Medicis Reports Fourth Quarter And Year-End 2010 Results

LipoSonix™ and Business Development Updates

SCOTTSDALE, Ariz., Feb. 25, 2011 (GLOBE NEWSWIRE) --

2010 Financial Highlights

• Revenues increased approximately 22.4%
• Non-GAAP net income increased approximately 40.3%
• Non-GAAP EPS increased approximately 36.2%
• GAAP net income increased approximately 62.4%
• GAAP EPS increased approximately 56.7%
• Gross profit margin of approximately 90.0%
• Cash, cash equivalents and short- and long-term investments of approximately $725 million
• Cash flow from operations of approximately $178.4 million
• Dividend increase of 50%

Fourth Quarter 2010 Highlights

• Revenues of $182 million
• Non-GAAP EPS of $0.60
• GAAP EPS of $0.37

Medicis (NYSE:MRX) today announced revenues of approximately $700.0 million for the twelve months ended December 31, 2010, compared to revenues of approximately $571.9 million for the twelve months ended December 31, 2009, which represents an increase of approximately $128.1 million, or approximately 22.4%.

Non-generally accepted accounting principles (non-GAAP, defined below) diluted earnings per share (EPS, defined below) for the twelve months ended December 31, 2010, was $2.28, compared to non-GAAP diluted EPS of $1.68 for the twelve months ended December 31, 2009, which represents an increase of $0.60 per diluted share, or approximately 36.2% (see "Unaudited Reconciliation of Non-GAAP Adjustments" in the financial tables of this press release). GAAP diluted EPS for the twelve months ended December 31, 2010, was $1.89, compared to GAAP diluted EPS of $1.21 for the twelve months ended December 31, 2009, which represents an increase of $0.68 per diluted share, or approximately 56.7%.

The Company's achievement of approximately $700.0 million in revenues and non-GAAP diluted EPS of $2.28 is consistent with the Company's published guidance of $698-$703 million in revenues and $2.25-$2.30 in non-GAAP diluted EPS for the twelve months ended December 31, 2010.