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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bovie Medical Corp. | AMEX:BVX | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.48 | 0.00 | 01:00:00 |
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ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended September 30, 2018
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or
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o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _____ to _____
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Commission File Number: 0-12183
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BOVIE MEDICAL CORPORATION
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(Exact name of registrant as specified in its charter)
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Delaware
|
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11-2644611
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(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
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Page
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Part I.
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Part II.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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September 30,
2018 |
|
December 31,
2017 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
40,663
|
|
|
$
|
9,949
|
|
Restricted cash
|
—
|
|
|
719
|
|
||
Short term investments
|
55,480
|
|
|
—
|
|
||
Trade accounts receivable, net of allowance of $311 and $204
|
4,080
|
|
|
4,857
|
|
||
Inventories, net
|
6,037
|
|
|
4,274
|
|
||
Prepaid expenses and other current assets
|
627
|
|
|
433
|
|
||
Current assets of discontinued operations
|
—
|
|
|
2,315
|
|
||
Total current assets
|
106,887
|
|
|
22,547
|
|
||
Property and equipment, net
|
5,842
|
|
|
6,033
|
|
||
Purchased technology and license rights, net
|
32
|
|
|
67
|
|
||
Goodwill
|
185
|
|
|
185
|
|
||
Deposits
|
46
|
|
|
92
|
|
||
Other assets
|
122
|
|
|
67
|
|
||
Non-current assets of discontinued operations
|
—
|
|
|
1,997
|
|
||
Total assets
|
$
|
113,114
|
|
|
$
|
30,988
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
2,348
|
|
|
$
|
1,583
|
|
Accrued severance and related
|
95
|
|
|
1,242
|
|
||
Accrued payroll
|
163
|
|
|
447
|
|
||
Current portion of mortgage note payable
|
—
|
|
|
239
|
|
||
Accrued taxes and other liabilities
|
19,066
|
|
|
214
|
|
||
Current liabilities of discontinued operations
|
—
|
|
|
2,248
|
|
||
Total current liabilities
|
21,672
|
|
|
5,973
|
|
||
Mortgage note payable, net of current portion
|
—
|
|
|
2,455
|
|
||
Note payable
|
140
|
|
|
140
|
|
||
Deferred tax liability
|
—
|
|
|
368
|
|
||
Derivative liabilities
|
—
|
|
|
20
|
|
||
Total liabilities
|
$
|
21,812
|
|
|
$
|
8,956
|
|
STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Common stock, $0.001 par value; 75,000,000 shares authorized; 33,763,019 issued and 33,620,444 outstanding as of September 30, 2018 and 75,000,000 shares authorized; 33,021,170 issued and 32,878,091 outstanding as of December 31, 2017, respectively
|
33
|
|
|
33
|
|
||
Additional paid-in capital
|
51,798
