A few days after raising its guidance, and following an 8% rise in its share price in three sessions, biomed company PhotoMedex Inc. (Nasdaq: PHMD; TASE: PHMD) Inc. has announced the signing of a two-year extension with Ya-Man, the exclusive distributor of its no!no! brand in Japan. The new agreement calls for minimum order quantities and advertising budgets consistent with the existing agreement, which was due to expire on December 31, 2012. According to PhotoMedex, independent research shows that no!no! Hair is the leading women’s hair removal device in Japan, accounting for more than 50% of all retail sales.
PhotoMedex has a market cap of $311 million.
PhotoMedex CEO Dr. Dolev Rafaeli said, “Ya-Man has been a strong distribution partner for the no!no! brand for the past three years and we are delighted to renew the agreement and our partnership, which further advances our market-leading position in Japan. We expect continued growth of no!no! products there through our finely honed consumer marketing program and the excellent work Ya-Man is doing, supported by brand extensions into other categories including the no!no! line for men."
Last week, PhotoMedex announced that it expected revenue for the fourth quarter of 2012 to increase by more than 80% year over year and to be between $52 million and $54 million. This compares with previous guidance for fourth quarter revenue to increase by more than 60% over the same quarter of 2011, and to be between $46 million and $48 million. The company attributed the quarterly revenue outperformance to the efficiency of holiday advertising in the Consumer business segment that is yielding sales above prior forecasts, as well as better-than-expected results in the Company’s Physician Recurring and Professional business segments.
Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2012
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