NEWS RELEASE for February 9, 2006 at 8:00AM Eastern Time

Contacts: Kayla Castle
Investor Relations Manager
Palomar Medical Technologies Inc
781-993-2411
ir@palomarmedical.com


PALOMAR MEDICAL REPORTS RECORD REVENUES AND PROFITABILITY
FOR FOURTH QUARTER AND FISCAL YEAR 2005
2005 Product Revenues Increase 44 Percent; Income before Taxes Increases 83 Percent

        BURLINGTON, MA (February 9, 2006) … Palomar Medical Technologies Inc (Nasdaq:PMTI), a leading researcher and developer of light-based systems for cosmetic treatments, today announced financial results for the fourth quarter and year ended December 31, 2005. The Company’s fiscal year 2005 total revenues increased by 40 percent, product revenues increased by 44 percent, and gross profit from product sales increased by 48 percent as compared to the fiscal year 2004. The Company realized an increase in income before taxes of $8.1 million, or 83 percent as compared to the fiscal year 2004. The Company also strengthened its balance sheet since the beginning of the year, including increasing its cash and investments from $25 million to $49 million.

        Revenues for the quarter ended December 31, 2005 were $21.6 million, up from $16.4 million in the fourth quarter of 2004. Product revenues increased to $19.0 million from $13.9 million in the fourth quarter of 2005 as compared to the fourth quarter of 2004. Gross profit from product sales increased to $13.1 million (69 percent of product revenues), up from $9.6 million (69 percent of product revenues) in the year-earlier quarter. The Company reported income before taxes of $5.6 million for the fourth quarter of this year, as compared to $4.3 million for the fourth quarter of last year. The Company reported net income of $5.3 million, or $0.27 per diluted share for the fourth quarter of this year versus net income of $5.4 million, or $0.29 per diluted share, for the fourth quarter of 2004 which included a benefit from income taxes of $1.1 million due to the reduction of tax reserves.

        Revenues for the year ended December 31, 2005, were $76.2 million, up from $54.4 million for the same period in 2004. Product revenues increased to $65.8 million from $45.8 million for the year ended December 31, 2005 as compared to the same period in 2004. Gross profit from product sales increased to $44.9 million (68 percent of product revenues), up from $30.3 million (66 percent of product revenues) in the year-earlier period. The Company reported income before taxes of $17.9 million for the year ended December 31, 2005, as compared to $9.8 million for the same period in 2004. The Company reported net income of $17.5 million, or $0.91 per diluted share for the year ended December 31, 2005 versus net income of $10.6 million, or $0.60 per diluted share, for the same period in 2004 which included a benefit from income taxes of $1.1 million due to the reduction of tax reserves.

        Chief Executive Officer Joseph P. Caruso commented, “I am pleased with Palomar’s continued progress during the fourth quarter of 2005 and the full fiscal year, which includes the accomplishment of many milestones. Especially encouraging is the fact that our revenues continue to increase at a rapid rate, allowing us to further expand our sales, marketing, research and development efforts. Palomar has worked hard to maintain our reputation with customers for providing leading-edge technology to address major market opportunities in the light-based cosmetic market. These markets are growing at an astonishing rate and we intend to capitalize on the popularity of these new procedures. We believe this is still only the beginning of a shift toward light based treatments for cosmetic applications, and we expect to keep extending our technology’s applications to continue positioning Palomar to take full advantage of this shift. The strength of our balance sheet should allow us to continue as a powerful force in this dynamic market.”

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The following information was filed by Palomar Medical Technologies Inc (PMTI) on Thursday, February 9, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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