PALOMAR Medical Technologies Reports First Quarter Fiscal 1995 Operating Results

Strategic Insights -

PALOMAR Medical Technologies, Inc., a leading developer of minimally invasive medical devices, has reported its operating results for the first quarter of fiscal 1995. The company's revenues have increased significantly, reaching $3,569,619, up from $1,568,994 in the same quarter last year. Despite this growth, the company reported a net loss of $1,459,119 or $.016 per share, a marked improvement from the $1,791,311 net loss or $(0.44) per share recorded in the first quarter of 1994. The company's research and development costs continued to be substantial, at over $600,000 per quarter, as it pushes forward with its product development and clinical testing for cardiology and dermatology medical laser applications.

Key Takeaways:

  • PALOMAR Medical Technologies reported first quarter fiscal 1995 revenues of $3,569,619, a significant increase from $1,568,994 in the same quarter last year.
  • Despite the revenue growth, the company reported a net loss of $1,459,119 or $.016 per share, an improvement from the $1,791,311 net loss or $(0.44) per share recorded in the first quarter of 1994.
  • The company's research and development costs continued to be substantial, at over $600,000 per quarter, as it developed products for cardiology and dermatology medical laser applications.
  • PALOMAR's internal R&D funding was augmented by two major government-funded programs in the second quarter of 1995 for further development of pulsed dye lasers and development of diode laser systems for burn diagnostics.
  • The company's selling, general and administrative expenses increased from $1,054,037 for the three months ended March 31, 1994 to $1,405,600 for the three months ended March 31, 1995.
  • The increase in selling, general and administrative expenses was attributed to the inclusion of PALOMAR's Dynaco subsidiary for the full three-month period in 1995, compared to its inclusion for only a six-week period in 1994.

Statistics:

  • Revenues for the first quarter of fiscal 1995: $3,569,619
  • Net loss for the first quarter of fiscal 1995: $1,459,119 or $.016 per share
  • Research and development costs for the first quarter of fiscal 1995: over $600,000
  • Net loss for the first quarter of fiscal 1994: $1,791,311 or $(0.44) per share
  • Selling, general and administrative expenses for the first quarter of fiscal 1995: $1,405,600
  • Selling, general and administrative expenses for the first quarter of fiscal 1994: $1,054,037

Sources:

  • PALOMAR Medical Technologies, Inc. Press Release, May 15, 1995
  • Business Wire, May 15, 1995
  • PALOMAR Medical Technologies, Inc. (NASDAQ: PMTI) -0- CONTACT: Joseph Caruso, CFO, (508) 921-9300

Leonardo Zangani, PR, (908) 788-9660

Steven Georgiev, CEO, (508) 921-9300