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<SEC-DOCUMENT>0001121888-05-000014.txt : 20050217
<SEC-HEADER>0001121888-05-000014.hdr.sgml : 20050217
<ACCEPTANCE-DATETIME>20050217121926
ACCESSION NUMBER:		0001121888-05-000014
CONFORMED SUBMISSION TYPE:	10QSB/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20050217
DATE AS OF CHANGE:		20050217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOVIE MEDICAL CORP
		CENTRAL INDEX KEY:			0000719135
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				112644611
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10QSB/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31885
		FILM NUMBER:		05623238

	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/A
<SEQUENCE>1
<FILENAME>qsbjune.htm
<DESCRIPTION>JUNE 30, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>

<P ALIGN=LEFT><FONT SIZE=2>Amendment only includes changes to the Certifications.</FONT></p>
<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/A</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 June 30, 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: 13,794,628.</FONT></P>


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


<PRE>
Contents                                                        Page

Part I.   Financial Information......................................

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

     Consolidated Balance Sheet - June 30, 2004
        and December 31, 2003........................................
     Consolidated Statements of Operations for the
       Six Months Ended June 30, 2004 and 2003.......................
       Three Months Ended June 30, 2004 and 2003.....................
     Consolidated Statements of Cash Flows for the
       Six Months Ended June 30, 2004 and 2003.......................
     Consolidated Statements of Shareholders' Equity for the period
       January 1, 2003 to June 30, 2004..............................

      Notes to Financial Statements .................................

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

  Item 3: Disclosure Controls and procedures.........................

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

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

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

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

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

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

</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>
JUNE 30, 2004 AND DECEMBER 31, 2003</FONT></H1>

<PRE>

                                                       Assets

                                           (Unaudited)               (Audited)
                                          June 30, 2004        December 31, 2003
                                          --------------------------------------

 Current assets:

 Cash                                     $      878,325      $      306,137
 Trade accounts receivable                     2,283,225           1,708,181
 Inventories                                   2,428,498           2,451,149
 Prepaid expenses                                194,125             390,025
 Deferred tax asset                              386,200             386,200
                                              ----------          ----------

 Total current assets                          6,170,373           5,241,692

 Property and equipment, net                   2,262,350           1,900,015

 Other assets:

 Repair parts                                    160,044             228,226
 Trade name                                    1,509,662           1,509,662
 Patent rights, net                              116,771             144,967
 Deposits                                          6,111               9,470
 Investment - Joint Venture                      200,000             200,000
                                              ----------          ----------

                                               1,992,588           2,092,325
                                              ----------          ----------

                                           $  10,425,311        $  9,234,032
                                              ==========           =========
The accompanying notes are an integral part of the financial statements.

</PRE>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION<BR>
CONSOLIDATED BALANCE SHEET<BR>
JUNE 30, 2004 AND DECEMBER 31, 2003<BR>
(CONTINUED)</FONT></H1>

<PRE>
                           Liabilities and Stockholders' Equity

                                           (Unaudited)              (Audited)
                                          June 30, 2004        December 31, 2003
                                          --------------------------------------
 Current liabilities:

 Accounts payable                          $     889,655        $    679,792
 Accrued expense                                 538,037             473,630
 Deferred revenue                                140,449             103,445
 Customer deposits                               112,000             112,000
 Current maturities of long-term debt             31,668              31,668
                                              ----------          ----------

      Total current liabilities                1,711,809           1,400,535

 Long Term Liabilities                           364,163             383,670

 Stockholders' equity:

 Preferred Stock, par value $.001
  10,000,000 shares authorized
  0 issued and outstanding
  on June 30, 2004 and December 31, 2003             --                  --

Common stock par value $.001; 40,000,000
 shares authorized, issued and outstanding
 13,794,628 shares and 13,464,528 shares
 on June 30, 2004 and December 31,
 2003 respectively                                19,942              16,641
Additional paid in capital                    20,345,768          20,093,936
Accumulated deficit                          (12,016,371)        (12,660,750)
                                             -----------         -----------

     Total stockholders' equity                8,349,339           7,449,827
                                             -----------         -----------

    Total liabilities and stockholders'
    equity                                $   10,425,311       $   9,234,032
                                             ===========         ===========



The accompanying notes are an integral part of the financial statements.

