Shares in Bovie Medical (NYSE:BVX) rose today after the medical device maker beat sales expectations on Wall Street with its first quarter earnings release and announced that it closed enrollment of an FDA investigational device exemption study of its J-Plasma tech seeking a new cosmetic indication.
The Clearwater, Fla.-based company posted losses of $935,000, or 3¢ per share, on sales of $9.9 million for the three months ended March 31, seeing losses grow 44.5% while sales grew 18.2% compared with the same period during the previous year.
Losses-per-share were just below the 2¢ consensus on Wall Street, where analysts expected too see sales of $9.3 million, which Bovie Medical topped.
“In the first quarter, we achieved 18% year-over-year sales growth, which was fueled by strong sales in our advanced energy business. Our advanced energy sales performance represents an exciting start to the year, and reflects strong global demand for our J-Plasma/Renuvion technology. In the U.S., we continued to see strong adoption of our Renuvion cosmetic technology in the cosmetic surgery market, where our sales organization is focused on marketing and selling to plastic surgeons, cosmetic surgeons and dermatologists. Encouraged by our recent commercial traction in the cosmetic surgery market, we remain focused in 2018 on increasing the awareness and adoption of our Renuvion technology, while establishing the requisite support to facilitate its broader adoption in the cosmetic surgery market in future years. We are reaffirming our fiscal year financial guidance, and look forward to delivering strong operating and financial performance throughout 2018 for the benefit of our customers and shareholders,” CEO Charlie Goodwin said in a press release.
Bovie Medical reaffirmed its financial guidance for the year, expecting to see sales of between $41 million and $42.5 million, with an adjusted EBITDA between $1 million and $1.5 million.
Shares in Bovie Medical have risen 9.3% so far today, at $3.99 as of 3:44 p.m. EDT.
The company also announced that it closed enrollment on an FDA IDE study of its J-Plasma device seeking indications for use in dermal skin resurfacing procedures.
The J-Plasma device is a plasma-based cutter and coagulator that uses helium ionization to produce a focused beam of ionized gas over a blade, used for cutting or coagulating during surgeries, Bovie Medical said.
“We are excited to announce that today we have enrolled the final patient in our dermal skin resurfacing study, which represents another important development in our strategy to build clinical support for our Renuvion technology and expand its clinical indications for use in the cosmetic surgery market. We look forward to sharing the findings of this study, which we expect will provide support for our planned 510(k) submission to the U.S. Food and Drug Administration for an indication to market and sell J-Plasma/Renuvion for use in dermal resurfacing procedures,” CEO Goodwin said in a prepared statement.
In late March, Bovie Medical said it launched the Renuvion brand of cosmetic surgery devices using its J-Plasma technology.
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