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LEXINGTON, Mass., Jan. 14 /PRNewswire/ -- Palomar Medical Technologies, Inc. (Nasdaq: PMTI - news), one of the world's leading cosmetic laser companies, today announced that it has received approximately $6 million in orders for 50 EpiLaser(TM) hair removal systems since the partnership with Coherent, Inc. (Nasdaq: COHR - news) began November 18, 1997. To date, 40 of those 50 orders have been shipped, with the remaining units scheduled for imminent shipment.
``We have had an outstanding start to our first two months partnership with the world's largest, oldest, and most respected laser company,'' said L.P. (Dan) Valente, chairman and chief executive officer of Palomar. ``As we anticipated, our leading technology and most effective laser combined with Coherent's 200-member direct worldwide sales force is proving to be a winner and is already making a major impact on the marketplace.''
Valente continued, ``This rapid progress has further validated the decision to focus our core business in the multi-billion dollar cosmetic laser market, which presents enormous future opportunities. Additionally, we have nearly completed our divestitures from non-core businesses and investments, as well as our restructuring, and look forward to a significant reduction in expenses and completion of the turnaround during 1998.''
Bernard Couillaud, president and chief executive officer of Coherent, said, ``Our entry into the laser hair removal market with Palomar's EpiLaser has yielded exceptional success thus far, and is serving as a perfect complement to our complete line of cosmetic lasers that we currently offer to physicians worldwide.''
Palomar Medical Technologies, Inc. is a leading supplier of proprietary laser systems for dermatological and cosmetic laser treatments. To date, more than 200 Palomar EpiLaser(TM) hair removal systems have been installed in physician practices worldwide, and over 30,000 EpiLaser treatments have been performed. Palomar's Cosmetic Technology International, Inc. subsidiary has now established more than a dozen revenue-sharing laser centers in the U.S. and internationally.
``Safe Harbor'' Statement Under the Private Securities Litigation Reform Act
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements, including without limitation statements relating to financial projections impact that involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially. These risk factors include, but are not limited to, the Company's dependence on the successful development and introduction of second- generation products that will generate improved gross margins, product demand and market acceptance, the effect of economic conditions, the impact of competitive products and pricing, governmental regulations, results of litigation, technological difficulties and/or other factors outside the control of the company, which are detailed from time to time in the company's SEC reports, including the reports on Form 10-KSB, as amended, for the year ended December 31, 1996, and on Form 10-Q for the quarter ended September 30, 1997. 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.
Palomar news releases are available through PR Newswire Company News on- Call by fax at 800-758-5804, Extension 107555, or http://www.prnewswire.com/(PMTI).
For more information about Palomar, visit the home page at http://www.palmed.com
SOURCE: Palomar Medical Technologies, Inc.
|Related News Categories: medical/pharmaceutical