</PRE>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION.<BR>
CONSOLIDATED STATEMENTS OF OPERATIONS<BR>
FOR THE SIX MONTHS ENDED JUNE 30, 2004 AND 2003<BR>
(UNAUDITED)</FONT></H1>

<PRE>

                                                Six Months Ended June 30,
                                             ------------------------------
                                                 2004               2003
                                                 ----                ----

Sales                                       $ 10,012,821       $ 8,039,902
Cost of sales                                  5,983,284         4,582,133
                                              ----------         ---------

Gross profit                                   4,029,537         3,457,769

Costs and expenses:
Research and development                         555,337           488,464
Professional services                            222,848           214,931
Salaries and related costs                       907,460           771,354
Selling, general and administrative            1,692,179         1,439,657
                                               ---------        ----------

                                               3,377,824         2,914,406
                                               ---------        ----------

Gain (Loss) from operations                      651,713           543,363

Other income (expense):
Interest                                      (    7,337)       (   22,659)
                                               ---------         ---------

Income                                           644,376           520,704

Provision for income tax                       ( 225,532)        ( 182,246)
Realized benefit of loss carryforward            225,532           182,246
                                               ---------         ---------

Net income                                    $  644,376        $  520,704
                                               =========         =========

Earnings per share

Net income:
      Basic                                      .05                  .04
      Diluted                                    .04                  .04

Weighted average number of shares
 outstanding                                  13,664,419        13,169,111
Weighted average number of shares
 adjusted for dilutive securities             16,048,888        13,997,467

(1)  Certain  accounts  have been  reclassified  to  conform  to  current  years
presentation.

The accompanying notes are an integral part of the financial statements.
</pre>


<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 JUNE 30, 2004 AND 2003<BR>
(UNAUDITED)</FONT></H1>
<pre>
                                                Three months ended June 30,
                                             --------------------------------
                                                  2004             2003
                                                  ----              ----


Sales                                        $ 5,258,863        $ 4,369,848
Cost of sales                                  3,069,577          2,398,378
                                               ---------          ---------

Gross profit                                   2,189,286          1,971,470

Costs and expenses:
Research and development                         309,860            214,103
Professional services                             93,596             84,512
Salaries and related costs                       465,343            370,318
Selling, general and administrative              912,500            827,176
                                              ----------            -------

                                               1,781,299          1,496,109
                                               ---------          ---------

Gain (Loss) from operations                      407,987            475,361

Other income (expense):
Interest                                       (   3,440)       (    12,147)

Income (loss)                                    404,547            463,214

Provision for income tax                       ( 141,590)        (  162,125)
Realized benefit of loss carryforward            141,590            162,125
                                                 -------          ---------

Net income                                    $  404,547        $   463,214
                                                ========          =========
Earnings per share
Net income (loss):
      Basic                                        .03               .04
      Diluted                                      .03               .03

Weighted average number of shares
 outstanding                                  13,762,430         13,133,467
Weighted average number of shares adjusted
 for dilutive securities                      16,024,195         13,714,518

(1)  Certain  accounts  have been  reclassified  to  conform  to  current  years
presentation.

The accompanying notes are an integral part of the financial statements.
</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 SIX MONTHS ENDED JUNE 30, 2004 AND 2003<BR>
(UNAUDITED)</FONT></H1>
<pre>
                                                  2004                2003
                                                  ----                ----
Cash flows
from operating activities:
Net income                                 $    644,376         $   520,704
Adjustments to reconcile net income
 to net cash provided by (used in)
 operating activities:
Depreciation and amortization                   193,070             191,731

Changes in current assets
and liabilities:

Receivables                                   ( 575,044)         (  202,807)
Inventories and repair parts                     90,833          (  179,009)
Prepaid expenses                                195,899              74,562
Accounts payable                                209,866             241,901
Accrued expense                                  64,407               3,705
Other assets                                         --              45,044
Obligations to shareholders-
 Interest payable                                    --         (    18,427)
Customers Deposits                                   --         (    16,000)
Deferred revenue                                 37,004                  --
                                              ---------       -------------
Net cash provided by operating
 activities                                     860,411             661,404
                                              ----------      -------------

Cash flows from investing activities

Fixed assets                                   (525,208)         (  130,120)
Patents                                     (     2,001)                 --
Deposits-Office rental                            3,359                  --
                                            -----------       -------------

