Palomar Medical Reports Financial Results For Second Quarter 2011
28 7월 2011 - 9:00PM
Palomar Medical Technologies, Inc. (Nasdaq:PMTI), a leading
researcher and developer of light-based systems for cosmetic
treatments, today announced financial results for the second
quarter ended June 30, 2011. Revenues for the quarter ended June
30, 2011 were $16.3 million, a 4 percent increase over the $15.6
million reported in the second quarter of 2010. Product revenues
increased to $10.1 million, a 9 percent increase over the $9.2
million reported in the second quarter of 2010. Second quarter
gross margin from product revenues was 61 percent, as compared to
62 percent reported in the second quarter of 2010. Net loss
for the second quarter ended June 30, 2011 was $4.0 million, or
$0.21 per share, which included $1.2 million in patent litigation
expense and $1.0 million in non-cash stock-based compensation
expense. Net loss for the second quarter ended June 30, 2010
was $1.7 million, or $0.09 per share, which included $0.7 million
in patent litigation expense and $1.0 million in non-cash
stock-based compensation expense. The balance sheet continues
to be strong with $91.1 million in cash, cash equivalents,
short-term investments, and marketable securities and other
investments with no borrowings.
Chief Executive Officer Joseph P. Caruso commented, "We continue
to make investments that will grow our business for the short and
long-term. During the second quarter, we launched the Icon
Aesthetic System as our new flagship platform. This new
platform is the next generation of aesthetic systems 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
user experience. It provides our customer base with an
excellent upgrade path as well as a unique offering for those that
are entering the aesthetic business. Our growth initiative
includes our recent launches of the Acleara system for treating
acne and the Adivive fat transfer system. Physician feedback
on our new products is very positive. These new systems
provide our sales force with the right product offerings for the
current economic environment. To further support short-term
growth, during the quarter we also opened two strategically
important offices, one in Germany and one in Spain. Germany is
one of the strongest economies in Europe and once fully
established, should provide a great market for our current and
future products. Spain has been one of the largest aesthetic
markets for many years. Both of these major markets were not
well served by our prior distributors. We were able to attract
top notch teams for both offices. We are in the process of
training our direct sales force in these new offices and investing
in the infrastructure that will make these offices leading
contributors for our future growth."
Mr. Caruso continued, "Our consumer products strategy is moving
forward on schedule. The PaloVia Skin Renewing Laser started
shipping to select channels earlier this year. We continue to
increase our production capabilities and expand
distribution. The investments we are making today in the
consumer market support a broader and longer-term growth strategy
as we develop the brand and channels for our consumer
offerings. This new category of light-based aesthetic products
provides us with access to a base of consumers that have never been
exposed to our products or technology."
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) 800-8648 or listen to the webcast in the About
Palomar/Investors section of the Company's website at
palomarmedical.com. A webcast replay will also be available.
About Palomar Medical Technologies Inc: Palomar
designs, produces and sells the most advanced cosmetic lasers and
intense pulsed light (IPL) systems to dramatically improve the
appearance of women's and men's skin. For over 15 years,
Palomar has pioneered the science of using lasers and light to
improve appearances. As the industry's technology leader, Palomar
has invested in creating cosmetic laser and IPL systems that put
real value in the hands of physicians and other professionals to
benefit consumers. Thousands of physicians worldwide trust
and depend on Palomar technology to not only introduce new
aesthetic treatments such as advanced laser hair removal, laser
liposuction, skin resurfacing, acne, laser treatments for scars,
wrinkle treatment, stretch marks (striae), and photofacials for
pigmented and vascular lesions, but to also make them robust,
faster, more powerful, and more comfortable for those being
treated. In June 2009, Palomar became the first company to
receive a 510(k) over-the-counter ("OTC") clearance from the FDA
for a new, patented, home-use, laser device for the treatment of
fine lines and wrinkles around the eyes (periorbital wrinkles).
This OTC clearance allows the PaloVia™ Skin Renewing Laser® to be
marketed and sold directly to consumers without a prescription.
