NEWS RELEASE for February 11, 2010 at 8:00AM Eastern Time

Contacts: Kerry McAnistan
Investor Relations Assistant
Palomar Medical Technologies, Inc.


        BURLINGTON, MA (February 11, 2010)…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, 2009. Revenues for the quarter ended December 31, 2009 were $16.3 million, of which $14.0 million were product revenues, $0.9 million were royalty revenues, $0.2 million were funded development revenues, and $1.25 million were other revenues. Fourth quarter gross margin from product revenues was 61 percent. Loss before income taxes for the fourth quarter ended December 31, 2009 was $3.3 million, which included approximately $0.2 million in litigation expenses and a $4.5 million non-cash FAS 123R stock-based compensation expense. $3.5 million of the fourth quarter FAS 123R stock-based compensation expense was a one-time expense related to the granting of restricted stock awards. The Company reported net loss of $8.5 million, or $0.47 per share for the fourth quarter of 2009, including a $5.2 million provision for income taxes which included a one-time tax charge to establish a valuation allowance against our U.S. deferred tax assets. The Company had positive cash flow from operations and the balance sheet continues to be strong with nearly $107 million in cash, cash equivalents and short-term investments.

        Chief Executive Officer Joseph P. Caruso commented, “At the beginning of 2009, we made certain adjustments in our business in response to the current economic conditions. These adjustments proved to be both timely and prudent. As a result, we are pleased with another quarter of positive cash flow from operations. Total cash flow from operations for the year was positive including investments made in research and development of $14.7 million or 24% of total revenues for the year. We were also able to meet or exceed the operational and financial goals that we set out to achieve during the year. Product revenues for the quarter increased 25% compared to the previous quarter and 6% as compared to the prior year quarter.”

        Mr. Caruso continued, “We have made great progress in moving our technology to the consumer market. We are planning strategic investments during 2010 to set up high volume manufacturing, marketing and branding of our products and will work toward establishing distribution in a number of channels. These are the first steps in creating long-term value with our core technology in the consumer market. We believe this will open great opportunities for us in the years to come with a number of innovative and exciting products.”

        Conference Call: As previously announced, Palomar will conduct a conference call and webcast today at 11:30 AM Eastern Time. Management will discuss financial results and strategic matters. If you would like to participate, please call (800) 435-1398 or listen to the webcast in the About Palomar/Investors section of the Company’s website at The telephone replay will be available one hour after the call at (888) 286-8010 passcode 13737176 and will be available for seven days. A webcast replay will also be available.

        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. In December 2006, Palomar became the first company to receive a 510(k) over-the-counter (OTC) clearance from the United States Food and Drug Administration (FDA) for a new, patented, home-use, light-based hair removal device. In June 2009, Palomar became the first company to receive a 510(k) OTC clearance from the FDA for a new, patented, home-use, laser device for the treatment of periorbital wrinkles. OTC clearance allows the product to be marketed and sold directly to consumers without a prescription. 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 focused on developing proprietary light-based technology for introduction to the mass markets.

        For more information on Palomar and its products, visit Palomar’s website at 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.

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The following information was filed by Palomar Medical Technologies Inc (PMTI) on Thursday, February 11, 2010 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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