Third quarter revenues totaled $6,371,371 compared to $7,295,793 recorded in the comparable period last year, resulting in net loss of $37,749 or $.00 per diluted share versus net income of $365,890 or $.02 per diluted share during the comparable period in the prior year. Revenues declined in the quarter due to a general slowdown in purchasing by hospitals and physicians’ offices caused by the current economic uncertainty. Net income was negatively impacted by a one time $160,000 accrual recorded in the third quarter for the settlement of a lawsuit.

Nine month revenues were $20,420,272 versus $20,958,672 reported during the first nine months of 2008. Net income totaled $568,136 or $.03 per diluted share compared to net income of $1,793,021 or $.10 per diluted share in the comparable period in 2008, during which the Company had realized a gain of $1,495,634 from the acquisition of intellectual property in a non-monetary exchange from a contract settlement.

NEW PRODUCT ACTIVITIES DURING THE THIRD QUARTER

The Company is encouraged by the positive surgeon acceptance of our Saline Enhanced Electrosurgical Resection (SEER) tissue resection device.  During the third quarter, we filed a 510K application with the Food and Drug Administration (FDA) for our BOSS orthopedic device.  The BOSS is an expansion of our sintered steel technology and companion to the SEER.  SEER and BOSS are high margin products that address markets exceeding $500 million.  A sales program, which includes specialty sales teams, is being implemented to market the SEER and BOSS product lines.

Bovie also filed with the FDA a 510K application for our Seal-n-Cut™ vessel sealing instrument line as well as a separate application for our ICON VS generator designed to work with the Seal-n-Cut™ instruments.  The vessel sealing market is estimated to exceed $1.0 billion, annually.

In August 2009, the Company received clearance to market our J-Plasma technology (ICON GS).  J-Plasma includes an improved redesigned system with added features to increase efficiency for the surgeon, while reducing manufacturing costs.  Marketing strategies for J-Plasma are currently being implemented developed for a variety of surgical specialties.

Andrew Makrides, CEO of Bovie, commented, “2009 has been a challenging year for the medical device industry as well as the overall economy. However, we are confident that our new technologies and products will contribute to our top and bottom lines in the future.  While there can be no assurances as to how they will conclude, discussions regarding collaborations with larger companies are intensifying as to one or more of our new technologies that could result in an agreement or agreements.  We remain focused on maximizing shareholder value through developing new products that provide high margins and growth opportunities.” 

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

The laparoscopic SEER allows the surgeon to dissect and achieve coagulation with a single device resulting in less instrument utilization and fewer instrument changes in a minimally invasive approach. The laparoscopic SEER is the second developed product in a series of new products under development based on the sintered steel technology.

In other news, the Company announced it has submitted a 510k application seeking pre-market clearance for Bovie’s line of coated blades, needles and ball electrodes. Resistick II is a coating applied to stainless steel which resists eschar (scab or scar tissue caused by burning) during surgery. The coated electrodes continue the expansion of the Bovie line of electrosurgical disposables.

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

The technology utilizes a gas ionization process producing a stable thin focused beam of ionized helium gas that can be controlled in a wide range of temperatures and intensities, providing the surgeon greater precision, minimal invasiveness and an absence of conductive currents during surgery. Independent control of the beam power (heating) and helium flow rate (cooling) produces a highly localized effect with minimal collateral damage to the surrounding healthy tissue.

Management believes the J-Plasma technology has a wide variety of medical applications including dermatology, gynecology, hepatobiliary (liver), thoracic and general surgery. The Company is consulting with both domestic and international physicians and scientists experienced in the field of plasma medicine to accelerate the commercialization of the technology in the U.S. and abroad. Worldwide revenues for the targeted surgical procedures are estimated to exceed $2 billion.

Mr. David Uffer, vice president of advanced technologies and director of plasma sales and marketing will lead the Company’s efforts in developing the technology’s applications and commercialization.

Andrew Makrides, president of Bovie Medical stated, “Management remains very encouraged regarding the potential of the J-Plasma technology. The FDA clearance to market J-Plasma is a milestone in our continued evolution into a high-tech medical device company.”

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

Second quarter revenues were $6,831,578 compared to $6,985,312 recorded in the same period last year; resulting in net income of $206,672 or $.01 per diluted share versus *net income of $1,230,220 or $.07 per diluted share in the prior year.