|
|
|
50,495
|
|
||
Retained earnings (accumulated deficit)
|
39,471
|
|
|
(28,496
|
)
|
||
Total stockholders’ equity
|
91,302
|
|
|
22,032
|
|
||
Total liabilities and stockholders’ equity
|
$
|
113,114
|
|
|
$
|
30,988
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Sales
|
$
|
3,672
|
|
|
$
|
2,651
|
|
|
$
|
10,760
|
|
|
$
|
6,576
|
|
Cost of sales
|
1,151
|
|
|
738
|
|
|
3,490
|
|
|
2,314
|
|
||||
Gross profit
|
2,521
|
|
|
1,913
|
|
|
7,270
|
|
|
4,262
|
|
||||
Other costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
613
|
|
|
487
|
|
|
1,890
|
|
|
1,600
|
|
||||
Professional services
|
628
|
|
|
421
|
|
|
1,815
|
|
|
1,291
|
|
||||
Salaries and related costs
|
2,119
|
|
|
1,826
|
|
|
5,734
|
|
|
6,016
|
|
||||
Selling, general and administrative
|
1,957
|
|
|
2,012
|
|
|
6,280
|
|
|
6,003
|
|
||||
Total other costs and expenses
|
5,317
|
|
|
4,746
|
|
|
15,719
|
|
|
14,910
|
|
||||
Loss from operations
|
(2,796
|
)
|
|
(2,833
|
)
|
|
(8,449
|
)
|
|
(10,648
|
)
|
||||
Interest income (expense), net
|
105
|
|
|
(36
|
)
|
|
33
|
|
|
(103
|
)
|
||||
Other losses
|
(155
|
)
|
|
—
|
|
|
(155
|
)
|
|
—
|
|
||||
Change in fair value of derivative liabilities
|
—
|
|
|
(69
|
)
|
|
20
|
|
|
57
|
|
||||
Total other expense, net
|
(50
|
)
|
|
(105
|
)
|
|
(102
|
)
|
|
(46
|
)
|
||||
Loss from continuing operations before income taxes
|
(2,846
|
)
|
|
(2,938
|
)
|
|
(8,551
|
)
|
|
(10,694
|
)
|
||||
Income tax (benefit) expense
|
(2,408
|
)
|
|
6
|
|
|
(2,384
|
)
|
|
15
|
|
||||
Net loss from continuing operations
|
$
|
(438
|
)
|
|
$
|
(2,944
|
)
|
|
$
|
(6,167
|
)
|
|
$
|
(10,709
|
)
|
Income from discontinued operations, net of tax
|
540
|
|
|
1,699
|
|
|
5,062
|
|
|
6,471
|
|
||||
Gain on sale of the Core Business, net of tax
|
69,072
|
|
|
—
|
|
|
69,072
|
|
|
—
|
|
||||
Total income from discontinued operations, net of tax
|
69,612
|
|
|
1,699
|
|
|
74,134
|
|
|
6,471
|
|
||||
Net income (loss)
|
$
|
69,174
|
|
|
$
|
(1,245
|
)
|
|
$
|
67,967
|
|
|
$
|
(4,238
|
)
|
|
|
|
|
|
|
|
|
||||||||
Loss per share from continuing operations
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.01
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(0.35
|
)
|
Diluted
|
$
|
(0.01
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(0.35
|
)
|
|
|
|
|
|
|
|
|
||||||||
Income per share from discontinued operations
|
|
|
|
|
|
|
|
||||||||
Basic
|
2.09
|
|
|
0.05
|
|
|
2.25
|
|
|
0.21
|
|
||||
Diluted
|
1.99
|
|
|
0.05
|
|
|
2.19
|
|
|
0.21
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
2.08
|
|
|
$
|
(0.04
|
)
|
|
$
|
2.06
|
|
|
$
|
(0.14
|
)
|
Diluted
|
$
|
1.98
|
|
|
$
|
(0.04
|
)
|
|
$
|
2.00
|
|
|
$
|
(0.14
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares outstanding - basic
|
33,275
|
|
|
31,078
|
|
|
33,014
|
|
|
30,932
|
|
||||
Weighted average number of shares outstanding - dilutive
|
34,934
|
|
|
31,078
|
|
|
33,952
|
|
|
30,932
|
|
|
Preferred Stock
|
|
Common Stock
|
|
|
|
|
|
|
||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Par Value
|
|
Additional Paid-In Capital
|
|
Retained Earnings (Accumulated Deficit)
|
|
Total
|
||||||||||||
Balance
December 31, 2016 |
976
|
|
|
$
|
1
|
|
|
30,860
|
|
|
