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PhotoMedex Reports Third Quarter 2012 Financial Results

Revenues for the nine months ended September 30, 2012 were $165.9 million, an increase of 61% over the same period last year. Included in this amount is $20.6 million in revenues from pre-merged PhotoMedex. This compares with revenues for the nine months ended September 30, 2011 of $103.3 million, which included no revenues from pre-merged PhotoMedex.

Net income for the nine months ended September 30, 2012 was $16.6 million or $0.81 per diluted share, which included $4.8 million in stock-based compensation expense, $4.1 million in depreciation and amortization expenses, $5.6 million in expenses for past litigation and $0.7 million in other one-time charges. This compares with net income for the nine months ended September 30, 2011 of $2.3 million or $0.20 per diluted share, which included $16.4 million in stock-based compensation expense, $0.2 million in depreciation and amortization expenses, $0.8 million in expenses for past litigation and $12.4 million in merger-related expenses.

As of September 30, 2012, the Company had cash, cash equivalents and short term investments of $54.8 million. During the 2012 third quarter the Company repurchased 424,244 shares of its common stock in the open market at an average price of $12.59 per share, for a total of $5.3 million.

On a pro forma basis, had the merger been completed on January 1, 2011, revenues for the three months ended September 30, 2011 would have been $42.9 million, gross profit would have been $30.4 million and net income would have been $2.0 million.

Fourth quarter seasonal fluctuations – both positive and negative – for certain international markets are normal and expected for the Company’s consumer business, as compared with the balance of the year. Moreover, management is continuing to evaluate the impact on revenues from the recent hurricane in the Northeast. Management expects revenue for the fourth quarter of 2012 to increase by more than 60% compared with the same quarter of 2011, and to be between $46 million and $48 million.

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