Six month revenues were $14,048,901 compared to $13,662,879 reported during the first six months of 2008.
Net income totaled $605,885 or $.03 per diluted share versus *net income of $1,420,664 or $.08 per diluted share in the comparable period last year.

*During the second quarter of 2008, the Company realized a gain of $1,495,634 from the acquisition of intellectual property in a non-monetary exchange from a contract settlement.

Andrew Makrides, president of Bovie, stated, “Our focus remains on new product development and commercialization of these products in order to deliver future earnings and revenue growth. In addition, we continue to hold discussions with larger companies as potential partners and agreements remain a viable possibility.”

Recently submitted new products pending Food and Drug Administration clearance:

• J-plasma system (ICON GS Electrosurgical generator and handpiece).
• Laparoscopic SEER device for solid organ resection.
• BOSS soft tissue coagulation device.
• Seal-N-Cut™ vessel sealing line of hybrid monopolar and bipolar forceps.
• ICON VS electrosurgical generator designed to work with the Seal-N-Cut™ vessel sealing instruments.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

Melville, New York –(BUSINESS WIRE)– July 22, 2009 – Bovie Medical Corporation (the “Company”) (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today announced a 510K submission to the Food & Drug Administration seeking pre-market clearance for Bovie’s Polarian Seal-N-Cut(TM) vessel sealing line of hybrid monopolar and bipolar forceps. The new Seal-N-Cut(TM) line of instruments provides for monopolar and bipolar energy combined with intelligent feedback from Bovie’s Hybrid VS electrosurgical generator. Furthermore, the Seal-N-Cut(TM) devices accommodate a wide array of possible applications in either monopolar or bipolar surgeries thereby serving endoscopic needs in multiple endoscopic fields including Endo GYN, General Surgery, Pediatric surgery, Thoracic Endoscopy and Urology. Bipolar vessel sealing and coagulation is one of the fastest growing markets in Endoscopy, estimated to exceed $1 billion in revenues worldwide. Andrew Makrides, president of Bovie Medical stated, “Vessel sealing during surgery especially in the field of gynecology has become a rapidly expanding growth market. The added features of our Seal-N-Cut(TM) instrumentation allows the Company to actively compete in this market.”

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings.

Andrew Makrides, president of Bovie, stated, “In today’s economic environment, where controlling medical costs is important, the BOSS technology meets the needs of patients, surgeons and hospitals. Reduced blood loss, shortened operating and recovery time makes the BOSS a technology product that targets a large and growing market.”

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings..

Membership in the Russell Indexes, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $4 trillion in assets currently are benchmarked to them.

Annual reconstitution of Russell indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000® Index and Russell Microcap. The largest 1,000 companies in the ranking comprise the large-cap Russell 1000® Index and the next 2,000 companies become the widely used small-cap Russell 2000® Index. These investment tools originated from Russell’s multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

First quarter revenues increased 8.1% to a first quarter record $7.2 million compared to $6.7 million recorded in the same period last year; resulting in net income of $403,266 or $.02 per diluted share versus net income of $190,444 or $.01 per diluted share in the prior year. Gross Profit margins increased to 46% during the first quarter from 39% in last year’s first quarter. Both revenue and gross profit margin increases were primarily attributable to an increase in sales of disposable products.

Andrew Makrides, president of Bovie, stated, “We are pleased to report an increase in revenues and earnings in the first quarter despite the economic downturn.  As previously reported, the Company submitted an application to the FDA regarding J-Plasma and is currently working toward 510K submission for the BOSS orthopedic tissue resection device and our Polarian vessel sealing technology, each of which we believe can significantly impact future revenues.”

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

Dr. Pardoll has a diverse background in medicine.  He is an active member of the National Association of Healthcare Consultants and the founding past managing partner of the Center for Digestive Diseases (CDD) in St. Petersburg, Florida. Dr. Peter Pardoll is the president of Medical Education Associates (MEA), a healthcare consulting group. Dr. Pardoll is a past trustee of the Board of the American College of Gastroenterology and past president of the Florida Gastroenterology Society.

Andrew Makrides, president of Bovie, stated, “I am pleased to welcome Dr. Pardoll to our board.  He has long been recognized in the healthcare field witnessed by his inclusion from 1996 to 2005 being honored and elected to “The Best Doctors in America.”

