BURLINGTON, Mass., April 29, 2010 (GLOBE NEWSWIRE) -- Palomar Medical Technologies, Inc. (Nasdaq:PMTI), a leading researcher and developer of light-based systems for cosmetic treatments, today announced financial results for the first quarter ended March 31, 2010. Revenues for the quarter ended March 31, 2010 were $16.0 million, which represents a 9 percent increase over the $14.6 million reported in the first quarter of 2009. Product and service revenues increased to $13.1 million, a 14 percent increase over the $11.5 million in the first quarter of 2009. First quarter gross margin from product and service revenues was 62 percent, an increase over the 55 percent in the first quarter of 2009. Loss before income taxes for the first quarter ended March 31, 2010 was $2.5 million, which included a $1.2 million charge related to the write-off of our remaining lease term at our old facility, $0.6 million in patent litigation expenses and a $1.0 million non-cash FAS 123R stock-based compensation expense. The Company reported net loss of $2.5 million, or $0.14 per share for the first quarter of 2010. The balance sheet continues to be strong with $101 million in cash, cash equivalents and short-term investments with no borrowings.