Net cash used in investing activities          (523,850)         (  130,120)
                                            -----------       -------------

Cash flows from financing activities

Line of credit                                       --             200,000
Notes payable                                (   19,507)           (440,599)
Common shares sold                              252,425                  --
Subscription receivable                           2,708               2,967
                                             ----------         -----------
Net cash provided by (used in)
 financing activities                           235,626           ( 237,632)
                                             ----------         -----------

Net increase (decrease) in cash
 and cash equivalents                           572,187             293,652

Cash and cash equivalents,
 beginning of period                            306,137             379,209
                                             ----------         -----------
Cash and cash equivalents,
 end of period                               $  878,324         $   672,861
                                             ==========         ===========

The accompanying notes are an integral part of the financial statements.

</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 SIX MONTHS ENDED JUNE 30, 2004 AND 2003</FONT></H1>

<pre>
Cash paid during the six months ended June 30:

                                           2004              2003
                                           ----              -----

Interest paid                            $ 7,450           $ 22,730
Income Taxes                                -0-              - 0

</pre>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:<br>
FOR THE SIX MONTHS ENDED JUNE 30, 2004:</FONT></H1>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We issued stock options
pursuant to our 2003 executive and employee stock option plan to directors and
certain employees to purchase 85,000 shares of common stock at the bid price
when granted. 10,000 options were forfeited by employees that terminated
employment. </FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOR THE SIX MONTHS ENDED JUNE 30, 2003:</FONT></H1>

<pre>
1)   We issued stock options  pursuant to our 2003  executive and employee stock
     option plan to directors and certain  employees to purchase  525,000 shares
     of our common  stock at the bid price when  granted.  The options  give the
     recipients the right to purchase the shares for 10 years.

2)   We cancelled  142,575 shares that were held in trust where the trust was no
     longer valid.

3)   Intangible  assets  with net book  value of  $20,750  were  written  off as
     impaired. The write off is included in general and administrative expenses.

4)   We credited capital in excess for a liability to the former shareholders of
     Aaron Medical.  The liability was a result of a recission offer made to the
     Aaron  shareholders  in  1996.  This  liability  was due to  certain  Aaron
     shareholders  who had received  shares of An-Con  Genetics  (predecessor to
     Bovie) but had not  responded  to the  recission  offer.  An  investigation
     showed these shareholders had either 1) sold the shares, 2) increased their
     holdings or moved the stock to street name. We believe we no longer have an
     obligation to these shareholders.


</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 PERIOD JANUARY 1, 2003 TO JUNE 30, 2004</FONT></H1>
<pre>
                                  Options       Preferred         Common
                                Outstanding  Shares  Value   Shares     Value
                                -----------  ------  -----   ------     ------
    (Audited)
   Balance as of
   January 1, 2003               2,909,000      --     --   13,256,103   13,274

   Subscription Receivable

   Cancelled 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

   (Unaudited)
   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

   Exercise options for cash    (  163,000)     --     --      163,000    1,630
   Subscription receivable              --      --     --           --       --
   Options granted                  85,000      --     --           --       --
   Options forfeited               (10,000)     --     --           --       --
   Income for period                    --      --     --           --       --
                                 ---------  ------    ---   ----------   ------

   June 30, 2004                 3,733,700      --     --   13,794,628  $19,942
                                 =========  ======  =====   ==========   ======


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

   Subscription Receivable               6,131               --          6,131

   Cancelled 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

   (Unaudited)
   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

   Exercise options for cash           130,870               --        132,500
   Subscription receivable               1,595               --          1,595
   Options granted                          --               --             --
   Options forfeited                        --               --             --
   Income for period                        --          404,547        404,547
                                   -----------      -----------       --------

   June 30, 2004                 $  20,345,768    $ (12,016,371)   $ 8,349,339
                                  ============       ==========      =========

</pre>

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

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" 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&#146;s 2003 Annual Report filed with 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 FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>The carrying amount of
accounts receivable and accounts payable and accrued expenses on the balance
sheet approximates fair value. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Short term and long term debt: </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The carrying amount of notes payable 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</FONT></H1>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

<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=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inventories are stated at
the lower of cost or market. Cost is determined principally on the average cost
method. Inventories at June 30, 2004 and December 31, 2003 were as follows: </FONT></P>
<pre>

