Palomar Medical Technologies, Inc. PMTI +0.49% , a leading researcher and developer of light-based systems for cosmetic treatments, today announced financial results for the second quarter ended June 30, 2011. Revenues for the quarter ended June 30, 2011 were $16.3 million, a 4 percent increase over the $15.6 million reported in the second quarter of 2010. Product revenues increased to $10.1 million, a 9 percent increase over the $9.2 million reported in the second quarter of 2010. Second quarter gross margin from product revenues was 61 percent, as compared to 62 percent reported in the second quarter of 2010. Net loss for the second quarter ended June 30, 2011 was $4.0 million, or $0.21 per share, which included $1.2 million in patent litigation expense and $1.0 million in non-cash stock-based compensation expense. Net loss for the second quarter ended June 30, 2010 was $1.7 million, or $0.09 per share, which included $0.7 million in patent litigation expense and $1.0 million in non-cash stock-based compensation expense. The balance sheet continues to be strong with $91.1 million in cash, cash equivalents, short-term investments, and marketable securities and other investments with no borrowings.
Chief Executive Officer Joseph P. Caruso commented, "We continue to make investments that will grow our business for the short and long-term. During the second quarter, we launched the Icon Aesthetic System as our new flagship platform. This new platform is the next generation of aesthetic systems with melanin detection technology, high peak powers, state of the art cooling, built-in calibration, and an intuitive user interface to provide fast treatments with excellent outcomes and user experience. It provides our customer base with an excellent upgrade path as well as a unique offering for those that are entering the aesthetic business. Our growth initiative includes our recent launches of the Acleara system for treating acne and the Adivive fat transfer system. Physician feedback on our new products is very positive. These new systems provide our sales force with the right product offerings for the current economic environment. To further support short-term growth, during the quarter we also opened two strategically important offices, one in Germany and one in Spain. Germany is one of the strongest economies in Europe and once fully established, should provide a great market for our current and future products. Spain has been one of the largest aesthetic markets for many years. Both of these major markets were not well served by our prior distributors. We were able to attract top notch teams for both offices. We are in the process of training our direct sales force in these new offices and investing in the infrastructure that will make these offices leading contributors for our future growth."
Mr. Caruso continued, "Our consumer products strategy is moving forward on schedule. The PaloVia Skin Renewing Laser started shipping to select channels earlier this year. We continue to increase our production capabilities and expand distribution. The investments we are making today in the consumer market support a broader and longer-term growth strategy as we develop the brand and channels for our consumer offerings. This new category of light-based aesthetic products provides us with access to a base of consumers that have never been exposed to our products or technology."
Conference Call: As previously announced, Palomar will conduct a conference call and webcast today at 11:30 AM Eastern Time. Management will discuss financial results and strategic matters. If you would like to participate, please call (866) 800-8648 or listen to the webcast in the About Palomar/Investors section of the Company's website at palomarmedical.com. A webcast replay will also be available.
About Palomar Medical Technologies Inc: Palomar designs, produces and sells the most advanced cosmetic lasers and intense pulsed light (IPL) systems to dramatically improve the appearance of women's and men's skin. For over 15 years, Palomar has pioneered the science of using lasers and light to improve appearances. As the industry's technology leader, Palomar has invested in creating cosmetic laser and IPL systems that put real value in the hands of physicians and other professionals to benefit consumers. Thousands of physicians worldwide trust and depend on Palomar technology to not only introduce new aesthetic treatments such as advanced laser hair removal, laser liposuction, skin resurfacing, acne, laser treatments for scars, wrinkle treatment, stretch marks (striae), and photofacials for pigmented and vascular lesions, but to also make them robust, faster, more powerful, and more comfortable for those being treated. In June 2009, Palomar became the first company to receive a 510(k) over-the-counter ("OTC") clearance from the FDA for a new, patented, home-use, laser device for the treatment of fine lines and wrinkles around the eyes (periorbital wrinkles). This OTC clearance allows the PaloVia(TM) Skin Renewing Laser(R) to be marketed and sold directly to consumers without a prescription.
For more information on Palomar and its products, visit Palomar's website at palomarmedical.com for professional products or palovia.com for consumer products. To continue receiving the most up-to-date information and latest news on Palomar as it happens, sign up to receive automatic e-mail alerts by going to the About Palomar/Investors section of the website.
More detail : http://www.marketwatch.com/story/palomar-medical-reports-financial-results-for-second-quarter-2011-2011-07-28?reflink=MW_news_stmp
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