Palomar Medical Technologies Inc
CIKPMTI
NEWS RELEASE for February 7, 2013 at 8:00AM Eastern Time
Contacts: Kerry McAnistan
Investor Relations Assistant
Palomar Medical Technologies, Inc.
781-993-2411
ir@palomarmedical.com
PALOMAR MEDICAL REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER
AND FISCAL YEAR 2012
Fourth Quarter Net Income of $2.3 Million or $0.12 per Diluted Share
BURLINGTON, MA (February 7, 2013)…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."
Mr. Caruso added, "The technology investments we made in diode laser technology are paying off as well. We are seeing a great market response for the Vectus hair removal laser. It is the fastest laser hair removal system on the market today with the ability to provide permanent results and treat large body areas quickly and small body areas with precision. The Vectus opens the stand-alone laser hair removal market for us and should be incremental to our platform system sales. The intuitive user interface and speed make it a natural addition or replacement for any aesthetic hair removal practice. It also comes standard with the Skintel™ Melanin Optical Density reader that helps providers to more safely offer optimized hair removal treatments tailored to each client's skin type, lifestyle, and ethnicity. Sales of Vectus systems have exceeded our expectations. Early acceptance and reviews have been great and the feedback from luminaries is very positive. Light based hair removal procedures are the most common of all the light based aesthetic procedures and are an economic driver for any aesthetic practice. We believe the Vectus laser offers the best technology to address this large and stable market opportunity for new aesthetic practices and to replace older technology in existing practices. We continue to ramp up production to meet demand. The Vectus is cleared in the United States and most countries in Europe and the Middle East, and was just cleared last month in Canada. We will be rolling the Vectus out to other areas of the world as we fill our distributor pipeline and obtain product registrations in additional countries in upcoming quarters."
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The following information was filed by Palomar Medical Technologies Inc (PMTI) on Thursday, February 7, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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