PhotoMedex --PHMD-- Announces First Quarter 2003 Results.
Business Editors/Health/Medical Writers
MONTGOMERYVILLE, Pa.--(BUSINESS WIRE)--April 29, 2003
PhotoMedex, Inc. (Nasdaq:PHMD) today announced the results of their operations for the first quarter ended March 31, 2003.
Revenues for the first quarter ended March 31, 2003 were $3,473,477. Included in these revenues are $3,157,013 from Surgical Laser Technologies, Inc., a company acquired by PhotoMedex on December 27, 2002.
Revenues for the quarter ended March 31, 2002 were $952,373.
The net loss for the quarter ended March 31, 2003 was $1,674,328, or $0.05 per diluted di·lute
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.
2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share.
The net loss for the quarter ended March 31, 2002 was $2,128,474, or $0.09 per diluted share.
As of March 31, 2003, the Company had cash, cash equivalents, and short-term investments of $2,913,320, including $362,817 pledged as collateral for bank debt.
In December 2002, the Centers for Medicare and Medicaid Services The Centers for Medicare and Medicaid Services (CMS), previously known as the Health Care Financing Administration (HCFA), is a federal agency within the United States Department of Health and Human Services (DHHS) that administers the Medicare program and (CMS (1) See content management system and color management system.
(2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. ) published the relative values and national Medicare reimbursement Reimbursement
Payment made to someone for out-of-pocket expenses has incurred. rates for the CPT CPT
See: Carriage Paid To codes, earlier issued by the American Medical Association American Medical Association (AMA), professional physicians' organization (founded 1847). Its goals are to protect the interests of American physicians, advance public health, and support the growth of medical science. . The codes for XTRAC(R) laser therapy were effective January 1, 2003 but reimbursements were not available to doctors prior to March 1, 2003.
Jeff O'Donnell, PhotoMedex CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President, commented, "We are pleased with the adoption rate of the XTRAC(R) procedures, given the delay in medicare reimbursement essentially to March 1, 2003. In addition, PhotoMedex is very proud to announce that it is partnering with GlobalMed Technologies, Inc, an international master distributor, to enhance the distribution of the XTRAC(R) in specific countries. We believe that GlobalMed's reputation and expertise will be a great asset in obtaining market share outside of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ."
GlobalMed, with corporate offices in Sonoma, California Sonoma is a historically significant town in Sonoma Valley, Sonoma County, California, USA. Sonoma is centered around its historic town plaza, a remnant of the town's Spanish colonial past. and London, UK as well as branch offices in Barcelona and Singapore, is an international sales and marketing company serving the dermatology dermatology (dûrmətŏl`əjē), branch of medicine concerned with diagnosis and treatment of diseases and disorders of the skin. and cosmetic surgery cosmetic surgery, plastic surgery for cosmetic purposes, such as the improvement of the appearance of the face by removing wrinkles or reshaping the nose. products industry with an "outsource" solution for managing target markets and sales channels outside the United States.
Established in 1995, the Company provides a unique approach to overseas expansion through its specialized international marketing programs as well as its relationships with medical services companies and institutions, clinicians, and distributors in more than forty countries worldwide.
Mr. O'Donnell also commented, "The level of excitement and general acceptance recently portrayed by the opinion leaders at the American Academy of Dermatology The American Academy of Dermatology (AAD) is the largest organization of dermatologists in the world.
The Academy grants Fellowships and Associate Memberships, as well as Fellowships for Nonresidents (of the United States of America or Canada). (AAD AAD American Academy of Dermatology.
AAD American Association of Dermatology ) Conference held March 21-25, 2003, is a testament to both our product and our commitment to this industry."
The AAD Conference is the largest, most prestigious in its field and typically is very well attended by its membership, including a majority of the practicing dermatologists in the United States and a large number of their international counterparts.
The Conference features product demonstrations, hands-on training, workshops, and numerous presentations by leading medical and technical experts in the development and utilization of treatments for skin diseases.
The XTRAC(R) was an integral part of 13 featured presentations about the benefits and clinical efficacy of our laser system, including 6 presentations on psoriasis psoriasis (sôrī`əsĭs), occasionally acute but usually chronic and recurrent inflammation of the skin. The exact cause is unknown, but the disease appears to be an inherited, possibly autoimmune disorder that causes the , 5 on vitiligo vitiligo
Skin disorder manifested by smooth, white spots on various parts of the body. Though the pigment-making cells of the skin, or melanocytes, are structurally intact, they have lost the ability to synthesize the pigment. , and 2 on leukoderma leukoderma /leu·ko·der·ma/ (-der´mah) an acquired condition with localized loss of pigmentation of the skin.
leukoderma acquisi´tum centri´fugum halo nevus. .