For more information on Palomar and its products, visit
Palomar's website at palomarmedical.com for professional products
or palovia.com for consumer products. 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
About Palomar/Investors 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, difficulties or
delays in developing or introducing new products and keeping them
on the market, the results of future research, lack of product
demand and market acceptance for current and future products,
adverse events, product changes, 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, 2010 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 |
Six Months Ended |
|
June 30, |
June 30, |
|
2011 |
2010 |
2011 |
2010 |
Revenues: |
|
|
|
|
Product
revenues |
$ 10,053,867 |
$ 9,214,967 |
$ 20,600,515 |
$ 18,382,233 |
Service
revenues |
3,907,312 |
3,818,265 |
7,742,499 |
7,763,135 |
Royalty
revenues |
1,748,510 |
1,306,927 |
4,966,849 |
2,945,145 |
Other revenues |
555,556 |
1,250,000 |
1,111,112 |
2,500,000 |
Total
revenues |
16,265,245 |
15,590,159 |
34,420,975 |
31,590,513 |
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
Cost of product
revenues |
3,970,251 |
3,484,575 |
8,273,817 |
6,801,768 |
Cost of service
revenues |
1,741,279 |
1,298,580 |
3,594,461 |
2,953,123 |
Cost of royalty
revenues |
699,404 |
522,771 |
1,986,739 |
1,178,058 |
Research and
development |
3,880,308 |
3,589,269 |
7,528,224 |
7,775,069 |
Selling and
marketing |
6,252,414 |
4,900,214 |
11,808,706 |
9,744,810 |
General and
administrative |
3,782,204 |
3,360,348 |
7,267,605 |
7,312,031 |
Total costs
and expenses |
20,325,860 |
17,155,757 |
40,459,552 |
35,764,859 |
|
|
|
|
|
Loss from
operations |
(4,060,615) |
(1,565,598) |
(6,038,577) |
(4,174,346) |
|
|
|
|
|
Interest
income |
88,691 |
90,866 |
202,072 |
207,917 |
Other
income (loss) |
29,476 |
(191,454) |
39,318 |
(184,662) |
|
|
|
|
|
Loss before
income taxes |
(3,942,448) |
(1,666,186) |
(5,797,187) |
(4,151,091) |
|
|
|
|
|
Provision
for income taxes |
56,473 |
28,868 |
95,726 |
48,002 |
|
|
|
|
|
Net
loss |
$(3,998,921) |
$(1,695,054) |
$(5,892,913) |
$(4,199,093) |
|
|
|
|
|
Net loss per
share: |
|
|
|
|
Basic |
$ (0.21) |
$ (0.09) |
$ (0.32) |
$ (0.23) |
Diluted |
$ (0.21) |
$ (0.09) |
$ (0.32) |
$ (0.23) |
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
Basic |
18,699,608 |
18,536,076 |
18,688,202 |
18,528,650 |
Diluted |
18,699,608 |
18,536,076 |
18,688,202 |
18,528,650 |
|
|
|
|
|
|
|
Consolidated Balance Sheets (Unaudited)
|
|
|
|
June 30, |
December 31, |
|
2011 |
2010 |
Assets |
|
|
Current
assets: |
|
|
Cash, cash
equivalents and short-term investments |
$ 77,522,884 |
$ 89,116,325 |
Accounts
receivable, net |
7,324,122 |
5,349,835 |
Inventories |
18,836,613 |
13,021,272 |
Other current
assets |
1,798,913 |
855,014 |
Total current
assets |
105,482,532 |
108,342,446 |
|
|
|
Marketable securities and
other investments |
13,565,864 |
13,850,197 |
|
|
|
Property and equipment,
net |
37,166,669 |
37,165,306 |
|
|
|
Other
assets |
248,758 |
219,554 |
|
|
|
Total
assets |
$ 156,463,823 |
$ 159,577,503 |
Liabilities
and Stockholders' Equity |
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
Accounts
payable |
$ 3,351,579 |
$ 2,293,096 |
Accrued
liabilities |
8,712,979 |
10,742,581 |
Deferred
revenue |
5,801,197 |
4,394,081 |
Total current
liabilities |
17,865,755 |
17,429,758 |
|
|
|
Accrued income
taxes |
2,894,786 |
2,854,077 |
|
|
|
Total
liabilities |
$ 20,760,541 |
$ 20,283,835 |
|
|
|
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 and
Outstanding -- 19,030,503 and 18,925,549 shares,
respectively |
190,305 |
189,256 |
Additional paid-in
capital |
213,695,941 |
211,376,381 |
Accumulated other
comprehensive loss |
(508,888) |
(490,806) |
Accumulated
deficit |
(77,674,076) |
(71,781,163) |
Total stockholders'
equity |
$ 135,703,282 |
$ 139,293,668 |
|
|
|
Total liabilities and
stockholders' equity |
$ 156,463,823 |
$ 159,577,503 |
CONTACT: Kerry McAnistan
Investor Relations Assistant
Palomar Medical Technologies, Inc.
781-993-2411
ir@palomarmedical.com
Palomar Medical Technologies, Inc. (MM) (NASDAQ:PMTI)
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