Palomar Medical Reports Financial Results for Fourth Quarter and Fiscal Year 2012
07 2월 2013 - 10:00PM
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."
Mr. Caruso commented on the consumer business, "Aesthetic light
based consumer devices remain a big opportunity in the
future. We have developed proprietary technology that
positions us well to participate in this emerging market as it
develops. Near term we have focused our attention on our core
professional business and profitability and we are taking advantage
of the technology developed for the consumer market in the
strategies that will grow the professional market today. Our
consumer fractional laser technology has delivered the clinical
benefits promised, proven to be easy to use and can be manufactured
reliably. We have used our experience to develop the Palomar
Emerge™ fractional laser that will enable us to expand our customer
base at an attractive price point to first time users as part of a
long term strategy to develop a new segment of the market."
Mr. Caruso added, "We believe we have made the right investments
that position us to expand the professional aesthetic market with
new and unique products. These investments should provide for
future growth and profitability and continued success."
Professional and consumer segment results for the three and
twelve months ended December 31, 2012 and 2011 are as follows:
|
For the three months
ended December 31, |
|
2012 |
2011 |
|
Professional |
Consumer |
Total |
Professional |
Consumer |
Total |
|
|
|
|
|
|
|
Revenues |
$ 22,527,775 |
$ 900,452 |
$ 23,428,227 |
$ 19,412,649 |
$ 3,549,543 |
$ 22,962,192 |
Cost of revenues and royalties |
9,137,959 |
864,742 |
10,002,701 |
8,026,735 |
3,204,586 |
11,231,321 |
Gross profit |
13,389,816 |
35,710 |
13,425,526 |
11,385,914 |
344,957 |
11,730,871 |
Operating expenses |
10,793,259 |
377,038 |
11,170,297 |
12,413,914 |
1,060,241 |
13,474,155 |
Income (loss) from operations |
$ 2,596,557 |
$ (341,328) |
$ 2,255,229 |
$ (1,028,000) |
$ (715,284) |
$ (1,743,284) |
|
|
|
For the year ended
December 31, |
|
2012 |
2011 |
|
Professional |
Consumer |
Total |
Professional |
Consumer |
Total |
|
|
|
|
|
|
|
Revenues |
$ 77,487,353 |
$ 3,085,882 |
$ 80,573,235 |
$ 99,882,758 |
$ 3,554,110 |
$ 103,436,868 |
Cost of revenues and royalties |
31,313,699 |
6,580,752 |
37,894,451 |
39,436,166 |
3,267,165 |
42,703,331 |
Gross profit (loss) |
46,173,654 |
(3,494,870) |
42,678,784 |
60,446,592 |
286,945 |
60,733,537 |
Operating expenses |
45,367,516 |
3,302,673 |
48,670,189 |
46,402,221 |
3,593,634 |
49,995,855 |
Income (loss) from operations |
$ 806,138 |
$ (6,797,543) |
$ (5,991,405) |
$ 14,044,371 |
$ (3,306,689) |
$ 10,737,682 |
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
(877) 881-2595 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, 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, 2011 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 December
31, |
Twelve Months Ended December
31, |
|
2012 |
2011 |
2012 |
2011 |
Revenues: |
|
|
|
|
Professional product
revenues |
$17,520,987 |
$13,418,910 |
$55,431,273 |
$44,428,810 |
Consumer product revenues |
900,452 |
3,549,543 |
3,085,882 |
3,554,110 |
Service revenues |
3,354,711 |
3,945,713 |
13,868,665 |
15,134,438 |
Royalty revenues |
1,617,058 |
1,492,470 |
6,887,655 |
