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<SEC-DOCUMENT>0001121888-04-000021.txt : 20040507
<SEC-HEADER>0001121888-04-000021.hdr.sgml : 20040507
<ACCEPTANCE-DATETIME>20040507154322
ACCESSION NUMBER:		0001121888-04-000021
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20040331
FILED AS OF DATE:		20040507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOVIE MEDICAL CORP
		CENTRAL INDEX KEY:			0000719135
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				112644611
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31885
		FILM NUMBER:		04789126

	BUSINESS ADDRESS:	
		STREET 1:		734 WALT WHITMAN ROAD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		5164215452

	MAIL ADDRESS:	
		STREET 1:		734 WALT WHITMAN ROAD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AN CON GENETICS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>qmar04.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>U.S.
Securities and Exchange Commission</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Washington
D.C. 20549</FONT></H1>
<HR SIZE=1 WIDTH=15% ALIGN=CENTER>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 10-QSB</FONT></H1>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Mark One)</FONT></H1>
<HR SIZE=1 WIDTH=15% ALIGN=CENTER>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>[ X ]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></H1>

<P ALIGN=CENTER><FONT SIZE=3>For the quarterly period ended March 31, 2004</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[ ]
TRANSITION REPORT UNDER SECTION 13 OR 15(d)OF THE EXCHANGE ACT</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the transition period from to Commission file number 0-12183</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3 COLOR=RED>BOVIE
MEDICAL CORPORATION</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Exact name of small business issuer as specified in its charter)</FONT></H1>
<HR SIZE=1 WIDTH=15% ALIGN=CENTER>

<P ALIGN=CENTER><FONT SIZE=2><U>Delaware &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11-2644611</u></font></p>
<P ALIGN=CENTER><FONT SIZE=1>(State or other jurisdiction of incorporation or organization) &nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IRS&#151; Employer Identification No.)</FONT></P>

<HR SIZE=1 WIDTH=15% ALIGN=CENTER>

<P ALIGN=CENTER><FONT SIZE=3>734 Walt Whitman Rd., Melville, New York 11747</FONT></P>

<P ALIGN=CENTER><FONT SIZE=1>(Address of principal executive offices)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>(631) 421-5452</FONT></P>
<P ALIGN=CENTER><FONT SIZE=1>(Issuer's telephone number)</FONT></P>


<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Yes [ X ] No [ ]</FONT></P>



<P ALIGN=CENTER><FONT SIZE=2>APPLICABLE ONLY TO CORPORATE ISSUERS</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Indicate the number of shares outstanding of each of the issuer's class of common stock, as of the latest practicable date: 13,631,628.</FONT></P>


<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE
MEDICAL CORPORATION</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INDEX TO
FORM 10-QSB</FONT></H1>

<PRE>

Contents                                                           Page

Part I.Financial Information

       Item 1:Consolidated Financial Statements:...............................1

        Consolidated Balance Sheet - March 31, 2004
          and December 31, 2003................................................1
        Consolidated Statements of Operations for the
          three Months Ended March 31,  2004 and 2003..........................3
        Consolidated Statements of Cash Flows for the
          three Months Ended March 31, 2004 and 2003...........................4
        Consolidated Statement of Shareholders' Equity
          for the period January 1, 2003 to March 31, 2004.....................5
        Notes to Financial Statements..........................................6

  Item 2:  Management's Discussion and
             Analysis of Financial Conditions
             and Results of Operations........................................12

Part II.   Other Information..................................................17

         Item 1:  Legal Proceedings...........................................17

         Item 2:  Changes in Securities.......................................17

         Item 3:  Defaults Upon Senior Securities.............................17

         Item 4:  Submission of Matters to Vote of Security Holders...........18

         Item 5:  Exhibits and Reports on Form 8-K............................18

</PRE>

<H2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I. FINANCIAL INFORMATION<BR><BR>ITEM 1: CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></H2>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE
MEDICAL CORPORATION<BR>CONSOLIDATED BALANCE SHEET<BR>MARCH 31, 2004 AND DECEMBER 31, 2003</FONT></H1>

<PRE>
                                                        Assets

                                              (Unaudited)         (Audited)
                                           March 31, 2004     December 31, 2003

  Current assets:

  Cash                                        $  395,146         $   306,137
  Trade accounts receivable                    2,275,280           1,708,181
  Inventories                                  2,558,854           2,451,149
  Prepaid expenses                               262,072             390,025
  Deferred tax asset                             386,200             386,200
                                               ---------           ---------
  Total current assets                         5,877,552           5,241,692

  Property and equipment, net                  2,094,193           1,900,015

  Other assets:

  Repair parts                                   177,885             228,226
  Trade name                                   1,509,662           1,509,662
  Patent rights, net                             130,869             144,967
  Deposits                                         9,470               9,470
  Investment - Joint Venture                     200,000             200,000
                                               ---------           ---------
                                               2,027,886           2,092,325

                                              $9,999,631          $9,234,032
                                               =========           =========
</PRE>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes are an integral part of the financial statements.</FONT></P>


<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
CONSOLIDATED BALANCE SHEET<BR>
MARCH 31, 2004 AND DECEMBER 31, 2003<BR>
(CONTINUED)<BR></FONT></H1>

<PRE>
                                          Liabilities and Stockholders' Equity

                                                (Unaudited)        (Audited)
                                               March 31, 2004  December 31, 2003
  Current liabilities:
  Accounts payable                                $1,003,892   $     679,792
  Accrued expense                                    546,338         473,630
  Deferred Revenue                                   122,957         103,445
  Customer deposits                                  112,000         112,000
  Current maturities of long-term debt                31,668          31,668
                                                   ---------       ---------
         Total current liabilities                 1,816,855       1,400,535

  Long Term Liabilities                              372,079         383,670

  Stockholders' equity:

  Preferred Stock, par value $.001
   10,000,000 shares authorized
   0 issued and outstanding                               --              --
   on March 31, 2004 and December 31, 2003

  Common stock par value $.001; 40,000,000
   shares authorized, issued and outstanding
    13,631,628 shares and 13,464,528 shares
        on March 31, 2004 and December 31,
    2003 respectively                                 18,312          16,641
  Additional paid in capital                      20,213,303      20,093,936
  Accumulated deficit                            (12,420,918)    (12,660,750)
                                                  ----------      ----------
             Total stockholders' equity            7,810,697       7,449,827

