Profits surge at Palomar
Palomar Medical Technologies Inc. said today that its fourth-quarter profit soared.
The developer of light-based medical cosmetic treatments cited hefty royalty revenue backpayment and sales increases for the upswing.
The company earned $21 million, or $1.03 per share, compared with profit of $5.3 million, or 27 cents per share, during the same period a year prior.
Excluding the royalty backpayments of which the company sees $6.3 million, the company would have earned about $14.7 million, or 72 cents per share. The company also saw an income tax benefit of $6.8 million. Also excluding that benefit would bring profit to $7.9 million, or 39 cents per share.
Revenue rose 82 percent to $39.4 million from $21.6 million during the quarter. Analysts expected revenue of $32.2 million.
The quarterly revenue included $10 million in owed royalty payments from Cynosure Inc. and $595,000 from Cutera Inc. Product sales rose 39 percent to $26.5 million.
For the full year, the company earned $53 million, or $2.62 per share, compared with $17.5 million, or 91 cents per share, in 2005. Revenue rose to $126.5 million from $76.2 million.
Shares of Palomar shed $4.14, or 7.7 percent, to $50.24 in morning trading on the Nasdaq. The stock has traded between $30.20 and $58.10 over the last 52 weeks. (AP)
