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PhotoMedex Reports Second Quarter 2012 Financial Results

PhotoMedex, Inc. (NASDAQ and TASE: PHMD) today reported financial results for the three and six months ended June 30, 2012. Financial highlights of the 2012 second quarter include:
  • Revenues of $58.9 million, an increase of 74% compared with the prior-year second quarter and an increase of 17% sequentially
  • Consumer revenues of $50.5 million, an increase of 55% compared with the prior-year second quarter and an increase of 20% sequentially
  • Global retail and home shopping channel revenues of $9.8 million, an increase of 101% compared with the prior-year second quarter and an increase of 63% sequentially
  • Gross profit of $46.5 million, an increase of 65% compared with the second quarter of 2011 and an increase of 19% sequentially
  • Gross margin of 79.0% compared with 77.7% in the 2012 first quarter; prior-year second quarter gross margin of 83.2% does not include revenues from the pre-merged PhotoMedex
  • Income before taxes, litigation expenses and other one-time expenses of $9.0 million; net income of $4.2 million or $0.20 per diluted share
  • One-time expenses including for past litigation of $4.0 million or $0.19 per diluted share
  • Adjusted income of $12.2 million or $0.58 per diluted share

On December 13, 2011 Radiancy, Inc. became a majority owned subsidiary of PhotoMedex in a reverse merger. In accordance with generally accepted accounting principles (GAAP), Radiancy is deemed to be the financial acquirer for financial statement purposes and therefore the related consolidated statements of operations for the periods prior to December 31, 2011 do not include activity from the pre-merged PhotoMedex prior to the date of merger.

Reported Financial Results

Revenues for the second quarter of 2012 were $58.9 million, an increase of 74% over the same period last year. Included in this amount is $7.1 million in revenues from pre-merged PhotoMedex. This compares with revenues for the second quarter of 2011 of $33.8 million, which included no revenues from pre-merged PhotoMedex.

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