                                       June 30, 2004      December 31, 2003
                                       -------------      -----------------

     Raw materials                   $      894,197       $    1,332,742
     Work in process                        919,424              616,837
     Finished goods                         614,877              501,570
                                          ---------           ----------

            Total                     $   2,428,498       $    2,451,149
                                          =========           ==========
</pre>
<P ALIGN=LEFT><FONT SIZE=2>Repair Parts:</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30, 2004 and
December 31, 2003, the inventory of parts was as follows: </FONT></P>
<pre>
                                              June 30, 2004   December 31, 2003

 Raw materials                               $   317,614      $   317,614
 Allowance for excess or obsolete parts         (157,570)      (   89,388)
                                                 -------        ---------
                                             $   160,044      $   228,226
                                                 ========       =========
</pre>

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

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-lived assets consist
of property, plant and equipment, and intangible assets. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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</FONT></H1>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-Lived Assets (Continued)</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" 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=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenue Recognition and Product Warranty</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>Environmental Remediation</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 expensed, 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 FACE="Times New Roman, Times, Serif" SIZE=2>Earnings Per Common and Common Equivalent Share</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>Research and Development Costs</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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</FONT></H1>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income Taxes</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>Non-monetary Transactions </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>Stock-Based Compensation</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>Accounting Standards - Goodwill and other intangible assets</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective February 3, 2002,
the Company adopted SFAS No. 142, &#147;Goodwill and Other Intangible
Assets&#148;. 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 2004, management determined that there was no
impairment loss related to the net carrying value of the Company&#146;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</FONT></H1>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounting Standards (Continued)</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In July 2001, the Financial
Accounting Standards Board (the &#147;FASB&#148;) issued SFAS No. 143,
&#147;Accounting for Asset Retirement Obligations&#148;, 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&#146;s consolidated financial statements. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In August 2001, the FASB
issued SFAS No. 144, &#147;Accounting for the Impairment or Disposal of
Long-Lived Assets&#148;. 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&#146;s consolidated financial statements. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In April 2002, the FASB
issued SFAS No. 145, &#147;Rescission of FASB Statements No. 4, 44, and 64,
Amendment of FASB Statement No. 13, and Technical Corrections&#148;. 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&#146;s consolidated financial
statements, but will evaluate in future periods the classification of any debt
extinguishment costs in accordance with APB Opinion No. 30 &#147;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&#148;. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In June 2002, the FASB
issued SFAS No. 146, &#147;Accounting for Costs Associated with Exit or Disposal
Activities&#148;. 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 (&#147;EITF&#148;) No. 94-3, &#147;Liability
Recognition for Certain Employee Termination Benefits and Other Costs to Exit an
Activity (including Certain Costs Incurred in a Restructuring)&quot;. 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&#146;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</FONT></H1>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounting Standards (Continued)</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In November 2002, the FASB
issued FASB Interpretation FIN No. 45, &#147;Guarantor&#146;s Accounting and
Disclosure Requirements for Guarantees, Including Indirect Guarantees of
Indebtedness of Others&#148;. 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&#146;s
consolidated financial Statements. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>In January 2003, the FASB
issued FIN No. 46, &#147;Consolidation of Variable Interest Entities - an
Interpretation of Accounting Research Bulletin No. 51&quot;. 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&#146;s consolidated financial statements. </FONT></P>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Results of Operations-Six months ended June 30, 2004 and June 30, 2003</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The results of operations
over six months ended June 30, 2004 show increased sales and increased
profitability, as compared to the first six months of 2003. Our sales revenues
increased by 25%, from $8,039,902 to $10,012,821. Gross profit percentage of 40%
in 2004 was down from 43% for the same period in 2003. The reason for the 3%
decrease in gross profit was that electrosurgical sales, which made up most of
the increase and was attributable to increased sales of OEM products, have a
lower gross profit margin. Overall dollar margins will increase as sales
increase even though margins on electrosurgical products are less than other
product margins. Gross profit increased from $3,457,769 in 2003 to $4,029,537 in
2004, an increase of 17%. 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 </FONT></P>

