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In Brief: Palomar Medical

This article was originally published in The Gray Sheet

Executive Summary

Palomar Medical: Plans to record a $23 mil. restructuring charge "in addition to an estimated $14 mil. operating loss for the third quarter," the firm states Sept. 30. The charge, which is related to the firm's plans to "focus operations in the cosmetic laser core business," includes $21 mil. in "non-cash charges" and consists of: $11 mil. in "write-offs of outside investments in non-core businesses"; $7 mil. "in reserves against assets in Palomar's non-core subsidiaries"; $3 mil. in reserves "against divesting a start-up overseas subsidiary and restructuring core business operations"; and a $2 mil. reserve for "severance costs associated with consolidating...selling, general and administrative functions, which includes the closing of certain facilities"...
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