MELVILLE, N.Y.–(BUSINESS WIRE)–Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the first quarter ended March 31, 2009.
First quarter revenues increased 8.1% to a first quarter record $7.2 million compared to $6.7 million recorded in the same period last year; resulting in net income of $403,266 or $.02 per diluted share versus net income of $190,444 or $.01 per diluted share in the prior year. Gross Profit margins increased to 46% during the first quarter from 39% in last year’s first quarter. Both revenue and gross profit margin increases were primarily attributable to an increase in sales of disposable products.
Andrew Makrides, president of Bovie, stated, “We are pleased to report an increase in revenues and earnings in the first quarter despite the economic downturn. As previously reported, the Company submitted an application to the FDA regarding J-Plasma and is currently working toward 510K submission for the BOSS orthopedic tissue resection device and our Polarian vessel sealing technology, each of which we believe can significantly impact future revenues.”
This document may contain some forward looking statements, particularly regarding operational prospects in 2009 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