Bovie Medical Corp., a Melville medical equipment maker, reported a 9.4 percent rise in revenue Tuesday.
The company said revenue increased to $6.73 million during the first three months of 2012. Net income fell 62 percent during the quarter, to $187,000, compared to the same period last year. But the company’s first-quarter income for 2011 was boosted by a one-time legal settlement of $750,000.
The company was founded in the late 1970s to make disposable medical penlights. It now offers a variety of electrosurgical tools, manufacturing them at a facility in Florida.
In February, Bovie received FDA approval for a handheld surgical knife designed to make high-precision cuts without damaging surrounding tissue. The company’s stock is up 34 percent, to $2.90 a share, since the year began.
The boost comes at a crucial time for Bovie, which has suffered since the recession. Its stock lost 80 percent of its value between June 2009 and October 2010. On Tuesday, shares were up 2 cents, to $2.92, in midday trading.
Photo: Bovie Medical J-Plasma surgical knife.