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Date Announced: 10 Feb 2011
Interest in First of Its Kind Home-Use PaloVia(TM) Skin Renewing Laser(TM) for the Treatment of Fine Lines and Wrinkles Around the Eyes Exceeds Expectations.
BURLINGTON, Mass., Feb. 10, 2011 (GLOBE NEWSWIRE) -- Palomar Medical Technologies, Inc. (Nasdaq:PMTI), a leading researcher and developer of light-based systems for cosmetic treatments, today announced financial results for the fourth quarter and year ended December 31, 2010.
Revenues for the quarter ended December 31, 2010 increased to $16.4 million, as compared to $16.3 million reported in the fourth quarter of 2009. Product and service revenues were $14.3 million, a 2 percent increase over the $14.0 million reported in the fourth quarter of 2009. Fourth quarter gross margin from product and service revenues was 61 percent, which was consistent with the fourth quarter of 2009.
Loss before income taxes for the fourth quarter ended December 31, 2010 was $2.4 million, which included a $0.6 million patent litigation expense and a $1.0 million non-cash stock-based compensation expense. Loss before income taxes for the fourth quarter ended December 31, 2009 was $3.3 million, which included a $0.2 million patent litigation expense and a $4.5 million non-cash stock-based compensation expense.
Approximately $3.5 million of the fourth quarter 2009 non-cash stock-based compensation expense was a one-time expense related to the granting of restricted stock awards. The Company reported net loss of $2.6 million, or $0.14 per share for the fourth quarter of 2010 and $8.5 million for the fourth quarter of 2009. The balance sheet continues to be strong with $103.0 million in cash, cash equivalents, short-term investments, and marketable securities with no borrowings.
Revenues for the year ended December 31, 2010 increased to $63.7 million, as compared to $60.6 million reported in 2009. Product and service revenues were $53.5 million, a 10 percent increase over the $48.8 million reported in 2009. For the year ended December 31, 2010, gross margin from product and service revenues was 62 percent compared to 58 percent reported in 2009.
Loss before income taxes for the year ended December 31, 2010 was $8.5 million, which included a $3.5 million patent litigation expense and a $3.8 million non-cash stock-based compensation expense. Loss before income taxes for the year ended December 31, 2009 was $6.0 million, which included a $0.8 million patent litigation expense and a $7.1 million non-cash stock-based compensation expense. The Company reported net loss of $8.8 million, or $0.47 per share for the year ended December 31, 2010, and a net loss of $10.5 million, or $0.58 per share for the year ended December 31, 2009.
Chief Executive Officer Joseph P. Caruso commented, "We are pleased with the growth in product revenue this year as compared to last year. Prices remained stable and gross margins are in excess of 60%. We have seen an increase in interest for our products and are working toward a stronger presence internationally. We believe our diversified portfolio of products and strong balance sheet perfectly positions the company for future growth as the economy begins to strengthen."
Mr. Caruso continued, "In late December, we launched our first consumer product, the PaloVia Skin Renewing Laser. The initial interest in this product and new category is much higher than we anticipated. Our public relations efforts are paying off and exposure for our product and company continue to grow. The initial orders of the PaloVia Skin Renewing Laser exceeded our projections and we are increasing our production capabilities to meet demand. The consumer products category represents a new and exciting opportunity for us to engage the consumer directly and introduce our technology to the masses."
"We believe direct access to the consumer provides us with a very large opportunity to establish Palomar in the multi-billion dollar beauty market. It will also enhance our position in the professional physician's market with a complementary product offering and help drive new patients to doctor's offices."
Source: Palomar Medical Technologies
E-mail: ir@palomarmedical.com
Web Site: www.palomarmedical.com
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