Thermage Reports Third Quarter Financial Results and Provides Information Regarding Reliant... (would have totaled $32.9 million. This r...)

Thermage Reports Third Quarter Financial Results and Provides Information Regarding Reliant's Results

Date:11/10/2008

would have totaled $32.9 million. This represents a growth rate of approximately 9% from the pro forma combined revenue of the two companies of $30.1 million in the third quarter of 2007.

"This was a challenging quarter for the industry. The poor economic climate and tight credit conditions resulted in physicians delaying purchases and a slowdown in end-user demand," said Stephen J. Fanning, Chairman, President and Chief Executive Officer. "While Thermage revenue declined slightly from the prior year, our gross margin of 75% remains one of the highest in the industry. In addition, we exhibited good control of our operating expenses and generated approximately $1.4 million in cash from operations in the quarter."

"Reliant's growth for the quarter was the highest reported in the aesthetic energy device industry," Mr. Fanning continued. "With growing acceptance of its Fraxel products and procedures for skin resurfacing and rejuvenation earlier, Reliant generated strong growth, despite the difficult environment. We are focused on closing the Reliant transaction and completing the integration as quickly as possible. The Reliant acquisition offers significant opportunities for an expanded market presence and cost synergies."

"We anticipate that the environment will remain challenging. However, we believe that the merger of Thermage and Reliant joins the two leading brands and innovators in aesthetic device technology. Both companies have business models focused on generating substantial recurring revenue that should serve to help us weather current economic conditions and ultimately result in strengthening our leadership position in the industry," concluded Mr. Fanning.

Due to the pending completion of the Reliant acquisition and the uncertain economic environment, Thermage is withdrawing previous guidance for full year 2008.

Non-GAAP Presentation

(1) To supplement the condensed financial information presented on a GAAP basis, ma
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