BURLINGTON, Mass., July 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 second quarter ended June 30, 2011. Revenues for the quarter ended June 30, 2011 were $16.3 million, a 4 percent increase over the $15.6 million reported in the second quarter of 2010. Product revenues increased to $10.1 million, a 9 percent increase over the $9.2 million reported in the second quarter of 2010. Second quarter gross margin from product revenues was 61 percent, as compared to 62 percent reported in the second quarter of 2010. Net loss for the second quarter ended June 30, 2011 was $4.0 million, or $0.21 per share, which included $1.2 million in patent litigation expense and $1.0 million in non-cash stock-based compensation expense. Net loss for the second quarter ended June 30, 2010 was $1.7 million, or $0.09 per share, which included $0.7 million in patent litigation expense and $1.0 million in non-cash stock-based compensation expense. The balance sheet continues to be strong with $91.1 million in cash, cash equivalents, short-term investments, and marketable securities and other investments with no borrowings.
