Bovie Medical Reports First Quarter 2017 Financial Results And Introduces Fiscal Year 2017 Financial Outlook

CLEARWATER, Fla.--(BUSINESS WIRE)--Bovie Medical Corporation (NYSEMKT:BVX) (the “Company”), a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, today reported financial results for its first fiscal quarter ended March 31, 2017.

First Quarter 2017 Financial Summary:

  • Total Q1 revenue of $8.4 million, up 7.9% year-over-year.
  • Domestic Q1 revenue of $7.0 million, up 5.7% year-over-year.
  • International Q1 revenue of $1.4 million, up 20.4% year-over-year.
  • Net loss of $1.7 million for the three months ended March 31, 2017, compared to a net loss of $1.9 million in the comparable period last year.
  • Adjusted EBITDA loss of $1.4 million for the three months ended March 31, 2017, compared to Adjusted EBITDA loss of $1.6 million in the comparable period last year.

First Quarter Highlights:

  • On January 19, 2017, the Company announced that it had entered into a global sales channel partnership agreement for its PlazXact™ Ablator with CONMED, which will be marketed as the UltrAblator Bipolar® series commencing March 2017. This partnership builds on one element of Bovie’s growth strategy, namely to use economically viable sales channel partnerships to scale its advanced energy products.
  • On January 24, 2017, the Company announced the appointment of Dr. Dennis S. Chi, a renowned gynecologic oncology surgeon, to its Medical Advisory Board. Dr. Chi is the Deputy Chief and Head of Ovarian Cancer Surgery at Memorial Sloan Kettering Cancer Center. Dr. Chi has been the principal investigator of several institutional and multi-center trials, and has published more than 100 papers on ovarian cancer surgery. The addition of Dr. Chi brings Bovie Medical’s MAB board to five members, representing specialties which include urology, obstetrics/gynecology, cardiac surgery, thoracic surgery, and gynecologic oncology.
  • On March 27, 2017, the Company announced that it had received 510K clearances from the FDA for both a new J-Plasma® generator and a new open handpiece that incorporates Cool-Coag™ technology. Cool-Coag™ is a new technology that combines the unique benefits of J-Plasma®, namely increased precision with minimal thermal spread, with standard monopolar coagulation and helium spray coagulation capabilities, all in one handpiece.
MORE ON THIS TOPIC