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

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Results of Operations (continued)</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 and accessories. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating salaries and
related expenses increased 18% and went from $771,354 to $907,460, in the six
months ended June 30, 2004 as compared to the same period in 2003. These was due
to increases in employee salaries, health insurance premiums and an increase in
personnel in customer service and an increase in employee procurement. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Research and development
costs increased by 14% from $488,464 to $555,337 from the six months ended June
30, 2004 as compared to the six months ending June 30, 2003. The cost of
research and development was mainly attributable to engineering on new generator
models as well as other development projects. The increase is attributable to
consultants designing new models for specific use electrosurgical devices. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expenses for professional
services increased by 4% to $222,848 in the six months ended June 30, 2004, as
compared to $214,931 in the same period of 2003. The main reason for this
increase was professional fees associated with legal matters. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling, General and
Administrative expenses increased by $252,522 (18%). These expenses were
$1,692,179 for the six months ended June 30, 2004 as compared to $1,439,657 for
the six months ended June 30, 2003. The increase was mainly attributable to the
expense of additional personnel, advertising, promotions, commissions,
insurance, depreciation of fixed assets, and a product recall. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest expense
decreased from for the six months ended June 30, 2004 to $7,337 as opposed to
$22,659 the same period of 2003. The largest part of the interest we pay is on
our building mortgage and 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 FACE="Times New Roman, Times, Serif" SIZE=2>The operating gain was
$651,713 in the first six months of 2004 as compared to an operating gain of
$543,363 in the same period in 2003, an increase of 20%. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total other costs of
$3,377,824 for 2004 and $2,914,406 for 2003 as a percentage of sales were 36% in
2004 as compared to 34% in 2003, an increase of 2%. The total costs increased of
$463,418 was mostly due to the costs associated with the increase in selling,
general and administrative expenses. </FONT></P>

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

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Results of Operations (continued)</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We had a net income of $644,376
for the six months ended June 30, 2004 as compared to a net gain of $520,704 in
2003 for the same period. The increase in income of $123,672 for the first six
months of 2004 when compared to the first six months of 2003 was mostly due to
an increase in OEM (Original Equipment Manufacturer) sales of the company&#146;s
generators and disposable electrosurgical accessories. </FONT></P>

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Results of Operations- Three months ended June 30, 2004 and June 30, 2003</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales for the three month
period ended June 30, 2004 were 5,258,863 as compared to $4,369,848 for the same
period in 2003, an increase of $889,015 or 20%. The increase was mainly
attributed to increased sales of electrosurgical products. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of goods sold
increased from $2,398,378 to $3,069,577 an increase of $671,199 or 28% for the
three month period ended June 30, 2004 as compared to the same period in 2003. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit increased from
$1,971,470 to $2,189,286 an increase of $217,816 or 11%. Gross profit percentage
decreased from 45% in 2003 to 42% in 2004. The reason for the decrease is that
the margin on sales of electrosurgical products is not as great as other
products and as electrosurgical sales increase in relation to other products
overall margins decrease. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Research and development
increased by $95,757 or 45% from $214,103 to $309,860 for the quarters ended
June 30, 2004 and June 30, 2003, respectively. The increase is due to our focus
on developing new specialty use electrosurgical products. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Professional fees increased
by $9,084 or 11% from $84,512 to 93,596 for the quarters ended June 30, 2003 to
June 30, 2004, respectively. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Salaries and related costs
increased from $370,318 to $465,343 an increase of $95,025 or 26%. The main
areas of increase were in customer service employee procurement and health
insurance. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling, general and
administrative expenses increased by $85,324 or 10% from $827,176 to $912,500
for the quarters ended June 30, 2003 to June 30, 2004, respectively. The largest
areas of increased costs were for advertising, travel and the costs relating to
a recall of a product. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest expense
decreased from $12,147 to $3,440 for the quarter ended June 30, 2004 as compared
to quarter ended June 30, 2003. The reason for the decrease was that we did not
use our credit facility during the quarter ended June 30, 2004. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total other costs went from
$1,496,109 for the three months ended June 30, 2003 to $1,781,299 for the same
period in 2004, and increase of $285,190 or 19%. </FONT></P>


