EARNINGS: Bovie Medical reports loss for quarter
Bovie Medical Corp.,Melville
electrosurgical product maker
Quarter: Ended March 31
Net income: Loss of $225,774, compared with profit of $403,266 in the same quarter last year.
Net revenues: $5.6 million, compared with $7.2 million in the year-ago quarter.
Outlook: "While management is disappointed in the first quarter's results, we continue to work to improve the company's bottom line by cutting costs and increasing efficiencies," said Bovie president Andrew Makrides. "The company remains optimistic regarding its future prospects and its new proprietary products targeted toward the higher margin hospital, surgicenters and specialty markets."
Company statement: Bovie has retained Growthink Securities Inc. as a strategic consulting, business planning and financial adviser for various sales and marketing strategies, potential financing or sale transactions for Bovie's medical device product lines.
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