bovie medical corp (BVX) Key Developments
Bovie Medical Corporation Announces Executive Changes
Dec 13 13
Bovie Medical Corporation announced that it appointed Robert Gershon as the Company's new Chief Executive Officer (CEO), replacing Andrew Makrides, who will assume the position of Executive Chairman of the Board. In addition, Mr. Gershon will also serve as a member of the Company's Board of Directors. Mr. Gershon has over 25 years of healthcare industry experience. On the operations side he ran the sales and marketing business at Covidien. Bovie also appoints Ian Sheffield of Great Point Partners LLC to its Board. Mr. Sheffield was previously employed by Versant Ventures and Medtronic. Mr. Sheffield and Mr. Gershon fill vacancies of resigning board members August Lentricchia and George Kromer.
Bovie Medical Corp. Announces Consolidated Unaudited Financial Results for the Third Quarter and Nine Months Ended September 30, 2013
Nov 14 13
Bovie Medical Corporation announced consolidated unaudited financial results for the third quarter and nine months ended September 30, 2013. For the quarter, revenues decreased 13% to $5.8 million compared to $6.7 million in the same period of fiscal 2012. Net loss was $341,000 or $0.02 per diluted share versus a net loss of $7,000 or $0.00 per diluted share in the third quarter last year. Loss from operations was $475,000 against income from operations of $282,000 a year ago. Loss before income taxes was $516,000 against income before income taxes of $89,000 a year ago.
For the nine months, sales totaled $17.5 million resulting in a net loss of $1,870,000 or $0.11 per diluted share. For the nine months of fiscal 2012 sales were $20.8 million resulting in net income of $331,000 or $0.02 per diluted share. Included in the 2013 nine-month loss was a litigation-related payment of $1,041,000. The third quarter and nine-month results were negatively impacted by an overall decline in OEM business, the costs of legal fees and litigation-related payments, and the continued investments in the marketing of J-Plasma, Bovie's innovative signature technology. Loss from operations was $2,790,000 against income from operations of $918,000 a year ago. Loss before income taxes was $2,944,000 against income before income taxes of $635,000 a year ago.
Bovie Medical Corporation Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2013
Aug 14 13
Bovie Medical Corporation reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2013. For the second quarter, the company’s sales were $6,042,000 compared to sales of $7,440,000 for the same period a year ago. Second quarter sales were negatively impacted by the completion of two large multi-year OEM contracts in 2012, a new medical device tax imposed under the Affordable Care Act of 2010, a legal award, costs relating to ongoing litigations, increasing expenses relating to the marketing of J-Plasma(R) as well as challenges and time delays encountered in the hospital purchasing committee process. Net loss was $1,119,000 or $0.06 per basic and diluted share compared to net income of $152 million or $0.01 per basic and diluted share last year. Loss from operations was $1,650,000 compared to income from operations of $240,000 last year. Loss before income taxes was $1,673,000 compared to income before income taxes of $226,000 last year.
For the six months, of the company’s sales was $11,738,000 compared to $14,173,000 for the same period a year ago. Net loss was $1,529,000 or $0.09 per basic and diluted share compared to net income of $339 million or $0.02 per basic and diluted share last year. Loss from operations was $2,315,000 compared to income from operations of $636,000 last year. Loss before income taxes was $2,427,000 compared to income before income taxes of $547,000 last year.
United States District Court for the Middle District of Florida Verdict in Favor of Leonard Keen in Litigation with Bovie Medical
Aug 13 13
In connection with the previously disclosed litigation pending in the United States District Court for the Middle District of Florida between Bovie Medical Corporation and Leonard Keen, former Vice President and General Counsel, on August 8, 2013, following a jury trial, the jury returned a verdict in favor of Mr. Keen awarding him $622,500 in severance. In addition, the jury determined that, Mr. Keen's previously issued 110,000 stock options should be reinstated and accelerated, and that the terms of the indemnification provision pertaining to Mr. Keen's service as an employee of the Company contained in Mr. Keen's prior employment agreement is enforceable. Lastly, Mr. Keen was awarded attorney's fees in an amount to be determined by the Court. The Company is presently reviewing options as they pertain to the verdict.
Bovie Medical Corp., Annual General Meeting, Jul 16, 2013
May 31 13
Bovie Medical Corp., Annual General Meeting, Jul 16, 2013., at 15:00 US Eastern Standard Time. Location: offices of Ruskin Moscou Faltischek , P.C.. Agenda: To elect seven directors to the Board of Directors of the company; to ratify the appointment of Kingery & Crouse PA as independent registered public accounting firm for the company for the fiscal year ending December 31, 2013; to approve a non-binding advisory resolution supporting the compensation of named executive officers; to approve a non-binding advisory vote regarding the frequency of future non-binding advisory votes relating to future named executive officer compensation; and to transact such other business that may properly come before the meeting.