BURLINGTON, Mass., May 26 /PRNewswire-FirstCall/ -- Palomar Medical Technologies Inc today announced their inclusion in BusinessWeek’s Annual List of 100 “Hot Growth Companies.” Palomar was ranked number three on the list of 100 best small companies. This honor represents the second consecutive appearance for Palomar in BusinessWeek’s top 100, with a fourth place finish last year.
As published in the BusinessWeek’s hot growth special report, Palomar has executed an aggressive growth strategy resulting in a three-year average annual sales growth of 45% and a three-year average annual profit growth of 600%.
Commenting on the appointment, Palomar Chief Executive Officer Joseph P. Caruso said, “We are pleased to be included again in this prestigious list by BusinessWeek, a preeminent publication. A ranking of three is quite an achievement and we are proud of it. Recent developments have been well received by both the investment community and the public. We continue to balance our short and long term business strategies in both the professional and consumer markets. Our partnerships with Gillette, Johnson & Johnson and the Department of the Army continue to strengthen and we look forward to an exciting year. Our thanks to our employees for achieving these milestones.”
According to BusinessWeek, the elimination process begins by sorting through a database of 5,275 publicly traded companies whose revenues are in the range of $50 million to $1.5 billion a year and ranking those companies by sales and earnings growth, as well as return on capital over three years. To be considered for the top 100, companies must have a market cap of $25 million or more, a stock that trades for at least $5 a share, and shares which rose at least 5% over the past 12 months. The top 100 companies make BusinessWeek’s “Hot Growth” list.
BusinessWeek’s cover story “Hot Growth Companies” is available online at http://www.businessweek.com and at newsstands.
About Palomar Medical Technologies Inc.: Palomar is a leading researcher and developer of light-based systems for cosmetic treatments. Palomar pioneered the optical hair removal field, when, in 1997, it introduced the first high-powered laser hair removal system. Since then, many of the major advances in light-based hair removal have been based on Palomar technology. There are now millions of light-based cosmetic procedures performed around the world every year in physician offices, clinics, spas and salons. Palomar is testing many new and exciting applications to further advance the hair removal market and other cosmetic applications. Palomar is uniquely focused on developing proprietary light-based technology for introduction to the mass markets. Palomar has an agreement with The Gillette Company to develop and potentially commercialize a patented home-use, light-based hair removal device for women (please note that in October 2005, Procter & Gamble Company completed its acquisition of Gillette. Under the Development and License Agreement, Procter & Gamble, as the acquiring party, assumed all of Gillette’s rights and obligations.) Palomar also has an agreement with Johnson & Johnson Consumer Companies to develop and potentially commercialize home-use, light-based devices for reducing or reshaping body fat including cellulite, reducing the appearance of skin aging, and reducing or preventing acne, and was awarded a contract by the Department of the Army to develop a light-based self-treatment device for Pseudofolliculitis Barbae (“PFB”).
For more information on Palomar and its products, visit Palomar’s website at http://www.palomarmedical.com. To continue receiving the most up-to-date information and latest news on Palomar as it happens, sign up to receive automatic e-mail alerts by going to the Investor Relations’ section of the website.
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements, including but not limited to statements relating to new markets, development and introduction of new products, and financial projections that involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements. These risk factors include, but are not limited to, results of future operations, technological difficulties in developing or introducing new products, the results of future research, lack of product demand and market acceptance for current and future products, the effect of economic conditions, challenges in managing joint ventures and research with third parties and government contracts, the impact of competitive products and pricing, governmental regulations with respect to medical devices, including whether FDA clearance will be obtained for future products and additional applications, the results of litigation, difficulties in collecting royalties, potential infringement of third-party intellectual property rights, and/or other factors, which are detailed from time to time in the Company’s SEC reports, including the report on Form 10-K for the year ended December 31, 2005 and the Company’s quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward- looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact: Kayla Castle Investor Relations Manager Palomar Medical Technologies Inc. 781-993-2411 ir@palomarmedical.com
Palomar Medical Technologies, Inc.
CONTACT: Kayla Castle, Investor Relations Manager of Palomar MedicalTechnologies Inc., +1-781-993-2411, ir@palomarmedical.com
Web site: http://www.palmed.com//
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