Bovie Medical Corporation Announces Record Second Quarter Revenues and a Dramatic Turnaround in Net Income.

Business Editors/Health/Medical Writers

MELVILLE, N.Y.--(BUSINESS WIRE)--July 30, 2003

Bovie Medical Corporation ("the Company")(OTC Bulletin Board: BOVI), a premier manufacturer and marketer of electrosurgery products today announced its financial results for the second quarter and six months, ended June 30, 2003.

Revenues for the second quarter increased to a record $4.4 million representing a 36% increase over the $3.2 million recorded in the same period last year. The increase in revenues resulted in the Company reporting a record net income of $463,214 or $.04 per diluted share compared to a net loss of $(55,149) or $(.00) per diluted share for the second quarter of fiscal 2002.

Revenues for the first half of fiscal 2003 totaled a record $8.0 million, representing an increase of 29% over the $6.2 million recorded in the comparable period last year. Net income increased to a record $520,704 or $.04 per diluted share compared to a net loss of $109,605 or $(.01) per diluted share for the first six months of fiscal year 2002.

Charles Peabody, chief financial officer of Bovie stated, "The improved financial results clearly reflect the advances we are making in the electrosurgery market; currently representing 54% of overall sales. In addition, continually improving cash flow and gross margins have contributed to a solid financial infrastructure to support Bovie's anticipated growth."

This document may contain some forward looking statements, particularly regarding operational prospects in 2003 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. For additional information visit the Bovie Medical web site at www.boviemedical.com.