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Palomar Medical Reports Financial Results for Second Quarter 2009

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 which upheld the patents as both novel and inventive and the U.S. Patent Office confirmed the validity of 56 claims in the re-examination of U.S. Patent No. 5,735,844. Accordingly, we have filed a motion to re-start our patent infringement lawsuit against Candela and believe we are in a stronger position now than prior to the re-examination. These events strengthen our strategic position and are important for the long-term growth of our business."

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) 783-2146 or listen to the webcast in the Investor Relations section of the Company's website at The telephone replay will be available one hour after the call at (888) 286-8010 passcode 72567268 and will be available for fourteen days. A webcast replay will also be available.

About Palomar Medical Technologies Inc: Palomar is a leading researcher and developer of light-based systems for cosmetic treatments. Palomar pioneered the optical hair removal field, when, in 1997, it introduced the first high-powered laser hair removal system. Since then, many of the major advances in light-based hair removal have been based on Palomar technology. In December 2006, Palomar became the first company to receive a 510(k) over-the-counter (OTC) clearance from the United States Food and Drug Administration (FDA) for a new, patented, home-use, light-based hair removal device. OTC clearance allows the product to be marketed and sold directly to consumers without a prescription. There are now millions of light-based cosmetic procedures performed around the world every year in physician offices, clinics, spas and salons. Palomar is testing many new and exciting applications to further advance the hair removal market and other cosmetic applications. Palomar is focused on developing proprietary light-based technology for introduction to the mass markets. Palomar has granted The Procter & Gamble Company a non-exclusive License Agreement to certain patents, technology and FDA documents related to the home-use, light-based hair removal field for women. In addition, Palomar has an exclusive development and license agreement with Johnson & Johnson Consumer Companies to develop and potentially commercialize home-use, light-based devices for reducing or reshaping body fat including cellulite, reducing the appearance of skin aging, and reducing or preventing acne.

For more information on Palomar and its products, visit Palomar's website at 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 Investor Relations' 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, technological difficulties in developing or introducing new products, the results of future research, lack of product demand and market acceptance for current and future products, 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, 2008 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.

    Contact:  Kayla Castle
              Investor Relations Manager
              Palomar Medical Technologies, Inc.

    Palomar Financial Summary:
    Consolidated Statements of Operations (Unaudited)

                                 Three Months Ended          Six Months Ended
                                     June 30,                   June 30,
                               2009          2008         2009         2008
                               ----          ----         ----         ----
     Product revenues      $12,120,856  $19,206,511  $23,594,410  $36,895,304
     Royalty revenues        1,274,593    2,269,561    2,768,017    5,516,584
     Funded product
      development revenues     398,467      398,467      829,600      995,037
     Other revenues          1,250,000    1,250,000    2,500,000    2,747,625
                             ---------    ---------    ---------    ---------
        Total revenues      15,043,916   23,124,539   29,692,027   46,154,550
                            ----------   ----------   ----------   ----------

    Costs and expenses:
     Cost of product
      revenues               5,266,733    6,330,668   10,491,404   12,925,000
     Cost of royalty
      revenues                 509,838      907,824    1,107,207    2,206,634
     Research and
      development            3,076,501    4,549,960    6,819,968    9,933,607
     Selling and marketing   4,732,921    5,647,400    9,401,802   12,425,717
     General and
      administrative         2,241,311    5,095,069    5,114,557   11,331,661
                             ---------    ---------    ---------   ----------
        Total costs and
         expenses           15,827,304   22,530,921   32,934,938   48,822,619
                            ----------   ----------   ----------   ----------

        (Loss) income from
          operations          (783,388)     593,618   (3,242,911)  (2,668,069)

        Interest income        140,447      833,494      333,648    2,249,034
        Other income           376,754          227      349,820       18,244
                            ----------   ----------   ----------   ----------

        (Loss) income before
         Income taxes         (266,187)   1,427,339   (2,559,443)    (400,791)

     (Benefit from) provision
      for income taxes         (22,265)     667,222     (901,071)    (156,268)

        Net (loss) income    $(243,922)    $760,117  $(1,658,372)   $(244,523)
                             =========     ========  ===========    =========

    Net (loss) income per
      Basic                     $(0.01)       $0.04       $(0.09)      $(0.01)
                                ======        =====       ======       ======
      Diluted                   $(0.01)       $0.04       $(0.09)      $(0.01)
                                ======        =====       ======       ======

    Weighted average number
     of shares outstanding:
      Basic                 18,049,402   18,151,396   18,054,485   18,137,680
                            ==========   ==========   ==========   ==========
      Diluted               18,049,402   18,432,016   18,054,485   18,137,680
                            ==========   ==========   ==========   ==========

    Consolidated Balance Sheets (Unaudited)

                                                   June 30,     December 31,
                                                     2009          2008
                                                     ----          ----
     Current assets:
        Cash and cash equivalents                $123,215,400  $122,601,139
        Available-for-sale securities                 650,000             -
        Accounts receivable, net                    5,220,697     6,395,364
        Inventories                                12,948,722    16,045,725
        Deferred tax assets                         4,893,353     4,149,583
        Other current assets                        2,479,120     2,613,003
                                                    ---------     ---------
           Total current assets                   149,407,292   151,804,814
                                                  -----------   -----------

     Marketable securities, at fair value           4,137,730     4,486,834

     Property and equipment, net                   23,306,903    14,225,397

     Deferred tax assets                            1,709,521     1,197,876

     Other assets                                       5,634         7,515
     Total assets                                $178,567,080  $171,722,436
                                                 ============  ============

                     Liabilities and Stockholders' Equity

        Note payable                               $12,000,000    $6,000,000
        Accounts payable                             4,849,329     3,247,051
        Accrued liabilities                          7,377,328     6,688,137
        Deferred revenue                             4,627,368     6,166,246
                                                     ---------     ---------
           Total current liabilities                28,854,025    22,101,434
                                                    ----------    ----------

        Deferred taxes                               2,888,727     2,815,577
                                                     ---------     ---------

           Total liabilities                       $31,742,752   $24,917,011
                                                   -----------   -----------

     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 - 18,479,345 shares                  184,794       184,794
        Additional paid-in capital                 206,487,064   205,306,957
        Accumulated other comprehensive loss          (226,981)     (542,443)
        Accumulated deficit                        (54,205,545)  (52,547,173)
        Treasury stock, at cost - 414,555 and
         413,255 shares, respectively               (5,415,004)   (5,596,710)
                                                    ----------    ----------
           Total stockholders' equity             $146,824,328  $146,805,425
                                                  ------------  ------------

     Total liabilities and stockholders' equity   $178,567,080  $171,722,436

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

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