BURLINGTON, Mass., Feb. 6 /PRNewswire-FirstCall/--
Palomar Medical Technologies Inc (Nasdaq: PMTI) today announced financial
results for the fourth quarter and year ended December 31, 2001. Revenues were
$3.8 million for the fourth quarter ended December 31, 2001, compared with
revenues of $3.7 million for the fourth quarter ended December 31, 2000. Net
loss for the fourth quarter ended December 31, 2001 was $391,000, or $0.05 per
diluted share, including loss from operations accrual reductions of $1.2
million, as compared with net loss of $3.2 million, or $0.31 per diluted
share, including a loss from operations settlement charge of $700,000, for the
corresponding quarter in 2000. Gross profit was $1.3 million, or 34 percent of
revenues, for the fourth quarter ended December 31, 2001, as compared to $1.1
million, or 30 percent of revenues for the corresponding quarter in 2000.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000308/PMTILOGO )
For the year ended December 31, 2001, revenues were $16.7 million,
compared with revenues of $13.2 million for the year ended December 31, 2000.
Net loss for the year ended December 31, 2001 was $5.5 million, or $0.54 per
diluted share, as compared with net loss of $9.6 million, or $0.97 per diluted
share, for the year ended December 31, 2000. Gross profit was $5.3 million, or
32 percent of revenues, for the year ended December 31, 2001, as compared to
$2.6 million, or 20 percent of revenues for the year ended December 31, 2000.
During the fourth quarter of 2001, substantial cost reductions were
implemented; the Company expects these cost-cutting measures to reduce payroll
costs by more than 20 percent in 2002, as well as decrease expenses throughout
the organization. In addition, the Company plans to focus its efforts on
expanding its distribution network, both domestically and internationally.
Palomar's license agreement program continued to expand with additional
companies signing 7.5 percent royalty-bearing sublicenses. These agreements
continue to reaffirm the interest in the Company's technology and validate the
methods established as industry standards for safe and effective hair removal.
Palomar expects its license program to continue its current trend, thereby
increasing the profitability of its intellectual property portfolio.
Chairman and Chief Executive Officer, Louis P. (Dan) Valente, commented
"We are happy with the financial trends over the past few quarters and
continue to meet our longer term milestones in spite of the current
unfavorable economic environment. In the fall, we started shipments of the
Palomar EsteLux(TM) light-based hair removal system and the Palomar Q-YAG
5(TM) laser system for tattoo and pigmented lesion removal. The early feedback
from customers using the EsteLux has exceeded our expectations. In 2001, we
also shipped the Palomar SLP1000(TM) (super long-pulse) diode laser system for
hair removal and the treatment of spider veins. This breakthrough SLP
technology has been cleared by the FDA as providing safe and effective hair
removal and vascular treatments for all skin types, from very fair to very
dark complexions, including tan skin. Pioneered by Palomar, SLP allows the
Company to develop advanced products at substantially lower cost than
comparable technologies, enabling us to set a new industry standard."
Valente continued, "With our strong product mix, decrease in fixed costs,
increasing number of sublicenses and expanding distribution channels, we
expect 2002 to be an exciting year for Palomar. Those factors, coupled with
our extensive intellectual property portfolio and the most advanced technology
in the industry, clearly position Palomar to become a powerful force in the
growing cosmetic light-based market."
Conference Call: As previously announced, Palomar will conduct a
conference call and webcast today at 11:30 AM EST. Management will discuss
fourth quarter and year-end 2001 financial results and strategic matters. If
you would like to participate, please call (800) 311-9406 access code 56231 or
listen to the webcast on the Investor Relations' section of the Company's
website at http://www.palmed.com or at http://www.streetevents.com. A webcast replay will
also be available for 10 days.
About Palomar Medical Technologies Inc: Palomar is the leading researcher
and developer of proprietary 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 hair removal 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.
To get more information regarding Palomar and its products, please visit
Palomar's web site at http://www.palmed.com. Also, to continue to receive 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 web site.
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,
2000 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.
Summarized financial information is as follows (Amounts in thousands,
except per share data; unaudited):
Three Months Ended Years Ended
December 31, December 31,
2001 2000 2001 2000
Revenues $3,798 $3,717 $16,654 $13,176
Cost of Revenues 2,494 2,594 11,352 10,529
Gross Profit 1,304 1,123 5,302 2,647
Research and Development 1,262 1,973 6,045 7,851
Sales, General and
Administrative 972 1,862 5,996 7,019
Goodwill and
Asset Write-down - - - 746
(Gain) Loss from
Sale of Subsidiary - 700 - (2,440)
Loss from Operations (930) (3,412) (6,739) (10,529)
Interest and
Other Income, net 117 201 846 1,428
Loss before Cumulative
Effect of Acctg Change (813) (3,211) (5,893) (9,101)
Benefit for Income Taxes 422 36 422 226
Cumulative Effect of
Accounting Change - - - (712)
Net Loss $(391) $(3,175) $(5,471) $(9,587)
Basic and Diluted Net
Loss per Share $(0.05) $(0.31) $(0.54) $(0.97)
Basic and Diluted
Weighted Avg.
No. of Shs. 10,860 10,538 10,805 10,247
Dec. 31, 2001 Dec. 31, 2000
Cash, Cash Equivalents,
and Available-for-Sale Investments $5,825 $15,404
Current Assets 12,219 19,998
Total Assets 13,171 21,000
Current Liabilities 9,275 11,134
Total Liabilities 9,275 11,634
Total Stockholders' Equity 3,896 9,366
Contact:
Paul S. Weiner,
Treasurer
781-993-2411 or ir@palmed.com
SOURCE Palomar Medical Technologies Inc
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Related links:
http://www.palmed.com
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CONTACT:
Paul S. Weiner, Treasurer of Palomar Medical
Technologies Inc, +1-781-993-2411, ir@palmed.com
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