Bovie Medical Corporation (BVX) saw its loss narrow to $0.52 million, or $0.04 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.41 million, or $0.05 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.14 million, or $0.04 a share from a loss of $1.41 million or $0.05 a share, a year ago. Revenue during the quarter grew 14.45 percent to $9.49 million from $8.30 million in the previous year period. Gross margin for the quarter expanded 851 basis points over the previous year period to 50.87 percent. Operating margin for the quarter stood at negative 11 percent as compared to a negative 16.31 percent for the previous year period.
Operating loss for the quarter was $1.04 million, compared with an operating loss of $1.35 million in the previous year period.
“The fourth quarter represented a strong finish to an excellent year for Bovie Medical,” said Robert L. Gershon, Chief Executive Officer. “Fourth quarter core product revenues increased 0.3% year-on-year; our OEM business was up 131.5%; and J-Plasma® sales increased 179%. Importantly, our direct sales force was responsible for virtually all of J-Plasma’s fourth quarter sales.
Working capital increases
Bovie Medical Corporation has recorded an increase in the working capital over the last year. It stood at $21.27 million as at Dec. 31, 2016, up 18.67 percent or $3.35 million from $17.92 million on Dec. 31, 2015. Current ratio was at 5.03 as on Dec. 31, 2016, down from 5.35 on Dec. 31, 2015.
Debt comes down
Bovie Medical Corporation has recorded a decline in total debt over the last one year. It stood at $3.07 million as on Dec. 31, 2016, down 7.24 percent or $0.24 million from $3.31 million on Dec. 31, 2015. Total debt was 8.75 percent of total assets as on Dec. 31, 2016, compared with 10.53 percent on Dec. 31, 2015. Debt to equity ratio was at 0.12 as on Dec. 31, 2016, down from 0.14 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