  Total liabilities and stockholders'equity     $  9,999,631     $ 9,234,032
                                                  ==========      ==========

</PRE>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes are an integral part of the financial statements.</FONT></P>



<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>CONSOLIDATED STATEMENTS OF OPERATIONS<BR>FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003<BR>(UNAUDITED)<BR></FONT></H1>

<PRE>
                                             2004                     2003

Sales                                   $ 4,743,958             $ 3,670,054
Cost of sales                             2,903,707               2,145,373
                                          ---------               ---------
Gross profit                              1,840,251               1,524,681

Costs and expenses:
Research and development                    245,477                 274,361
Professional services                       129,252                 130,419
Salaries and related costs                  442,117                 401,036
Selling, general and administrative         779,679                 650,863
                                          ---------               ---------
                                          1,596,525               1,456,679

Gain (Loss) from operations                 243,726                  68,002

Other income (expense):
Interest (net of income)                (     3,894)            (    11,387)
                                          ---------               ---------
Income                                      239,832                  56,615

Provision for income tax                (    86,340)            (    19,815)
Realized benefit of loss carryforward        86,340                  19,815
                                          ---------                --------
Net income (loss)                        $  239,832             $    56,615
                                          =========                ========

Earnings per share

Net income (loss):
      Basic                                 .02                        .00
      Diluted                               .01                        .00

Weighted average number
 of shares outstanding                    13,565,320              13,204,755
Weighted average number
 of shares outstanding
 adjusted for dilutive securities         16,177,621              13,847,852

</PRE>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes are an integral part of the financial statements.</FONT></P>


<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY<BR>FOR THE YEAR ENDED DECEMBER 31, 2003 AND FOR THE THREE MONTHS ENDED MARCH 31, 2004<BR></FONT></H1>
<PRE>
                                 Options         Preferred          Common
                           Outstanding    Shares   Value   Shares     Value
                               -----------    ------   -----   ------    ------
Balance as of
January 1, 2003                  2,909,000      --      --   13,256,103   13,274

Subscription Receivable

Cancel shares on
Recission offer                         --      --       --   (142,575)    (143)

Exercise options for cash         (350,000)                    350,000     3,500

Options cancelled or forfeited    (361,200)     --       --         --        --

Options granted                  1,791,000      --       --         --        --

Shares issued for promotion             --      --       --      1,000        10

Income for period                       --      --       --         --        --
                                 ---------      --       --  ----------  -------
December 31, 2003                3,988,800      --       --  13,464,528  $16,641


Exercise options for cash        ( 167,100)     --       --     167,100    1,671

Subscription receivable                 --      --       --          --       --
 Income for period                      --      --       --          --       --
                                 ---------      --       --  ----------   ------
March 31, 2004                   3,821,700      --       --  13,631,628   18,312
                                 =========      ==       ==  ==========   ======
</PRE>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY<BR>FOR THE YEAR ENDED DECEMBER 31, 2003 AND FOR THE THREE MONTHS ENDED MARCH 31, 2004<BR>(CONTINUED)</FONT></H1>

<PRE>
                                  Paid-in
                                  Capital         Deficit           Total
                               ----------    ------------        --------
Balance as of
January 1, 2003               $19,820,044   $(13,342,067)       $6,491,251

Subscription Receivable             6,131                            6,131

Cancel shares on
Recission offer                    18,931             --            18,788

Exercise options for cash         247,500             --           251,000

Options cancelled or forfeited         --             --                --

Options granted                        --             --                --

Shares issued for promotion         1,330             --             1,340

Income for period                      --        681,317           681,317
                               ----------     ----------         ---------
December 31, 2003             $20,093,936   $(12,660,750)       $7,449,827

Exercise options for cash         118,254                          119,925

Subscription receivable             1,113                            1,113
 Income for period                     --        239,832           239,832
                               ----------     ----------         ---------
March 31, 2004                $20,213,303   $(12,420,918)       $7,810,697
                               ==========     ==========         =========
</PRE>


<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION AND SUBSIDIARIES<BR>CONSOLIDATED STATEMENT OF CASH FLOWS<BR>INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS<BR>FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003<BR>(UNAUDITED)<BR></FONT></H1>
<PRE>
                                                        2004             2003
Cash flows from operating activities
Net income (loss)                                   $  239,832     $    56,615
Adjustments to reconcile net income
  to net cash provided by (used in)
  operating activities:
Depreciation and amortization                           88,271          77,127

Changes in current assets and liabilities:
Receivables                                           (567,099)       (503,084)
Inventories and repair parts                         (  57,364)       (213,779)
Prepaid expenses                                       127,953          86,020
Accounts payable                                       324,100         320,173
Accrued expense                                         72,708       (  59,101)
Deferred Revenue                                        19,512         103,445
Other assets                                                --       (     378)
                                                      --------      ----------
Net cash provided (applied)
  by operating activities                              247,913        (132,962)
                                                      --------      ----------
Cash flows from investing activities
Increase in fixed assets                              (268,351)      (  47,750)
                                                      --------      ----------
Net cash used in investing activities                 (268,351)     (   47,750)
                                                      --------      ----------
Cash flows from financing activities
Borrowing - line of credit                                             200,000
(Decrease) in notes payable                          (  11,591)      (  53,828)
Common shares purchased                                119,925           1,466
Obligations from shareholders                            1,113             564
                                                      --------      ----------
Net cash used in financing activities                  109,447         148,202
                                                      --------      ----------

Net increase (decrease) in
  cash and cash equivalents                             89,009        ( 32,510)

Cash and cash equivalents, beginning of period         306,137         379,209
                                                      --------      ----------

Cash and cash equivalents, end of period            $  395,146     $   346,699
                                                      ========      ==========
</PRE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes are an integral part of the financial statements.</FONT>


<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION AND SUBSIDIARIES<BR>
CONSOLIDATED STATEMENT OF CASH FLOWS<BR>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS<BR>
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003</FONT></H1>

<FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Cash paid during the three months ended March 31:</FONT>

