Laser Systems

Palomar Medical Technologies

The Company

Palomar Medical Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PMTI)") else Response.Write("(Nasdaq: PMTI)") end if %> is best known for the development of the Epilaser, a ruby laser system for removing unwanted hair. The non-invasive nature of the technology coupled with the large potential market has raised some eyebrows in the investment community.

Palomar has rounded a corner in its developmental stage, divesting itself of some operations in order to focus on its core cosmetic laser products. The company has made strong inroads in its partnership agreements with various clinics throughout the world and hopes to achieve profitability by early 1998.

Latest Financials

Palomar reported that revenues for the first quarter ended March 31, 1997, increased 191% to $20.1 million compared with revenues of $6.9 million in the first quarter of 1996. The company also reported a loss for the quarter of $15.4 million, or ($0.50) per share, compared with a loss of $7.4 million, or ($0.33) per share, for the previous year's first quarter. Palomar's new CEO Dan Valente commented, "We attribute our first quarter loss mainly to three factors: the minimal revenue effect of FDA clearance for our Epilaser(TM) hair removal system since it was announced with just three weeks left in the quarter; lower than anticipated volume from our electronics businesses; and start-up costs associated with our revenue-sharing business. In addition, the company has reserved an additional $2.5 million, or $0.11 per share, for possible costs associated with litigation matters."

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