Expands distribution into Europe
BURLINGTON, Mass., July 29 /PRNewswire-FirstCall/--
Palomar Medical Technologies Inc (Nasdaq: PMTI) announced that it has received
"CE" certification for its Palomar EsteLux(TM) light-based system. The CE mark
is a requirement for products to be sold in the European market. The Palomar
EsteLux system received the CE designation after meeting stringent safety and
performance standards.
Chief Executive Officer Joseph P. Caruso commented, "The CE designation
opens up the tremendous European market for our EsteLux system, which could
significantly increase sales of this popular product. Our success in
commercializing this light-based hair removal and vascular and pigmented
lesion removal device is evident with the ramp up in revenues as reported in
the second quarter ended June 30, 2002. This ramp up trend is continuing in
the third quarter and we expect the EsteLux system to have the same
overwhelming impact in Europe that it has already had here in the U.S., Japan,
Australia and other countries. Through July, our performance has exceeded all
the milestones set for fiscal 2002. As stated in the second quarter press
release and conference call last week, the Company realized a net profit and
positive cash flow six months earlier than previously estimated. The outlook
for the balance of the year looks very promising."
Caruso continued, "We have a world-class manufacturing facility producing
the EsteLux system, and we are expanding our production manpower to increase
our monthly capacity even further to meet the strong demand. We have recently
signed distributors in Europe and are currently working on expanding European
distribution. With the increased production and CE mark in place, allowing us
to expand this domestic success into the European market, we look forward to
significant international sales boosting our overall revenues."
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
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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
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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