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Bovie Medical Corporation reports that Charles D. Goodwin 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.
Andrew Makrides, Chairman of the Company’s Board of Directors stated, “After thorough consideration, The Board of Directors has voted unanimously to appoint Charlie to the role of Chief Executive Officer. 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.”
Mr. Goodwin replied “I am excited to lead Bovie Medical as the Company commercializes its transformational J-Plasma technology and continues to grow sales.” He added, “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.”
Bovie Medical Corporation’s 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.