BURLINGTON, Mass., Feb. 4 /PRNewswire-FirstCall/--
Palomar Medical Technologies Inc (Nasdaq: PMTI) said today that for its fourth
quarter ended December 31, 2002, it expects total revenues to almost double to
approximately $7.5 million, and its gross profit to more than triple to
approximately $4.3 million, versus the same period last year. The rise in
revenues and improved margins are due to the increasing sales of the Company's
flagship product, the EsteLux(TM) Pulsed Light system. In addition, the
Company also expects to realize net income of approximately $400,000 for the
quarter as compared to a net loss of $400,000, or a net loss of $2 million
before accrual reductions of $1.6 million, in the fourth quarter of 2001. The
Company generated positive cash flow for the last three quarters of 2002, and
based on preliminary results, also expects to report profitability for the
year ended December 31, 2002.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000308/PMTILOGO )
Chief Executive Officer Joseph P. Caruso commented, "We are extremely
pleased with the progress that has been made by the Company during the fourth
quarter. These preliminary results include the third consecutive quarter of
increased product sales, net profits and positive cash flow, and were achieved
despite not recording an estimated $800,000 in revenue during the fourth
quarter for unpaid royalties owed to the Company from one of its licensees.
The Company is currently in negotiations in an attempt to settle the matter."
The Company is scheduled to release its audited fourth quarter and year-
end 2002 financial results and hold its quarterly conference call on February
27, 2003.
About Palomar Medical Technologies Inc: Palomar is the leading researcher
and developer of laser/light based systems for hair removal and other cosmetic
treatments and is the first company to obtain clearance from the FDA for
"permanent hair reduction." Palomar systems have been installed in practices
worldwide, and hundreds of thousands of treatments have been performed. New
and exciting indications are being tested to further advance the hair removal
market and other cosmetic applications including fat reduction, acne treatment
and skin rejuvenation.
For more information on Palomar and its products, visit Palomar's website
at http://www.palmed.com. 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 E-mail Alerts page in 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, development
and introduction of new products, and financial projections that 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, the impact of competitive products and pricing,
governmental regulations with respect to medical devices, including whether
FDA clearance will be obtained for future products, the results of litigation,
potential infringement of third-party intellectual property rights, 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,
2001 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.
Contacts:
Paul S. Weiner
Palomar Medical Technologies Inc
781-993-2411
ir@palmed.com
SOURCE Palomar Medical Technologies Inc
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Related links:
http://www.palmed.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20000308/PMTILOGO
PRN Photo Desk, 888-776-6555 or 212-782-2840
Company News On-Call:
http://www.prnewswire.com/comp/107555.html
CONTACT:
Paul S. Weiner of Palomar Medical
Technologies Inc, +1-781-993-2411, ir@palmed.com
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