BURLINGTON, Mass., May 2, 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 first quarter ended March 31, 2013.
First Quarter 201 3 Year-Over-Year Financial Highlights Include:
- Execution of definitive agreement to be acquired by Cynosure, Inc.
- Professional product revenues of $17.3 million, up 46%
- North America professional product revenues of $8.1 million, up 20%
- International professional product revenues of $9.2 million, up 80%
- Loss from operations of $0.9 million, which includes $1.2 million of expenses related to the Cynosure acquisition, compared to 2012 loss from operations of $2.3 million
- Cash and investments portfolio of $100.8 million
Joseph P. Caruso, Palomar's President, Chief Executive Officer and Chairman of the Board of Directors, commented, "We are pleased with the progress that we have made with our distribution expansion and introduction of new products. This quarter we focused on driving initial product placements with our Vectus diode hair removal system in our international distribution network and additional luminaries and reference sites around the world. The feedback from the field remains strong and we believe that the Vectus could quickly become a leading product in the aesthetic laser market. We have invested in key technology that we believe gives us a competitive advantage in terms of speed and consumer satisfaction. Light-based hair removal continues to be the largest segment of the aesthetic light-based market. The Icon continues to drive top-line growth, which is also driven by some of our proprietary and unique technologies, like our Max G and Lux 1540 hand pieces for the treatment of pigmented lesions, vascular lesions and wrinkles and the Skintel melanin optical measurement technology. We believe that the combination of Vectus and Icon provides best-in-class technology for many of the non-invasive high-volume aesthetic light-based treatments performed in physician offices today."