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Bovie Medical Corporation Message Board

bikerider79 15 posts  |  Last Activity: Jun 30, 2016 4:30 PM Member since: Feb 23, 2009
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  • Reply to

    JPlasma

    by nozac97 Jun 20, 2016 9:25 PM
    bikerider79 bikerider79 Jun 30, 2016 4:30 PM Flag

    You may get a chance very soon to average down again, or take an even bigger tax break. Q2 ended today, and since yet again there was no news about fresh installations, deals or anything even remotely hopeful, you’re probably looking at another disaster. Gershon and McCarthy wouldn’t have survived this long in a company that held people accountable or was really interested in being successful. But as long as there's still some money left over from the dilution to pay salaries, that's all that counts.

  • Reply to

    JPlasma

    by nozac97 Jun 20, 2016 9:25 PM
    bikerider79 bikerider79 Jun 30, 2016 11:22 AM Flag

    Watching since 2006? In 2006, Bovie traded as high as $10 a share. It had a potentially promising pipeline of products: Seal-N-Cut, Boss, Seer, jPlasma. It also had only 15 million shares outstanding. Today, they will soon have 34 million shares outstanding, a disastrous dilution. Seal-N-Cut, Boss and Seer are nowhere to be found. Jplasma is an utter disaster. In 2006, revenue was $27M. In 2015, revenue was $29M, virtually unchanged over 10 years. The stock price has fallen 90 percent. But apparently you think this a wonderful company with a great management. This company has survived on delusional promises that never come true and diluting shareholders. If this isn’t criminal, it should be.

  • Reply to

    JPlasma

    by nozac97 Jun 20, 2016 9:25 PM
    bikerider79 bikerider79 Jun 29, 2016 11:37 AM Flag

    Here’s a tip: Just put me on ignore. Then you can read nothing but wonderful things about Bovie from fellow magical thinkers just like you.

  • Reply to

    JPlasma

    by nozac97 Jun 20, 2016 9:25 PM
    bikerider79 bikerider79 Jun 23, 2016 11:56 AM Flag

    Even if you are correct, there’s still a problem for investors. Bovie admits that skin resurfacing or dermabrasion is currently considered “off-label.” Even worse, they also admit that some surgeons are using the handpiece for multiple procedures. The (now fictional) investment attraction was the handpieces were supposed to be one use, one patient. The whole investment thesis is based on a disposable handpiece that would mean a continual revenue flow. Somehow, this inept management didn’t consider surgeons would reuse the handpiece and take appropriate steps to ensure it wouldn’t happen.

  • Too hilarious for words. Renn’s biggest shareholder, which demanded liquidation, now demands non-liquidation and that Cleveland just resign. A lot is mainly due to Bovie’s 16-year-low stock price, which has all but destroyed Renn and made liquidation a mess.

  • bikerider79 by bikerider79 Jun 13, 2016 12:28 PM Flag

    The proxy is Exhibit A in the utter screwing of shareholders. They whiffed badly on jplasma performance targets, setting a goal of $2.5M but coming in a mind-numbing 50 percent below that number. Considering that performance targets are low-ball estimates intended to give management bonuses, it’s shocking to miss by that much. But surprise, surprise, they still received performance bonuses based on … the shareholder-diluting secondary and the cash it transferred from shareholders! Did they use the inflated jplasma target that they couldn’t possibly reach to justify the $13M shameful dilution? The same $13M that was used at least in part to presumably pay salaries and, yes, performance bonuses? This smacks of something highly unethical…or worse.

  • bikerider79 by bikerider79 Jun 10, 2016 2:02 PM Flag

    Bovie just filed its proxy with salary data. Gershie got a $180,000 BONUS! For what? Driving the stock to 16-year lows? The rest of the band of incompetent idiots also did quite well. Quite a nice gig these guys have. Performance doesn’t matter. And as for taking responsibility? No one ever loses their job at Bovie, whose motto should be “We don’t care and it shows.”

  • Reply to

    Gershon’s “forecast”

    by bikerider79 May 31, 2016 4:27 PM
    bikerider79 bikerider79 Jun 8, 2016 2:38 PM Flag

    How you believe anything this huckster, this jargon-spouting nonentity says is laughable. Managing for the long term? That doesn’t explain his wildly erroneous forecasts and targets, which have been so wrong they could only come from someone who is dangerously incompetent or outright deceitful. Managing for the long term? For this yutz, the “long-term” is until the money from the shareholder dilution runs out, and considering the way he’s burning through cash, that won’t be long.

