BURLINGTON, Mass., July 31 /PRNewswire-FirstCall/ -- Palomar
Medical Technologies, Inc. (NASDAQ:PMTI), a leading researcher and
developer of light-based systems for cosmetic treatments, today
announced financial results for the second quarter ended June 30,
2008. Revenues for the quarter ended June 30, 2008 were $23.1
million, of which $19.2 million were product revenues, $2.3 million
were royalty revenues, $0.4 million were funded development
revenues, and $1.25 million were other revenues. Second quarter
gross margin from product revenues was 67 percent as compared to 63
percent in the previous quarter. Income before taxes for the second
quarter ended June 30, 2008 was $1.4 million, which included
approximately $2.9 million in legal expenses related to the Candela
lawsuits and a $523,000 FAS 123R stock-based compensation expense.
The Company reported net income of $0.8 million, or $0.04 per
diluted share for the second quarter of 2008 versus net income of
$5.8 million, or $0.30 per diluted share for the second quarter of
2007. Non-GAAP net income for the quarter ended June 30, 2008,
which includes adjustments for the FAS 123R compensation expense
and non-cash taxes, resulted in $1.8 million, or $0.10 per diluted
share. Non-GAAP net income for the quarter ended June 30, 2007,
which includes adjustments for the FAS 123R compensation expense,
other income, and non-cash taxes, resulted in $8.4 million, or
$0.43 per diluted share. Please refer to the financial statements
included in this news release for a reconciliation of GAAP to
non-GAAP results for the three and six months ended June 30, 2008
and 2007. The Company's balance sheet continues to be strong and
includes $128 million in cash and marketable securities. The
Company has classified approximately $7.2 million of its marketable
securities as non-current assets due to the recent illiquidity in
the auction-rate securities market. The Company has the intent and
ability to hold these investments to maturity. Chief Executive
Officer Joseph P. Caruso commented, "We continue to see the effects
of a weakened economy in the United States, but investments made in
our domestic sales group over the past few quarters are starting to
show improvement. Specifically, product revenues increased 30
percent in North America as compared to the previous quarter and
accounted for 76 percent of our product revenues this quarter.
Internationally, we are in the process of transitioning
distribution of the first country to Q-Med. In the meantime, we
will continue to support both our existing and new distributors
throughout the rest of the world to further enhance sales. Future
transition decisions will be based on the success of the first
transition country to Q-Med. These choices, and others, will be
made to strengthen our global presence and brand recognition as we
prepare for an expansion of our product line later this year." Mr.
Caruso continued, "During the second quarter, we introduced the
Palomar Aspire(TM) body sculpting system and SlimLipo(TM)
handpiece. We showcased the system at the American Society of
Lasers in Medicine meeting and other important industry meetings
during the quarter. Our technology uses a proprietary wavelength
that is preferentially absorbed by fat in addition to a one-time
use disposable delivery system. These advantages have been
well-received by the medical community and we look forward to
placing our first Aspire systems during the third quarter.
Laser-assisted lipolysis is one of the fastest growing segments of
the aesthetic laser market today. This new platform complements our
laser and pulsed-light systems, including the flagship StarLux
500(R), and the combination of both platforms provides our
customers with a full range of treatment options for their
patients." Use of Non-GAAP Financial Measures To supplement
Palomar's consolidated financial statements presented in accordance
with GAAP, this news release uses the following measures defined as
non-GAAP financial measures by the SEC: non-GAAP income before
taxes, non-GAAP provision for income taxes, non-GAAP net income,
and non-GAAP diluted earnings per share. The presentation of this
financial information is not intended to be considered in isolation
or as a substitute for the financial information prepared and
presented in accordance with GAAP. In addition, the non-GAAP
financial measures included in this news release may be different
from, and therefore not comparable to, similar measures used by
other companies. For more information on these non-GAAP financial
measures, please see the non-GAAP data included below. This data
has more details of the GAAP financial measures that are most
directly comparable to non-GAAP financial measures and the related
reconciliations between these financial measures. Palomar's
management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding our performance by
excluding certain items that may not be indicative of our core
business operating results. Palomar believes that both management
and investors benefit from referring to these non-GAAP financial
measures in assessing Palomar's performance and when planning,
forecasting and analyzing future periods. These non-GAAP financial
measures also facilitate management's internal comparisons to
Palomar's historical performance and our competitors' operating
results. Palomar believes that these non-GAAP measures are useful
to investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision making. Conference Call: As previously
announced, Palomar will conduct a conference call and webcast today
at 11:30 AM Eastern Time. Management will discuss financial results
and strategic matters. If you would like to participate, please
call (866) 362-4831 or listen to the webcast in the Investor
Relations section of the Company's website at
http://www.palomarmedical.com/. The telephone replay will be
available one hour after the call at (888) 286-8010 passcode
86399673 and will be available for fourteen days. A webcast replay
will also be available. About Palomar Medical Technologies Inc:
Palomar is a leading researcher and developer of light-based
systems for cosmetic treatments. Palomar pioneered the optical hair
removal field, when, in 1997, it introduced the first high-powered
laser hair removal system. Since then, many of the major advances
in light-based hair removal have been based on Palomar technology.
