Bovie Medical Corporation (“Bovie Medical”) (AMEX:BVX), a manufacturer and marketer of electrosurgical products, announced second quarter revenues declined 13.7% to $5.9 million compared to the second quarter of 2009. Net income totalled $34,063, a decrease of 84% from the second quarter of 2009.
The revenue decline came as the company’s OEM ablator business continued to decline. The closing of its Canadian facility and higher expenses related to new product development also contributed to the large drop in net income.
Bovie Medical is currently moving forward in its development of the BOSS(TM) product line which targets orthopaedic surgeons who performs hip and knee hip and knee arthroplasty procedures. About 1.1 million arthroplasty procedures are performed annually in the US.
Two other products in Bovie Medical’s product development portfolio includes its bipolar vessel product, which is undergoing testing necessary to complete the FDA submission process, and its J-Plasma system, a system used for laparoscopic surgeries. The company’s management is currently in the process of seeking feedback from surgeons for the J-Plasma system and expects it to be available on the market this year.
A new line of disposable laparoscopic instruments, which are intended to replace disposable scissors or other jaw-type instruments, are scheduled to be introduced in the fourth quarter.
Laparoscopy is an operation which is performed to inspect, diagnose a condition, or perform a surgery. It is usually performed in the abdomen or pelvis through small incisions.
Bovie Medical’s stock is down 0.37% to trade at $2.72