Palomar Issues Quarterly Report
BURLINGTON, Mass., July 27 -- Palomar Medical Technologies Inc. reported a decrease in revenue for the second quarter of 2000 ended June 30, in part because of lost revenues due to the sale of its Star Medical Technologies Inc. subsidiary in April of last year, the company said. Revenues were $2.6 million for this year's second quarter, compared with revenues of $5.5 million -- Star Medical Technologies' revenues included -- for the same 1999 period.
We are extremely pleased with our product development since we sold our Star subsidiary last year, said Louis P. Valente, chairman and CEO of Palomar. At the end of the second quarter, we started building backlog, selling and shipping the Palomar SLP1000 diode laser hair removal system. We are clearly positioned to take advantage of the growing multi-billion dollar cosmetic laser market with new and exciting products. We are on target to execute and continue our strategic plan during 2000 and beyond with a strong balance sheet and the most advanced technology in the cosmetic laser industry.
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