Palomar Medical Technologies Inc. continued to suffer from the slump in capital spending during the third quarter, posting a dramatic sales decline and swinging to a loss for the period.
The Burlington, Mass.-based cosmetic device maker reported sales of $14.6 million for the three months ended Sept. 30, down 39.9 percent compared with $24.2 million during the same period last year.
The bottom line moved from $596,000 in net income for the third quarter of 2008 to a net loss of $297,000 for Q3 2009. Still, CEO Joseph Caruso struck an upbeat tone, saying Palomar met its financial and operational goals for the quarter and generated positive cash flow from operations.
“Although it remains difficult for many of our customers to secure financing for capital equipment purchases, our revenue levels have stayed relatively consistent throughout 2009 while maintaining average selling price stability,” Caruso said.
Palomar suffered a blow during the period when Johnson & Johnson spiked a deal to co-develop an over-the-counter cosmetic device, citing the economic recession and an unwillingness to sink lots of cash into clinical trials.