Bovie Medical Corp (NYSEMKT:BVX)
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A medical device company engaged in the manufacturing and marketing of electrosurgical devices.
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A medical device company engaged in the manufacturing and marketing of electrosurgical devices.
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The name "Bovie" is eponymous for a hand-held, pencil-sized electrocautery device used almost universally in operating rooms. One uses the device to divide soft tissue, coagulate blood vessels, cut out lesions for biopsy, etc. It stays near the operating field throughout the surgery. When one needs the device one simply says, "Bovie", and everyone knows what is meant. This company has had record-beating earnings of late, and, despite the recent very short-term drop in stock price, I think the earnings trend will continue. Bovie is a small company with a great balance sheet and lots of room to grow, and surgeries are with us for a while. The one danger I see is trying to diversify products too much, but if anyone can pull this off, Bovie can.
9/18/2009 update: well, the balance sheet doesn't look as pristine as it did. Income is recently down on "decreased international sales". Inventory has crept up over the past couple years. Still, borrowing, including "Net Borrowing" on the cash flow sheet, has been higher in the past, and the company paid it down. Operating income has dropped, but this has been lower in the past and the company has rebounded. The company has received FDA approval for new electrosurgical products, which is presumably one of the sources of these changes. Though I haven't spent as much time in ORs of late, even in the past few years, surgery is ever more avidly seeking new technologies (viz. ISRG). Bovie products still seem so crucial and basic to daily operating room function that the company surely has a steady future. Yes, I own shares. No, I don't work for the company. Yes, I do work in healthcare.