Bovie Medical Corporation Updates Fiscal Year 2018 Financial Outlook
05 9월 2018 - 8:30PM
Business Wire
Now Expect Advanced Energy Sales Growth of
55% to 60% year-over-year
Bovie Medical Corporation (NYSEMKT:BVX) (the “Company”),
a maker of medical devices and supplies and the developer of
J-Plasma®, a patented surgical product marketed and sold under the
Renuvion™ Cosmetic Technology brand in the cosmetic surgery market,
today updated financial guidance expectations for the twelve months
ending December 31, 2018.
2018 Financial
Outlook:
The Company is introducing fiscal year 2018 financial guidance
on a continuing operations basis as adjusted, which reflects the
consummation of the Core segment sale transaction which closed on
August 30, 2018.
For the fiscal year 2018, the Company expects:
- Total revenue from continuing
operations in the range of $15.2 million to $15.6 million,
representing growth of 49% to 53% year-over-year, compared to total
revenue from continuing operations of $10.2 million in fiscal year
2017.
- Total revenue from continuing
operations assumes:
- Advanced Energy revenue in the range of
approximately $11.8 million to $12.2 million, representing growth
of 55% to 60% year-over-year, compared to Advanced Energy revenue
of $7.6 million in fiscal year 2017.
- OEM revenue of approximately $3.4
million, representing growth of 31% year-over-year, compared to
$2.6 million for fiscal year 2017.
- GAAP Net loss from continuing
operations in the range of $12.7 million to $12.3 million, compared
to GAAP net loss from continuing operations of $11.9 million in
fiscal year 2017.
- Adjusted EBITDA loss from continuing
operations in the range of $11.7 million to $11.3 million, compared
to adjusted EBITDA loss from continuing operations of $12.0 million
in fiscal year 2017.
- Net after tax proceeds from the sale of
the Core business of approximately $68 million.
The Company’s prior fiscal year 2018 guidance ranges for total
revenue, GAAP net loss and adjusted EBITDA were on an ‘as reported’
basis and included contributions from the Core segment of:
- Total revenue in the range of
approximately $27.8 million to $28.8 million,
- GAAP net income in the range of
approximately $7.5 million to $8.0 million,
- Adjusted EBITDA income in the range of
approximately $9.0 million to $9.5 million
Conference Call
Details:
Management will host a conference call at 8:00 a.m. Eastern Time
on September 5, 2018 to discuss the transaction and to host a
question and answer session. To listen to the call by phone,
interested parties within the U.S. may dial 844-507-6493 (or
647-253-8641 for international callers) and provide access code
9489957. Participants should ask for the Bovie Medical Corporation
Call.
A live webcast of the call will be accessible via the Investor
Relations section of the Company’s website and at:
https://event.on24.com/wcc/r/1827722/8DFD3979EA9FB417E4AABFF7565F5AE6.
A telephonic replay will be available approximately two hours
after the end of the call through 11:59pm ET on Wednesday 9/19. The
replay can be accessed by dialing 800-585-8367 for U.S. callers or
416-621-4642 for International callers and using the replay access
code: 9489957. The webcast will be archived on the Investor
Relations section of the Company's website.
About Bovie Medical
Corporation:
Bovie Medical Corporation is a leading maker of medical devices
and supplies as well as the developer of J-Plasma® (marketed and
sold under the Renuvion™ Cosmetic Technology brand in the cosmetic
surgery market), a patented plasma-based surgical product for
cutting, coagulation and ablation of soft tissue. J-Plasma
technology utilizes a helium ionization process to produce a
stable, focused beam of plasma that provides surgeons with greater
precision, and minimal invasiveness. The Company also leverages its
expertise through original equipment manufacturing (OEM) agreements
with other medical device manufacturers. For further information
about the Company and its products, please refer to the Bovie
Medical Corporation website at www.boviemedical.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, 2017 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.
The Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise.
Use of Non-GAAP Financial Measures
We present these non-GAAP measures because we believe these
measures are useful indicators of our operating performance. Our
management uses these non-GAAP measures principally as a measure of
our operating performance and believes that these measures are
useful to investors because they are frequently used by analysts,
investors and other interested parties to evaluate companies in our
industry. We also believe that these measures are useful to our
management and investors as a measure of comparative operating
performance from period to period.
The Company has presented the following non-GAAP financial
measures in this press release: adjusted EBITDA from continuing
operations. The Company defines adjusted EBITDA from continuing
operations as its reported net income/(loss) (GAAP), from
continuing operations plus income tax expense, interest expense,
net, depreciation and amortization, stock-compensation expense, and
changes in value of derivative liabilities.
The following unaudited table presents a reconciliation of net
loss to Adjusted EBITDA for our 2018 guidance:
BOVIE MEDICAL CORPORATION
RECONCILIATION OF GAAP NET
INCOME/(LOSS) FROM CONTINUING OPERATIONS RESULTS TO NON-GAAP
ADJUSTED EBITDA/(LOSS) FROM CONTINUING OPERATIONS
Year Ended 2018 GAAP Net loss
from continuing operations $ (12,500
)
Interest, net (400 ) Income tax expense (900 ) Depreciation and
amortization 750 Stock based compensation 1,550 Change in fair
value of derivative liabilities — Adjusted EBITDA,
from continuing operations (11,500 )
The reconciliation assumes the mid-point of the Adjusted EBITDA
loss, from continuing operations range and the midpoint of each
component of the reconciliation, corresponding to guidance of $11.7
million to $11.3 million for 2018.
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version on businesswire.com: https://www.businesswire.com/news/home/20180905005226/en/
Investor Relations
Contact:Westwicke Partners on behalf of Bovie
Medical CorporationMike Piccinino,
CFA443-213-0500investor.relations@boviemed.com
Bovie (AMEX:BVX)
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