PhotoMedex, Inc. (NasdaqGS and TASE: PHMD) today announced that it is set to join both the Russell 3000
and the Russell Microcap® Indexes when Russell Investments reconstitutes its family of U.S. Indexes on June 25, 2012. Inclusion in the Russell 3000 and Microcap Indexes is determined by a company’s total market capitalization, and a preliminary list of 2012 additions was posted June 8th on
. PhotoMedex expects to be included in the Russell 2000® Index when the final lists are announced.
Annual reconstitution of Russell’s U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000
Index and Russell Microcap Index. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000
Index or small-cap Russell 2000
Index as well as the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007.
“Inclusion in these Russell Indexes is an important step in the evolution of PhotoMedex and is expected to contribute to additional investor awareness and broaden our investor base,” said Dr. Dolev Rafaeli, chief executive officer of PhotoMedex. “We have grown rapidly in the last few years and have successfully merged PhotoMedex and Radiancy last December. The merger allows us to apply Radiancy’s formidable consumer marketing expertise refined with the no!no! family of products to the legacy PhotoMedex products such as XTRAC® and Neova®, while tapping PhotoMedex’s direct sales representatives to sell Radiancy’s professional products.”
Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. According to Russell, an industry-leading $3.9 trillion in assets are currently benchmarked to these Indexes.