Palomar Medical Reports Financial Results for Fourth Quarter and Fiscal...(infringement fees cost of back-owed roya...),Health

Date:2/5/2009

infringement fees, cost of back-owed royalty revenues, investment banking fees related to an international distributor agreement, non-cash FAS 123R compensation expense, interest on back-owed royalties, and non-cash taxes, resulted in $5.9 million, or $0.32 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 twelve months ended December 31, 2008 and 2007.

The Company's balance sheet continues to be strong and includes $123 million in cash and cash equivalents.

Chief Executive Officer Joseph P. Caruso commented, "The downturn in the global economy continues to affect the aesthetic laser industry. The decrease in revenue across the sector has been swift and severe driven by the inability of many prospective customers to obtain financing and prompting others to delay their capital equipment purchases until economic conditions improve. We are responding to these challenging economic times by taking actions to reduce our cost structure to be more in line with current sales levels in all areas of the company, including reductions in headcount and operating expense. Our flexible business model enables us to lower expenses to respond to lower current revenue levels while still investing a higher than industry average on fundamental research and new product development. During the quarter, we were also able to balance sales price, volume and operating expenses which resulted in a close to breakeven bottom line and positive cash flows from operations."

Mr. Caruso continued, "We have built a diversified business model that does not rely solely on high-priced capital equipment sales. During the fourth quarter, 42% of our revenue was generated from sources not related to our capital equipment sales. These are volatile economic times, but we feel confident that we have the resources needed to navigate through them, con
'/>"/>

SOURCE Palomar Medical Technologies, Inc. Copyright©2009 PR Newswire. All rights reserved

0 GOOD

Page: 1 2 3 4 5 6 7 8 9 10
Related medicine news :

1. Palomar Medical Technologies Third Quarter 2007 Financial Results Conference Call and Webcast
2. Palomar and Gillette Extend Launch Decision on Home-Use Light Based Hair Removal Device and Agree to Negotiate New Terms
3. Palomar to Debut New Technology at the American Academy of Dermatology Annual Meeting
4. Palomar Seeks to License Additional Companies to Home-Use Light-Based Hair Removal Technology
5. Palomar to Unveil New Laser-Assisted Liposuction Platform at the American Society for Laser Medicine & Surgery
6. Palomar Medical Technologies to Host Second Quarter 2008 Financial Results Conference Call and Webcast on July 31, 2008
7. Palomar Medical Reports Financial Results for Third Quarter 2008
8. Palomar Medical Technologies and Reliant Technologies Announce Launch of a Fractional Technology Licensing Program
9. Reliant Technologies, and Palomar Medical Technologies, Announce Launch of a Fractional Technology Licensing Program
10. Palomar Medical Technologies to Host Fourth Quarter and Year End 2008 Financial Results Conference Call and Webcast on February 5, 2009
11. MSU engineering team designs innovative medical device