<PRE>
                                              2004                   2003

Interest paid                               $ 3,890               $  12,851
Income Taxes                                   - 0 -                 - 0 -

</PRE>

<H2 ALIGN=LEFT><FONT SIZE=2>SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:</FONT></H2>

<H2 ALIGN=LEFT><FONT SIZE=2>FOR THE THREE MONTHS ENDED MARCH 31, 2004:</FONT></H2>

<P ALIGN=JUSTIFY><FONT SIZE=2>There were no non-cash  investing and financing  activities in the first quarter of the year 2004.</FONT></P>

<H2 ALIGN=LEFT><FONT SIZE=2>FOR THE THREE MONTHS ENDED MARCH 31, 2003:</FONT></H2>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Company issued stock options pursuant to its 2003 executive and employee  stock option plan to
directors and certain  employees to purchase 525,000 shares of the Companys common stock at the closing price on the date granted.
The options give the  recipients the right to purchase the shares for 10 years.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>


<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2 ALIGN=LEFT><FONT SIZE=2>NOTE 1. INTERIM CONSOLIDATED FINANCIAL STATEMENTS</FONT></H2>

<P ALIGN=JUSTIFY><FONT SIZE=2>The consolidated  financial  statements include the accounts of Bovie Medical Corporation and its wholly owned subsidiary Aaron Medical
Industries,  Inc. In the opinion of management,  the interim financial  statements  reflect all adjustments,  consisting of only normal
recurring items, which are necessary for a fair presentation of the results for the interim periods presented.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The results for interim  periods are not necessarily  indicative of results for the full year.  These
financial  statements  should be read in  conjunction  with the  significant  accounting  policies  and the other  notes to the  financial  statements  included  in the
Corporation's 1998 Annual Report to the SEC on Form 10-KSB.</FONT></P>

<H2 ALIGN=LEFT><FONT SIZE=2>NOTE 2.  SIGNIFICANT ACCOUNTING POLICIES</FONT></H2>

<P ALIGN=LEFT><FONT SIZE=2>Use of Estimates in the Preparation of Financial Statements</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The  preparation  of  consolidated  financial  statements,  in conformity  with  generally  accepted  accounting  principles,  requires
management to make estimates and  assumptions  that affect the amounts  reported in the financial  statements and  accompanying  notes.
Actual results could differ from those estimates.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Fair Values of Financial Instruments</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Cash and cash equivalents</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Holdings of highly liquid  investments  with maturity of three months or less, when purchased,  are considered to be cash  equivalents.
The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair values.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Accounts receivable and Accounts payable</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The carrying amount of accounts receivable and accounts payable on the balance sheet approximates fair value.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Short term and long term debt</font></p>

<P ALIGN=JUSTIFY><FONT SIZE=2>The carrying amount of the bonds and notes payable and amounts due to shareholders approximates fair value.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2 ALIGN=LEFT><FONT SIZE=2>NOTE 2.  SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)</FONT></H2>

<P ALIGN=LEFT><FONT SIZE=2>Inventories</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Inventories  are stated at the lower of cost or market.  Cost is  determined  principally  on the average cost method.  Inventories  at
March 31, 2004 and  December 31, 2003 were as follows:</FONT></P>

<PRE>
                                March 31, 2004             December 31, 2003

        Raw materials          $      820,684            $    1,333,742
        Work in process             1,140,843                   616,837
        Finished goods                597,327                   501,570
                                   ----------               -----------
          Total                 $   2,558,854            $    2,451,149
</PRE>

<P ALIGN=LEFT><FONT SIZE=2>Repair Parts</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Company  acquired the inventory of repair parts in  conjunction  with the purchase of the Bovie line of generators  and Bovie trade
name, on May 8, 1998. The Company has maintained the inventory to service the  previously  sold  generators.  The useful life of repair
parts is estimated to be five to seven years and the Company has set up an allowance for excess and obsolete parts.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>As of March 31, 2004 and December 31, 2003, the inventory of parts was as follows:</FONT></P>

<PRE>
                                  March 31, 2004          December 31, 2003

         Raw materials               $ 317,614            $      317,614
         Allowance for excess
          or obsolete parts           (139,729)             (     89,388)
                                      ---------               ----------
                                      $ 177,885           $      228,226
</PRE>

<P ALIGN=LEFT><FONT SIZE=2>Long-Lived Assets</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Long-lived assets consist of property, plant and equipment, and intangible assets.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Property,  plant and equipment are recorded at cost less  depreciation  and  amortization.  Depreciation and amortization are accounted
for on the  straight-line  method based on estimated useful lives.  The amortization of leasehold  improvements is based on the shorter
of the lease term or the life of the  improvement.  Betterment and large renewals,  which extend the life of the asset, are capitalized
whereas  maintenance  and repairs and small  renewals are  expenses,  as  incurred.  The  estimated  useful  lives are:  machinery  and
equipment, 7-15 years; buildings, 30 years; and leasehold improvements; 10-20 years.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2 ALIGN=LEFT><FONT SIZE=2>NOTE 2.  SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)</FONT></H2>

<P ALIGN=LEFT><FONT SIZE=2>Long-Lived Assets (Continued)</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Intangible  assets  consist of patent  rights  and  goodwill.  Goodwill  represents  the  excess of the cost of assets of the  acquired
companies over the values assigned to net tangible assets.  These  intangibles are being amortized by the  straight-line  method over a
5 to 20 year period.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Company reviews  long-lived  assets for impairment  whenever events or changes in business  circumstances  occur that indicate that
the carrying amount of the assets may not be recovered.  The Company assesses the  recoverability  of long-lived assets held, and to be
used, based on undiscounted cash flows and measures the impairment, if any, using discounted cash flows.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Revenue Recognition and Product Warranty</FONT></p>

