Palomar Medical sees slight rise in Q2 revenue

By Rodney H. Brown

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Laser cosmetic treatment maker Palomar Medical Technologies Inc. saw a bump in its revenue for the second quarter of 2010, reporting $15.6 million versus revenue of $15 million in Q2 2009. The company’s loss also jumped, however, mainly due to a patent suit expense and stock-based compensation.

For Q2 2010, Burlington-based Palomar (Nasdaq: PMTI) reported a loss of $1.7 million, versus a loss of just $244,000 in the same time period in 2009. Company officials pointed out that Palomar has $102 million in cash and cash equivalents on hand, and no debt.

In June 2009, Palomar became the first company to receive clearance from the U.S. Food and Drug Administration to market over the counter a new home-use, laser device for the treatment of periorbital wrinkles that it had developed in conjunction with Johnson & Johnson Consumer Companies Inc.

Johnson & Johnson terminated the deal, and in October of 2009 Palomar said it would continue to market the device on its own.

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