Palomar Medical Reports Financial Results for First Quarter 2010
29 4월 2010 - 8:00PM
Palomar Medical Technologies, Inc. (Nasdaq:PMTI), a leading
researcher and developer of light-based systems for cosmetic
treatments, today announced financial results for the first quarter
ended March 31, 2010. Revenues for the quarter ended March 31, 2010
were $16.0 million, which represents a 9 percent increase over the
$14.6 million reported in the first quarter of 2009. Product and
service revenues increased to $13.1 million, a 14 percent increase
over the $11.5 million in the first quarter of 2009. First
quarter gross margin from product and service revenues was 62
percent, an increase over the 55 percent in the first quarter of
2009. Loss before income taxes for the first quarter ended
March 31, 2010 was $2.5 million, which included a $1.2 million
charge related to the write-off of our remaining lease term at our
old facility, $0.6 million in patent litigation expenses and a $1.0
million non-cash FAS 123R stock-based compensation
expense. The Company reported net loss of $2.5 million, or
$0.14 per share for the first quarter of 2010. The balance
sheet continues to be strong with $101 million in cash, cash
equivalents and short-term investments with no borrowings.
Chief Executive Officer Joseph P. Caruso commented, "We are very
pleased with the increase in total revenues and product and service
revenue this quarter as compared to the prior year. Our
extensive product portfolio and platform approach has been well
received and perfectly positioned for this economic
climate. It allows our sales team to configure our technology
solutions to fit physicians' sites all over the world regardless of
the particular economic pressure they are experiencing. We are
also pleased that 43 percent of our revenue was contributed from
reoccurring sources other than one-time capital equipment
sales. Our gross margin growth was also a big improvement over
the previous year. We have worked hard to implement a number
of cost cutting initiatives and introduced new technology
contributing to the increase in gross margin over last
year. Our international initiatives are also paying off as
revenue from outside North America continues to strengthen. We
will continue to invest in growing our international presence."
Mr. Caruso continued, "We have made great progress since the
beginning of the year on consumer product branding and
positioning. We are working toward bringing our consumer
products to market with a target launch by the end of 2010. Our
ability to manufacture in our new facility substantially decreases
our time to market."
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
(800) 688-0796 or listen to the webcast in the About
Palomar/Investors section of the Company's website at
www.palomarmedical.com. The telephone replay will be available one
hour after the call at (888) 286-8010 passcode 71342567 and will be
available for seven 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. In June 2009, Palomar became the
first company to receive a 510(k) OTC clearance from the FDA for a
new, patented, home-use, laser device for the treatment of
periorbital wrinkles. OTC clearance allows these products 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.
For more information on Palomar and its products, visit
Palomar's website at 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, 2009 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 Operations
(Unaudited)
|
|
Three Months Ended
March 31,
|
|
2010
|
2009
|
Revenues:
|
|
Product revenues
|
$9,167,266
|
$8,074,550
|
Service revenues
|
3,944,870
|
3,399,004
|
Royalty revenues
|
1,638,218
|
1,493,424
|
Funded product development revenues
|
--
|
431,133
|
Other revenues
|
1,250,000
|
1,250,000
|
Total revenues
|
16,000,354
|
14,648,111
|
|
|
|
Costs and expenses:
|
|
Cost of product revenues
|
3,317,193
|
3,351,249
|
Cost of service revenues
|
1,654,543
|
1,873,422
|
Cost of royalty revenues
|
655,287
|
597,369
|
Research and development
|
4,185,800
|
3,743,467
|
Selling and marketing
|
4,844,596
|
4,668,881
|
General and administrative
|
3,951,683
|
2,873,246
|
Total costs and expenses
|
18,609,102
|
17,107,634
|
|
|
|
Loss from operations
|
(2,608,748)
|
(2,459,523)
|
|
|
|
Interest income
|
110,252
|
193,201
|
Other income (expense)
|
13,592
|
(26,934)
|
|
|
|
Loss before income taxes
|
(2,484,904)
|
(2,293,256)
|
|
|
|
Provision for (benefit from) income taxes
|
19,134
|
(878,806)
|
|
|
|
Net loss
|
($2,504,038)
|
($1,414,450)
|
|
|
|
Net loss per share:
|
|
Basic
|
($0.14)
|
($0.08)
|
Diluted
|
($0.14)
|
($0.08)
|
|
|
|
Weighted average shares outstanding:
|
Basic
|
18,521,141
|
18,059,624
|
Diluted
|
18,521,141
|
18,059,624
|
Consolidated Balance Sheets (Unaudited)
|
|
March 31,
2010
|
December 31,
2009
|
Assets
|
|
|
Current assets:
|
|
Cash and cash equivalents
|
$76,147,389
|
$81,948,482
|
Short-term investments
|
25,000,000
|
25,000,000
|
Total cash, cash equivalents and short-term
investments
|
101,147,389
|
106,948,482
|
Accounts receivable, net
|
5,355,148
|
4,436,219
|
Inventories
|
10,854,448
|
11,126,352
|
Other current assets
|
1,859,402
|
2,179,233
|
Total current assets
|
119,216,387
|
124,690,286
|
|
|
|
Marketable securities, at estimated fair
value
|
3,583,747
|
4,024,313
|
|
|
|
Property and equipment, net
|
36,861,680
|
34,629,410
|
|
|
|
Other assets
|
205,587
|
126,087
|
|
|
|
Total assets
|
$159,867,401
|
$163,470,096
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Liabilities:
|
|
Accounts payable
|
$2,601,007
|
$2,696,217
|
Accrued liabilities
|
7,306,669
|
8,959,679
|
Deferred revenue
|
5,066,318
|
5,221,924
|
Total current liabilities
|
14,973,994
|
16,877,820
|
|
|
|
Accrued income taxes
|
2,963,326
|
2,965,077
|
|
|
|
Total liabilities
|
$17,937,320
|
$19,842,897
|
|
|
|
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 – 18,521,245 and 18,521,045 shares, respectively
|
185,213
|
185,211
|
Additional paid-in capital
|
207,696,378
|
206,740,492
|
Accumulated other comprehensive loss
|
(441,265)
|
(292,297)
|
Accumulated deficit
|
(65,510,245)
|
(63,006,207)
|
Total stockholders' equity
|
$141,930,081
|
$143,627,199
|
|
|
|
Total liabilities and stockholders' equity
|
$159,867,401
|
$163,470,096
|
CONTACT: Palomar Medical Technologies, Inc.
Kerry McAnistan, Investor Relations Assistant
781-993-2411
ir@palomarmedical.com
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