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings

Andrew Makrides, president of Bovie, stated, “David is a welcome addition to Bovie’s management team. His experience with new product launches should accelerate J-Plasma’s entree into the marketplace.”

Management believes that J-Plasma has potential in several surgical specialties including dermatology and plastic surgery. In addition, we are encouraged by the feedback from our participation and presentation at the International Conference on Plasma Medicine in March 2009. The conference, technical in scope, provided the Company an excellent opportunity to assess the current status of plasma medicine.

As previously reported on March 3, 2009, Bovie submitted a 510(K) pre-market notification application to the U.S. Food and Drug Administration (FDA).

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website HYPERLINK “http://boviemedical.wpengine.com” www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.

Fourth quarter revenues totaled $7.1 million compared to $7.2 million recorded in the same period last year; resulting in net income of $38,767 or $.00 per diluted share versus net income of $125,778 or $.01 per diluted share in the prior year. The Company finished 2008 strongly with December being the highest sales month in Bovie’s history.

For the fiscal year ended December 31, 2008 revenues were $28.1 million compared to $28.8 million reported for 2007.  Net income totaled $1,831,788 or $.11 per diluted share versus net income of $2,245,591 or $.13 per diluted share comparable period last year. Gross profit margins increased by 3% during 2008 due to an improved product mix. Research and development expenses increased $418,000 primarily due to costs relating to the development of new products.

New Product Update:

• Management is encouraged by the positive reception of our new SEER tissue resection device and has established a direct and specialty sales team already resulting in initial orders.  A 510(k) FDA application for the BOSS orthopedic device, an expansion and companion of SEER, is tentatively planned to be submitted in the near future.
• The recent 510(k) application for our ICON GS/J-Plasma system includes an improved generator and handpiece with several new features that should increase efficiency for the physician and surgeon, while reducing manufacturing costs.  Management is developing a marketing strategy for the ICON GS, a product we believe to be versatile with possible uses in several surgical specialties.
• Bovie Canada continues to direct efforts to finalize development of its MEG line and Polarian vessel sealing instruments.  The submission of a 510(k) FDA application for Polarian is scheduled to be completed in the next several months.

Andrew Makrides, president of Bovie, stated, “We are pleased 2008 showed real progress in the development of our new products featured by the marketing entry of our SEER tissue resection device. Our core business remained strong highlighted by a record sales month for December 2008 and sales increases in January and February 2009 over the corresponding months in 2008.

While no agreements have concluded to date, discussions continue with other companies regarding the possibility of strategic partnerships.”

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially.  These risks are listed from time to time in the Company’s SEC filings. www.boviemedical.com

The technology utilizes a gas ionization process producing a stable thin focused beam of ionized gas that can be controlled in a wide range of temperatures and intensities, providing the surgeon greater precision, minimal invasiveness and an absence of conductive currents during surgery. Recent engineering improvements include increases in power and efficiency and component miniaturization, making manufacturing easier and more efficient.

Mr. Makrides president of Bovie Medical commented, “Since the 2007 acquisition giving Bovie total ownership of J-Plasma, the Company has dynamically changed and improved the device. By incorporating Bovie’s ICON technology as a platform for J-Plasma, we have enhanced the flexibility of the product as well as its potential applications.”

Management is considering possible uses in several surgical procedures including dermatology and plastic surgery as well as several other surgical specialties.

The Company will be attending and presenting its plasma technology at the second annual International Conference on Plasma Medicine at the Tropicano Riverwalk Hotel, San Antonio, TX. March 16th-20th.  According to the conferences website (http://plasma.mem.drexel.edu/icpm-2/), the International Conference on Plasma Medicine brings together plasma scientists, medical doctors, biologists and biochemists to share fascinating results of their research and share latest developments in plasma medicine, a new field at the intersection of plasma science, biology and medicine.

Conference Topics: Fundamentals of interaction between plasma and living systems; plasma sterilization; plasma wounds treatment; plasma blood coagulation; plasma cancer treatment; new applications of plasma in medicine; design of plasma systems for medical applications; physics of plasma discharges in medicine; plasma chemistry in medicine.

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.

This document may contain some forward looking statements, particularly regarding operational prospects in 2009 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company’s SEC filings.