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Palomar Medical Reports Financial Results for Fourth Quarter and Fiscal Year 2008
Date:2/5/2009

BURLINGTON, Mass., Feb. 5 /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 fourth quarter and year ended December 31, 2008. Revenues for the quarter ended December 31, 2008 were $17.2 million, of which $13.3 million were product revenues, $2.2 million were royalty revenues, $0.5 million were funded development revenues, and $1.25 million were other revenues. Fourth quarter gross margin from product revenues was 58 percent. Loss before taxes for the fourth quarter ended December 31, 2008 was $0.6 million, which included approximately $0.6 million in litigation expenses and a $0.8 million non-cash FAS 123R stock-based compensation expense.

Revenues for the year ended December 31, 2008 were $87.6 million, of which $69.4 million were product revenues, $10.5 million were royalty revenues, $2.4 million were funded development revenues, and $5.3 million were other revenues. Gross margin from product revenues was 64 percent for the year ended December 31, 2008. Loss before taxes for the year ended December 31, 2008 was $0.1 million, which included approximately $9.4 million in litigation expenses and a $5.9 million non-cash FAS 123R stock-based compensation expense.

The Company reported net loss of $0.4 million, or $0.02 per diluted share for the fourth quarter of 2008 and net loss of $68,000, or $0.00 per diluted share for the year ended December 31, 2008. Non-GAAP net income for the quarter ended December 31, 2008, which includes adjustments for the non-cash FAS 123R compensation expense and non-cash taxes, resulted in $0.2 million, or $0.01 per diluted share. Non-GAAP net income for the year ended December 31, 2008, which includes adjustments for back-owed royalties, trade dress
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SOURCE Palomar Medical Technologies, Inc.
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