Palomar Medical (NSDQ:PMTI) made big strides in its professional product revenues during the 3 months ended Sept. 30, 2012, but stayed in the red for the quarter.
The Burlington, Mass.-based aesthetic medical device maker reported a net loss of $4.7 million, or 25¢ per share, on sales of $18.5 million for the 3 months ended Sept. 30.
That compares with earnings $15.3 million, or 81¢ per share, on sales of $46.1 million during the same period last year, when the figures were bolstered by $31.6 million in royalty revenues stemming from a lawsuit against Syneron Medical Ltd. (NSDQ:ELOS).
Excluding the effect of those royalties, Q3 2012 revenues got a 300% boost.
“We are very pleased with the continued growth of our professional business as we expand our product portfolio and make key investments in our distribution network,” CEO Joseph Caruso said in prepared remarks.
Professional product revenues were $13.0 million, up 25% for the 12th consecutive quarter of year-over-year growth, Caruso added.
“The in-market experience has given us valuable learning that we will incorporate into our consumer strategy in the future. We have also developed core diode and diagnostic technologies and manufacturing capabilities as part of the PaloVia development project that we have already incorporated into and will continue to use to improve our professional products like the Vectus laser, the Skintel reader, the Palomar Emerge fractional laser and other products planned for launch next year,” he said.
Syneron Medical settled a patent spat with Palomar in September 2011, agreeing to pay $31 million plus royalties to license patents covering PMTI’s laser- and light-based hair removal technologies.
PMTI shares opened today at $8.63 and were down 0.7% to $8.48 as of about 2:45 p.m.
