Bovie Medical posted losses of $341,000, or -2¢ per share, on sales of $5.8 million for the 3 months ended Sept. 30. Losses jumped nearly 5000% on a sales decrease of 13.2% compared with the same period last year.
The news sent BVX shares down 5% to $2.59, on Nov. 14, after the earnings were reported. The shares were trading at $2.18 apiece, down 18.5% by the end of last week. .
The New York company explained that their sales were down because of “anticipated global slowdown by our OEM customers’ products in certain related markets,” which halted new OEM agreements, according to a regulatory filing.
Bovie recorded a legal loss in August, after former general counsel Leonard Keen won his lawsuit against the company. Bovie set aside $1 million to cover the legal loss, which added to more red in the 2nd quarter for the company.