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.
Palomar Medical Reports Financial Results For Fourth Quarter And Fiscal Year 2010
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.