PhotoMedex Reports 2012 Fourth Quarter and Record Full Year Financial Results
Fourth quarter revenues up 91% over prior year, consumer revenues up
78%, diluted EPS totals $0.27
MONTGOMERYVILLE, Pa.--(BUSINESS WIRE)--
PhotoMedex, Inc. (NASDAQ and TASE: PHMD) today announced
financial results for the fourth quarter and full year ended December
31, 2012. A separate Form 10-K, including 2012 consolidated financial
statements, will be filed with the Securities and Exchange Commission on
or by March 18, 2013. Financial highlights of the 2012 fourth quarter
and full year include:
Fourth Quarter (all comparisons are with the fourth quarter of 2011):
Revenues of $54.8 million, an increase of 91%
Gross profit of $43.0 million, an increase of 91%
Net income of $5.9 million, compared with a net loss of $3.0 million
Earnings per diluted share of $0.27, compared with a loss per share of
$0.22
Consumer revenues of $46.1 million, an increase of 78%
Direct-to-consumer channel revenues of $30.0 million, an increase of
67%
Global retail and home shopping channel revenues of $12.4 million, an
increase of 158%
Distributor consumer channel revenues of $3.8 million, an increase of
20%
XTRAC® psoriasis and vitiligo treatment recurring revenues
of $2.6 million, an increase of 63%
Cash generated from operations of $14.0 million; during the quarter
the company repurchased $5.4 million or 418,717 shares of its common
stock at an average price of $12.93 per share
Cash, cash equivalents and short-term investments as of December 31,
2012 were $62.4 million, or $3.00 per diluted share
Full Year 2012 (all comparisons are with the full year 2011):
Revenues of $220.7 million, an increase of 67%
Gross profit of $174.0 million, an increase of 64%
Net income of $22.5 million, compared with a net loss of $0.7 million
XTRAC franchise installed base of 361 sites compared with 268 sites,
an increase of 35%
Pre-merged PhotoMedex non-GAAP operating income of $1.5 million,
compared with an operating loss of $1.8 million
Earnings per diluted share of $1.08, compared with a loss per share of
$0.06
Consumer revenues of $188.4 million, an increase of 50%
On December 13, 2011 Radiancy, Inc. became a majority owned subsidiary
of PhotoMedex in a reverse merger. Under generally accepted accounting
principles (GAAP), Radiancy is deemed to be the financial acquirer for
financial statement purposes. Therefore as a result of purchase
accounting rules, the operating results of PhotoMedex for the fourth
quarter and full year ended December 31, 2011 include activity from the
pre-merged PhotoMedex from December 13 through December 31, 2011.
Management Commentary
Dr. Dolev Rafaeli, PhotoMedex CEO, commented, “We are very pleased with
the progress we made in 2012, our first year of PhotoMedex and Radiancy
operating as a single company. Not only did we deliver excellent growth
in revenues and profits, but the integration of operations and culture
went smoothly as a result of the dedicated effort and commitment of our
people worldwide. Furthermore, the quality of growth, realized in all
major product lines of our business, positions us well for further
revenue gains in 2013.”
“Our consumer engine, with our world-class and efficient marketing
platform, continues to outpace all competition. We also have proven out
our premise that marketing lessons learned in the consumer segment are
transportable to the medical side of our business. This includes success
in offering our Neova® skin care line to no!no!™ consumers
and creating awareness of XTRAC® among psoriasis patients
through the message that the safest and most effective therapy for their
disease is available at their local dermatologist. We are pleased that
our efforts transformed the pre-merged PhotoMedex into a profitable
business unit for 2012,” he added.
Reported Financial Results
Revenues for the fourth quarter of 2012 were $54.8 million, an increase
of 91% over the same period in the prior year. Included in this amount
is $7.2 million in revenues from pre-merged PhotoMedex. This compares
with revenues for the fourth quarter of 2011 of $28.8 million, which
included $1.5 million of revenues from pre-merged PhotoMedex.
Net income for the fourth quarter of 2012 was $5.9 million or $0.27 per
diluted share, which included $1.4 million in stock-based compensation
expense and $1.4 million in depreciation and amortization expenses. This
compares with a net loss for the fourth quarter of 2011 of $3.0 million
or $0.22 per share, which included $5.2 million in stock-based
compensation expense and $0.3 million in depreciation and amortization
expenses.
