Palomar Medical Reports Financial Results for Second Qu...( BURLINGTON Mass. July 30 /- Pa...),Health

BURLINGTON, Mass., July 30 /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 second quarter ended June 30, 2009. Revenues for the quarter ended June 30, 2009 were $15.0 million, of which $12.1 million were product revenues, $1.3 million were royalty revenues, $0.4 million were funded development revenues, and $1.25 million were other revenues. Second quarter gross margin from product revenues was 57 percent. Loss before taxes for the second quarter ended June 30, 2009 was $0.3 million, which included approximately $0.2 million in litigation expenses and a $0.8 million non-cash FAS 123R stock-based compensation expense. The Company reported net loss of $0.2 million, or $0.01 per diluted share for the second quarter of 2009. The Company had positive cash flow from operations of $3.6 million and the balance sheet continues to be strong with $112 million in net cash and available-for-sale investments.

Chief Executive Officer Joseph P. Caruso commented, "We are encouraged this quarter by some early signs of improved financial performance. Our revenue, gross margin and bottom line all improved as compared to the previous quarter and the negative trends seen throughout 2008. The overall downturn in the economy remains the biggest factor influencing growth in the short term."

Mr. Caruso continued, "We had several major accomplishments this quarter. The FDA cleared our home-use wrinkle removal laser, the first of its kind, as part of our collaboration with Johnson & Johnson. We believe consumer applications for our core technology provide great opportunities. With regard to our hair removal patents, we won two opposition hearings before the European Patent Office
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