BURLINGTON, Mass., May 26 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies Inc (Nasdaq: PMTI) today announced their inclusion in
BusinessWeek's Annual List of 100 "Hot Growth Companies." Palomar was
ranked number three on the list of 100 best small companies. This honor
represents the second consecutive appearance for Palomar in BusinessWeek's
top 100, with a fourth place finish last year.
As published in the BusinessWeek's hot growth special report, Palomar
has executed an aggressive growth strategy resulting in a three-year
average annual sales growth of 45% and a three-year average annual profit
growth of 600%.
Commenting on the appointment, Palomar Chief Executive Officer Joseph
P. Caruso said, "We are pleased to be included again in this prestigious
list by BusinessWeek, a preeminent publication. A ranking of three is quite
an achievement and we are proud of it. Recent developments have been well
received by both the investment community and the public. We continue to
balance our short and long term business strategies in both the
professional and consumer markets. Our partnerships with Gillette, Johnson
& Johnson and the Department of the Army continue to strengthen and we look
forward to an exciting year. Our thanks to our employees for achieving
these milestones."
According to BusinessWeek, the elimination process begins by sorting
through a database of 5,275 publicly traded companies whose revenues are in
the range of $50 million to $1.5 billion a year and ranking those companies
by sales and earnings growth, as well as return on capital over three
years. To be considered for the top 100, companies must have a market cap
of $25 million or more, a stock that trades for at least $5 a share, and
shares which rose at least 5% over the past 12 months. The top 100
companies make BusinessWeek's "Hot Growth" list.
BusinessWeek's cover story "Hot Growth Companies" is available online
at http://www.businessweek.com and at newsstands.
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. 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 uniquely focused on developing proprietary
light-based technology for introduction to the mass markets. Palomar has an
agreement with The Gillette Company to develop and potentially
commercialize a patented home-use, light-based hair removal device for
women (please note that in October 2005, Procter & Gamble Company completed
its acquisition of Gillette. Under the Development and License Agreement,
Procter & Gamble, as the acquiring party, assumed all of Gillette's rights
and obligations.) Palomar also has an 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, and
was awarded a contract by the Department of the Army to develop a
light-based self-treatment device for Pseudofolliculitis Barbae ("PFB").
For more information on Palomar and its products, visit Palomar's
website at http://www.palomarmedical.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 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,
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, 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, 2005 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.
781-993-2411
ir@palomarmedical.com
SOURCE Palomar Medical Technologies, Inc.
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Related links:
http://www.palmed.com/
http://www.prnewswire.com/comp/107555.html/
CONTACT:
Kayla Castle, Investor Relations Manager of
Palomar Medical Technologies Inc., +1-781-993-2411,
ir@palomarmedical.com
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