Revenues for the year ended December 31, 2012 were $220.7 million, an
increase of 67% over the same period in 2011. Included in this amount is
$27.8 million in revenues from pre-merged PhotoMedex. This compares with
revenues for the year ended December 31, 2011 of $132.1 million, which
included $1.5 million revenues from pre-merged PhotoMedex.
Net income for the year ended December 31, 2012 was $22.5 million or
$1.08 per diluted share, which included $6.2 million in stock-based
compensation expense, $5.6 million in depreciation and amortization
expenses, $5.4 million in expenses for past litigation and $0.7 million
in other one-time charges. This compares with a net loss for the year
ended December 31, 2011 of $0.7 million or $0.06 per share, which
included $21.6 million in stock-based compensation expense, $0.6 million
in depreciation and amortization expenses, $3.8 million in expenses for
past litigation and $14.5 million in merger-related expenses.
As of December 31, 2012, the Company had cash, cash equivalents and
short-term investments of $62.4 million. During the 2012 fourth quarter
the Company repurchased 418,717 shares of its common stock in the open
market at an average price of $12.93 per share, for a total of $5.4
million.
On a pro forma basis, had the merger been completed on January 1, 2011,
revenues for the three months ended December 31, 2011 would have been
$34.3 million, gross profit would have been $23.9 million and the net
loss would have been $8.1 million. On a pro forma basis, had the merger
been completed on January 1, 2011, revenues for the year ended December
31, 2011 would have been $162.3 million, gross profit would have been
$118.5 million and the net loss would have been $13.1 million.
Management expects revenues for the first quarter of 2013 to be more
than $57 million.
Non-GAAP Financial Measures
To supplement PhotoMedex’s consolidated financial statements presented
in accordance with GAAP, PhotoMedex provides certain non-GAAP measures
of financial performance. These non-GAAP measures include non-GAAP
adjusted income and non-GAAP adjusted income per share.
PhotoMedex’s reference to these non-GAAP measures should be considered
in addition to results prepared under current accounting standards, but
are not a substitute for, nor superior to, GAAP measures. These non-GAAP
measures are provided to enhance investors' overall understanding of
PhotoMedex’s current financial performance and to provide further
information for comparative purposes.
Specifically, the Company believes the non-GAAP measures provide useful
information to management and investors by isolating certain expenses,
gains and losses that may not be indicative of the Company’s core
operating results and business outlook. In addition, PhotoMedex believes
non-GAAP measures enhance the comparability of results against prior
periods. Reconciliation to the most directly comparable GAAP measure of
all non-GAAP measures included in this press release is as follows:
(Unaudited)
Three Months Ended Dec. 31,
For the Year Ended Dec. 31
(ooo's) except per share amounts
2012
2011 *
2012
2011 *
Net income (loss) as reported
$ 5,894
$ (2,983)
$ 22,489
$ (694)
Adjustments:
Depreciation and amortization expense
1,435
316
5,611
590
Interest expense, net
(3)
-
398
24
Income tax expense
832
(629)
4,438
(2,022)
EBITDA
$ 8,158
$ (3,296)
$ 32,936
$ (2,102)
Stock-based compensation expense
1,380
5,201
6,197
21,637
Settled litigation expense
-
1,700
5,398
3,798
Merger-related expenses
-
1,010
-
14,474
Other one-time expenses
-
-
654
-
Non-GAAP adjusted income
$ 9,538
$ 4,615
$ 45,185
$ 37,807
Fully diluted shares outstanding at December 31, 2012
21,357
21,357
21,357
21,357
Non-GAAP adjusted income per share
$0.45
$0.22
$2.12
$1.77
*PhotoMedex, Inc. merged with Radiancy, Inc. in a reverse acquisition on
December 13, 2011. Therefore, the operating results of PhotoMedex for
the three- and 12-month periods ended December 31, 2011 only include
activity from the pre-merged PhotoMedex from December 13, 2011 through
December 31, 2011.
Conference Call
PhotoMedex will hold a live investor conference call to discuss the
Company’s 2012 fourth quarter and annual results and to answer questions
today, March 13, 2013 beginning at 11:00 a.m. EST (5:00 p.m. Israel
time).
To participate in the conference call, dial toll-free 888-271-8602 in
the United States, or International/toll 913-312-0724 (and confirmation
code # 6431670). For the convenience of our Israeli participants, a
local toll-free number (1-80-924-6064) has been set up (the confirmation
code remains the same # 6431670). If you are unable to participate in
the live call, an archived digital replay of the call will be available
from 2:00 p.m. EST, Wednesday, March 13 to 2:00 p.m. EST Wednesday,
March 27, 2013 by dialing toll-free 888-203-1112 or International/toll
719-457-0820 (Israeli participants may dial local toll-free
1-80-924-6038) and using confirmation code # 6431670.