<P ALIGN=JUSTIFY><FONT SIZE=2>Revenue from sales of products is generally  recognized  upon  shipment to customers.  The Company  warrants its products for one year.
The estimated future costs of warranties have been determined on past experience not to be material.  Items where sales are made currently for future delivery are shown as deferred sales.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Income is  recognized  in the  financial  statements  (and the  customer  billed) when  products are shipped from stock.  Net sales are
arrived at by deducting discounts from and adding freight charged to customers to gross sales.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Environmental Remediation</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Company accrues  environmental  remediation costs if it is probable that an asset has been impaired or a liability  incurred at the
financial  statement  date and the amount can be  reasonably  estimated.  Environmental  compliance  costs are  expenses,  as incurred.
Certain environmental costs would be capitalized if incurred based on estimates and depreciated over their useful lives.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Earnings Per Common and Common Equivalent Share</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Basic Earnings Per Share are computed by dividing  income  available to common  stockholders  by the weighted  average number of common
shares outstanding during the period.  Diluted Earnings Per Share shall be computed by including  contingently issuable shares with the
weighted average shares  outstanding during the period.  When inclusion of the contingently  issuable shares would have an antidilutive
effect upon earnings per share, no diluted earnings per share shall be presented.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Research and Development Costs</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Only the development  costs that are purchased from another  enterprise and have  alternative  future use are capitalized and amortized
over five years.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2 ALIGN=LEFT><FONT SIZE=2>NOTE 2.  SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)</FONT></H2>


<P ALIGN=LEFT><FONT SIZE=2>Income Taxes</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Company and its wholly-owned  subsidiary,  Aaron Medical  Industries,  Inc. file a consolidated  federal income tax return.  Income
taxes are accounted for under the asset and liability  method.  Deferred tax assets and  liabilities  are recognized for the future tax
consequences  attributable  to differences  between the financial  statement  carrying  amounts of existing  assets and liabilities and
their  respective tax bases and operating loss and tax credit  carryforwards.  Deferred tax assets and  liabilities  are measured using
enacted tax rates expected to apply to taxable income in the years in which those  temporary  differences  are expected to be recovered
or settled.  The effect of a change on tax rates on deferred  tax assets and  liabilities  is  recognized  in income in the period that
includes the enactment date.</FONT></P>


<P ALIGN=LEFT><FONT SIZE=2>Non-monetary Transactions</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The accounting for  non-monetary  assets is based on the fair values of the assets involved.  Cost of a non-monetary  asset acquired in
exchange for another  non-monetary  asset is recorded at the fair value of the asset  surrendered  to obtain it. The  difference in the
costs of the assets  exchanged is  recognized as a gain or loss.  The fair value of the asset  received is used to measure the cost, if
it is more clearly evident than the fair value of asset surrendered.</FONT></P>


<P ALIGN=LEFT><FONT SIZE=2>Stock-Based Compensation</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Company has adopted SFAS No. 148 and  Accounting  Principles  Board  Opinion 25 for its  accounting  for stock based  compensation.
Under this policy:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>1.  Compensation costs are recognized as an expense over the period of employment attributable to the employee stock options.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>2. Shares  issued in  accordance  with a plan for past or future  services of an employee are  allocated  between the expired costs and
future costs.  Future costs are charged to the periods in which the services are  performed.  The pro forma  amounts of the  difference
between  compensation  cost included in net income,  and related cost,  measured by the fair value based method  including tax effects,
are disclosed.</FONT></P>


<P ALIGN=LEFT><FONT SIZE=2>New Accounting Standards</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective  February 3, 2002,  the Company  adopted SFAS No. 142,  "Goodwill and Other  Intangible  Assets".  SFAS No. 142 requires that
ratable  amortization  of  goodwill  be  replaced  by periodic  tests for  impairment  within six months of the date of  adoption,  and
then on a periodic basis  thereafter.  Based on the impairment  testing  performed in February 2003,  management  determined that there
was no impairment loss related to the net carrying value of the Company's recorded goodwill.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2 ALIGN=LEFT><FONT SIZE=2>NOTE 2.  SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)</FONT></H2>


<P ALIGN=LEFT><FONT SIZE=2>New Accounting Standards (Continued)</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In July  2001,  the  Financial  Accounting  Standards  Board  (the  "FASB")  issued  SFAS No.  143,  "Accounting  for Asset  Retirement
Obligations",   which   provides   accounting   requirements   for  retirement   obligations   associated   with  tangible   long-lived
assets.  SFAS No.  143 is  effective  for fiscal  years  beginning  after June 15,  2002.  The  adoption  of SFAS No. 143 has not had a
significant   impact on the Company's   consolidated   financial statements.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In August 2001,  the FASB issued SFAS No. 144,  "Accounting  for the  Impairment  or Disposal of  Long-Lived  Assets".  This  statement
addresses  accounting and reporting for the impairment or disposal of long-lived assets,  other than goodwill,  including  discontinued
operations.  SFAS No.  144 is  effective  for  fiscal  years  beginning  after  December  15,  2001.  Management  has  determined  that
the adoption of SFAS No. 144 has had no impact on the Company's consolidated financial statements.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In April 2002,  the FASB issued SFAS No. 145,  "Rescission of FASB  Statements  No. 4, 44, and 64,  Amendment of FASB Statement No. 13,
and Technical  Corrections".  SFAS No. 145 primarily  affects the reporting  requirements and  classification  of gains and losses from
the  extinguishment  of debt,  rescinds  the  transitional  accounting  requirements  for  intangible  assets  of motor  carriers,  and
requires that certain lease  modifications  with economic effects similar to  sale-leaseback  transactions be accounted for in the same
manner as sale-leaseback  transactions.  SFAS No. 145 is effective for financial statements issued after April 2002, with the exception
of the provisions  affecting the accounting for lease  transactions,  which should be applied for  transactions  entered into after May
15,  2002,  and the  provisions  affecting  classification  of  gains  and  losses  from  the  extinguishment  of  debt,  which  should
be applied in fiscal years  beginning  after May 15, 2002.  Management  has  determined  that the adoption of SFAS No. 145 will have no
immediate impact on the Company's  consolidated  financial  statements,  but will evaluate in future periods the  classification of any
debt  extinguishment  costs in  accordance  with APB Opinion No. 30  "Reporting  the Results of  Operations - Reporting  the Effects of
Disposal of a Segment   of   a   Business, and   Extraordinary, Unusual   and Infrequently Occurring Events and Transactions".</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In June 2002,  the FASB  issued  SFAS No.  146,  "Accounting  for Costs  Associated  with Exit or  Disposal  Activities".  SFAS No. 146
requires  companies to recognize costs associated with exit or disposal  activities when they are incurred,  rather than at the date of
a commitment  to an exit or disposal  plan.  Examples of costs  covered by the standard  include  lease  termination  costs and certain
employee severance costs that are associated with a restructuring,  discontinued  operation,  plant closing,  or other exit or disposal
activity.  Previous  accounting  guidance  was  provided by Emerging  Issues  Task Force  ("EITF")  No.  94-3,  "Liability  Recognition
for  Certain  Employee   Termination   Benefits  and  Other  Costs  to  Exit  an  Activity  (including  Certain  Costs  Incurred  in  a
Restructuring)".  SFAS  No.  146  replaces  EITF  No.  94-3,  and  is  required  to  be  applied  prospectively  to  exit  or  disposal
activities  initiated  after  December 31,  2002.  The Company  adopted  SFAS No. 146 during the fourth  quarter of Fiscal 2002 with no
material impact on the Company's   consolidated financial statements.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2 ALIGN=LEFT><FONT SIZE=2>NOTE 2.  SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)</FONT></H2>


