MONTGOMERYVILLE, Pa. and CARLSBAD, Calif., Oct. 27 /PRNewswire-FirstCall/ -- PhotoMedex today announced that it ranked No. 22 on the 2004 Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America. Rankings are based on percentage revenue growth over five years, from 1999 - 2003. PhotoMedex, Inc. grew 14,319 percent during this period.
Jeff O’Donnell, President and CEO of PhotoMedex, credits the staunch dedication and persistence of the PhotoMedex employees and the foresight and direction of its Board of Directors for the company’s success. He said, “Our employees have pulled together to make this company a success and the Board of Directors and the Scientific Advisory Board have worked closely with the management team to ensure the continued long run progress of the company. Our reimbursement team continues to do a wonderful job in securing acceptance for the XTRAC among the major insurance carriers; our manufacturing, research and development teams are keeping us ahead of the technology curve; and our marketing and sales teams are building tremendous brand recognition and market share. This is another proud day for PhotoMedex and each and every employee can take pride in the knowledge that they have contributed towards its success.”
“Growing the top line enough to make the Deloitte Technology Fast 500 is especially meaningful during tough economic times for the technology sector,” said Mark A. Evans, national managing partner of Deloitte’s Technology, Media & Telecommunications Group. “We congratulate PhotoMedex on becoming one of the 500 fastest growing technology companies in North America.”
In addition to ranking on the Deloitte Technology Fast 500, PhotoMedex, Inc. was named the fastest growing technology company in Philadelphia and Delaware Valley region, in the Deloitte Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in the Delaware Valley.
Fast 500 Selection and Qualifications
The Fast 500 list is compiled from Deloitte’s 19 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, entrants must have had 1999 operating revenues of at least $50,000 USD and $75,000 CD for the United States and Canada, respectively; and 2003 operating revenues must be at least $1 million USD or CD.
Entrants must also be public or private companies headquartered in North America and must be a “technology company,” defined as a company that owns proprietary technology that contributes to a significant portion of the company’s operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies’ technology in a unique way does not qualify.
About PhotoMedex
PhotoMedex provides contract medical procedures to hospitals, surgi-centers and doctors’ offices, offering a wide range of products and services across multiple specialty areas, including dermatology, urology, gynecology, orthopedics, and other surgical specialties. The company is a leader in the development, manufacturing and marketing of medical laser products and services.
About Deloitte:
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” “Deloitte & Touche,” “Deloitte Touche Tohmatsu,” or other related names. Services are provided by the member firms or their subsidiaries or affiliates and not by the Deloitte Touche Tohmatsu Verein.
Deloitte & Touche USA LLP is the U.S. member firm of Deloitte Touche Tohmatsu. In the U.S., services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP, and their subsidiaries), and not by Deloitte & Touche USA LLP.
Some portions of this release, particularly those describing PhotoMedex’ strategies contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1993, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. While PhotoMedex is working to achieve those goals, actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including difficulties in marketing its products and services, need for capital, competition from other companies and other factors, any of which could have an adverse effect on the business plans of PhotoMedex, its reputation in the industry or its results. In light of significant uncertainties inherent in forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by PhotoMedex or its subsidiaries that the forward-looking statements will be achieved.
Contacts: Allen & Caron PhotoMedex, Inc. Matt Clawson (investors) Dennis McGrath, CFO 949-474-4300 215-619-3287 matt@allencaron.cominfo@photomedex.com
PhotoMedex
CONTACT: Investors, Matt Clawson of Allen & Caron, +1-949-474-4300,matt@allencaron.com, for PhotoMedex; or Dennis McGrath, CFO of PhotoMedex,Inc., +1-215-619-3287, info@photomedex.com