Bovie Medical Corporation Appoints Charles D. Goodwin Chief Executive Officer; Updates 2017 Outlook
December 18 2017 - 7:05AM
Business Wire
Mr. Goodwin Brings Nearly 25 Years of
Experience in the Medical Technology Industry to Advance the Growth
and Profitability of Bovie Medical and Drive the Commercialization
of J-Plasma®
Bovie Medical Corporation (NYSEMKT:BVX) (the "Company"),
a maker of medical devices and supplies and the developer of
J-Plasma®, a patented new surgical product, today announced that
Charles D. Goodwin has been named Chief Executive Officer, and will
join the Company’s Board of Directors effective December 15, 2017.
Mr. Goodwin succeeds Robert L. Gershon, who has resigned to pursue
other opportunities. The Board thanks Rob for his service and
wishes him well in his future endeavors.
“After thorough consideration, The Board of Directors has voted
unanimously to appoint Charlie to the role of Chief Executive
Officer,” said Andrew Makrides, Chairman of the Company’s Board of
Directors. “The appointment of Mr. Goodwin represents an important
strategic decision for Bovie Medical as we pursue strong growth
performance and improving profitability. Charlie is the ideal
executive to lead the Company on its next stage of growth.”
Mr. Makrides continued: “Over the course of his nearly 25-year
career in the medical device industry, Charlie has a demonstrated
track record of delivering strong revenue growth and operational
excellence. As Vice President of Olympus Corporation’s global
surgical energy group for five years, Charlie was directly
responsible for the group’s global commercial strategy, managing a
team of over 500 employees with full profit and loss
responsibility. Prior to joining Olympus, Charlie was the President
of Worldwide Sales at Gyrus ACMI, where he led the business to
record growth in sales and profit, and served as a key member of
the executive team that negotiated the acquisition of Gyrus ACMI by
Olympus for $2.2 billion. Before his promotion to President of
Worldwide Sales, Charlie was instrumental in developing Gyrus’s
global distribution network as President, Surgical Division, where
he achieved average annual sales growth of 35% for three
consecutive years. The Board is confident that he will drive growth
and enhance the Company’s operational performance, which together
we believe will increase shareholder value going forward.”
“I am excited to lead Bovie Medical as the Company
commercializes its transformational J-Plasma technology and
continues to grow sales,” said Charlie Goodwin, Chief Executive
Officer of Bovie Medical. “J-Plasma represents an exciting step
forward from the surgical energy technologies that have been
traditionally applied in these markets, with its potential in
several surgical specialties to improve surgical precision and
enhance procedure safety by minimizing collateral tissue damage. I
am looking forward to working together with our employees and the
Board to continue to drive the commercial adoption of this unique,
cutting edge energy technology, for the benefit of our customers
and shareholders.”
2017 Outlook:
The Company now expects total revenue in the range of $37.0
million to $37.5 million, representing growth of 0% to 1%
year-over-year, compared to prior guidance which assumed growth in
the range of approximately 4% to 5% year-over-year. The change in
the total revenue guidance range is driven primarily by softer
sales performance in our Core segment in the fourth quarter;
J-Plasma sales growth expectations remain unchanged from prior
guidance expectations.
- The Company expects total revenue
growth to be driven by:
- Advanced Energy sales growth in the
range of approximately 93% to 98% year-over-year, unchanged from
prior guidance expectations,
- OEM sales decline in the range of
approximately 53% to 54% year-over-year, as compared to a decline
in the range of approximately 50% to 55% previously,
- Core sales growth in the range of
approximately 0% to 1% year-over-year, as compared to growth in the
range of approximately 3% to 4% year-over-year previously.
- The Company now expects a GAAP net loss
of approximately $6.3 million, compared to prior guidance for a
loss of $5 million and adjusted EBITDA loss in a range of $4.6
million to $4.8 million, compared to adjusted EBITDA loss in a
range of $3.3 to $3.5 million previously.
- The new GAAP net loss and adjusted
EBITDA loss range for fiscal year 2017 includes approximately $0.9
million in separation expense related to the CEO change.
About Bovie Medical
Corporation:
Bovie Medical Corporation is a leading maker of medical devices
and supplies as well as the developer of J-Plasma®, a patented
plasma-based surgical product for cutting, coagulation and ablation
of soft tissue. J-Plasma® utilizes a helium ionization process to
produce a stable, focused beam of plasma that provides surgeons
with greater precision, minimal invasiveness and an absence of
conductive currents through the patient during surgery. The
new J-Plasma® handpieces with Cool-Coag™ technology deliver the
precision of helium plasma energy, the power of traditional
monopolar coagulation and the efficiency of plasma beam coagulation
- enabling thin-layer ablation and dissection and fast coagulation
with a single instrument, minimizing instrument exchange and
allowing a surgeon to focus on their patient and their
procedures. With Cool-Coag technology, the new J-Plasma
handpieces can deliver three distinctly different energy
modalities - further increasing the utility and versatility of the
J-Plasma system. Bovie Medical Corporation is also a leader in the
manufacture of a range of electrosurgical products and
technologies, marketed through both private labels and the
Company’s own well-respected brands (Bovie®, IDS™ and DERM™) to
distributors worldwide. The Company also leverages its expertise
through original equipment manufacturing (OEM) agreements with
other medical device manufacturers. For further information about
the Company’s current and new products, please refer to the
Investor Relations section of Bovie Medical Corporation
at www.boviemed.com.
Cautionary Statement on Forward-Looking
Statements:
Certain matters discussed in this release and oral statements
made from time to time by representatives of the Company may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Federal
securities laws. Although the Company believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that its
expectations will be achieved.
Forward-looking information is subject to certain risks, trends
and uncertainties that could cause actual results to differ
materially from those projected. Many of these factors are beyond
the Company's ability to control or predict. Important factors that
may cause actual results to differ materially and that could impact
the Company and the statements contained in this release can be
found in the Company's filings with the Securities and Exchange
Commission including the Company's Report on Form 10-K for the year
ended December 31, 2016 and subsequent Form 10-Q filings. For
forward-looking statements in this release, the Company claims the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995.
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version on businesswire.com: http://www.businesswire.com/news/home/20171218005323/en/
Investor Relations
Contact:Westwicke Partners on behalf of Bovie Medical
CorporationMike Piccinino,
CFA443-213-0500investor.relations@boviemed.com
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