Palomar Medical Reports Financial Results For Third Quarter 2010
BURLINGTON, Mass., Oct. 28, 2010 (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 third quarter ended September 30, 2010. Revenues for the quarter ended September 30, 2010 increased to $15.8 million, as compared to $14.5 million reported in the third quarter of 2009. Product and service revenues increased to $13.0 million, a 16 percent increase over the $11.2 million reported in the third quarter of 2009. Third quarter gross margin from product and service revenues was 60 percent, an increase over the 57 percent reported in the third quarter of 2009. Loss before income taxes for the third quarter ended September 30, 2010 was $2.0 million, which included a $1.5 million patent litigation expense and a $0.9 million non-cash stock-based compensation expense. Loss before income taxes for the third quarter ended September 30, 2009 was $0.2 million, which included a $100,000 patent litigation expense and a $1.0 million non-cash stock-based compensation expense. The Company reported net loss of $2.0 million, or $0.11 per share for the third quarter of 2010 and $0.3 million for the third quarter of 2009. The balance sheet continues to be strong with $102.8 million in cash, cash equivalents, short-term investments and marketable securities with no borrowings.
Chief Executive Officer Joseph P. Caruso commented, "Given the current economic climate, we are happy with the progress we are making, especially the trends experienced in the last few quarters. Our 23% increase in product revenues this quarter as compared to the same quarter last year is gratifying as this is the fourth consecutive quarter of growth and the largest percentage growth year over year in the last three years. Prices are stable and gross margins remain strong throughout the world. Our gross margin this quarter was a big improvement over the same time last year. Our efforts over the past two years to increase our international distribution are also paying off with 48% of total product and service revenues coming from outside North America. Our product portfolio and platform approach gives us the flexibility to adjust our business to meet the challenges in today's economy. Our sales and distribution network configure technology solutions to fit physicians' sites throughout the world in response to the particular economic pressure they are experiencing. We have also had great success with shifting our business model from principally one-time capital equipment sales to include recurring sources. This quarter, 41% of our revenue was generated from recurring sources."
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