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

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Results of Operations (continued)</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the three
months ended June 30, 2004 was $404,547 as compared to $463,214 for the same
quarter in 2003, a decrease of $58,667 or 13%. The main reason for the decrease
in gain was the increased cost of additional personnel and overhead associated
with the new plant. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our effective federal
income tax rate is 35%. 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 approximately $7.5 million. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>During the first six months
of 2004, international sales of our product lines increased by 168,959 or (13%).
In 2004, these sales were $1,428,482 (14% of total sales) as compared to
$1,259,523 (16%) of total sales in 2003. We are marketing our products overseas
through a network of foreign distributors. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 six months of 2004 and 2003, commissions paid
were $164,257 and $96,079, respectively, an increase of 73%. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" 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 July 31, 2004, the Company had zero funds drawn down on this
credit facility. </FONT></P>

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Condition</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30, 2004, cash
totaled $878,325 as compared to $672,861 at June 30, 2003. Cash provided by
operating activities was $860,411 in the first six months 2004 compared to
$661,404 in 2003. Net working capital of Bovie was $4,458,564 and $3,699,468 on
June 30, 2004 and 2003, respectively. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The amount of cash used in
investing activities was $523,850 in the first six months of 2004, compared to
$130,120 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>


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

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Condition(continued)</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The net cash provided by
financing activities in the first six months of 2004 was $235,626. In the same
period of 2003, net cash used by financing activities was $237,632. A
significant item of financing activity in 2004 resulted from the exercise of
330,100 stock options by current and former employees and consultants for
$252,425. In both the first six months of 2004 and 2003, Bovie reduced its first
mortgage by $19,507. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our ten largest customers
accounted for approximately 71% of net revenues for the six months of 2004 as
compared to 65% in the same period of 2003. For both periods ended June 30, 2004
and June 30, 2003, our ten largest trade receivable customers accounted for
approximately 66% of outstanding receivables. For the first six months of 2004,
one customer accounted for 32% of total sales. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>Outlook</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>Our line of electrosurgery
products now includes 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 FACE="Times New Roman, Times, Serif" SIZE=2>From the first six months
2003 to the first six months 2004, Bovie&#146;s electrosurgery sales increased
by 48% from $4,282,220 to $6,328,179. The increase was mainly attributable to
OEM sales. 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 FACE="Times New Roman, Times, Serif" SIZE=2>Non-Medical Products </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 through a license agreement
our inventory, customer list and manufacturing technology to our largest
customer in that field for $500,000, payable in equal monthly installments over
5 years. </FONT></P>

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

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Scientific Advisory Board </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 Konesky.</FONT></P>

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reliance on Collaborative, Manufacturing and Selling Arrangements</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" SIZE=2>Liquidity and Future Plans</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" 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 FACE="Times New Roman, Times, Serif" 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&#146;s present base rate of 4.00%. Bovie
pays a principal payment of $2,639 plus interest each month. On June 30, 2004,
the balance of the loan was $395,831. A balloon payment of $316,660 is due in
December 2006. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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&#146;s
base rate, which is 4.00% per annum. The outstanding balance due on the credit
line on July 30, 2004 was zero. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" 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&#146;
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 FACE="Times New Roman, Times, Serif" 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</FONT></H1>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I.  FINANCIAL INFORMATION (CONTINUED)</FONT></H1>

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

<P align=left><FONT FACE="Times New Roman, Times, Serif" 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 (&#147;Exchange Act&#148;),
the term &#147;disclosure controls and procedures&#148; 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 (&#147;Evaluation
Date&#148;), the Company carried out an evaluation under the supervision and
with the participation of the Company&#146;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&#146;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>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II.  OTHER INFORMATION</FONT></H1>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 1.  LEGAL PROCEEDINGS</FONT></H1>

<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>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 2.  CHANGES IN SECURITIES</FONT></H1>

<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>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 3.  DEFAULTS UPON SENIOR SECURITIES</FONT></H1>

<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>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 4.  SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS</FONT></H1>

<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>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 5.  EXHIBITS AND REPORTS ON FORM 8-K</FONT></H1>

<P align=left><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 FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES:</FONT></P>

<P align=justify><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 FACE="Times New Roman, Times, Serif" SIZE=2>Bovie Medical Corporation.<br>
(Registrant)</FONT></P>

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Date:  August 12, 2004</u></FONT></P>


<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>/s/Andrew Makrides</u><br>
Chief Executive Officer - Andrew Makrides</FONT></P>