$
|
31
|
|
|
$
|
49,625
|
|
|
$
|
(23,434
|
)
|
|
$
|
26,223
|
|
Options exercised
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
275
|
|
|
—
|
|
|
275
|
|
|||||
Conversion of Series B convertible preferred to common stock
|
(976
|
)
|
|
(1
|
)
|
|
1,951
|
|
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||||
Stock based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
532
|
|
|
—
|
|
|
532
|
|
|||||
Stock swap to acquire options and warrants
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(275
|
)
|
|
—
|
|
|
(275
|
)
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,238
|
)
|
|
(4,238
|
)
|
|||||
Balance
September 30, 2017 |
—
|
|
|
$
|
—
|
|
|
32,832
|
|
|
$
|
33
|
|
|
$
|
50,156
|
|
|
$
|
(27,672
|
)
|
|
$
|
22,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance
December 31, 2017 |
—
|
|
|
$
|
—
|
|
|
32,878
|
|
|
$
|
33
|
|
|
$
|
50,495
|
|
|
$
|
(28,496
|
)
|
|
$
|
22,032
|
|
Options exercised
|
—
|
|
|
—
|
|
|
1,278
|
|
|
—
|
|
|
3,103
|
|
|
—
|
|
|
3,103
|
|
|||||
Warrants exercised
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
95
|
|
|
—
|
|
|
95
|
|
|||||
Stock based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,238
|
|
|
—
|
|
|
1,238
|
|
|||||
Stock exercise to acquire options and warrants
|
—
|
|
|
—
|
|
|
(576
|
)
|
|
—
|
|
|
(3,133
|
)
|
|
—
|
|
|
(3,133
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,967
|
|
|
67,967
|
|
|||||
Balance
September 30, 2018 |
—
|
|
|
$
|
—
|
|
|
33,620
|
|
|
$
|
33
|
|
|
$
|
51,798
|
|
|
$
|
39,471
|
|
|
$
|
91,302
|
|
|
Nine Months Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income (loss)
|
$
|
67,967
|
|
|
$
|
(4,238
|
)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|
|
|
||||
Gain on sale of the Core Business, net of tax
|
(69,072
|
)
|
|
—
|
|
||
Depreciation and amortization
|
429
|
|
|
527
|
|
||
Gain on disposal of property and equipment, net
|
—
|
|
|
3
|
|
||
Stock based compensation
|
1,238
|
|
|
532
|
|
||
Change in fair value of derivative liabilities
|
(20
|
)
|
|
(57
|
)
|
||
Unrealized gain on short term investments
|
(47
|
)
|
|
—
|
|
||
Provision for allowance for doubtful accounts
|
123
|
|
|
128
|
|
||
Benefit of deferred taxes
|
(368
|
)
|
|
—
|
|
||
Changes in current assets and liabilities, net of effect of disposition:
|
|
|
|
||||
Trade receivables
|
654
|
|
|
528
|
|
||
Prepaid expenses
|
(188
|
)
|
|
(221
|
)
|
||
Inventories
|
(1,706
|
)
|
|
(1,177
|
)
|
||
Deposits and other assets
|
(9
|
)
|
|
9
|
|
||
Accounts payable
|
765
|
|
|
(219
|
)
|
||
Accrued and other liabilities
|
(2,601
|
)
|
|
(250
|
)
|
||
Net cash used in operating activities
|
(2,835
|
)
|
|
(4,435
|
)
|
||
Cash flows from investing activities
|
|
|
|
||||
Purchases of property and equipment
|
(203
|
)
|
|
(431
|
)
|
||
Proceeds from the disposition of Core business
|
91,095
|
|
|
—
|
|
||
Purchases of marketable securities
|
(55,433
|
)
|
|
—
|
|
||
Net cash from investing activities
|
35,459
|
|
|
(431
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from stock options/warrants exercised
|
65
|
|
|
—
|
|
||
Repayment of mortgage note payable
|
(2,694
|
)
|
|
(179
|
)
|
||
Net cash used in financing activities
|
(2,629
|
