BURLINGTON, Mass., July 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 second quarter ended June 30, 2010. Revenues for the quarter ended June 30, 2010 were $15.6 million, which represents a 4 percent increase over the $15.0 million reported in the second quarter of 2009. Product and service revenues increased to $13.0 million, an 8 percent increase over the $12.1 million in the second quarter of 2009. Second quarter gross margin from product and service revenues was 63 percent, an increase over the 57 percent in the second quarter of 2009. Loss before income taxes for the second quarter ended June 30, 2010 was $1.7 million, which included a $0.7 million patent litigation expense and a $1.0 million non-cash FAS 123R stock-based compensation expense. The Company reported net loss of $1.7 million, or $0.09 per share for the second quarter of 2010. The balance sheet continues to be strong with $102 million in cash and cash equivalents with no borrowings.