<P ALIGN=LEFT><FONT SIZE=2>New Accounting Standards (Continued)</FONT></P>


<P ALIGN=JUSTIFY><FONT SIZE=2>In  November  2002,  the FASB  issued  FASB  Interpretation  FIN No.  45,  "Guarantor's  Accounting  and  Disclosure  Requirements  for
Guarantees,  Including  Indirect  Guarantees  of  Indebtedness  of Others".  FIN No. 45  clarifies  and expands on existing  disclosure
requirements for guarantees,  and clarifies that a guarantor is required to recognize,  at the inception of the guarantee,  a liability
equal to the fair value of the obligation  undertaken in issuing the guarantee.  The initial  recognition  and  measurement  provisions
of FIN No. 45 are  applicable  on a  prospective  basis for  guarantees  issued or modified  after  December 31, 2002.  The  disclosure
requirements  of FIN No. 45 are effective for  financial  statements  issued after  December 15, 2002.  The Company  adopted FIN No. 45
during the fourth quarter of Fiscal 2002 with no material impact on the Company's consolidated financial Statements.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In December  2002, the FASB issued SFAS No. 148,  Accounting for  Stock-Based  Compensation - Transition and  Disclosure.  SFAS No. 148
amends SFAS No. 123;  Accounting for Stock-Based  Compensation to provide  alternative  methods of transition for a voluntary change to
the fair value based method of accounting for stock-based  employee  compensation.  In addition,  this Statement  amends the disclosure
requirements  of Statement No. 123 to require  prominent  disclosures  in both  quarterly and interim  financial  statements  about the
method of accounting for  stock-based  employee  compensation  and the effect of the method used on reported  results.  SFAS No. 148 is
effective for periods beginning after December 15, 2002.  Accordingly,  the Company has started making the disclosures required by SFAS
No. 148 beginning in the first quarter of fiscal year 2003.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In January 2003, the FASB issued FIN No. 46,  "Consolidation of Variable  Interest Entities - an Interpretation of Accounting  Research
Bulletin No. 51". FIN No. 46 requires  unconsolidated  variable interest entities to be consolidated by their primary  beneficiaries if
the entities do not  effectively  disperse  the risks and rewards of  ownership  among their  owners and other  parties  involved.  The
provisions of FIN No. 46 are  applicable  immediately  to all variable  interest  entities  created after January 31, 2003 and variable
interest  entities in which a company  obtains an interest  after that date.  For variable  interest  entities  created  before January
31, 2003,  the  provisions of this  interpretation  are effective  July 1, 2003.  Management is currently  evaluating the provisions of
this interpretation, and does not believe that it will have a significant impact on the Company's consolidated financial statements.</FONT></P>

<H2><FONT SIZE=2>ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></H2>

<P ALIGN=LEFT><FONT SIZE=2>Results of Operations</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The results of operations over the three months ended March 31, 2004 show increased sales and increased  profitability,  as compared to
the first three  months of 2003.  The  Company's  sales  revenues  increased  by 29%,  from  $3,670,054  to  $4,743,958.  Gross  profit
percentage  of 39% was down  from 43% for the same  period  in 2003.  The  reason  for the 4%  decrease  in gross  profit  was that the
electrosurgical  sales growth,  which made up most of the increase was  attributable to increased  sales of OEM products,  which have a
lower gross profit.  Overall dollar margins will increase as sales  increase even though margins on  electrosurgical  products are less
than other product  margins.  Gross profit  increased  from  $1,524,681  in 2003 to  $1,840,251 in 2004, an increase of 21%.  Increased
gross profit was mainly  attributable to increased sales of  electrosurgical  devices.  Bovie is increasing the volume of accessory and
component manufacturing being undertaken in Europe and the Far East in order to reduce costs.  The difference in cost of sales and gross  profit  were  principally  due to an  increase  in sales and  increase  in cost of sales of our  family of OEM
electrosurgical generators.</FONT></P>


<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2><FONT SIZE=2>ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></H2>


<P ALIGN=LEFT><FONT SIZE=2>Results of Operations (continued)</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Operating salaries and related expenses  increased 10% and went from $401,036 to $442,117,  in the three months ended March 31, 2004 as
compared to the same  period in 2003.  The main  reason for the  increase  was  employee  raises,  increased  health  insurance  and an
increase in personnel in customer service.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Research and  development  costs  decreased by an 11% from  $274,361 to $245,477  from the quarter  ended March 31, 2003 to the quarter
ending March 31, 2004. The cost of research and  development  was mainly  attributable  to engineering on new generator  models as well
as other development projects.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Expenses for professional  services  decreased by 1% from $130,419 in the three months ended March 31, 2003, as compared to $129,252 in
the same period of 2004.  The main reason for this decrease was professional fees associated with legal matters.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Selling,  General and  Administrative  expenses  increased by $128,816  (20%).  These expenses were $779,679 for the three month period
ended March 31, 2004 as compared to $650,863 for the three months ended March 31,  2003.  The increase was mainly  attributable  to the
expense of additional personnel, advertising, promotions, and commissions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Net interest  expense  decreased  from  $11,387 for the three  months  ended March 31, 2003 to $3,894 in 2004.  The largest part of the
interest  the Company pays is on its  building  mortgage  and its line of credit.  There was no borrowing on the line of credit for the
first quarter of 2004, which accounts for the decrease.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The operating  gain was $68,002 in the first  quarter of 2003 as compared to an operating  gain of $243,726 in the same period in 2004,
an increase of 258%.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Total  other costs of  $1,596,525  for 2004 and  $1,456,679  for 2003 as a  percentage  of sales were 34% in 2004 as compared to 40% in
2003, a decrease of 6%. Total costs  increased by $139,846 mostly due to the costs  associated  with the increase in selling,  general
and administrative expenses.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Company had a net gain of $239,832  for the three  months ended March 31, 2004 as compared to a net gain of $56,615 in 2003 for the
same period.  The main reason for the increase in income of $183,217 for the first  quarter of 2004 from the first  quarter of 2003 was
an increase in OEM (Original Equipment Manufacturer) sales of the company's generators and disposable electrosurgical accessories.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2><FONT SIZE=2>ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></H2>