In December 2006, Palomar became the first company to receive a
510(k) over-the-counter (OTC) clearance from the United States Food
and Drug Administration (FDA) for a new, patented, home-use,
light-based hair removal device. OTC clearance allows the product
to be marketed and sold directly to consumers without a
prescription. There are now millions of light-based cosmetic
procedures performed around the world every year in physician
offices, clinics, spas and salons. Palomar is testing many new and
exciting applications to further advance the hair removal market
and other cosmetic applications. Palomar is focused on developing
proprietary light-based technology for introduction to the mass
markets. Palomar has granted The Procter & Gamble Company a
non-exclusive License Agreement to certain patents, technology and
FDA documents related to the home-use, light-based hair removal
field for women. In addition, Palomar has an exclusive development
and license agreement with Johnson & Johnson Consumer Companies
to develop and potentially commercialize home-use, light-based
devices for reducing or reshaping body fat including cellulite,
reducing the appearance of skin aging, and reducing or preventing
acne. For more information on Palomar and its products, visit
Palomar's website at http://www.palomarmedical.com/. To continue
receiving the most up-to-date information and latest news on
Palomar as it happens, sign up to receive automatic e-mail alerts
by going to the Investor Relations' section of the website. With
the exception of the historical information contained in this
release, the matters described herein contain forward-looking
statements, including, but not limited to, statements relating to
new markets, future royalty amounts due from third parties,
development and introduction of new products, and financial and
operating projections. These forward-looking statements are neither
promises nor guarantees, but involve risk and uncertainties that
may individually or mutually impact the matters herein, and cause
actual results, events and performance to differ materially from
such forward-looking statements. These risk factors include, but
are not limited to, results of future operations, technological
difficulties in developing or introducing new products, the results
of future research, lack of product demand and market acceptance
for current and future products, the effect of economic conditions,
challenges in managing joint ventures and research with third
parties and government contracts, the impact of competitive
products and pricing, governmental regulations with respect to
medical devices, including whether FDA clearance will be obtained
for future products and additional applications, the results of
litigation, difficulties in collecting royalties, potential
infringement of third-party intellectual property rights, factors
affecting the Company's future income and resulting ability to
utilize its NOLs, and/or other factors, which are detailed from
time to time in the Company's SEC reports, including the report on
Form 10-K for the year ended December 31, 2007 and the Company's
quarterly reports on Form 10-Q. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof. The Company undertakes no obligation to
release publicly the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. Palomar Financial Summary: Consolidated
Statements of Income (Unaudited) Three Months Ended Six Months
Ended June 30, June 30, 2008 2007 2008 2007 Revenues: Product
revenues $19,206,511 $28,280,653 $36,895,304 $55,679,198 Royalty
revenues 2,269,561 2,073,621 5,516,584 4,758,175 Funded product
development revenues 398,467 2,414,218 995,037 3,849,298 Other
revenues 1,250,000 - 2,747,625 - Total revenues 23,124,539
32,768,492 46,154,550 64,286,671 Costs and expenses: Cost of
product revenues 6,330,668 10,308,578 12,925,000 18,926,966 Cost of
royalty revenues 907,824 829,448 2,206,634 1,903,270 Research and
