BURLINGTON, Mass., Nov. 15 -- Palomar Medical Technologies Inc. has reported revenues of $2.9 million for the quarter ended September 30, 1999. The company attributed the decline from last year's third-quarter revenues of $13.8 million to the sale of Palomar's subsidiary, Star Medical Technologies. Revenues for the first nine months of fiscal 1999 dropped to $21.9 million from the $30 million recorded in the same period in 1998.
Louis P. Valente, Palomar's chairman and CEO, noted that the third quarter saw the completion of the company's expanded research agreement with Massachusetts General Hospital, which will allow Palomar to focus on technology to develop more advanced laser hair-removal products. Valente stated that the agreement will also enable the company to focus on product lines for new markets, such as fat and acne, which could hold more potential than hair removal.