<P ALIGN=LEFT><FONT SIZE=2>Results of Operations (continued)</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Our effective federal income tax rate is 34%.  As a result of the net gain in the past year, Bovie has reduced its projected net
operating loss tax benefit asset.  The net operating loss carryover is now approximatel $8 million.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We sell our products through  distributors both overseas and in U.S.  markets.  New distributors are contacted through responses to our
advertising in international and domestic medical journals and domestic or international trade shows.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>During the first quarter of 2004,  international  sales of our product lines increased by 133,139 or (23%).  In 2004,  these sales were
$720,746  (16% of total sales) as compared to $587,607  (16%) of total sales in 2003.  We are marketing our products in Europe from the
U.S.A. through a network of overseas distributors.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In the fourth quarter of 1998,  Bovie made  agreements with various sales  representatives  to develop markets for its new products and
to maintain  customer  relations.  The  representatives  receive an average  commission  of  approximately  2% of sales in their market
areas.  In the first quarter of 2004 and 2003, commissions paid were $84,831 and $50,746, respectively, an increase of 67%.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>An adequate supply of raw material is available from both domestic and  international  suppliers.  The  relationship  between Bovie and
its suppliers is generally limited to individual purchase order agreements,  supplemented by contractual  arrangements with key vendors
to ensure availability of certain products.  We have developed multiple sources of supply where possible.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In order to provide  additional  working  capital,  the Company has secured a $1,500,000  credit facility with a local commercial bank.
This  facility is payable on demand.  For the period  January 1, 2004 to April 30, 2004,  the Company had zero funds drawn down on this
credit facility.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Financial Condition</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>As of March 31,  2004,  cash  totaled  $395,146  as  compared  to $346,699 at March 31,  2003.  Cash  provided  (used by) by  operating
activities  was $247,913 in the first  quarter 2004 compared to $(132,962) in 2003.  Net working  capital of Bovie was  $4,060,697  and
$3,177,662 on March 31, 2004 and 2003, respectively.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The amount of cash used in investing  activities  was $268,351 in the first quarter of 2004,  compared to $47,750 in 2003. We continued
to invest in property,  plant and equipment needed for anticipated future business requirements,  including  manufacturing capacity. In
the year 2001, the Company  invested  $200,000 in a joint venture  involving a new unipolar low temperature  plasma  technology.  Since
2001,  the Company  has  invested  additional  funds in such  development  which have been  charged as a net loss of an  unconsolidated
affiliate.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The net cash  provided  by  financing  activities  was  $109,447  in 2004.  In 2003,  net cash  provided by  financing  activities  was
$148,202.  A significant  item of financing  activity in 2004 resulted from the exercise of 167,100 stock options by current and former
employees and consultants for $119,925.  In both the first quarter of 2004 and 2003, Bovie reduced its first mortgage by $11,591.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2><FONT SIZE=2>ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></H2>

<P ALIGN=LEFT><FONT SIZE=2>Results of Operations (continued)</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Our ten largest  customers  accounted  for  approximately  70% of net revenues for the first  quarter of 2004 as compared to 64% in the
same period of 2003. For both periods ended March 31, 2004 and March 31, 2003, our ten largest trade  receivables  customers  accounted
for approximately 53% of outstanding receivables.  In  the first quarter of 2004, one customer accounted for 30% of total sales.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We believe that Bovie has the financial resources needed to meet business requirements in the foreseeable future, including capital
expenditures needed for the expansion of our manufacturing site, working capital requirements, and product development programs,
subject to us maintaining compliance with our credit facility.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Outlook</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The statements  contained in this Outlook are based on current  expectations.  These  statements are forward looking and actual results
may differ materially.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We have  continued  to expand  our line of  electrosurgery  products  which  include  the  standard  stainless  steel  electrodes,  the
Bovie/Aaron 800, Bovie/Aaron 900, Bovie/Aaron 950, Bovie/Aaron 1250, the Bovie 2250 and IDS 300 high frequency generators.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>From the first quarter 2003 to the first quarter 2004,  Bovie's  electrosurgery  sales  increased by 58% from $1,801,054 to $2,849,769.
The increase was mainly  attributable  to OEM sales to other  companies.  With the  introduction  of new  electrosurgery  products,  we
expect  electrosurgery  sales to continue  to  increase in 2004.  Through our  private  label  capability  and our sales  division,  we
anticipate  continued  opportunities in the domestic and foreign markets.  The  electrosurgery  product market is larger than our other
traditional  markets and is dominated by two competitors,  Valleylab and Conmed. The global market for electrosurgery  products exceeds
$800 million annually.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Non-Medical Products</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In 2003, our sales of flexible lighting  products,  used primarily in the automotive and locksmith  industries,  totaled $375,250.  One
customer  accounted for 80% of such sales. We discontinued  our  non-medical  product line by selling our inventory,  customer list and
manufacturing technology to our largest customer in that field for $500,000, payable in equal installments over 5 years.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Scientific Advisory Board</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On July 8, 2003, the Company  announced the formation of a scientific  advisory board to assist in the  advancement of new products and
technologies.  The advisory board includes: Yuval Carmel, Ph. D., Peter M. Pardoll, MD and Mr. Gregory Konesty.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2><FONT SIZE=2>ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></H2>

