BURLINGTON, Mass., Oct. 30 /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 third quarter ended September
30, 2008. Revenues for the quarter ended September 30, 2008 were
$24.2 million, of which $19.2 million were product revenues, $2.8
million were royalty revenues, $1.0 million were funded development
revenues, and $1.25 million were other revenues. Third quarter
gross margin from product revenues was 65 percent. Income before
taxes for the third quarter ended September 30, 2008 was $0.9
million, which included approximately $3.5 million in litigation
expenses and a $1.2 million non-cash FAS 123R stock-based
compensation expense. The Company reported net income of $0.6
million, or $0.03 per diluted share for the third quarter of 2008
versus net income of $5.3 million, or $0.28 per diluted share for
the third quarter of 2007. Non-GAAP net income for the quarter
ended September 30, 2008, which includes adjustments for the
non-cash FAS 123R compensation expense and non-cash taxes, resulted
in $2.0 million, or $0.11 per diluted share. Non-GAAP net income
for the quarter ended September 30, 2007, which includes
adjustments for back-owed royalties and other revenues, cost of
royalty revenues, legal expense reimbursement, non-cash FAS 123R
compensation expense, interest on back-owed royalties and fees, and
non-cash taxes, resulted in $5.2 million, or $0.27 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 nine months ended September 30, 2008 and 2007. The
Company's balance sheet continues to be strong and includes $128
million in cash and cash equivalents. Chief Executive Officer
Joseph P. Caruso commented, "We were able to achieve many of the
milestones we set for ourselves this quarter even in the face of a
downturn in the global economy. Total revenues were up as compared
to the previous quarter with stable pricing and gross margin.
During the quarter, we also started shipping our newest platform
system, the Aspire with the laser lipolysis SlimLipo body sculpting
system. Some of these first systems were shipped to training sites
established around the world. The feedback has been excellent and
we expect to benefit greatly from these sites." Mr. Caruso
continued, "We were also pleased with the victory of the Candela
lawsuit in Texas. The jury found in our favor against Candela and
also invalidated all of the claims of their patent at issue in the
case. This was a very expensive suit for us and we are glad to have
the costs associated with it behind us." 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) 356-4123 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 48448084 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.
Contacts: Kayla Castle Investor Relations Manager Palomar Medical
Technologies, Inc. 781-993-2411 Palomar Financial Summary:
Consolidated Statements of Income (Unaudited) Three Months Ended
Nine Months Ended September 30, September 30, 2008 2007 2008 2007
Revenues: Product revenues $19,223,597 $23,073,461 $56,118,901
$78,752,659 Royalty revenues 2,777,627 5,826,091 8,294,211
10,584,266 Funded product development revenues 954,907 1,585,202
1,949,944 5,434,500 Other revenues 1,250,000 894,189 3,997,625
894,189 Total revenues 24,206,131 31,378,943 70,360,681 95,665,614
Costs and expenses: Cost of product revenues 6,764,284 7,869,200
19,689,284 26,796,166 Cost of royalty revenues 1,111,051 2,330,436
3,317,685 4,233,706 Research and development 4,219,677 4,187,559
14,153,284 12,242,994 Selling and marketing 5,946,025 5,971,960
18,371,742 18,606,577 General and administrative 5,952,934
4,360,561 17,284,595 11,655,562 Total costs and expenses 23,993,971
24,719,716 72,816,590 73,535,005 Income (loss) from operations
212,160 6,659,227 (2,455,909) 22,130,609 Interest income 798,522
1,926,745 3,058,056 4,826,121 Other (expense) income (68,908) -
(61,164) 500,000 Income before income taxes 941,774 8,585,972
540,983 27,456,730 Provision for income taxes 345,300 3,262,669
189,032 10,433,557 Net income $596,474 $5,323,303 $351,951
$17,023,173 Net income per share: Basic $0.03 $0.29 $0.02 $0.93
Diluted $0.03 $0.28 $0.02 $0.88 Weighted average number of shares
outstanding: Basic 18,091,419 18,348,424 18,175,772 18,271,116
Diluted 18,289,995 19,325,562 18,450,464 19,383,122 Non-GAAP data:
Income before income taxes $941,774 $8,585,972 $540,983 $27,456,730
Royalty revenues: Back-owed royalty - (3,105,710) (682,380)
(3,105,710) Other revenues: Trade dress infringement fees -
(894,189) (247,625) (894,189) Cost of royalty revenues: Back-owed
royalty - 1,242,284 272,952 1,242,284 General and administrative:
Royalty settlement legal reimbursement - (227,355) - (227,355)
General and administrative: Investment banking fee for
international distributor agreement - - 1,013,899 - FAS 123R
stock-based compensation 1,238,244 180,213 5,104,337 166,240
Interest income: Interest on back- owed royalty - (259,166)
(52,409) (259,166) Other income: Expiration of standstill agreement
- - - (500,000) Non-GAAP income before income taxes 2,180,018
5,522,049 5,949,757 23,878,834 Provision for income taxes 345,300
3,262,669 189,032 10,433,557 Provision for income taxes - non-cash
(255,831) (2,747,511) (165,060) (8,786,153) Tax effect related to
one-time events - cash 117,633 (183,835) 568,552 (214,674) Non-GAAP
provision for income taxes 207,102 331,323 592,524 1,432,730
Non-GAAP net income $1,972,916 $5,190,726 $5,357,233 $22,446,104
Non-GAAP diluted net income per share $0.11 $0.27 $0.29 $1.16
Diluted weighted average number of shares outstanding 18,289,995
19,325,562 18,450,464 19,383,122 Consolidated Balance Sheets
(Unaudited) September 30, December 31, 2008 2007 Assets Current
assets: Cash and cash equivalents $127,790,810 $90,460,350
Available-for-sale investments, at market value - 41,910,000
Accounts receivable, net 10,939,812 16,037,475 Inventories
15,949,050 12,896,154 Deferred tax assets 5,997,259 3,811,873 Other
current assets 1,005,678 1,129,300 Total current assets 161,682,609
166,245,152 Marketable securities, at market value 5,319,297 -
Property and equipment, net 1,625,256 1,250,437 Other assets
119,568 111,074 Total assets $168,746,730 $167,606,663 Liabilities
and Stockholders' Equity Liabilities: Accounts payable $4,346,811
$1,987,579 Accrued liabilities 8,160,158 12,606,422 Deferred
revenue 5,911,994 5,789,936 Total current liabilities 18,418,963
20,383,937 Deferred taxes 2,533,220 2,533,220 Total liabilities
$20,952,183 $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 205,040,113 199,988,081 Accumulated
other comprehensive (loss) income (95,421) 12,590 Accumulated
deficit (52,127,057) (52,479,008) Treasury stock, at cost - 331,534
and 105,000 shares, respectively (5,207,882) (3,016,586) Total
stockholders' equity $147,794,547 $144,689,506 Total liabilities
and stockholders' equity $168,746,730 $167,606,663 DATASOURCE:
Palomar Medical Technologies, Inc. CONTACT: Kayla Castle, Investor
Relations Manager of Palomar Medical Technologies, Inc.,
+1-781-993-2411, Web site: http://www.palmed.com/
http://www.palomarmedical.com/ Company News On-Call:
http://www.prnewswire.com/comp/107555.html
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