PhotoMedex, Inc. (NASDAQ and TASE: PHMD) today reported financial results for the three and nine months ended September 30, 2012. Financial highlights of the 2012 third quarter include:
- Revenues of $56.7 million, an increase of 63% compared with the prior-year third quarter and a decrease of 4% sequentially
- Net income of $7.5 million, an increase of 77% compared with the prior-year third quarter and an increase of 79% sequentially
- Consumer revenues of $49.6 million, an increase of 48% compared with the prior-year third quarter and a decrease of 2% sequentially
- Direct-to-consumer channel revenues of $30.0 million, an increase of 61% compared with the prior-year third quarter and a decrease of 11% sequentially
- Distributor consumer channel revenues of $9.4 million, an increase of 11% compared with the prior-year third quarter and an increase of 34% sequentially
- Global retail and home shopping channel revenues of $10.2 million, an increase of 57% compared with the prior-year third quarter and an increase of 5% sequentially
- Gross profit of $45.4 million, an increase of 71% compared with the prior-year third quarter and a decrease of 3% sequentially
- Gross margin of 80.1% compared with gross margin of 76.6% in the prior-year third quarter and 79.0% in the 2012 second quarter; prior-year third quarter gross margin does not include revenues from the pre-merged PhotoMedex
- Cash generated from operations was $8.7 million in the 2012 third quarter; during the quarter the company repurchased $5.3 million or 424,244 shares of its common stock at an average price of $12.59 per share for a total of $5.3 million
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 the merger date do not include activity from the pre-merged PhotoMedex.
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