)
|
|
(179
|
)
|
||
Net change in cash, cash equivalents and restricted cash
|
29,995
|
|
|
(5,045
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
10,668
|
|
|
15,235
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
40,663
|
|
|
$
|
10,190
|
|
|
|
|
|
||||
Cash paid for:
|
|
|
|
||||
Interest (income) expense, net
|
$
|
(33
|
)
|
|
$
|
103
|
|
|
|
|
|
||||
Non cash investing activities:
|
|
|
|
||||
Cashless exercise of stock options/warrants
|
3,133
|
|
|
275
|
|
(In thousands)
|
|
||
Gross consideration from the sale of the Core Business
|
$
|
97,000
|
|
Closing and transaction costs
|
5,905
|
|
|
Net proceeds from sale of the Core Business before taxes
|
$
|
91,095
|
|
|
|
||
Book value of the Core Business
|
|
||
Current assets:
|
|
||
Inventories, net
|
2,195
|
|
|
Prepaid expenses and other current assets
|
57
|
|
|
Total current assets
|
2,252
|
|
|
Property and equipment, net of depreciation
|
375
|
|
|
Brand name and trademark
|
1,510
|
|
|
Purchased technology and license rights, net of depreciation
|
112
|
|
|
Total non-current assets
|
1,997
|
|
|
Total assets
|
$
|
4,249
|
|
|
|
||
Current liabilities:
|
|
||
Accrued inventory liability
|
2,305
|
|
|
Total current liabilities
|
2,305
|
|
|
Total book value of the Core Business
|
$
|
6,554
|
|
|
|
||
Net gain on sale of the Core Business before taxes
|
84,541
|
|
|
Income tax expense
|
15,469
|
|
|
Net gain on sale of the Core Business after income taxes
|
$
|
69,072
|
|
(In thousands)
|
September 30,
2018 |
|
December 31,
2017 |
||||
Raw materials
|
$
|
5,032
|
|
|
$
|
5,163
|
|
Finished goods
|
1,998
|
|
|
1,024
|
|
||
Gross inventories
|
7,030
|
|
|
6,187
|
|
||
Less: reserve for obsolescence
|
(993
|
)
|
|
(1,913
|
)
|
||
Net inventories of continuing operations
|
6,037
|
|
|
4,274
|
|
||
Finished goods of discontinued operations
|
—
|
|
|
2,252
|
|
||
Net inventories of continuing and discontinued operations
|
$
|
6,037
|
|
|
$
|
6,526
|
|
(In thousands)
|
September 30,
2018 |
|
December 31,
2017 |
||||
Brand name and trademark (life indefinite) of discontinued operations
|
$
|
—
|
|
|
$
|
1,510
|
|
|
|
|
|
||||
Purchased technology (5-17 year lives)
|
$
|
1,447
|
|
|
$
|
1,401
|
|
Purchased technology (5-17 year lives) of discontinued operations, net
|
—
|
|
|
112
|
|
||
Less: accumulated amortization
|
(1,415
|
)
|
|
(1,334
|
)
|
||
Purchased technology, net
|
$
|
32
|
|
|
$
|
179
|
|
|
|
|
|
||||
Goodwill
|
$
|
185
|
|
|
$
|
185
|
|
(In thousands)
|
As Reported
(Pre-Adoption)
|
|
ASU 2016-18
Impact |
|
Reported
(Post Adoption)
|
||||||
Nine Months Ended September 30, 2017
|
|
|
|
|
|
||||||
Net change in cash, cash equivalents and restricted cash
|
$
|
(5,045
|
)
|
|
$
|
—
|
|
|
$
|
(5,045
|
)
|
Cash, cash equivalents and restricted cash, beginning of period
|
14,456
|
|
|
779
|
|
|
15,235
|
|
|||
Cash, cash equivalents and restricted cash, end of period
|
$
|
9,411
|
|
|
$
|
779
|
|
|
$
|
10,190
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in thousands, except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net loss from continuing operations
|
$
|
(438
|
)
|
|
$
|
(2,944
|
)
|
|
$
|
(6,167
|
)
|
|
$
|
(10,709
|
)
|
