Bovie Medical Corp (BVX) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Bovie Medical Corp

CIK: 719135 Ticker: BVX


Bovie Medical Corporation Reports Third Quarter 2018 Financial Results and
Updates Fiscal Year 2018 Outlook
Advanced Energy Sales of $3.0 million in Q3, up 40% year-over-year and 92% year-to-date

CLEARWATER, FL — NOVEMBER 1, 2018 - Bovie Medical Corporation (NYSEAMERICAN:BVX) (the “Company”), a maker of medical devices and supplies and the developer of J-Plasma®, a patented surgical product marketed and sold under the Renuvion™ Cosmetic Technology brand in the cosmetic surgery market, today reported financial results for its third quarter ended September 30, 2018.

Third Quarter 2018 Financial Summary:

Total Q3 revenue from continuing operations of approximately $3.7 million, up 39% year-over-year.
Advanced Energy revenue of $3.0 million, up 40% year-over-year, driven by strong J-Plasma/Renuvion sales.
OEM revenue of approximately $0.7 million, up 31% year-over-year.
Total Q3 adjusted EBITDA loss from continuing operations of approximately $2.4 million versus adjusted EBITDA loss from continuing operations of approximately $2.5 million for the third quarter of 2017.

Third Quarter 2018 Highlights:

On July 9th, the Company announced that the Company had entered into a definitive agreement with Specialty Surgical Instrumentation Inc., a subsidiary of Symmetry Surgical Inc. (“Symmetry”), pursuant to which the Company divested and sold its Core business segment including the Bovie® brand to Symmetry for gross proceeds of $97 million in cash. The Company's stockholders voted to approve the divestiture and sale transaction on August 30, 2018 and the transaction closed immediately thereafter.

Management Comments:

“Our third quarter revenue results reflect the continued momentum we are seeing as we focus on commercializing our J-Plasma technology under the RenuvionTM brand in the cosmetic surgery market,” said Charlie Goodwin, President and Chief Executive Officer. “Our strategic focus has resulted in Advanced Energy sales growth of 92% in the first nine months of 2018 - including 40% growth year-over-year in the third quarter. Feedback on Renuvion from plastic surgeons, cosmetic surgeons and dermatologists in the U.S. continues to be very positive; the awareness of our differentiated technology is growing in the U.S. cosmetic surgery market as more and more clinicians appreciate Renuvion’s unique ability to manage heat which allows for improved tissue effect and treatment time.

Mr. Goodwin continued: “We closed the sale of our Core segment in the third quarter, an important strategic transaction which positions us to aggressively pursue the extremely compelling opportunity our Advanced Energy business has in serving the cosmetic surgery market. We will pursue this focused strategy with a balance sheet that is extremely well positioned to fuel our longer-term strategy to encourage broad-based adoption, and we believe ultimately achieves strong, sustained and profitable growth for the benefit of our stockholders.”

The following information was filed by Bovie Medical Corp (BVX) on Thursday, November 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Bovie Medical Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors



Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Lease Payments (Details)
Commitments And Contingencies - Narrative (Details)
Disposition Of The Core Business
Disposition Of The Core Business (Tables)
Disposition Of The Core Business - Cash Consideration And Fair Value Of Assets Disposed (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Financial Instruments
Financial Instruments (Details)
Financial Instruments (Tables)
Geographic And Segment Information
Geographic And Segment Information (Tables)
Geographic And Segment Information - Geographic (Details)
Geographic And Segment Information - Narrative (Details)
Geographic And Segment Information - Reportable Segment (Details)
Income Taxes
Income Taxes - Effective Tax Rate (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Inventories (Details)
Inventories (Tables)
Long Term Debt
Long Term Debt - Narrative (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements Basis Of Presentation (Details)
Related Party Transactions
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Fair Value Assumptions (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Summary Of Stock Options (Details)

Material Contracts, Statements, Certifications & more

Bovie Medical Corp provided additional information to their SEC Filing as exhibits

Ticker: BVX
CIK: 719135
Form Type: 10-Q Quarterly Report
Accession Number: 0000719135-18-000076
Submitted to the SEC: Fri Nov 02 2018 6:20:11 AM EST
Accepted by the SEC: Fri Nov 02 2018
Period: Sunday, September 30, 2018
Industry: Surgical And Medical Instruments And Apparatus

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