BURLINGTON, Mass., April 28, 2011 (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, 2011. Revenues for the quarter ended March 31, 2011 were $18.2 million, which included the receipt of a $1.1 million back-owed royalty payment and was an increase over the $16.0 million reported in the first quarter of 2010. Product revenues increased to $10.5 million, a 15 percent increase over the $9.2 million reported in the first quarter of 2010. During the first quarter of 2011 and for the 2010 calendar year, 4% of the Company’s product and service revenue was in Japan. The Company believes that the impact of the earthquake and tsunami in Japan on the first quarter was not significant as it occurred toward the end of the quarter. The Company does not expect a material impact on the Company in future quarters due to the small percentage of the Company’s total sales in Japan. First quarter gross margin from product revenues was 59 percent, as compared to 64 percent reported in the first quarter of 2010. Net loss for the first quarter ended March 31, 2011 was $1.9 million, or $0.10 per share, which included income of $0.7 million related to the back-owed royalty payment, $0.7 million in patent litigation expense, and a $1.1 million non-cash stock-based compensation expense. Net loss for the first quarter ended March 31, 2010 was $2.5 million, or $0.14 per share, 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 expense, and a $1.0 million non-cash stock-based compensation expense. The balance sheet continues to be strong with $96.4 million in cash, cash equivalents, short-term investments, and marketable securities and other investments with no borrowings.