Total income from discontinued operations, net of tax
|
69,612
|
|
|
1,699
|
|
|
74,134
|
|
|
6,471
|
|
||||
Net income (loss)
|
$
|
69,174
|
|
|
$
|
(1,245
|
)
|
|
$
|
67,967
|
|
|
$
|
(4,238
|
)
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares used to compute basic income (loss)
|
33,275
|
|
|
31,078
|
|
|
33,014
|
|
|
30,932
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock options
|
1,659
|
|
|
—
|
|
|
938
|
|
|
—
|
|
||||
Denominator for dilutive income (loss) per share
|
34,934
|
|
|
31,078
|
|
|
33,952
|
|
|
30,932
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss per share from continuing operations
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.01
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(0.35
|
)
|
Diluted
|
$
|
(0.01
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(0.35
|
)
|
|
|
|
|
|
|
|
|
||||||||
Income per share from discontinued operations
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
2.09
|
|
|
$
|
0.05
|
|
|
$
|
2.25
|
|
|
$
|
0.21
|
|
Diluted
|
$
|
1.99
|
|
|
$
|
0.05
|
|
|
$
|
2.19
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
2.08
|
|
|
$
|
(0.04
|
)
|
|
$
|
2.06
|
|
|
$
|
(0.14
|
)
|
Diluted
|
$
|
1.98
|
|
|
$
|
(0.04
|
)
|
|
$
|
2.00
|
|
|
$
|
(0.14
|
)
|
|
|
|
|
|
|
|
|
||||||||
Anti-dilutive instruments excluded from diluted loss per common share:
|
|
|
|
|
|
|
|
||||||||
Warrants
|
—
|
|
|
7
|
|
|
—
|
|
|
13
|
|
||||
Options
|
—
|
|
|
373
|
|
|
—
|
|
|
771
|
|
|
Number of options
|
|
Weighted average exercise price
|
|||
Outstanding at December 31, 2017
|
4,860,157
|
|
|
$
|
3.00
|
|
Granted
|
225,000
|
|
|
4.08
|
|
|
Exercised
|
(1,277,615
|
)
|
|
2.43
|
|
|
Canceled and forfeited
|
(225,841
|
)
|
|
5.62
|
|
|
Outstanding at September 30, 2018
|
3,581,701
|
|
|
$
|
3.08
|
|
|
2018 Grants
|
||||||
Option value
|
$
|
1.46
|
|
-
|
$
|
3.07
|
|
Risk-free rate
|
1.9%
|
-
|
2.5
|
%
|
|||
Expected dividend yield
|
—
|
||||||
Expected volatility
|
60.9%
|
-
|
68.8
|
%
|
|||
Expected term (in years)
|
6
|
(In thousands)
|
Adjusted Cost
|
|
Unrealized Gains
|
|
Fair Value
(3)
|
|
Cash and Cash Equivalents
(1)
|
|
Short-term Marketable Securities
|
||||||||||
Cash
|
$
|
5,774
|
|
|
|
|
$
|
5,774
|
|
|
$
|
5,774
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Level 1
(2)
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury Securities, maturities less than three months
|
$
|
34,889
|
|
|
|
|
$
|
34,889
|
|
|
$
|
34,889
|
|
|
|
||||
U.S. Treasury Securities, maturities greater than three months
|
$
|
55,433
|
|
|
$
|
47
|
|
|
$
|
55,480
|
|
|
|
|
$
|
55,480
|
|
||
Total
|
$
|
96,096
|
|
|
$
|
47
|
|
|
$
|
96,143
|
|
|
$
|
40,663
|
|
|
$
|
55,480
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||
(In thousands)
|
Advanced Energy
|
|
OEM
|
|
Corporate & Other
|
|
Total
|
||||||||
Sales
|
$
|
2,985
|
|
|
$
|
687
|
|
|
$
|
—
|
|
|
$
|
3,672
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income from operations
|
(1,155
|
)
|
|
368
|
|
|
(2,009
|
)
|
|
(2,796
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest income, net
|
—
|
|
|
—
|
|
|
105
|
|
|
105
|
|
||||
Income tax benefit
|
—
|
|
|
—
|
|
|
(2,408
|
)
|
|
(2,408
|
)
|
||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
