Palomar Medical Technologies CEO Discusses Q3 2010 Results Â¿¿ Earnings Call Transcript
The information in this conference call related to projections or other forward-looking statements may be relied upon subject to the previous Safe Harbor statement as of the date of this call. The information in this conference call is the property of Palomar and should not be reproduced, recorded or otherwise published without the expressed prior written consent of the company.
Joining us this morning are Dan Valente, Chairman; Joe Caruso, President and Chief Executive Officer; and Paul Weiner, Chief Financial Officer.
I would now like to turn the call over to Dan.
Dan ValenteThanks Kelly and thank you all for tuning into the conference call. We’ve met our financial and operating goals again for the third quarter. As you know, Palomar will be entering a new and exciting phase in achieving the company’s direct-to-consumer commercialization goals. We are very excited about our plans to introduce our first home product in 2011. Now let’s hear from Joe Caruso, Palomar, CEO.Joe CarusoThank you, Dan. Although the economy remains weak, we are seeing signs of improvement in our business. There has been a decrease in physician components and an increase in lead generation and demos. We are yet to see any substantial change in the availability of credit to our customers. Fortunately, Palomar’s products are very well positioned for these challenging times. Even in this environment, our products make economic sense to our customers due to their high return on investment profile and the flexibility of our platform.We also continue to add technology in product configurations that fits in today’s economy. Our sales force has the ability to match our technology to fit not only the clinical needs of our customers, but their financial constraints as well. This quarter was the fourth consecutive quarter of product sales growth, quarter-over-quarter. We also increased our product revenues 23% this quarter as compare to the same period last year. This is the largest such increase in more than three years.
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