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NEWS RELEASE for May 2, 2013 at 8:00AM Eastern Time
Investor Relations Assistant
Palomar Medical Technologies, Inc.
PALOMAR MEDICAL REPORTS FINANCIAL RESULTS FOR FIRST QUARTER 2013
BURLINGTON, MA (May 2, 2013) Palomar Medical Technologies, Inc. (NASDAQ: PMTI), a global leader in laser and other light-based systems for aesthetic treatments, today announced financial results for the first quarter ended March 31, 2013.
First Quarter 2013 Year-Over-Year Financial Highlights Include:
Execution of definitive agreement to be acquired by Cynosure, Inc.
Professional product revenues of $17.3 million, up 46%
North America professional product revenues of $8.1 million, up 20%
International professional product revenues of $9.2 million, up 80%
Loss from operations of $0.9 million, which includes $1.2 million of expenses related to the Cynosure acquisition, compared to 2012 loss from operations of $2.3 million
Cash and investments portfolio of $100.8 million
Joseph P. Caruso, Palomars President, Chief Executive Officer and Chairman of the Board of Directors, commented, We are pleased with the progress that we have made with our distribution expansion and introduction of new products. This quarter we focused on driving initial product placements with our Vectus diode hair removal system in our international distribution network and additional luminaries and reference sites around the world. The feedback from the field remains strong and we believe that the Vectus could quickly become a leading product in the aesthetic laser market. We have invested in key technology that we believe gives us a competitive advantage in terms of speed and consumer satisfaction. Light-based hair removal continues to be the largest segment of the aesthetic light-based market. The Icon continues to drive top-line growth, which is also driven by some of our proprietary and unique technologies, like our Max G and Lux 1540 hand pieces for the treatment of pigmented lesions, vascular lesions and wrinkles and the Skintel melanin optical measurement technology. We believe that the combination of Vectus and Icon provides best-in-class technology for many of the non-invasive high-volume aesthetic light-based treatments performed in physician offices today.
Mr. Caruso added, On March 18, we and Cynosure, Inc. jointly announced the execution of a definitive agreement, pursuant to which Cynosure will acquire Palomar and Palomar stockholders will receive $6.825 per Palomar share in cash and $6.825 per Palomar share in Cynosure common stock, subject to the adjustment and collar provisions described in the definitive agreement. Our Board of Directors believes that the terms of the definitive agreement offer Palomar stockholders an attractive acquisition premium, as well as the ability to participate in the future growth opportunities of the combined company.
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The following information was filed by Palomar Medical Technologies Inc (PMTI) on Thursday, May 2, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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