  • bikerider79 by bikerider79 May 31, 2016 4:27 PM Flag

    A year ago, Gershon forecast 125 ordering accounts by the end of 2015, a number so ludicrous you have to suspect he came up with it just so Craig-Hallum could use it to unload shares from the offering to dumb-schmuck bagholders. But the number is so preposterously wrong, the person issuing it would have to be 1) incompetent or 2) delusional. Whichever it is, he shouldn’t be running a public company. As long as Gershon is in control, there is no bottom to the stock. Just a matter of time before it's under $1, then delisted, then under 50 cents, then zero. It's well past time the board fired this inept nonentity and the people he hired.

  • bikerider79 by bikerider79 May 26, 2016 2:34 PM Flag

    Shares have hit a new 16-year low. Why? Among other reasons, Gershon has stopped disclosing the number of generators in use, and the takeaway is obvious. My guess is not only aren’t the number of generators in use increasing, they are actually shrinking as hospitals either stop using them completely or perhaps even return them to Bovie for a refund. Stupidity and incompetence typically doesn’t rise to the levels of criminality, but this management and this board are pushing the envelope.

  • bikerider79 by bikerider79 May 18, 2016 4:17 PM Flag

    Why would a hospital, after making a big cap-ex purchase of a Bovie generator for up to $40K, balk at cracking open a $375 handpiece to actually use the generator? You have to believe there is a problem with jplasma’s effectiveness . Or maybe it has limited usefulness. Or perhaps surgeons, after using it once, don’t want to use it again. At best, jplasma looks like a niche product that may bring in $1M in revenue a year. But they are already paying $2.1M in salaries. And that doesn’t include the cost of production or fringe benefits. The jargon-spouting pipsqueak carnival huckster loves to talk about “scaling the business.” It’s time he scaled salaries and head counts to reflect the utter failure that is jplasma. If he won’t pull the plug, the Board must pull the plug on him.

  • bikerider79 by bikerider79 May 16, 2016 11:00 AM Flag

    Bovie is reporting $9.5 million in cash, compared to $11.8 million three months prior, and $13.2 million at the end of the third quarter, so they are burning through the money from the disgraceful shareholder dilution at an alarming rate, especially considering the utter lack of results. The burn rate is actually worse because during this time revenue and presumably profitability from the legacy businesses was rising. The Board must keep a tight rein on this CEO and forbid him from spending recklessly anymore on jplasma. No more useless hires. No more investment conferences with their fees. No more car allowances. The $9M remaining must be saved to buy back shares when they pull the plug on jplasma and fire the CEO and his mismanagement team. If they let him spend, he’ll be like a drunken gambler at a casino, throwing money away hoping the roulette wheel finally hits his number.

  • Reply to

    2016 Metrics ??

    by wise2allofu May 12, 2016 2:37 PM
    bikerider79 bikerider79 May 12, 2016 4:28 PM Flag

    What a despicable delusional liar you are. The truth is not that Gerson is lying by hiding revenue, the truth is he lied about plasma’s potential and the number of installations and procedures he expected. He can’t even keep track of his ridiculous "metrics," whether it's run rate or scrub accounts or whatever. They are getting nowhere close to the procedures and generators in use scenario, let alone actually selling generators. Even the few hospitals that laid out $20K-$40K for the generators don’t seem to be using them much. JPlasma is an utter, complete, catastrophically expensive failure. You are in as much denial as your hero CEO. Do you ever tell the truth even once?

  • bikerider79 by bikerider79 May 12, 2016 1:09 PM Flag

    The pipsqueak carnival huckster is so in denial, he thinks he can simply hide the truth. The press release, of course, has no numbers on jPlasma sales because they are so abysmal. Does he think investors are so stupid they will not know? Maybe he thinks they are as stupid as the BOD, which apparently is too braindead to stop the debacle this destructive CEO has brought about. Get rid of Gershon and the Chief Noncommercialization Officer immediately. Then get rid of jplasma and get rid of all the bloated salaries that support this failed product. Build on the solid legacy business. Buy back shares to reduce the float that the pipsqueak carnival huckster so catastrophically increased. Get profitable. Pay a dividend. Bovie will be boring and perhaps never get higher than $5-6 a share. But with this management, it is heading squarely into an even bigger disaster than it already is now.

  • bikerider79 by bikerider79 May 11, 2016 11:01 AM Flag

    Jplasma sales virtually unchanged from the horrible Q4, when they plunged 30% from Q3. And overall sales fell 6 percent from Q4! It’s over, done for Bovie. Gershon must be fired along with his Chief Noncommercialization Officer. How this idiot can schedule an appearance at an investors conference the day after revealing these abysmal numbers shows he is not only incompetent, he is destructive. Jplasma is an utter, complete failure.

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