38,097,285 |
Other revenues |
35,019 |
555,556 |
1,299,760 |
2,222,225 |
Total
revenues |
23,428,227 |
22,962,192 |
80,573,235 |
103,436,868 |
|
|
|
|
|
Costs and expenses: |
|
|
|
|
Cost of professional product
revenues |
7,047,315 |
5,604,458 |
22,350,415 |
18,178,369 |
Cost of consumer product
revenues |
864,742 |
3,204,586 |
6,580,752 |
3,267,165 |
Cost of service revenues |
1,443,821 |
1,825,290 |
6,208,221 |
6,838,137 |
Cost of royalty revenues |
646,823 |
596,987 |
2,755,063 |
14,419,660 |
Research and development |
2,217,915 |
3,844,748 |
10,298,581 |
15,644,338 |
Selling and marketing |
6,936,792 |
7,052,368 |
27,482,574 |
25,623,587 |
General and administrative |
2,015,590 |
2,577,039 |
10,889,034 |
8,727,930 |
Total costs and
expenses |
21,172,998 |
24,705,476 |
86,564,640 |
92,699,186 |
|
|
|
|
|
Income (loss) from
operations |
2,255,229 |
(1,743,284) |
(5,991,405) |
10,737,682 |
|
|
|
|
|
Interest
income |
78,495 |
81,560 |
344,992 |
1,095,536 |
Other
loss |
(31,417) |
(125,932) |
(40,216) |
(298,826) |
|
|
|
|
|
Income (loss) before
income taxes |
2,302,307 |
(1,787,656) |
(5,686,629) |
11,534,392 |
|
|
|
|
|
Provision for income
taxes |
35,518 |
148,986 |
484,530 |
4,105,963 |
|
|
|
|
|
Net income
(loss) |
$2,266,789 |
$(1,936,642) |
$(6,171,159) |
$7,428,429 |
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
Basic |
$0.12 |
$ (0.10) |
$ (0.33) |
$0.40 |
Diluted |
$0.12 |
$ (0.10) |
$ (0.33) |
$0.39 |
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
Basic |
18,914,213 |
18,729,653 |
18,863,708 |
18,695,612 |
Diluted |
19,117,975 |
18,729,653 |
18,863,708 |
18,942,016 |
|
|
|
Consolidated
Balance Sheets (Unaudited) |
|
|
|
|
|
|
December 31, 2012 |
December 31, 2011 |
Assets |
|
|
Current assets: |
|
|
Cash, cash equivalents and
short-term investments |
$88,174,163 |
$87,817,176 |
Accounts receivable, net |
10,558,667 |
9,853,682 |
Inventories |
21,584,907 |
21,175,754 |
Other current assets |
667,534 |
999,919 |
Total current assets |
120,985,271 |
119,846,531 |
|
|
|
Marketable securities and other
investments |
11,533,090 |
21,268,777 |
|
|
|
Property and equipment,
net |
35,885,028 |
36,713,578 |
|
|
|
Other assets |
425,293 |
232,594 |
|
|
|
Total assets |
$168,828,682 |
$178,061,480 |
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Current Liabilities: |
|
|
Accounts payable |
$1,645,696 |
$3,476,030 |
Accrued liabilities |
9,102,544 |
12,437,921 |
Deferred revenue |
3,286,422 |
3,746,140 |
Total current liabilities |
14,034,662 |
19,660,091 |
|
|
|
Accrued income taxes |
3,256,088 |
3,082,356 |
Deferred revenue, net of current portion |
972,918 |
677,840 |
|
|
|
Total liabilities |
$18,263,668 |
$23,420,287 |
|
|
|
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-- 19,970,424 and 19,966,149 and
19,573,244 and 19,573,244 shares, respectively |
199,705 |
195,733 |
Additional paid-in capital |
221,180,420 |
219,062,043 |
Accumulated other comprehensive
loss |
(252,891) |
(263,849) |
Accumulated deficit |
(70,523,893) |
(64,352,734) |
Treasury stock, at cost – 4,275
and 0 shares, respectively |
(38,327) |
-- |
Total stockholders'
equity |
$150,565,014 |
$154,641,193 |
|
|
|
Total liabilities and stockholders'
equity |
$168,828,682 |
$178,061,480 |
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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