Mr. O'Donnell added, "We are also pleased at the swift integration of Surgical Laser Technologies, Inc., acquired on December 27, 2002. PhotoMedex continues to grow SLT's surgical procedures Surgical procedures have long and possibly daunting names. The meaning of many surgical procedure names can often be understood if the name is broken into parts. For example in splenectomy, "ectomy" is a suffix meaning the removal of a part of the body. "Splene-" means spleen. business. We believe coupling SLT's revenues and manufacturing and sales infrastructure to our breakthrough XTRAC(R) technology continues to validate the reasons for merging with SLT SLT Salut (French)
SLT Sri Lanka Telecom
SLT Senior Leadership Team
SLT Something Like That
SLT Selective Laser Trabeculoplasty
SLT South Lake Tahoe (California)
SLT Single Line Telephone ."
We will hold a conference call today, Tuesday, April 29, at 4:30 p.m. Eastern Daylight Savings Time, to discuss the Company's first quarter 2003 results.
To participate in the conference call, dial 1-888-857-6929 (and confirmation code #258647) approximately 5 to 10 minutes prior to the scheduled start time. If you are unable to participate, a digital replay of the call will be available from Tuesday, April 29, from 7:30 p.m. ET until midnight on Monday, May 5, by dialing 1-888-203-1112 and using confirmation code number 258647.
The live broadcast of PhotoMedex, Inc.'s quarterly conference call will be available online by going to www.photomedex.com and clicking on the link to Investor Relations Investor relations
The process by which the corporation communicates with its investors. , and at www.streetevents.com. The online replay will be available shortly after the call at those sites.
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 urology
Medical specialty dealing with the urinary system and male reproductive organs. It traces its origin to medieval lithologists, itinerant healers who specialized in surgical removal of bladder stones. , gynecology, orthopedics, and other surgical specialties In all modern medical training programs, a surgeon must specialise in an area.
The exact number of recognized specialties depends on one's purpose in counting them. The following specialties are often described:
Some portions of the conference call, particularly those describing PhotoMedex' strategies, operating expense Operating Expense
The essential things that a company must purchase in order to maintain business.
For example, the payment of employees wages are an operating expense.
Also known as OPEX. reductions and business plans, will contain forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1993, as amended and Securities Act of 1933, 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 and in the conference call, the inclusion of such information in the conference call should not be regarded as a representation by PhotoMedex or its subsidiaries that the forward looking statements will be achieved.
PHOTOMEDEX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2003 2002 ----------- ----------- Revenues $ 3,473,477 $ 952,373 Cost of Revenues 2,550,258 1,052,110 ----------- ----------- Gross profit 923,219 (99,737) ----------- ----------- Operating expenses: Selling, general and administrative 2,154,592 1,800,482 Engineering and product development 411,932 222,226 ----------- ----------- 2,566,524 2,022,708 Loss from operations before interest and other expense, net (1,643,305) (2,122,445) Interest expense, net 31,023 1,068 Other expense, net - 4,961 ----------- ----------- Net loss $(1,674,328) $(2,128,474) =========== =========== Basic and diluted net loss per share $ (0.05) $ (0.09) =========== =========== Shares used in computing basic and diluted net loss per share 31,439,058 24,179,953 =========== =========== PhotoMedex, Inc. acquired Surgical Laser Technologies, Inc. ("SLT") on December 27, 2002 and, as such the operating results of SLT are not included in the above consolidated statement of operations for the three months ended March 31, 2002. In addition, the operating results for the period ended March 31, 2002 have been reclassified to conform to the current period presentation. PHOTOMEDEX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, December 31, 2003 2002 ------------ ------------ Assets Cash and short term investments $ 2,550,503 $ 4,008,051 Cash pledged as bank debt collateral 362,817 2,000,000 Accounts receivable, net 2,162,799 2,536,334 Inventories 5,317,892 5,055,783 Other current assets 433,432 283,001 Property and equipment, net 3,600,505 3,672,438 Other assets 3,907,975 3,957,597 ----------- ----------- Total Assets $18,335,923 $21,513,204 =========== =========== Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $ 3,807,196 $ 3,936,679 Other current liabilities 1,207,035 1,368,277 Bank and Lease Notes Payable 1,685,675 2,899,626 Stockholders' equity 11,636,017 13,308,622 ----------- ----------- Total Liabilities and Stockholders' Equity $18,335,923 $21,513,204 =========== ===========