The live webcast of PhotoMedex, Inc.’s quarterly and annual 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 has been
completed.
About PhotoMedex
PhotoMedex is a global skin health company providing integrated disease
management and aesthetic solutions to dermatologists, professional
aestheticians and consumers. The company provides proprietary products
and services that address skin diseases and conditions including
psoriasis, vitiligo, acne, actinic keratosis (a precursor to certain
types of skin cancer) and photo damage. Its experience in the physician
market provides the platform to expand its skin health solutions to spa
markets, as well as traditional retail, online and infomercial outlets
for home-use products. As a result of its December 2011 merger with
Radiancy Inc., PhotoMedex has added a range of home-use devices under
the no!no!™ brand, for various indications including hair removal, acne
treatment and skin rejuvenation. The company also offers a professional
product line for acne clearance, skin tightening, psoriasis care and
hair removal sold to physician clinics and spas.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements, including,
but not limited to, statements relating to PhotoMedex’s future financial
performance, strategies, potential sales and earnings growth, and some
portions of the conference call, particularly those describing
PhotoMedex' strategies, operating expense reductions and business plans
will also contain “forward-looking statements”, each within the meaning
of the Private Securities Litigation Reform Act of 1995 that are subject
to risks, uncertainties and other factors.All statements
other than statements of historical fact are statements that could be
deemed forward-looking statements, including any statements of the
plans, strategies and objectives of management for future operations;
any statements regarding product development, product extensions,
product integration or product marketing; any statements regarding
continued compliance with government regulations, changing legislation
or regulatory environments; any statements of expectation or belief and
any statements of assumptions underlying any of the foregoing. In
addition, there are risks and uncertainties related to successfully
integrating the products and employees of the Company and Radiancy, as
well as the ability to ensure continued regulatory compliance,
performance and/or market growth. These risks, uncertainties and other
factors, and the general risks associated with the businesses of the
Company described from time-to-time under the caption “Risk Factors” and
elsewhere in the Company’s SEC filings and reports and other documents
filed with the SEC, could cause actual results to differ materially from
those referred to, implied or expressed in the forward-looking
statements. The Company cautions readers not to rely on these
forward-looking statements. All forward-looking statements are based on
information currently available to the Company, inherently involve
significant risks and uncertainties and are qualified in their entirety
by this cautionary statement. The Company anticipates that subsequent
events and developments will cause its views to change. The information
contained in this conference call speaks as of the date hereof and the
Company has or undertakes no obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
-- Financial Statements follow --
PHOTOMEDEX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Dec. 31,
Year Ended Dec. 31,
(ooo's) except per share amounts
2012
2011*
2012
2011*
Revenues
$
54,791
$
28,749
$
220,651
$
132,082
Cost of revenues
11,772
6,242
46,642
26,296
Gross profit
43,019
22,507
174,009
105,786
Operating expenses:
Selling and marketing
31,299
16,680
116,487
62,185
General and administrative
4,737
8,913
27,330
45,192
Research and development and engineering
768
357
2,914
1,057
36,804
25,950
146,731
108,434
Operating income
6,215
(3,443
)
27,278
(2,648
)
Interest and other financing income (expense), net
511
(169
)
(351
)
(68
)
Income before taxes expense
6,726
(3,612
)
26,927
(2,716
)
Income tax expense (benefit)
832
(629
)
4,438
(2,022
)
Net income (loss)1
$
5,894
$
(2,983
)
$
22,489
$
(694
)
Net income (loss) per share:
Basic
$
0.28
($0.22
)
$
1.10
($0.06
)
Diluted
$
0.27
($0.22
)
$
1.08
($0.06
)
Shares used in computing net income (loss) per share:
Basic
20,948
13,510
20,356
11,602
Diluted
21,357
13,510
20,764
11,602
1 Includes: depreciation and amortization
1,435
316
5,611
590
Share-based compensation expense
1,380
5,201
6,197
21,637
*PhotoMedex, Inc. merged with Radiancy, Inc. in a reverse acquisition on
December 13, 2011. Therefore, the operating results of PhotoMedex for
the three- and 12-month periods ended December 31, 2011 only include
activity from the pre-merged PhotoMedex from December 13, 2011 through
December 31, 2011.
