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.
Palomar Medical Reports Financial Results For Third Quarter 2010
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