Bovie Medical Corporation Announces Fourth Quarter and Fiscal 2007 Results: Reports...

Bovie Medical Corporation Announces Fourth Quarter and Fiscal 2007 Results: Reports Continued Progress on New Products

MELVILLE, N.Y.--(Business Wire)--
Bovie Medical Corporation (the "Company") (Amex: BVX), a
manufacturer and marketer of electrosurgical products, today announced
fourth quarter and fiscal year 2007 results.

For the quarter ended December 31, 2007, revenue rose 4 percent to
a fourth quarter record $7.2 million versus $6.9 million recorded in
the same period last year, resulting in net income of $280,778 or $.02
per diluted share, compared to net income of $423,307 or $.02 per
diluted share in the prior year. (Income from operations before income
tax totaled $458,135 for the fourth quarter of fiscal 2007 compared to
$433,307 in 2006).

For the fiscal year ended December 31, 2007, revenues increased 8%
to a record $28.78 million versus $26.68 million a year earlier. Net
income totaled $2,400,591 or $.14 per diluted share compared to
$2,683,206 or $.16 per diluted share last year.

The Company recognized a provision for income taxes of
approximately $871,000 during fiscal year 2007, which provision was
negligible in 2006. The Company will be required to continue
recognizing an expense for income taxes in those periods in which it
generates positive results from operations. However, we will not be
responsible for the actual payment of any income taxes other than
those arising from the alternative minimum tax, until the Company
fully utilizes its operating loss carryforwards for tax purposes in
the second half of 2008.

Andrew Makrides, president of Bovie, stated, "As we look ahead we
remain confident that the development of our new proprietary products
will provide significant future growth as we expand into new markets.
The advances and efforts during fiscal 2007 were supported entirely by
internal cash flow, demonstrating a strong financial infrastructure,
with a balance sheet characterized by a solid cash position and zero
long-term debt. Additionally, Bovie continues serious discussions with
other companies that could positively impact us going forward."

New Product Update

Endoscopic Modular Instruments (MEG Line) - The patent-pending
modular forceps and accessories are designed to provide surgeons added
comfort and improved safety combined with reducing per-procedure costs
through the reduction of inventory and obsolescence. The proprietary
instruments offer a simpler assembly process for laparoscopic
procedures and are the first modular forceps designed for the
arthroscopic market. There has been added progress and improvements on
the original FDA cleared design, and the Company anticipates
submitting its latest version to the FDA and the European Union for a
CE mark shortly. Plans for distribution in Europe are being
implemented. Production and sales are expected to commence by the end
of the second quarter.

Polarian Handle and Accessories - The patent-pending Polarian
surgical handle supports a plurality of electrical and mechanical
modes to be used in conjunction with disposable, Seal-N-Cut bipolar
cartridges. The advanced Polarian technology will be a new entrant
into the rapidly growing vessel and tissue sealing area with the
commencement of marketing anticipated by year's end.

ICON GP/VS - This generator is being developed from our ICON
technology platform. It is designed to improve safety and convenience
in performing general purpose procedures and includes advanced vessel
sealing components integrated with our Polarian handpiece and
accessories.

ICON GS Plasma System - The ICON GS will be the first commercial
product based on the Company's J-Plasma technology. The development of
this new helium gas system generator (utilizing the ICON technology)
includes the design of a new proprietary handpiece.

This document may contain some forward looking statements,
particularly regarding operational prospects in 2008 and beyond, which
involve a number of risks and uncertainties that could cause actual
results to differ materially. These risks are listed from time to time
in the Company's SEC filings.

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BOVIE MEDICAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006 AND
FOR THE YEAR ENDED DECEMBER 31, 2007 AND 2006

Twelve Months Ending December 31
---------------------------------------------------------------
(Audited)

2007 2006
------------ -------------

Total Revenues $28,779,157 $26,676,182

Cost of Sales $17,463,644 $16,075,426

Gross Profit $11,315,513 $10,600,756

Total Net Earnings $2,400,591 $2,683,206

Earnings Per Share
Diluted $0.14 $0.16

Weighted number of
diluted shares outstanding 17,684,705 16,909,103

Three Months Ending December 31
---------------------------------------------------------------
(Unaudited)

2007 2006
------------ -------------

Total Revenues $7,177,095 $6,924,930

Cost of Sales $4,520,743 $4,332,303

Gross Profit $2,656,352 $2,592,627

Total Net Earnings $280,778 $423,307

Earnings Per Share
Diluted $0.02 $0.02

Weighted number of
diluted shares outstanding 17,773,579 17,696,226
*T

Investor Relations:
Buttonwood Advisory Group, Inc.
John Aneralla, 800-940-9087

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