Bovie Medical Corporation Reports Financial Results for the Third Quarter 2007; Reports Progress on MEG and Polaris(TM).

MELVILLE, N.Y. -- Bovie Medical Corporation (the "Company") (Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the third quarter and nine months ended September 30, 2007.

Revenues for the third quarter increased 6.6% to a record $7.5 million versus $7.0 million recorded for the third quarter 2006. Net income for the third quarter was $471,636 or $.03 per diluted share on 17,699,654 weighted average shares fully diluted compared to $856,959 or $.05 per diluted share on 17,483,781 weighted average shares fully diluted for the comparable period last year. Income before minority interest and income tax for the third quarter of 2007 was $744,917 compared to $859,526 in 2006. The decline resulted from increased research and development expenses of approximately $155,000 related to new product development, as increases in other expenses were offset by increased gross profit.

The Company recognized a provision for income taxes of approximately $273,000 during the quarter ended September 30, 2007, which provision was negligible in 2006. Bovie will be required to continue recognizing an expense for income taxes in those periods in which it generates positive results from operations. However, the Company will not be responsible for the actual payment of any income taxes other than those arising from the alternative minimum tax, until it fully utilizes its operating loss carryforwards for tax purposes in the second half of 2008.

Revenues for the first nine months of 2007 increased 9.4% to a record $21.60 million versus $19.75 million recorded for the first nine months of 2006. Net income for the first nine months was $2,119,813 or $.12 per diluted share on 17,699,657 weighted average shares fully diluted compared to $2,259,899 or $.13 per diluted share on 16,895,099 weighted average shares fully diluted for the comparable period last year. Income before minority interest and income tax for the nine months ended September 30, 2007 was $1,788,621 versus $2,277,466 last year. Increases in research and development expenses of approximately $600,000 related to new product development (which the Company continues to fund through internal cash flow), was primarily the reason for the decline.

The increase in research and development expenses was partially offset by a net benefit for income taxes of approximately $326,000 that was recognized during the nine months ended September 30, 2007, as compared to a negligible provision for income taxes in 2006. This benefit resulted from the recognition of an asset for remaining deferred income taxes relating to net operating loss carryforwards at June 30, 2007.

Andrew Makrides, CEO of Bovie Medical Corp., stated, "The Company continues to achieve the goals management established in the beginning of 2007. As a product development, manufacturing and marketing company, it is deemed essential by management for Bovie to continuously come to market with innovative new technologies and products. Bovie has successfully launched its ICON GI in August contributing to its largest sales quarter in its history. The development of the ICON platform has led to additional new generator designs with anticipated new product introductions in 2008.

"Bovie continues to make progress on both its MEG Forceps and Polaris[TM] vessel sealing lines with scheduled introduction anticipated during the first half of 2008. With MEG and Polaris[TM], as with our other products, we look to develop the best marketing and distribution strategies in order to maximize each product's potential. We continue having ongoing discussions with potential strategic partners at the same time we are establishing our own distribution channels. As previously stated, management is optimistic that the Polaris[TM] line of instruments will have a significant impact on Bovie's sales and earnings in the future."

Additionally, the Company reported that it has received approval for the marketing and sale of its products in China. Management believes that the China market could become its largest contributor to overseas sales.

This document may contain some forward looking statements, particularly regarding operational prospects in 2007 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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