PhotoMedex Inc. (PHMD, Financial) filed Quarterly Report for the period ended 2012-06-30.
Photomedex, Inc. has a market cap of $262.7 million; its shares were traded at around $12.23 with and P/S ratio of 2.
Direct to Consumer. Revenues for the three months ended June 30, 2012 were $33,696 compared to $19,268 for the same period in 2011. Revenues for the six months ended June 30, 2012 were $65,212 compared to $39,331 for the same period in 2011. The increase of 75% and 66%, respectively, were mainly due to our successful marketing programs which have led to rapid year-over-year revenue growth. Additionally, in May 2011, we launched marketing programs in the United Kingdom (“UK”), resulting in approximately $3,644 and $6,966 in revenues for the three and six months ended June 30, 2012, respectively, compared to $643 for the three and six months ended June 30, 2011.
For the three months ended June 30, 2012, dermatology equipment revenues were $1,294. Included in this amount were domestic XTRAC laser sales of $326 on 7 lasers sold. For the six months ended June 30, 2012, dermatology equipment revenues were $2,652. Included in this amount were domestic XTRAC laser sales of $794 on 17 lasers sold. We sell the laser directly to the customer for certain reasons, including the costs of logistical support and customer preference as well as a means of addressing under-performing accounts while preserving the vendor-customer relationship. We believe that we are able to reach, at reasonable margins, a sector of the laser market that is better suited to a sale model than a per-procedure, or consignment, model. The international sales of our XTRAC and VTRAC systems were $968 for the three months ended June 30, 2012. We sold 38 systems for the three months ended June 30, 2012, 27 of which were VTRAC systems, a lamp-based alternative UVB light source that has a wholesale sales price that is below our competitors international dermatology equipment and below our XTRAC laser. The international sales of our XTRAC and VTRAC systems were $1,858 for the six months ended June 30, 2012. We sold 67 systems for the six months ended June 30, 2012, 44 of which were VTRAC systems, a lamp-based alternative UVB light source that has a wholesale sales price that is below our competitors international dermatology equipment and below our XTRAC laser.
Gross profit increased to $46,551 for the three months ended June 30, 2012 from $28,157 during the same period in 2011. As a percentage of revenues, the gross margin decreased to 79.0% for the three months ended June 30, 2012 from 83.2% for the same period in 2011. Gross profit increased to $85,590 for the six months ended June 30, 2012 from $56,676 during the same period in 2011. As a percentage of revenues, the gross margin decreased to 78.4% for the three months ended June 30, 2012 from 82.6% for the same period in 2011.
Gross profit for the three months ended June 30, 2012 increased by $683 from the comparable period in 2011. Gross profit for the six months ended June 30, 2012 increased by $1,211 from the comparable period in 2011. The key factor for the increases was the increase in revenues. For the three months ended June 30, 2012, the gross margin percentage was 50.1% compared to 65.1% for the three months ended June 30, 2011. For the six months ended June 30, 2012, the gross margin percentage was 45.4% compared to 63.6% for the six months ended June 30, 2011. The decrease was due to the addition of the Pre-merged PhotoMedex products. The Dermatology equipment, Omnilux/Lumiere equipment and Surgical laser revenues in this segment are all generated through the Pre-merged PhotoMedex products. As we completed the reverse acquisition on December 13, 2011 these revenues/costs are included only from the completion date forward. There were no corresponding revenues/costs for the periods ended June 30, 2011.
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Photomedex, Inc. has a market cap of $262.7 million; its shares were traded at around $12.23 with and P/S ratio of 2.
Highlight of Business Operations:
International (excluding North America). In the international consumer segment, sales were approximately $12.3 million and $9.8 million for the three months ended June 30, 2012 and 2011, respectively. In the international consumer segment, sales were approximately $21.5 million and $19.3 million for the six months ended June 30, 2012 and 2011, respectively. We utilize various sales and marketing methods including sales by direct-to-consumer, sales to retailers and home shopping channels. Our main international markets are Japan, United Kingdom, Argentina and Australia. Our distribution has become geographically diverse over the past year; for example, as revenues have increased, our Japanese distributor, Ya-Man, Ltd., accounted for approximately 11% and 8% of ourDirect to Consumer. Revenues for the three months ended June 30, 2012 were $33,696 compared to $19,268 for the same period in 2011. Revenues for the six months ended June 30, 2012 were $65,212 compared to $39,331 for the same period in 2011. The increase of 75% and 66%, respectively, were mainly due to our successful marketing programs which have led to rapid year-over-year revenue growth. Additionally, in May 2011, we launched marketing programs in the United Kingdom (“UK”), resulting in approximately $3,644 and $6,966 in revenues for the three and six months ended June 30, 2012, respectively, compared to $643 for the three and six months ended June 30, 2011.
For the three months ended June 30, 2012, dermatology equipment revenues were $1,294. Included in this amount were domestic XTRAC laser sales of $326 on 7 lasers sold. For the six months ended June 30, 2012, dermatology equipment revenues were $2,652. Included in this amount were domestic XTRAC laser sales of $794 on 17 lasers sold. We sell the laser directly to the customer for certain reasons, including the costs of logistical support and customer preference as well as a means of addressing under-performing accounts while preserving the vendor-customer relationship. We believe that we are able to reach, at reasonable margins, a sector of the laser market that is better suited to a sale model than a per-procedure, or consignment, model. The international sales of our XTRAC and VTRAC systems were $968 for the three months ended June 30, 2012. We sold 38 systems for the three months ended June 30, 2012, 27 of which were VTRAC systems, a lamp-based alternative UVB light source that has a wholesale sales price that is below our competitors international dermatology equipment and below our XTRAC laser. The international sales of our XTRAC and VTRAC systems were $1,858 for the six months ended June 30, 2012. We sold 67 systems for the six months ended June 30, 2012, 44 of which were VTRAC systems, a lamp-based alternative UVB light source that has a wholesale sales price that is below our competitors international dermatology equipment and below our XTRAC laser.
Gross profit increased to $46,551 for the three months ended June 30, 2012 from $28,157 during the same period in 2011. As a percentage of revenues, the gross margin decreased to 79.0% for the three months ended June 30, 2012 from 83.2% for the same period in 2011. Gross profit increased to $85,590 for the six months ended June 30, 2012 from $56,676 during the same period in 2011. As a percentage of revenues, the gross margin decreased to 78.4% for the three months ended June 30, 2012 from 82.6% for the same period in 2011.
Gross profit for the three months ended June 30, 2012 increased by $683 from the comparable period in 2011. Gross profit for the six months ended June 30, 2012 increased by $1,211 from the comparable period in 2011. The key factor for the increases was the increase in revenues. For the three months ended June 30, 2012, the gross margin percentage was 50.1% compared to 65.1% for the three months ended June 30, 2011. For the six months ended June 30, 2012, the gross margin percentage was 45.4% compared to 63.6% for the six months ended June 30, 2011. The decrease was due to the addition of the Pre-merged PhotoMedex products. The Dermatology equipment, Omnilux/Lumiere equipment and Surgical laser revenues in this segment are all generated through the Pre-merged PhotoMedex products. As we completed the reverse acquisition on December 13, 2011 these revenues/costs are included only from the completion date forward. There were no corresponding revenues/costs for the periods ended June 30, 2011.
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