITY:
   
Preferred stock, par value $.001; 10,000,000 shares authorize
-
-
Common stock, par value $.001 par value; 40,000,000 shares authorized; 17,995,409 issued and 17,852,330 outstanding on December 31, 2014 and 17,826,336 issued and 17,683,257 outstanding on December 31, 2013, respectively
18
18
Additional paid-in capital
29,334
28,687
Deficit
(27,848)
(9,634)
Total stockholders' equity
1,504
19,071
Total liabilities and stockholders' equity
$24,833
$33,176

BOVIE MEDICAL CORPORATION
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES
(unaudited) (in thousands expect per share data)

(Amounts in '000's except earnings per share)
Three Months Ended
December 31,
Years Ended
December 31,
 
2014
2013
2014
2013
Net Income/(loss) GAAP Basis
$ (5,190)
$ (2,470)
$ (17,282)
$ (4,339)
Accretion on convertible preferred stock
(264)
(39)
(932)
(39)
Deemed dividend on beneficial conversion feature
-
(2,616)
-
(2,616)
Net income/(loss) attributable to common shareholders
$ (5,454)
$ (5,125)
$ (18,214)
$ (6,994)
Net income/(loss) per share - basic (GAAP basis)
$ (0.31)
$ (0.29)
$ (1.03)
$ (0.40)
Other non-GAAP adjustments:
(Gain)/loss on change in fair value of derivative liabilities
$ (2,535)
$ 859
$ 7,285
$ 842
Increase in inventory E&O reserve and other inventory adjustments
450
-
2,202
-
CFO transition costs
-
-
340
-
A/R write off and other administrative charges
-
7
218
7
Accretion/bcf on convertible preferred stock
264
2,655
932
2,655
Legal award
-
599
-
1,640
Valuation allowance on deferred tax asset
5,970
-
5,970
-
Tax impact on non-GAAP adjustments (ETR 37%)
(Note 2)

674
(1,524)
(4,061)
(1,903)
Adjusted non-GAAP net income/(loss)
(Note 3)
$(631)
$(2,529)
$(5,328)
$(3,753)
 
Income/(loss) per share - basic on:
(Note 1)
(Gain)/loss on change in fair value of derivative liabilities
$(0.14)
$0.05
$ 0.41
$0.05
Increase in inventory E&O reserve and other inventory adjustments
0.03
-
0.12
-
CFO transition costs
-
-
0.02
-
A/R write off and other administrative charges
-
-
0.01
-
Accretion/bcf on convertible preferred stock
0.01
0.15
0.05
0.15
Legal award
-
0.03
-
0.09
Valuation allowance on deferred tax asset
0.33
-
0.34
-
Tax impact on non-GAAP adjustments
0.04
(0.09)
(0.22)
(0.10)
Adjusted non-GAAP net (loss) per share -basic
$(0.04)
$(0.14)
$(0.30)
$(0.21)
Weighted average number of shares outstanding - basic
17,840
17,670
17,756
17,670
(Note 1) Amounts reflected in the presentation of EPS calculations may be impacted by rounding
(Note 2)Includes both the statutory Federal tax rate of 34% and State tax rate of 3%
(Note 3)To remain consistent with prior period reporting, management is including the Q4-2014 non-GAAP reconciliation. However, due to the magnitude and timing of the valuation allowance on the deferred tax asset, management believes that this comparison shows the company's results more favorably and therefore recommends the use of the GAAP results for Q4 comparative purposes. On a full-year basis the non-GAAP results more accurately reflects how management analyses performance of the business.

 

Investor Relations Contact

MBS Value Partners
Investor Relations:
Hugh Collins, (212) 223-4632
investor.relations@boviemed.com

or

Media:
Helaina Hovitz, (212) 661-2232
helaina.hovitz@mbsvalue.com




BOVIE MEDICAL CORPORATION ANNOUNCES FOURTH QUARTER
AND FULL YEAR 2014 EARNINGS CALL

 CLEARWATER, FL – February 9,, 2015 - Bovie Medical (BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, today announced that it will issue its financial results for the fourth quarter and full year ended December 31, 2014 on Friday February 27, 2015 before market open.

Management will host a conference call on Friday, February 27, 2015 at 9:00am Eastern Time to discuss latest corporate developments. Following management’s formal remarks, there will be a question and answer session.

