Bovie Medical said it lower revenues in the third quarter of fiscal 2005, which ended Sept. 30, but added that the firm is on track for stronger growth in the future.
The devicemaker, which manufactures and markets electrosurgical products, posted revenues of $5.0 million in the third quarter, down from $5.6 million in the same period the year before. The decline was due to a decrease in original equipment manufacturers (OEM) sales, which also depressed revenues for the first nine months of fiscal 2005, according to Bovie. Revenues in the nine-month period totaled $14.8 million, compared to $15.6 million in the same period last year.
Company officials, however, took an optimistic view of the future. "We are pleased with the progress being achieved in developing our new products," said Andrew Makrides, president of Bovie. "At the outset of fiscal 2005, management committed to advancing products that would be marketed under the Bovie name with the result being less dependency on OEM contracts and higher profit margins."
The firm recently submitted a 510(k) application to the FDA for the "Bovie Button," a unique device designed to eliminate the need for a foot pedal during gastrointestinal procedures, Makrides said. He also noted that based on strong sales in October "we are optimistic that fourth quarter revenues could be a record for the period." In addition, Bovie is exploring collaborative opportunities, including direct sales, strategic alliances and joint ventures for the manufacturing and marketing of its new products, he said.