Bovie Medical Corporation Announces Record First Quarter Revenues.

Business Editors & Health/Medical Writers

MELVILLE, N.Y.--(BUSINESS WIRE)--May 16, 2002

Bovie Medical Corporation ("the Company") (OTCBB:BOVI), a manufacturer and marketer of electrosurgery products today announced its financial results for the first quarter ended March 31, 2002.

Revenues for the first three months of fiscal 2002, ended March 31 increased 11 percent to a record first quarter of $3.0 million compared to revenues of $2.7 million in the comparable period last year. Increased R&D, marketing, advertising and new promotion expenses, negatively impacted the Company's bottom line. These were directed at areas that management believes will enhance the Company's long term growth potential through the introduction of new products and greater penetration in the electrosurgery marketplace. Bovie reported a net loss of $54,456 or EPS of $.0 cents per share versus net income of $85,851 or $.01 cent per share for the first quarter of 2001.

This document may contain some forward looking statements, particularly regarding operational prospects in 2002 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.