To listen to the call by phone, interested parties within the U.S. should call 1-888-349-0106. International callers should call 1-412-902-0131. All parties should ask for the Bovie Medical Corporation call. The conference call will also be available through a live webcast at Bovie Medical Corporation’s website or at http://services.choruscall.com/links/bvx150227.html

A replay of the call will be available approximately one hour after the end of the call through March 7, 2015. The replay can be accessed via Bovie Medical Corporation’s website or by dialing 1-877-344-7529 for U.S. callers or 1-412-317-0088 for International callers and using the replay access code 10060385.

 

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com.

 

Investor Relations Contact
Hugh Collins
MBS Value Partners
(212) 223-4632
investor.relations@boviemed.com




BOVIE MEDICAL PROVIDES UPDATE ON RECENT DEVELOPMENTS FOR J-PLASMA®

--J-Plasma® receives CE Mark approval

-New white paper published assessing J-Plasma® effectiveness in treating chronic pelvic pain
of occult endometriosis sufferers

-Ms. Stephanie Van Skike appointed as Western US Regional Sales Manager
 

CLEARWATER, FL – January 12, 2015 - Bovie Medical Corporation (NYSE:BVX), a maker of medical devices and supplies, and the developer of J-Plasma®, a patented new surgical product, today provided an update on recent developments for J-Plasma®.

The Company is pleased to announce that all J-Plasma® disposable hand pieces as well as the Bovie® Ultimate™ generator have received CE Mark approval for compliance with European Union safety, health and environmental protection requirements. As a result, the Company will be able to sell these devices in the 31 countries of the European Economic Area.

Also, the Company announced the December publication of a new white paper on J-Plasma®, authored by Dr. Craig E. McCoy of Women’s Wellness Center in Columbia, Missouri. The White Paper addresses the use of J-Plasma® in targeting the chronic pelvic pain of occult endometriosis sufferers compared with existing options including apparent lesion removal and the complete removal of the peritoneum.  The white paper highlighted benefits of using J-Plasma®, including minimized lateral and depth of thermal spread, reduced healing times and reduced risk to vital structures such as the fallopian tubes and ovaries.

The white paper is available on Bovie Medical’s website, www.boviemedical.com

In addition, the Company today announced the appointment of Ms. Stephanie Van Skike as Western US Regional Sales Manager, effective December 31, 2014. Ms. Van Skike has more than 20 years of experience in sales. Most recently, she held the position of Southwest Regional Sales Manager for TEI Biosciences Inc. Prior to that, she held positions at companies including LifeCell Corp. and Novartis Pharmaceuticals AG. Ms. Van Skike holds an MBA from the University of Phoenix, as well as a B.A. from the California State University. She will report to Todd Hornsby, Vice President of Sales.

Ms. Van Skike has been awarded non-qualified stock options to purchase 20,000  shares of common stock, exercisable at the closing price as of today, January 12, 2015. The options shall vest and be exercisable in four equal annual installments beginning on the first anniversary of the effective date.

“I am pleased to announce these important new developments for J-Plasma®, where we continue to make progress with commercialization. The CE Mark approval for the J-Plasma® hand pieces and the Bovie® Ultimate™ generator gives us access to important European markets, adding a new audience of potential users for our plasma technology, and will help speed registration in other foreign markets,” said Robert L. Gershon, chief executive officer of Bovie Medical. “The appointment of Stephanie Van Skike demonstrates our ability to attract world-class personnel for our sales team, while the latest white paper, the fifth published in 2014, is further independent verification of J-Plasma®’ s competitive advantages.”

“We look forward to keeping the market up-to-date as we continue the commercialization of J-Plasma® throughout 2015,” Mr. Gershon concluded.

 

About Bovie Medical Corporation

Bovie Medical Corporation is a leading maker of medical devices and supplies, as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal thermal spread and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com

 

Cautionary Statement on Forward-Looking Statements

Certain matters discussed in this 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 release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Reports on Forms 10-K/A and 10-Qs for the year ended December 31, 2013 and the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014. For forward-looking statements in this 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.

 

Investor Relations Contact
Hugh Collins
MBS Value Partners
(212) 223-4632
investor.relations@boviemed.com




         
 
   
   
$ 0.09