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PhotoMedex Reports 2012 Fourth Quarter And Record Full Year Financial Results

PhotoMedex, Inc. (NASDAQ and TASE: PHMD) today announced financial results for the fourth quarter and full year ended December 31, 2012. A separate Form 10-K, including 2012 consolidated financial statements, will be filed with the Securities and Exchange Commission on or by March 18, 2013. Financial highlights of the 2012 fourth quarter and full year include:

Fourth Quarter (all comparisons are with the fourth quarter of 2011):
  • Revenues of $54.8 million, an increase of 91%
  • Gross profit of $43.0 million, an increase of 91%
  • Net income of $5.9 million, compared with a net loss of $3.0 million
  • Earnings per diluted share of $0.27, compared with a loss per share of $0.22
  • Consumer revenues of $46.1 million, an increase of 78%
  • Direct-to-consumer channel revenues of $30.0 million, an increase of 67%
  • Global retail and home shopping channel revenues of $12.4 million, an increase of 158%
  • Distributor consumer channel revenues of $3.8 million, an increase of 20%
  • XTRAC ® psoriasis and vitiligo treatment recurring revenues of $2.6 million, an increase of 63%
  • Cash generated from operations of $14.0 million; during the quarter the company repurchased $5.4 million or 418,717 shares of its common stock at an average price of $12.93 per share
  • Cash, cash equivalents and short-term investments as of December 31, 2012 were $62.4 million, or $3.00 per diluted share

Full Year 2012 (all comparisons are with the full year 2011):
  • Revenues of $220.7 million, an increase of 67%
  • Gross profit of $174.0 million, an increase of 64%
  • Net income of $22.5 million, compared with a net loss of $0.7 million
  • XTRAC franchise installed base of 361 sites compared with 268 sites, an increase of 35%
  • Pre-merged PhotoMedex non-GAAP operating income of $1.5 million, compared with an operating loss of $1.8 million
  • Earnings per diluted share of $1.08, compared with a loss per share of $0.06
  • Consumer revenues of $188.4 million, an increase of 50%

On December 13, 2011 Radiancy, Inc. became a majority owned subsidiary of PhotoMedex in a reverse merger. Under generally accepted accounting principles (GAAP), Radiancy is deemed to be the financial acquirer for financial statement purposes. Therefore as a result of purchase accounting rules, the operating results of PhotoMedex for the fourth quarter and full year ended December 31, 2011 include activity from the pre-merged PhotoMedex from December 13 through December 31, 2011.

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