Palomar Medical Technologies Inc. (NSDQ:PMTI) posted a 9.2 percent increase in first-quarter sales, but saw its net losses yawn by 77 percent.
The Burlington, Mass.-based cosmetic device maker posted sales of $16.0 million during the three months ended March 31, compared with $14.6 million during the same period last year.
Net losses were $2.5 million, or 14 cents per diluted share, compared with $1.4 million, or 8 cents per diluted share, during Q1 2009.
Palomar said the losses included a $1.2 million write-off of the lease at its former facility, $600,000 in patent litigation expenses and a $1 million non-cash, stock-based compensation expense. Gross margins were 62 percent for the quarter, compared with 55 percent during the same period in 2009.
Revenues from recurrent sources other than one-time capital equipment sales amounted to 43 percent of total revenues, CEO Joseph Caruso said in prepared remarks.
Palomar ended the quarter with $101 million in cash and equivalents.