Laser hair removal specialist Palomar Medical Technologies Inc. (Lexington, MA) recorded first quarter (ended March 31) revenues of $13.5 million, nearly doubling the revenues of $7.1 million during the same time of 1998. Net income from operations for the first quarter of 1999 was $469,000 ($0.01 per share), up 107% compared with a net loss from operations of $6.8 million ($0.15 per share) for 1998's first quarter. The per share data presented above does not include the effect of the company's one-for-seven reverse stock split, which goes into effect tomorrow.
"We are pleased to have our third straight quarterly profit, and are especially encouraged that our revenues included shipments late in the quarter totaling over a million dollars of the new Palomar E2000 Ruby Lasers that are FDA-cleared for permanent hair reduction (see Palomar Wins FDA OK for Permanent Hair Reduction Laser," said Louis (Dan) Valente, chairman and CEO.
Valente added, "With the recent sale of Star and its LightSheer product to Coherent for $65 million and continued royalties, Palomar is in a strong financial position, (see Palomar Stockholders Approve Star Subsidiary Sale and Reverse Stock Split)."
The company's board of directors has authorized the company to buy back up to $5.0 million of its common stock in a one-year period on the open market through brokered transactions. Applicable Securities and Exchange Commission rules and market conditions will govern the timing and amounts of purchases.