Three months ended Dec. 31,
Year ended Dec 31,
2012
2011*
2012
2011*
Consumer:
Direct
$
29,997
$
17,957
$
125,208
$
75,904
Distributors
$
3,763
$
3,123
$
24,851
$
28,948
Retailer and home shopping channels
$
12,362
$
4,783
$
38,366
$
20,729
sub-total
$
46,122
$
25,863
$
188,425
$
125,581
Physician Recurring
XTRAC treatments
2,612
298
8,441
298
Skin care
1,949
385
8,156
385
Other
1,255
146
4,687
146
sub-total
5,816
829
21,284
829
Professional
2,853
2,057
10,942
5,672
Total Revenues
$
54,791
$
28,749
$
220,651
$
132,082
* PhotoMedex, Inc. merged with Radiancy, Inc. in a reverse acquisition
on December 13, 2011. Therefore, the operating results of PhotoMedex for
the three- and 12-month periods ended December 31, 2011 only include
activity from the pre-merged PhotoMedex from December 13, 2011 through
December 31, 2011.
PHOTOMEDEX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Dec. 31, 2012
Dec. 31, 2011
Assets
Cash, cash equivalents and short-term investments
$
62,348
$
16,549
Accounts receivable, net
19,064
12,393
Inventories
22,467
19,208
Other current assets
27,508
13,690
Property and equipment, net
6,759
5,324
Other non-current assets
74,559
77,167
Total Assets
$
212,705
$
144,331
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities
$
35,433
$
27,021
Other current liabilities
5,259
1,948
Bank and lease notes payable
619
2,232
Other liabilities
4,067
2,405
Stockholders' equity
167,327
110,725
Total Liabilities and Stockholders' Equity
$
212,705
$
144,331
PHOTOMEDEX, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three Months ended
For the Year Ended
Dec. 31,
Dec. 31,
2012
2011
2012
2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
5,894
$
(2,983
)
$
22,489
$
(694
)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization
1,435
316
5,611
590
Provision for doubtful accounts
1,225
217
4,629
2,595
Deferred income taxes
(2,800
)
(589
)
(3,132
)
(5,751
)
Stock-based compensation
1,380
5,201
6,197
21,637
Changes in assets and liabilities:
(Increase) decrease in:
Current assets
615
195
(23,032
)
(7,769
)
Current liabilities
6,285
62
12,303
2,851
Net cash provided by operating activities
14,034
2,419
25,065
13,459
CASH FLOWS FROM INVESTING ACTIVITIES:
Lasers placed in service
(1,092
)
15
(3,221
)
15
Purchases of PP&E, net
(296
)
(129
)
(573
)
(358
)
Other
(35
)
(18,700
)
(18,069
)
(4,310
)
Net cash used in investing activities
(1,423
)
(18,814
)
(21,863
)
(4,653
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options/issuance (share-purchase) of
securities, net
(5,401
)
151
27,057
410
Repayments of debt
(8
)
-
(2,465
)
(250
)
Net cash (used in) provided by financing activities
(5,409
)
151
24,592
160
EFFECT OF EXCHANGE RATE CHANGES ON CASH
339
2
5
2
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
7,541
(16,242
)
27,799
8,968
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
36,807
32,791
16,549
7,581
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
44,348
$
16,549
$
44,348
$
16,549
* PhotoMedex, Inc. merged with Radiancy, Inc. in a reverse acquisition
on December 13, 2011. Therefore, the operating results of PhotoMedex for
the three- and 12-month periods ended December 31, 2011 only include
activity from the pre-merged PhotoMedex from December 13, 2011 through
December 31, 2011.
Press Release $PHMD PhotoMedex, Inc.
Fourth quarter revenues up 91% over prior year, consumer revenues up 78%, diluted EPS totals $0.27
MONTGOMERYVILLE, Pa.--(BUSINESS WIRE)-- PhotoMedex, Inc. (NASDAQ and TASE: PHMD) today announced financial results for the fourth quarter and full year ended December 31, 2012. A separate Form 10-K, including 2012 consolidated financial statements, will be filed with the Securities and Exchange Commission on or by March 18, 2013. Financial highlights of the 2012 fourth quarter and full year include:
Fourth Quarter (all comparisons are with the fourth quarter of 2011):
Full Year 2012 (all comparisons are with the full year 2011):
On December 13, 2011 Radiancy, Inc. became a majority owned subsidiary of PhotoMedex in a reverse merger. Under generally accepted accounting principles (GAAP), Radiancy is deemed to be the financial acquirer for financial statement purposes. Therefore as a result of purchase accounting rules, the operating results of PhotoMedex for the fourth quarter and full year ended December 31, 2011 include activity from the pre-merged PhotoMedex from December 13 through December 31, 2011.
