• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
  • Technologies
    • Artificial Intelligence (AI)
    • Cardiovascular
    • Orthopedics
    • Neurological
    • Diabetes
    • Surgical Robotics
  • Business & Finance
    • Wall Street Beat
    • Earnings Reports
    • Funding Roundup
    • Mergers & Acquisitions
    • Initial Public Offering (IPO)
    • Legal News
    • Personnel Moves
    • Medtech 100 Stock Index
  • Regulatory & Compliance
    • Food & Drug Administration (FDA)
    • Recalls
    • 510(k)
    • Pre-Market Approval (PMA)
    • MDSAP
    • Clinical Trials
  • Special Content
    • Special Reports
    • In-Depth Coverage
    • DeviceTalks
  • Podcasts
    • MassDevice Fast Five
    • DeviceTalks Weekly
    • OEM Talks
      • AbbottTalks
      • Boston ScientificTalks
      • DeviceTalks AI
      • IntuitiveTalks
      • MedtechWOMEN Talks
      • MedtronicTalks
      • Neuro Innovation Talks
      • Ortho Innovation Talks
      • Structural Heart Talks
      • StrykerTalks
  • Resources
    • About MassDevice
    • DeviceTalks
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech100 Index
    • Videos
    • Webinars
    • Whitepapers
    • Voices
Home » Palomar takes big hits during Q4, 2009

Palomar takes big hits during Q4, 2009

February 11, 2010 By MassDevice staff

Palomar Medical Technologies Inc. (NSDQ:PMTI) trod a rocky road last year, closing out 2009 with vastly wider net losses and lower sales.

The Burlington, Mass.-based cosmetic laser device maker reported net losses of $8.5 million, or 47 cents per share, on sales of $16.3 million for the three months ended Dec. 31, 2009. That compared with net losses of just $420,000, or 2 cents per share, on sales of $17.2 million during Q4 2008. Palomar said part of the Q4 2009 losses stemmed from a $5.2 million set-aside for income taxes. Excluding that provision, losses before income taxes were $3.3 million.

Full-year sales were $60.6 million, down 30.8 percent from $87.6 million during 2008. Net losses for 2009 were $10.5 million, or 58 cents per share, compared with $68,000, or zero cents per share, during the prior year. Palomar closed out the year with $107 million in cash and equivalents, including short-term investments.

CEO Joseph Caruso said the austerity measures the company put in place at the beginning of last year paid off, as Palomar managed positive cash flow during 2009. That included a $14.7 million tab for research and development, amounting to 24 percent of total revenues.

And despite the cancellation of a deal with Johnson & Johnson (NYSE:JNJ) to develop an over-the-counter anti-wrinkle device, Caruso said plans to move ahead with its OTC product are moving ahead.

“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," Caruso said in prepared remarks.

Filed Under: Business/Financial News, Cosmetic/Aesthetic, Dental, MassDevice Earnings Roundup, News Well Tagged With: Palomar Medical Technologies Inc.

More recent news

  • Neuralink files to raise $649M in new equity offering
  • BofA: Surgical robot remanufacturing not a major setback for Intuitive
  • InspireMD wins CE Mark approval for CGuard Prime
  • Philips reports first cases for VeriSight Pro 3D ICE catheter in Europe
  • Ceryx Medical raises $15M to support bioelectronic pacemaker

Primary Sidebar

“md
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest med device regulatory, business and technology news.

DeviceTalks Weekly

See More >

MEDTECH 100 Stock INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World
Medical Design Sourcing

DeviceTalks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our DeviceTalks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy