BURLINGTON, Mass., Sept. 21 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies Inc. (Nasdaq: PMTI) today announced its inclusion in Fortune
Magazine's Annual List of 100 "Fastest-Growing Companies." Palomar was
ranked number six on the list of 100 top growth companies for 2006.
As published in Fortune's special report, Palomar's execution of an
aggressive growth strategy led profits to rise at a rate of 122% and
revenues to grow at a rate of 46% with a stock return of 112% on average
annually over the past three years.
Commenting on the appointment, Palomar Chief Executive Officer Joseph
P. Caruso said, "We are pleased to be included in this prestigious list by
Fortune, a preeminent publication. To be ranked number six on the list for
'Fastest-Growing Companies' is an achievement that we are very proud of.
Through our self-funded and large consumer company-funded research
programs, we continue to see numerous opportunities in the cosmetic field
that should continue our growth trend. We appreciate the continued support
of our shareholders, our board of directors and the incredible hard work of
all of our employees. Palomar is committed to fully executing our short-
and long- term strategic plans and exploiting the tremendous opportunity
that is in front of us. Next week we will be presenting at the UBS 2006
Global Life Sciences Conference on September 25, 2006, at the Grand Hyatt
Hotel in New York City, New York and the Noble Financial Small Cap
Conference on September 27, 2006, at the Ballantyne Resort in Charlotte,
North Carolina."
According to Fortune, to be considered for the top 100, companies must
have a minimum market capitalization of $250 million, with a stock price of
at least $5.00 trading continuously since June 30, 2003. Companies must
also have revenue and net income for the four quarters ended on or before
March 31, 2006, of at least $50 million and $10 million respectively; and
have posted a compound annual growth in revenue and earnings per share of
at least 25% annually over the three years ended on or before March 31,
2006. All companies that meet the criterion are then ranked by their
revenue growth rate; their EPS growth rate; and their three-year annualized
total return to investors for the period ended June 30, 2006. The overall
rank is based on the sum of these three ranks. The top 100 companies make
Fortune's "Fastest-Growing Companies" list.
Fortune's cover story "America's 100 Fastest-Growing Companies" is
available online at http://www.fortune.com and at newsstands today. (Volume
154, No. 6, September 18, 2006)
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, laser hair removal device for women.
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.palomarmedical.com
http://www.fortune.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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