Management Commentary
Dr. Dolev Rafaeli, PhotoMedex CEO, commented, “We are very pleased with the progress we made in 2012, our first year of PhotoMedex and Radiancy operating as a single company. Not only did we deliver excellent growth in revenues and profits, but the integration of operations and culture went smoothly as a result of the dedicated effort and commitment of our people worldwide. Furthermore, the quality of growth, realized in all major product lines of our business, positions us well for further revenue gains in 2013.”
“Our consumer engine, with our world-class and efficient marketing platform, continues to outpace all competition. We also have proven out our premise that marketing lessons learned in the consumer segment are transportable to the medical side of our business. This includes success in offering our Neova® skin care line to no!no!™ consumers and creating awareness of XTRAC® among psoriasis patients through the message that the safest and most effective therapy for their disease is available at their local dermatologist. We are pleased that our efforts transformed the pre-merged PhotoMedex into a profitable business unit for 2012,” he added.
Reported Financial Results
Revenues for the fourth quarter of 2012 were $54.8 million, an increase of 91% over the same period in the prior year. Included in this amount is $7.2 million in revenues from pre-merged PhotoMedex. This compares with revenues for the fourth quarter of 2011 of $28.8 million, which included $1.5 million of revenues from pre-merged PhotoMedex.
Net income for the fourth quarter of 2012 was $5.9 million or $0.27 per diluted share, which included $1.4 million in stock-based compensation expense and $1.4 million in depreciation and amortization expenses. This compares with a net loss for the fourth quarter of 2011 of $3.0 million or $0.22 per share, which included $5.2 million in stock-based compensation expense and $0.3 million in depreciation and amortization expenses.
Revenues for the year ended December 31, 2012 were $220.7 million, an increase of 67% over the same period in 2011. Included in this amount is $27.8 million in revenues from pre-merged PhotoMedex. This compares with revenues for the year ended December 31, 2011 of $132.1 million, which included $1.5 million revenues from pre-merged PhotoMedex.
Net income for the year ended December 31, 2012 was $22.5 million or $1.08 per diluted share, which included $6.2 million in stock-based compensation expense, $5.6 million in depreciation and amortization expenses, $5.4 million in expenses for past litigation and $0.7 million in other one-time charges. This compares with a net loss for the year ended December 31, 2011 of $0.7 million or $0.06 per share, which included $21.6 million in stock-based compensation expense, $0.6 million in depreciation and amortization expenses, $3.8 million in expenses for past litigation and $14.5 million in merger-related expenses.
As of December 31, 2012, the Company had cash, cash equivalents and short-term investments of $62.4 million. During the 2012 fourth quarter the Company repurchased 418,717 shares of its common stock in the open market at an average price of $12.93 per share, for a total of $5.4 million.
On a pro forma basis, had the merger been completed on January 1, 2011, revenues for the three months ended December 31, 2011 would have been $34.3 million, gross profit would have been $23.9 million and the net loss would have been $8.1 million. On a pro forma basis, had the merger been completed on January 1, 2011, revenues for the year ended December 31, 2011 would have been $162.3 million, gross profit would have been $118.5 million and the net loss would have been $13.1 million.
Management expects revenues for the first quarter of 2013 to be more than $57 million.
Non-GAAP Financial Measures
To supplement PhotoMedex’s consolidated financial statements presented in accordance with GAAP, PhotoMedex provides certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP adjusted income and non-GAAP adjusted income per share.
PhotoMedex’s reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, nor superior to, GAAP measures. These non-GAAP measures are provided to enhance investors' overall understanding of PhotoMedex’s current financial performance and to provide further information for comparative purposes.
Specifically, the Company believes the non-GAAP measures provide useful information to management and investors by isolating certain expenses, gains and losses that may not be indicative of the Company’s core operating results and business outlook. In addition, PhotoMedex believes non-GAAP measures enhance the comparability of results against prior periods. Reconciliation to the most directly comparable GAAP measure of all non-GAAP measures included in this press release is as follows:
(Unaudited)
*PhotoMedex, Inc. merged with Radiancy, Inc. in a reverse acquisition on December 13, 2011. Therefore, the operating results of PhotoMedex for the three- and 12-month periods ended December 31, 2011 only include activity from the pre-merged PhotoMedex from December 13, 2011 through December 31, 2011.