58
|
|
|
58
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||
(In thousands)
|
Advanced Energy
|
|
OEM
|
|
Corporate & Other
|
|
Total
|
||||||||
Sales
|
$
|
2,126
|
|
|
$
|
525
|
|
|
$
|
—
|
|
|
$
|
2,651
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income from operations
|
(718
|
)
|
|
323
|
|
|
(2,438
|
)
|
|
(2,833
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
—
|
|
|
—
|
|
|
(36
|
)
|
|
(36
|
)
|
||||
Change in fair value of derivative liabilities
|
—
|
|
|
—
|
|
|
(69
|
)
|
|
(69
|
)
|
||||
Income tax expense
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
171
|
|
|
171
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||
(In thousands)
|
Advanced Energy
|
|
OEM
|
|
Corporate & Other
|
|
Total
|
||||||||
Sales
|
$
|
8,727
|
|
|
$
|
2,033
|
|
|
$
|
—
|
|
|
$
|
10,760
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income from operations
|
(2,525
|
)
|
|
1,076
|
|
|
(7,000
|
)
|
|
(8,449
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest income, net
|
—
|
|
|
—
|
|
|
33
|
|
|
33
|
|
||||
Change in fair value of derivative liabilities
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
||||
Income tax expense
|
—
|
|
|
—
|
|
|
(2,384
|
)
|
|
(2,384
|
)
|
||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
429
|
|
|
429
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||
(In thousands)
|
Advanced Energy
|
|
OEM
|
|
Corporate & Other
|
|
Total
|
||||||||
Sales
|
$
|
4,546
|
|
|
$
|
2,030
|
|
|
$
|
—
|
|
|
$
|
6,576
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income from operations
|
(3,821
|
)
|
|
1,031
|
|
|
(7,858
|
)
|
|
(10,648
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
—
|
|
|
—
|
|
|
(103
|
)
|
|
(103
|
)
|
||||
Change in fair value of derivative liabilities
|
—
|
|
|
—
|
|
|
57
|
|
|
57
|
|
||||
Income tax expense
|
—
|
|
|
—
|
|
|
15
|
|
|
15
|
|
||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
527
|
|
|
527
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Sales by Domestic and International
|
|
|
|
|
|
|
|
||||||||
Domestic
|
$
|
2,763
|
|
|
$
|
2,212
|
|
|
$
|
8,481
|
|
|
$
|
5,821
|
|
International
|
909
|
|
|
439
|
|
|
2,279
|
|
|
755
|
|
||||
Total
|
$
|
3,672
|
|
|
$
|
2,651
|
|
|
$
|
10,760
|
|
|
$
|
6,576
|
|
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
||||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Sales by Reportable Segment
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Advanced Energy
|
2,985
|
|
|
2,126
|
|
|
40.4
|
%
|
|
8,727
|
|
|
4,546
|
|
|
92.0
|
%
|
||||
OEM
|
687
|
|
|
525
|
|
|
30.9
|
%
|
|
2,033
|
|
|
2,030
|
|
|
0.1
|
%
|
||||
Total
|
$
|
3,672
|
|
|
$
|
2,651
|
|
|
38.5
|
%
|
|
$
|
10,760
|
|
|
$
|
6,576
|
|
|
63.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sales by Domestic and International
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic
|
$
|
2,763
|
|
|
$
|
2,212
|
|
|
24.9
|
%
|
|
$
|
8,481
|
|
|
$
|
5,821
|
|
|
45.7
|
%
|
International
|
909
|
|
|
439
|
|
|
107.1
|
%
|
|
2,279
|
|
|
755
|
|
|
201.9
|
%
|
||||
Total
|
$
|
3,672
|
|
|
$
|
2,651
|
|
|
38.5
|
%
|
|
$
|
10,760
|
|
|
$
|
6,576
|
|
|
63.6
|
%
|
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
