CLEARWATER, Fla.--(BUSINESS WIRE)--Bovie Medical Corporation (NYSEMKT:BVX), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, today announced financial results for the fourth quarter and full year ended December 31, 2016.
Management Comments
“The fourth quarter represented a strong finish to an excellent year for Bovie Medical,” said Robert L. Gershon, Chief Executive Officer. “Fourth quarter core product revenues increased 0.3% year-on-year; our OEM business was up 131.5%; and J-Plasma® sales increased 179%. Importantly, our direct sales force was responsible for virtually all of J-Plasma’s fourth quarter sales.
“Favorable product mix and operating efficiencies continued to result in significant year-over-year gross margin expansion in the fourth quarter. Operating expenses were higher compared to 2015, but similar to third quarter 2016 levels. Year-over-year spending increases were primarily linked to higher sales commissions and compensation, increased R&D spending including for J-Plasma® clinical studies, and the addition of customer-facing personnel to support our future growth.
