Skin care products company PhotoMedex Inc. (Nasdaq: PHMD; TASE: PHMD) published strong financials for the third quarter of 2012 yesterday, but its share price fell, apparently on its revenue guidance of $46-48 million for the fourth quarter, less than for the third quarter.
PhotoMedex's share price fell 3.9% on Nasdaq yesterday to $12.06, giving a market cap of $259 million, and fell 4.3% on the TASE today to NIS 47.77, but is up 2% in premarket trading on Nasdaq today.
PhotoMedex's revenue rose 63% to $56.7 million for the third quarter from $34.7 million for the corresponding quarter of 2011, which did not include revenue from the subsequent merger with Radiancy. Net profit rose 77% to $7.5 million ($0.35 per share) for the third quarter from $4.2 million for the corresponding quarter.
Cash flow from operations was $8.7 million in the third quarter, and the company bought back shares for $5.3 million. Cash and cash equivalents totaled $54 million at the end of September.
PhotoMedex CEO Dr. Dolev Rafaeli said, "In the coming months we are looking forward to expanding our consumer marketing in the US for XTRAC for the treatment of psoriasis and Neova to help reverse the effects of sun-damaged skin, and to expanding our international market for the no!no! Hair family of products."
Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2012
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