BURLINGTON, Mass., Feb. 11, 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 fourth quarter and year ended December 31, 2009. Revenues for the quarter ended December 31, 2009 were $16.3 million, of which $14.0 million were product revenues, $0.9 million were royalty revenues, $0.2 million were funded development revenues, and $1.25 million were other revenues. Fourth quarter gross margin from product revenues was 61 percent. Loss before income taxes for the fourth quarter ended December 31, 2009 was $3.3 million, which included approximately $0.2 million in litigation expenses and a $4.5 million non-cash FAS 123R stock-based compensation expense. $3.5 million of the fourth quarter FAS 123R stock-based compensation expense was a one-time expense related to the granting of restricted stock awards. The Company reported net loss of $8.5 million, or $0.47 per share for the fourth quarter of 2009, including a $5.2 million provision for income taxes which included a one-time tax charge to establish a valuation allowance against our U.S. deferred tax assets. The Company had positive cash flow from operations and the balance sheet continues to be strong with nearly $107 million in cash, cash equivalents and short-term investments.