<P ALIGN=LEFT><FONT SIZE=2>Results of Operations (continued)</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Reliance on Collaborative, Manufacturing and Selling Arrangements</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Bovie is dependent on certain contractual  partners for manufacturing and product development.  Should a collaborative  partner fail to
meet its contractual  obligation to us, our future business and value of related assets could be negatively affected.  Furthermore,  no
assurance can be given that a collaborative  partner may give sufficient high priority to our products.  In addition,  disagreements or
disputes may arise between Bovie and its contractual partners which could adversely affect production of its products.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Liquidity and Future Plans</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Our focus is to acquire, develop, and manufacture new product technologies and to expand our manufacturing capabilities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In order to increase  international  sales  growth and  maintain  its ability to sell in Europe,  the  Company  has been  certified  as
ISO9001/EN46001 quality system compliant and has been granted its CE mark (International Quality control.)</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In December  2001, we satisfied our first  mortgage on the building that we own in St.  Petersburg,  Florida and replaced it with a new
first  mortgage  from our prime  lender in the  amount of  $475,000.  The  mortgage  loan is to be repaid  over 5 years with a variable
interest  starting at the bank's  present base rate of 4.00%.  Bovie pays a principal  payment of $2,639 plus interest  each month.  On
March 31, 2004, the balance of the loan was $415,338.  A balloon payment of $316,660 is due in December 2006.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In May 2001, we changed  commercial  lenders and increased our credit line from $600,000 to  $1,500,000.  The interest rate on the line
is variable and is  presently  at the bank's base rate,  which is 4.00% per annum.  The  outstanding  balance due on the credit line on
April 30, 2004 was zero.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Our future results of operations and the other  forward-looking  statements  contained  herein,  particularly the statements  regarding
growth in the medical products  industry,  capital  spending,  research and development,  and marketing and general and  administrative
expenses,  involves a number of risks and  uncertainties.  In addition to the factors  discussed  above,  there are other  factors that
could cause actual results to differ materially,  such as business conditions and the general economies;  competitive factors including
rival manufacturers'  availability of products at reasonable prices; risk of nonpayment of accounts  receivable;  risks associated with
foreign operations; and litigation involving intellectual property and consumer issues.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Our management  believes that Bovie has the product mix,  facilities,  personnel,  and competitive and financial resources for business
success,  but future  revenues,  costs,  margins,  product mix and profits are all subject to the influence of a number of factors,  as
discussed above.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H2>

<H2 ALIGN=LEFT><FONT SIZE=2>ITEM 3.  DISCLOSURE CONTROLS AND PROCEDURES</FONT></H2>

<P ALIGN=LEFT><FONT SIZE=2>(a) Evaluation of disclosure controls and procedures</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For purposes of rule 13a-14 and 15d-14 of the Securities  Exchange Act of 1934  ("Exchange  Act"),  the term  "disclosure  controls and
procedures"  refers to the controls and other  procedures  of a company  that are  designed to ensure that  information  required to be
disclosed  by a company in the reports that it files under the Exchange Act is  recorded,  processed,  summarized  and reported  within
required time  periods.  Within 90 days prior to the date of this report  ("Evaluation  Date"),  the Company  carried out an evaluation
under the  supervision and with the  participation  of the Company's  Chief  Executive  Officer and its Chief Financial  Officer of the
effectiveness  of the design and operation of its disclosure  controls and procedures.  Based on that  evaluation,  the Company's Chief
Executive  Officer and Chief  Financial  Officer have concluded  that, as of the  Evaluation  Date,  such controls and procedures  were
effective  at  ensuring  that  required  information  will be  disclosed  on a timely  basis in our  periodic  reports  filed under and
pursuant to the Exchange Act.</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) Changes in internal controls</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There  were no  significant  changes  to our  internal  controls  or in other  factors  that could  significantly  affect our  internal
controls  subsequent to the Evaluation Date.</FONT></P>


<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II.  OTHER INFORMATION</FONT></H2>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 1.  LEGAL PROCEEDINGS</FONT></H2>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>See Form 10-KSB for the year ended December 31, 2003, Part I, Item 3, which is incorporated herein by reference.</FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 2.  CHANGES IN SECURITIES</FONT></H2>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There have been no changes in the instruments defining the rights or rights evidenced by any class of registered securities.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There have been no dividends declared.</FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 3.  DEFAULTS UPON SENIOR SECURITIES</FONT></H2>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR></FONT></H1>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 4.  SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS</FONT></H2>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There has been no submission of a matter to vote by security holders since July of 2003.</FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 5.  EXHIBITS AND REPORTS ON FORM 8-K</FONT></H2>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibits</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) Certification  pursuant to Section 906 of Sarbanes-Oxley Act of 2002.</FONT></P>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) Certification  pursuant to Section 906 of Sarbanes-Oxley Act of 2002.</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Report on Form 8-K</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE
MEDICAL CORPORATION</FONT></H1>

<P ALIGN=LEFT><FONT SIZE=2>SIGNATURES:</FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In accordance with the
requirements of the Exchange Act, the registrant caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Bovie Medical Corporation.</FONT></P>
<P ALIGN=LEFT><FONT SIZE=2>(Registrant)</FONT></P>


<P ALIGN=LEFT><FONT SIZE=2>Date:  May 7, 2004<BR>
- ---------------------------</FONT></P>


<P ALIGN=LEFT><FONT SIZE=2>/s/Andrew Makrides<BR>
- ----------------------------<BR></FONT></P>
<P ALIGN=LEFT><FONT SIZE=2>Chief Executive Officer - Andrew Makrides,</FONT></P>

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<FILENAME>makrides.htm
<DESCRIPTION>MAKRIDES CERTIFICATION
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATIONS</FONT></H1>