||||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Cost of sales
|
$
|
1,151
|
|
|
$
|
738
|
|
|
56.0
|
%
|
|
$
|
3,490
|
|
|
$
|
2,314
|
|
|
50.8
|
%
|
Percentage of sales
|
31.3
|
%
|
|
27.8
|
%
|
|
|
|
32.4
|
%
|
|
35.2
|
%
|
|
|
Gross profit
|
$
|
2,521
|
|
|
$
|
1,913
|
|
|
31.8
|
%
|
|
$
|
7,270
|
|
|
$
|
4,262
|
|
|
70.6
|
%
|
Percentage of sales
|
68.7
|
%
|
|
72.2
|
%
|
|
|
|
|
67.6
|
%
|
|
64.8
|
%
|
|
|
|
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
||||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Research and Development expense
|
$
|
613
|
|
|
$
|
487
|
|
|
25.9
|
%
|
|
$
|
1,890
|
|
|
$
|
1,600
|
|
|
18.1
|
%
|
Percentage of sales
|
16.7
|
%
|
|
18.4
|
%
|
|
|
|
17.6
|
%
|
|
24.3
|
%
|
|
|
|
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
||||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Professional services expense
|
$
|
628
|
|
|
$
|
421
|
|
|
49.2
|
%
|
|
$
|
1,815
|
|
|
$
|
1,291
|
|
|
40.6
|
%
|
Percentage of sales
|
17.1
|
%
|
|
15.9
|
%
|
|
|
|
16.9
|
%
|
|
19.6
|
%
|
|
|
|
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
||||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Salaries and related expenses
|
$
|
2,119
|
|
|
$
|
1,826
|
|
|
16.0
|
%
|
|
$
|
5,734
|
|
|
$
|
6,016
|
|
|
(4.7
|
)%
|
Percentage of sales
|
57.7
|
%
|
|
68.9
|
%
|
|
|
|
53.3
|
%
|
|
91.5
|
%
|
|
|
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
||||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
SG&A Expense
|
$
|
1,957
|
|
|
$
|
2,012
|
|
|
(2.7
|
)%
|
|
$
|
6,280
|
|
|
$
|
6,003
|
|
|
4.6
|
%
|
Percentage of sales
|
53.3
|
%
|
|
75.9
|
%
|
|
|
|
58.4
|
%
|
|
91.3
|
%
|
|
|
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
||||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Interest income (expense), net
|
$
|
105
|
|
|
$
|
(36
|
)
|
|
(391.7
|
)%
|
|
$
|
33
|
|
|
$
|
(103
|
)
|
|
(132.0
|
)%
|
Percentage of sales
|
2.9
|
%
|
|
(1.4
|
)%
|
|
|
|
0.3
|
%
|
|
(1.6
|
)%
|
|
|
||||||
Change in fair value of derivative liabilities, net
|
$
|
—
|
|
|
$
|
(69
|
)
|
|
(100.0
|
)%
|
|
$
|
20
|
|
|
$
|
57
|
|
|
(64.9
|
)%
|
Percentage of sales
|
—
|
%
|
|
(2.6
|
)%
|
|
|
|
0.2
|
%
|
|
0.9
|
%
|
|
|
2.1
|
|
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
3.4
|
|
|
10.1
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1*
|
|
|
32.2*
|
|
|
101.INS**
|
|
XBRL Instance Document
|
101.SCH**
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL**
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF**
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB**
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE**
|
|
XBRL Taxonomy Extension Label Presentation Document
|
|
Bovie Medical Corporation
|
|
|
|
|
|
|
Date: November 2, 2018
|
By:
|
/s/ Charles D. Goodwin II
|
|
|
|
Charles D. Goodwin II
|
|
|
|
President, Chief Executive Officer and Director
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
Date: November 2, 2018
|
By:
|
/s/ Jay D. Ewers
|
|
|
|
Jay D. Ewers
|
|
|
|
Chief Financial Officer,
|
|
|
|
Treasurer and Secretary
|
|
|
|
(Principal Financial Officer)
|
|
1 Year Bovie Chart |
1 Month Bovie Chart |
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