development 4,549,960 3,752,093 9,933,607 8,055,435 Selling and
marketing 5,647,400 6,358,629 12,425,717 12,634,617 General and
administrative 5,095,069 4,150,911 11,331,661 7,295,001 Total costs
and expenses 22,530,921 25,399,659 48,822,619 48,815,289 Income
(loss) from operations 593,618 7,368,833 (2,668,069) 15,471,382
Interest income 833,494 1,533,077 2,249,034 2,899,376 Other income
227 500,000 18,244 500,000 Income (loss) before income taxes
1,427,339 9,401,910 (400,791) 18,870,758 Provision for (benefit
from) income taxes 667,222 3,572,726 (156,268) 7,170,888 Net income
(loss) $760,117 $5,829,184 $(244,523) $11,699,870 Net income (loss)
per share: Basic $0.04 $0.32 ($0.01) $0.64 Diluted $0.04 $0.30
($0.01) $0.60 Weighted average number of shares outstanding: Basic
18,151,396 18,333,091 18,137,680 18,306,598 Diluted 18,432,016
19,418,394 18,137,680 19,493,964 Non-GAAP data: Income (loss)
before income taxes $1,427,339 $9,401,910 $(400,791) $18,870,758
Royalty revenues: Back-owed royalty - - (682,380) - Other revenues:
Trade dress infringement fees - - (247,625) - Cost of royalty
revenues: Back-owed royalty - - 272,952 - General and
administrative: Investment banking fee for international
distributor agreement - - 1,013,899 - FAS 123R stock-based
compensation 522,618 1,402 3,866,093 (13,973) Interest income:
Interest on back-owed royalty - - (52,409) - Other income:
Expiration of standstill agreement - (500,000) - (500,000) Non-GAAP
income before income taxes 1,949,957 8,903,312 3,769,739 18,356,785
Provision for (benefit from) income taxes 667,222 3,572,726
(156,268) 7,170,888 Provision for income taxes - non-cash (531,625)
(3,008,611) 90,771 (6,038,643) Tax effect related to one-time
events - cash 49,649 (29,916) 450,919 (30,838) Non-GAAP provision
for income taxes 185,246 534,199 385,422 1,101,407 Non-GAAP net
income $1,764,711 $8,369,113 $3,384,317 $17,255,378 Non-GAAP
diluted net income per share $0.10 $0.43 $0.18 $0.89 Diluted
weighted average number of shares outstanding 18,432,016 19,418,394
18,450,430 19,493,964 Consolidated Balance Sheets (Unaudited) June
30, December 31, 2008 2007 Assets Current assets: Cash and cash
equivalents $118,909,12 $90,460,350 Available-for-sale investments,
at market value 1,850,000 41,910,000 Accounts receivable, net
10,430,151 16,037,475 Inventories 16,285,101 12,896,154 Deferred
tax assets 6,045,645 3,811,873 Other current assets 931,183
1,129,300 Total current assets 154,451,201 166,245,152 Marketable
securities, at market value 7,157,612 - Property and equipment, net
1,446,323 1,250,437 Other assets 114,076 111,074 Total assets
$163,169,212 $167,606,663 Liabilities and Stockholders' Equity
Liabilities: Accounts payable $3,070,650 $1,987,579 Accrued
liabilities 7,412,283 12,606,422 Deferred revenue 4,576,997
5,789,936 Total current liabilities 15,059,930 20,383,937 Deferred
taxes 2,533,220 2,533,220 Total liabilities $17,593,150 $22,917,157
Stockholders' equity: Preferred stock, $.01 par value - Authorized
- 1,500,000 shares Issued - none - - Common stock, $.01 par value -
Authorized - 45,000,000 shares Issued - 18,479,345 and 18,442,846
shares, respectively 184,794 184,429 Additional paid-in capital
204,743,809 199,988,081 Accumulated other comprehensive (loss)
income (89,167) 12,590 Accumulated deficit (52,723,531)
(52,479,008) Treasury stock, at cost - 435,000 and 105,000 shares,
respectively (6,539,843) (3,016,586) Total stockholders' equity
$145,576,062 $144,689,506 Total liabilities and stockholders'
equity $163,169,212 $167,606,663 Contacts: Kayla Castle Investor
Relations Manager Palomar Medical Technologies, Inc. 781-993-2411
DATASOURCE: Palomar Medical Technologies, Inc. CONTACT: Kayla
Castle, Investor Relations Manager of Palomar Medical Technologies,
Inc., +1-781-993-2411, Web site: http://www.palomarmedical.com/
Company News On-Call: http://www.prnewswire.com/comp/107555.html
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