Conference Call
PhotoMedex will hold a live investor conference call to discuss the Company’s 2012 fourth quarter and annual results and to answer questions today, March 13, 2013 beginning at 11:00 a.m. EST (5:00 p.m. Israel time).
To participate in the conference call, dial toll-free 888-271-8602 in the United States, or International/toll 913-312-0724 (and confirmation code # 6431670). For the convenience of our Israeli participants, a local toll-free number (1-80-924-6064) has been set up (the confirmation code remains the same # 6431670). If you are unable to participate in the live call, an archived digital replay of the call will be available from 2:00 p.m. EST, Wednesday, March 13 to 2:00 p.m. EST Wednesday, March 27, 2013 by dialing toll-free 888-203-1112 or International/toll 719-457-0820 (Israeli participants may dial local toll-free 1-80-924-6038) and using confirmation code # 6431670.
The live webcast of PhotoMedex, Inc.’s quarterly and annual 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 has been completed.
About PhotoMedex
PhotoMedex is a global skin health company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians and consumers. The company provides proprietary products and services that address skin diseases and conditions including psoriasis, vitiligo, acne, actinic keratosis (a precursor to certain types of skin cancer) and photo damage. Its experience in the physician market provides the platform to expand its skin health solutions to spa markets, as well as traditional retail, online and infomercial outlets for home-use products. As a result of its December 2011 merger with Radiancy Inc., PhotoMedex has added a range of home-use devices under the no!no!™ brand, for various indications including hair removal, acne treatment and skin rejuvenation. The company also offers a professional product line for acne clearance, skin tightening, psoriasis care and hair removal sold to physician clinics and spas.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements, including, but not limited to, statements relating to PhotoMedex’s future financial performance, strategies, potential sales and earnings growth, and some portions of the conference call, particularly those describing PhotoMedex' strategies, operating expense reductions and business plans will also contain “forward-looking statements”, each within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any statements of the plans, strategies and objectives of management for future operations; any statements regarding product development, product extensions, product integration or product marketing; any statements regarding continued compliance with government regulations, changing legislation or regulatory environments; any statements of expectation or belief and any statements of assumptions underlying any of the foregoing. In addition, there are risks and uncertainties related to successfully integrating the products and employees of the Company and Radiancy, as well as the ability to ensure continued regulatory compliance, performance and/or market growth. These risks, uncertainties and other factors, and the general risks associated with the businesses of the Company described from time-to-time under the caption “Risk Factors” and elsewhere in the Company’s SEC filings and reports and other documents filed with the SEC, could cause actual results to differ materially from those referred to, implied or expressed in the forward-looking statements. The Company cautions readers not to rely on these forward-looking statements. All forward-looking statements are based on information currently available to the Company, inherently involve significant risks and uncertainties and are qualified in their entirety by this cautionary statement. The Company anticipates that subsequent events and developments will cause its views to change. The information contained in this conference call speaks as of the date hereof and the Company has or undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
-- Financial Statements follow --
PHOTOMEDEX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
Dec. 31,
Year Ended
Dec. 31,
$
132,082
*PhotoMedex, Inc. merged with Radiancy, Inc. in a reverse acquisition on December 13, 2011. Therefore, the operating results of PhotoMedex for the three- and 12-month periods ended December 31, 2011 only include activity from the pre-merged PhotoMedex from December 13, 2011 through December 31, 2011.
* PhotoMedex, Inc. merged with Radiancy, Inc. in a reverse acquisition on December 13, 2011. Therefore, the operating results of PhotoMedex for the three- and 12-month periods ended December 31, 2011 only include activity from the pre-merged PhotoMedex from December 13, 2011 through December 31, 2011.
PHOTOMEDEX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
PHOTOMEDEX, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Net cash (used in) provided by financing activities
* PhotoMedex, Inc. merged with Radiancy, Inc. in a reverse acquisition on December 13, 2011. Therefore, the operating results of PhotoMedex for the three- and 12-month periods ended December 31, 2011 only include activity from the pre-merged PhotoMedex from December 13, 2011 through December 31, 2011.
LHA
Kim Sutton Golodetz, 212-838-3777
Kgolodetz@lhai.com
or
Bruce Voss, 310-691-7100
Bvoss@lhai.com
@LHA_IR_PR
or
PhotoMedex, Inc.
Dennis McGrath, 215-619-3287
Chief Financial Officer
info@photomedex.com
Source: PhotoMedex, Inc.