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Palomar Medical Reports Financial Results For Fourth Quarter And Fiscal Year 2012

BURLINGTON, Mass., Feb. 7, 2013 (GLOBE NEWSWIRE) -- Palomar Medical Technologies, Inc. (Nasdaq:PMTI), a global leader in laser and other light-based systems for aesthetic treatments, today announced financial results for the fourth quarter and year ended December 31, 2012.

Fourth Quarter 2012 Year-Over-Year Financial Highlights Include:

  • Net income of $2.3 million or $0.12 per diluted share compared to 2011 net loss of $1.9 million or $0.10 per share
  • Professional product revenues of $17.5 million, up 31%
  • Professional product revenues gross margin of 60%
  • North America professional product revenues of $10.0 million, up 19%
  • International professional product revenues of $7.5 million, up 49%
  • Cash and investments portfolio of $99.7 million

Year 2012 Year-Over-Year Financial Highlights Include:

  • Net loss of $6.2 million or $0.33 per share compared to 2011 net income of $7.4 million or $0.39 per diluted share. Our 2011 net income includes the results of the patent litigation settlement with Candela and Syneron, positively affecting 2011 net income by $16.5 million.
  • Professional product revenues of $55.4 million, up 25%
  • Professional product revenues gross margin of 60%
  • North America professional product revenues of $30.9 million, up 26%
  • International professional product revenues of $24.5 million, up 23%

Chief Executive Officer Joseph P. Caruso commented, "We are very pleased with the continued growth of our professional business as we continue to expand our product portfolio and make key investments in our distribution network. This quarter is the first quarter that we reported profit since the recession began, excluding the third quarter of 2011 which included the $31 million patent litigation settlement with Candela and Syneron. The efforts that we have made over the past year to transition our consumer business and focus on our core professional market have resulted in bottom line results and top line revenue growth. This quarter was the thirteenth consecutive quarter of product revenue growth year over year. The Palomar Icon™ Aesthetic System is opening new doors and expanding our installed base. The Icon platform is the next generation of aesthetic system with melanin detection technology, high peak powers, state of the art cooling, built-in calibration, and an intuitive user interface to provide fast treatments with excellent outcomes and superior user experience."

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