Boston, MA 04/28/2014 (wallstreetpr) – Bovie Medical Corporation (NYSEMKT:BVX) is a $77 million medical services company. The company made a loss in the previous year during which it also received cash infusion. However, there is still lack of clarity about where the company will setup its permanent corporate office.
The company announced earlier this month plans to set up a new executive office. However, its corporate headquarters are temporarily in Clearwater, Florida. The company is, however, preparing its new and possibly permanent corporate office in Westchester.
The medical devices maker previously had its corporate headquarters in Melville. But it is keen on switching the CEO base to a location that sources say would be considerably larger than the previous headquarters.
Bovie Medical Corporation (NYSEMKT:BVX) seems to the latest among several public companies that traded on major stock markets that have moved their headquarters from Long Island.
The administration of Long Island has of late been seen offering incentives to companies to remain in the area. The recent big incentive offer went to Dealtrack. The software company received about $12 million incentive in the form of state tax break to keep headquarters in Long Island and retain jobs in the area. However, it seems companies like Bovie Medical Corporation (NYSEMKT:BVX) and keen on establishing headquarters elsewhere.
Recent performance
Bovie Medical Corporation (NYSEMKT:BVX) reported a loss of $4.3 million on sale of $24 million in fiscal 2013. Towards the end of 2013, the company pocketed $7 million cash infusion from Great Point Partners of Greenwich. The cash deal was in exchange for the appointment of Robert L. Gershon to the CEO position. Mr. Gershon is a well-known industry veteran whose position at the company is expected to herald an era of profitability or at least stability. He previously served as a senior executive of sales and marketing at executive Covidien.
In conclusion
At Bovie Medical Corporation (NYSEMKT:BVX), it remains to be seen what comes out of the planned change in corporate headquarters. But even more importantly, the actions of the new CEO are closely watched as investors are counting on the CEO to steer a quick turnaround.
