BUSINESSWEEK'S HOT GROWTH COMPANIES

Hot Growth Special Report 2006 >

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Palomar Medical Technologies (PMTI)

If the mantra of the Baby Boom generation is to grow older without showing it, then Palomar is in prime position to cater to this aging but burgeoning market. The company, founded in 1987, was one of the first to win Food & Drug Administration approval for a laser-based hair-removal machine, and the technology continues to be a favorite among patients and physicians. Palomar's technology uses pulsed light -- bundles of energy -- not only to remove hair, but also to smooth wrinkles and erase unsightly veins. In 2005, the Burlington (Mass.)-based company's sales flew 40% to $76.2 million, while net income shot up 70% to $17.5 million. Product-development deals with Procter & Gamble's (PG) Gillette unit and Johnson & Johnson (JNJ) could boost Palomar's profile in the growing market for age-defying products.

Company Info

2005 Rank

4

Market Value*
($ Millions)

729.7

Sales*
($ Millions)

81.6

Sales Growth
(3-yr. avg. annual)

44.8 %

Profits*
($ Millions)

20.2

Profit Growth
(3-yr. avg. annual)

600.1 %

Return on Inv. Capital (3-yr.)

31.2 %

Share Price
12-Mo. Hi/Lo

43/21

Share Price
As of 4/28/06

42

Return on Equity

33.9 %

P/E Ratio

41

No. of Employees

188

Industry Health Care Equipment
CURRENT
MARKET INFO

PMTI >

COMPANY WEB SITE >
Location Burlington, Mass.
Phone 781 993-2300
*Trailing 12 months
Stock price data as of 4/28/06
DATA: Standard & Poor's Compustat

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Company Snapshot

Palomar Medical Technologies engages in the research, development, manufacture, marketing, sale, and distribution of light-based products for medical and cosmetic treatments. It offers products for hair removal; non-invasive treatment of facial, leg veins, and other benign vascular lesions, such as rosacea, spider veins, port wine stains, and hemangiomas; removal of benign pigmented lesions, such as age and sun spots; tattoo removal; acne treatment; wrinkle removal; Pseudofolliculitis Barbae or PFB treatment; treatment of red pigmentation in hypertrophic and keloid scars; treatment of verrucae, skin tags, and seborrheic keratosis; deep tissue heating for relief of muscle and joint pain; and other skin treatments. The company has its operations in the U.S., Japan, Canada, Europe, Australia, Asia-Pacific, and South and Central America. Palomar Medical Technologies was founded in 1987 and is headquartered in Burlington, Mass.


Data provided by Capital IQ
 
Joseph P. Caruso

Joseph P. Caruso, 47

Chief Executive Officer, President and Director


Total Compensation*

$ 552,200

Total Options Value*

$ 12,450,880

* Fiscal Year 2005


Executive Bio

Joseph Caruso has been one of Palomar Medical Technologies' directors since October, 2001. Since May, 2002, Caruso has served as Palomar Medical Technologies' chief executive and president and is responsible for all aspects of operational controls. Caruso served as Palomar Medical Technologies' president and chief operating officer since May, 2001. From 1992 until May, 2002, Caruso served as Palomar Medical Technologies' vice-president and chief financial officer. Caruso was also strategically involved in Palomar Medical Technologies' restructuring during the past few years. From 1981 to 1992, Caruso was a CFO for a private manufacturing company and a manager with an international public accounting firm.


Management Team

Key Executives

Joseph P. Caruso; Paul S. Weiner; Patricia A. Davis; Louis P. Valente; Gregory Altshuler; Steven Armstrong; Paul F. Wiener; Douglas Baraw; Robert Brody; Michael DiToro; Jeffrey Knight; Michail Pankratov; Michael H. Smotrich

Board Directors

Jeanne Cohane; Nicholas P. Economou; James G. Martin; A. Neil Pappalardo; Louis P. Valente; Joseph P. Caruso


Executive Data provided by Capital IQ