Bovie Medical shares rise on Q1 sales Beat, closed enrollment of cosmetic J-Plasma IDE study

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 surge...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Clinical Trials Cosmetic/Aesthetic MassDevice Earnings Roundup Wall Street Beat Bovie Medical Corp. Source Type: news