<P ALIGN=LEFT><FONT SIZE=2>I, Andrew Makrides, the Registrant's Chief Executive Officer, certify that:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>1. I have reviewed this quarterly report on Form 10-QSB of Bovie Medical Corporation;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>2. Based on my knowledge,  this quarterly  report does not contain any untrue  statement of a material fact or omit to state a material
fact necessary to make the statements  made, in light of the  circumstances  under which such statements were made, not misleading with
respect to the period covered by this quarterly report;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>3. Based on my knowledge,  the financial statements,  and other financial information included in this quarterly report, fairly present
in all material  respects the financial  condition,  results of operations and cash flows of the registrant as of, and for, the periods
presented in this quarterly report;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>4. The  Registrant's  other  certifying  officers and I are  responsible  for  establishing  and  maintaining  disclosure  controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant  and we have: a) designed such  disclosure  controls
and procedures to ensure that material information relating to the registrant,  including its consolidated subsidiaries,  is made known
to us by others within those entities,  particularly  during the period in which this quarterly report is being prepared;  b) evaluated
the effectiveness of the Registrant's  disclosure  controls and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation  Date");  and c) presented in this quarterly  report our conclusions  about the  effectiveness of the
disclosure controls and procedures based on our evaluation as of the Evaluation Date;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>5. The Registrant's other certifying officers and I have disclosed,  based on our most recent evaluation,  to the registrant's auditors
and the audit  committee of  Registrant's  board of directors (or persons  performing  the  equivalent  function):  a) all  significant
deficiencies  in the design or  operation  of  internal  controls  which could  adversely  affect the  registrant's  ability to record,
process,  summarize and report  financial data and have identified for the  Registrant's  auditors any material  weaknesses in internal
controls;  and b) any fraud,  whether or not material,  that involves  management or other employees who have a significant role in the
Registrant's internal controls; and</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>6. The  Registrant's  other  certifying  officers and I have indicated in this quarterly  report whether or not there were  significant
changes in internal controls or in other factors that could  significantly  affect internal controls subsequent to the date of our most
recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Date: May 7, 2004</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>/s/Andrew Makrides<BR>
Chief Executive Officer</FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATIONS</FONT></H1>

<P ALIGN=LEFT><FONT SIZE=2>I, Charles Peabody, the Registrant's Chief Financial Officer, certify that:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>1. I have reviewed this quarterly report on Form 10-QSB of Bovie Medical Corporation;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>2. Based on my knowledge,  this quarterly  report does not contain any untrue  statement of a material fact or omit to state a material
fact necessary to make the statements  made, in light of the  circumstances  under which such statements were made, not misleading with
respect to the period covered by this quarterly report;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>3. Based on my knowledge,  the financial statements,  and other financial information included in this quarterly report, fairly present
in all material  respects the financial  condition,  results of operations and cash flows of the registrant as of, and for, the periods
presented in this quarterly report;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>4. The  Registrant's  other  certifying  officers and I are  responsible  for  establishing  and  maintaining  disclosure  controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant  and we have: a) designed such  disclosure  controls
and procedures to ensure that material information relating to the registrant,  including its consolidated subsidiaries,  is made known
to us by others within those entities,  particularly  during the period in which this quarterly report is being prepared;  b) evaluated
the effectiveness of the Registrant's  disclosure  controls and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation  Date");  and c) presented in this quarterly  report our conclusions  about the  effectiveness of the
disclosure controls and procedures based on our evaluation as of the Evaluation Date;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>5. The Registrant's other certifying officers and I have disclosed,  based on our most recent evaluation,  to the registrant's auditors
and the audit  committee of  Registrant's  board of directors (or persons  performing  the  equivalent  function):  a) all  significant
deficiencies  in the design or  operation  of  internal  controls  which could  adversely  affect the  registrant's  ability to record,
process,  summarize and report  financial data and have identified for the  Registrant's  auditors any material  weaknesses in internal
controls;  and b) any fraud,  whether or not material,  that involves  management or other employees who have a significant role in the
Registrant's internal controls; and</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>6. The  Registrant's  other  certifying  officers and I have indicated in this quarterly  report whether or not there were  significant
changes in internal controls or in other factors that could  significantly  affect internal controls subsequent to the date of our most
recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Date: May 7, 2004</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>/s/Charles Peabody<BR>
Chief Financial Officer</FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE
MEDICAL CORPORATION</FONT></H1>

<P ALIGN=LEFT><FONT SIZE=2>EXHIBIT 99(a)</FONT></P>

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the Quarterly Report of Bovie Medical Corporation (the
&#147;Company&#148;) on Form 10-QSB of the period ended March 31, 2004 as filed
with the Securities and Exchange Commission on the date hereof, I, Andrew
Makrides, President and Chairman of the Board of the Company, certify, pursuant
to section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: (1) the
quarterly report fully complies with the requirements of section 13(a) of the
Securities Exchange Act of 1934; and (2) the information contained in the
quarterly report fairly presents, in all material respects, the financial
condition and results of operations of the Company. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Date:   May 7, 2004</FONT></P>



<P ALIGN=RIGHT><FONT SIZE=2>/s/ Andrew Makrides<BR>
- -------------------<BR>
President, Chief<BR>
Executive Officer, ChairmaN<BR>
Of the Board and Director</FONT></P>



<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A signed original of this
written statement required by Section 906 of the Sarbanes-Oxley Act has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or its staff upon request. </FONT></P>


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<FILENAME>cert2.htm
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE
MEDICAL CORPORATION</FONT></H1>

<P ALIGN=LEFT><FONT SIZE=2>EXHIBIT 99(b)</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the Quarterly Report of Bovie Medical Corporation (the
&#147;Company&#148;) on Form 10-QSB of the period ended March 31, 2004 as filed
with the Securities and Exchange Commission on the date hereof, I, Charles
Peabody, Chief Financial Officer, certify, pursuant to section 906 of the
Sarbanes-Oxley Act of 2002, that to my knowledge: (1) the quarterly report fully
complies with the requirements of section 13(a) of the Securities Exchange Act
of 1934; and (2) the information contained in the quarterly report fairly
presents, in all material respects, the financial condition and results of
operations of the Company. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>Date:   May 7, 2004</FONT></P>



<P ALIGN=RIGHT><FONT SIZE=2>/s/ Charles Peabody<BR>
- -----------------------<BR>
Chief Financial Officer</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A signed original of this
written statement required by Section 906 of the Sarbanes-Oxley Act has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or its staff upon request. </FONT></P>

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