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|PhotoMedex Announces Second Quarter 2005 Results|
|Revenues Increase 86% Over the Same Period in 2004|
MONTGOMERYVILLE, Pa., Aug 02, 2005 /PRNewswire-FirstCall via COMTEX/ -- PhotoMedex, Inc. (Nasdaq: PHMD) today announced the results of its operations for the quarter ended June 30, 2005.
Revenues for the second quarter ended June 30, 2005 were $8,055,173, an increase of 86.3 percent over the same period last year. Included in these revenues is $3,522,214 from ProCyte Corporation, a company acquired by PhotoMedex on March 18, 2005. This compares to revenues for the second quarter ended June 30, 2004 of $4,323,134.
The net loss for the quarter ended June 30, 2005 was $660,651, or $(0.01) per diluted share. The net loss for the quarter ended June 30, 2004 was $1,207,167, or $(0.03) per diluted share.
Revenues for the six months ended June 30, 2005 were $13,038,505, an increase of 56.2 percent over the same period last year. Included in these revenues is $4,145,515 from ProCyte Corporation. This compares to revenues for the six months ended June 30, 2004 of $8,348,364.
The net loss for the six months ended June 30, 2005 was $1,788,763, or $(0.04) per diluted share. The net loss for the six months ended June 30, 2004 was $2,570,249, or $(0.07) per diluted share.
As of June 30, 2005, the Company had cash and cash equivalents of $5,720,117.
Jeffrey O'Donnell, PhotoMedex CEO and President, commented, "I am proud of the progress our team has made on insurance reimbursement and the integration of ProCyte into PhotoMedex. Our XTRAC procedures ramped up for the quarter and with the recent reimbursement wins at United Healthcare and Independence Blue Cross of Pennsylvania, we expect continued upward momentum. Without the transaction expenses connected to the ProCyte acquisition, we were cash flow positive for the second quarter achieving a significant milestone event for the Company. We are also pleased at the recent recognition the Company received with its inclusion in the Russell Microcap Index and the invitation by NASDAQ to ring the Closing Bell on August 4."
PhotoMedex will hold a conference call to discuss the Company's second quarter 2005 results on Tuesday, August 2, 2005 at 4:30 p.m. Eastern Daylight Savings Time.
To participate in the conference call, dial 1.800.475.3716 (and confirmation code #3244708) 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, August 2, from 7:30 p.m. EDT until midnight on Tuesday, August 15, by dialing 1.888.203.1112 and using confirmation code #3244708.
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, 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, gynecology, orthopedics, and other surgical specialties. The Company is a leader in the development, manufacturing and marketing of medical laser products and services. In addition as a result of the merger with ProCyte, PhotoMedex will now develop and market products based on its patented, clinically proven Copper Peptide technology for skin health, hair care and wound care. The combined company sells directly to dermatologists, plastic and cosmetic surgeons, spas and salons and through licenses with strategic partners into the consumer market, including its long-term worldwide license agreement with Neutrogena(R), a Johnson & Johnson company. ProCyte brands include Neova(R), VitalCopper(R), Simple Solutions(R) and AquaSantÃ©(R)
Some portions of the conference call, particularly those describing PhotoMedex' strategies, operating expense reductions and business plans, will contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, 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.
Contact: Allen & Caron PhotoMedex, Inc. Rene Caron Dennis McGrath, CFO 949-474-4300 215-619-3287 firstname.lastname@example.org email@example.com PHOTOMEDEX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2005 2004** 2005* 2004** Revenues $8,055,173 $4,323,134 $13,038,505 $8,348,364 Cost of Revenues 4,205,316 2,631,369 6,837,684 5,125,435 Gross profit 3,849,857 1,691,765 6,200,821 3,222,929 Operating expenses: Selling, general and administrative 4,322,706 2,406,453 7,543,682 4,876,877 Research and development and engineering 219,550 481,243 406,521 897,193 4,542,256 2,887,696 7,950,203 5,774,070 Loss from operations before interest expense, net and other income (692,399) (1,195,931) (1,749,382) (2,551,141) Interest expense, net (56,919) (11,236) (128,048) (19,108) Other income 88,667 -- 88,667 -- Net loss $(660,651) $(1,207,167) $(1,788,763) $(2,570,249) Basic and diluted net loss per share $(0.01) $(0.03) $(0.04) $(0.07) Shares used in computing basic and diluted net loss per share 50,859,562 38,546,338 46,322,904 38,159,819 * PhotoMedex, Inc. acquired ProCyte Corporation ("ProCyte") on March 18, 2005 and, as such the operating results of ProCyte for the six months ended June 30, 2005 include activity from ProCyte from March 19, 2005 through June 30, 2005. ** As a result of purchase accounting rules, the operating results of ProCyte for the three and six months ended June 30, 2004 are not included in the above consolidated statement of operations for period ended June 30, 2004. PHOTOMEDEX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2005 December 31, 2004* Assets (unaudited) Cash and cash equivalents $5,720,117 $3,997,017 Accounts receivable, net 4,745,994 4,117,399 Inventories 8,108,142 4,585,631 Other current assets 1,023,068 401,989 Property and equipment, net 6,179,352 4,996,688 Other assets 23,173,731 4,863,202 Total Assets $48,950,404 $22,961,926 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $4,297,031 $4,959,678 Other current liabilities 1,084,232 1,079,701 Bank and lease notes payable 3,664,510 2,342,264 Other liabilities 24,670 -- Stockholders' equity 39,879,961 14,580,283 Total Liabilities and Stockholders' Equity $48,950,404 $22,961,926 * Derived from audited financial statements. The following table compares XTRAC domestic treatment activity and revenues for the last six quarters. XTRAC Domestic Revenue and Treatments Quarterly Billed Unbilled Treatments (TX#) $ (000's) TX# $ TX# 2Q05 15,503 $901.0 13,811 $-- 1,692 1Q05 12,418 $750.0 11,304 $-- 1,114 4Q04 14,499 $846.0 12,640 $-- 1,859 3Q04 13,841 $840.0 12,672 $-- 1,169 2Q04 12,688 $821.0 11,878 $-- 810 1Q04 10,737 $675.0 9,647 $-- 1,090 Deferred Recognized $ (000's) TX# $ (000's) TX# 2Q05 $(12.0) (187) $889.0 15,316 1Q05 $(116.0) (1,753) $634.0 10,633 4Q04 $194.0 2,760 $1,040.0 17,270 3Q04 $105.0 1,597 $945.0 15,438 2Q04 $(102.0) 1,472 $719.0 14,219 1Q04 $(125.0) (1,775) $550.0 8,999
SOURCE PhotoMedex, Inc.
Rene Caron of Allen & Caron,