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

<P ALIGN=JUSTIFY><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  officer(s) and I are responsible for  establishing  and  maintaining  disclosure  controls and
procedures  (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal  control over financial  reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>a) Designed such disclosure  controls and procedures,  or caused such disclosure controls and procedures to be designed under our
              supervision, 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 report is being prepared;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>b) Designed such internal  control over  financial  reporting,  or caused such internal  control over  financial  reporting to be
              designed under our supervision,  to provide reasonable  assurance  regarding the liability of financial reporting and the
              preparation of financial statements for external purposes in accordance with Generally Accepted Accounting Principles.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>c) Evaluated  the  effectiveness  of the  registrant's  disclosure  controls  and  procedures  and  presented  in this report our
              conclusions  about the  effectiveness of the disclosure  controls and procedures,  as of the end of the period covered by
              this report based on such evaluation; and</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>d) Disclosed in this report any change in the  registrant's  internal  control over financial  reporting that occurred during the
              registrant's  most recent fiscal  quarter (the  Registrant's  fourth fiscal quarter in the case of an annual report) that
              has materially affected,  or is reasonably likely to materially affect, the registrant's  internal control over financial
              reporting; and</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 of internal  control over
financial  reporting,  to the  registrant's  auditors  and the audit  committee  of the  registrant's  board of  directors  (or persons
performing the equivalent functions):</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>a)       All significant  deficiencies and material  weaknesses in the design or operation of internal control over financial reporting
              which are  reasonably  likely to adversely  affect the  registrant's  ability to record,  process,  summarize  and report
              financial information; and</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>b)       Any  fraud,  whether  or not  material,  that  involves  management  or other  employees  who have a  significant  role in the
              registrant's internal control over financial reporting.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Date: August 12, 2004</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>/s/Andrew Makrides</FONT></P>
<P ALIGN=JUSTIFY><FONT SIZE=2>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=JUSTIFY><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  officer(s) and I are responsible for  establishing  and  maintaining  disclosure  controls and
procedures  (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal  control over financial  reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>a) Designed such disclosure  controls and procedures,  or caused such disclosure controls and procedures to be designed under our
              supervision, 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 report is being prepared;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>b) Designed such internal  control over  financial  reporting,  or caused such internal  control over  financial  reporting to be
              designed under our supervision,  to provide reasonable  assurance  regarding the liability of financial reporting and the
              preparation of financial statements for external purposes in accordance with Generally Accepted Accounting Principles.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>c) Evaluated  the  effectiveness  of the  registrant's  disclosure  controls  and  procedures  and  presented  in this report our
              conclusions  about the  effectiveness of the disclosure  controls and procedures,  as of the end of the period covered by
              this report based on such evaluation; and</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>d) Disclosed in this report any change in the  registrant's  internal  control over financial  reporting that occurred during the
              registrant's  most recent fiscal  quarter (the  Registrant's  fourth fiscal quarter in the case of an annual report) that
              has materially affected,  or is reasonably likely to materially affect, the registrant's  internal control over financial
              reporting; and</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 of internal  control over
financial  reporting,  to the  registrant's  auditors  and the audit  committee  of the  registrant's  board of  directors  (or persons
performing the equivalent functions):</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>a)       All significant  deficiencies and material  weaknesses in the design or operation of internal control over financial reporting
              which are  reasonably  likely to adversely  affect the  registrant's  ability to record,  process,  summarize  and report
              financial information; and</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>b)       Any  fraud,  whether  or not  material,  that  involves  management  or other  employees  who have a  significant  role in the
              registrant's internal control over financial reporting.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Date: August 12, 2004</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>/s/Charles Peabody</FONT></P>
<P ALIGN=JUSTIFY><FONT SIZE=2>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=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT 32.1</FONT></P>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with the
Quarterly Report of Bovie Medical Corporation (the &#147;Company&#148;) on Form
10-QSB of the period ended June 30, 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 FACE="Times New Roman, Times, Serif" SIZE=2>Date:   August 12, 2004</FONT></P>


<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>/s/ Andrew Makrides</u><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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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOVIE MEDICAL CORPORATION</FONT></H1>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT 32.2</FONT></P>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with the
Quarterly Report of Bovie Medical Corporation (the &#147;Company&#148;) on Form
10-QSB of the period ended June 30, 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 FACE="Times New Roman, Times, Serif" SIZE=2>Date:   August 12, 2004</FONT></P>

<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>/s/ Charles Peabody</u><br>
Chief Financial Officer</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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