Exhibit 99.1
PhotoMedex Announces First Quarter 2004 Results
MONTGOMERYVILLE, Pa., April 29 /PRNewswire-FirstCall/ -- PhotoMedex, Inc.
(Nasdaq: PHMD) today announced the results of their operations for the quarter
ended March 31, 2004.
Revenues for the first quarter ended March 31, 2004 were $4,025,230, an
increase of 15.9% over the same period last year and 8.7% increase over the
fourth quarter of 2003.
The net loss for the quarter ended March 31, 2004 was $1,363,082, or
$(0.04) per diluted share. The net loss for the quarter ended March 31, 2003
was $1,674,328, or $(0.05) per diluted share.
As of March 31, 2004, the Company had cash and cash equivalents of
$5,825,956.
Jeffrey O'Donnell, PhotoMedex CEO and President, commented, "We are
pleased with the recent decisions by key private health insurers approving the
XTRAC(R) for reimbursement. We believe this is just the beginning, and
anticipate that the other large health insurance providers will be reaching
the same conclusion. This is a major milestone for PhotoMedex and further
substantiates our belief that our psoriasis laser therapy provides superior
clinical outcomes in a cost effective manner. We look forward to our
conference call today, as it provides us with an opportunity to not only
advise you of the first quarter results, but also to discuss our plans for the
rollout of the XTRAC in the new regions covered by reimbursement."
PhotoMedex will hold a conference call to discuss the Company's first
quarter 2004 results on Thursday, April 29, 2004 at 4:30 p.m. Eastern Time.
To participate in the conference call, dial 1.800.946.0786 (and
confirmation code # 664856) 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 Thursday, April 29, from 7:30 p.m. ET until
midnight on Thursday, May 13, by dialing 1.888.203.1112 and using confirmation
code #664856.
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.
About PhotoMedex:
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.
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 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.
For further information, please contact: Matt Clawson (investors) of
Allen & Caron, +1-949-474-4300, matt@allencaron.com, for PhotoMedex, Inc.; or
Dennis McGrath, CFO of PhotoMedex, Inc., +1-215-619-3287, info@photomedex.com
PHOTOMEDEX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31,
2004 2003
Revenues $4,025,230 $3,473,477
Cost of Sales 2,494,066 2,410,258
Gross profit 1,531,164 1,063,219
Operating expenses:
Selling, general and administrative 2,470,424 2,294,592
Research and development and engineering 415,950 411,932
2,886,374 2,706,524
Loss from operations (1,355,210) (1,643,305)
Interest expense, net 7,872 31,023
Net loss $(1,363,082) $(1,674,328)
Basic and diluted net loss per share $(0.04) $(0.05)
Shares used in computing basic and diluted
net loss per share 37,773,301 31,439,058
PHOTOMEDEX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, December 31,
2004 2003
Assets
Cash and cash equivalents $5,825,956 $6,633,468
Accounts receivable, net 3,756,100 3,483,030
Inventories 4,387,541 4,522,462
Other current assets 398,319 334,002
Property and equipment, net 4,163,898 4,005,205
Other assets 3,727,256 3,774,564
Total Assets $22,259,070 $22,752,731
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities $3,414,798 $3,445,559
Other current liabilities 1,550,466 1,501,034
Bank and Lease Notes Payable 1,803,571 1,828,063
Bank and Lease Notes Payable 1,803,571 1,828,063
Stockholders' equity 15,490,235 15,978,075
Total Liabilities and
Stockholders' Equity $22,259,070 $22,752,731
SOURCE PhotoMedex, Inc.
-0- 04/29/2004
/CONTACT: Matt Clawson (investors) of Allen & Caron, +1-949-474-4300,
matt@allencaron.com, for PhotoMedex, Inc.; or Dennis McGrath, CFO of
PhotoMedex, Inc., +1-215-619-3287, info@photomedex.com/
/Web site: http://www.streetevents.com /
/Web site: http://www.photomedex.com /
(PHMD)
CO: PhotoMedex, Inc.
ST: Pennsylvania
IN: HEA MTC BIO
SU: ERN