Last $1.81 USD
Change Today -0.04 / -2.16%
Volume 117.6K
As of 12:33 PM 03/6/15 All times are local (Market data is delayed by at least 15 minutes).

photomedex inc (PHMD) Snapshot

Open
$1.84
Previous Close
$1.85
Day High
$1.96
Day Low
$1.77
52 Week High
03/18/14 - $16.82
52 Week Low
12/16/14 - $1.01
Market Cap
36.9M
Average Volume 10 Days
408.1K
EPS TTM
$-0.77
Shares Outstanding
20.4M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
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Current Stock Chart for PHOTOMEDEX INC (PHMD)

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photomedex inc (PHMD) Details

PhotoMedex, Inc., a skin health company, provides integrated disease management and aesthetic solutions to dermatologists, professional aestheticians, and consumers in North America, the Asia Pacific, Europe, and South America. The company operates in three segments: Consumer, Physician Recurring, and Professional. It offers products and services that address skin diseases and conditions, including psoriasis, vitiligo, acne, and photo damage. The company also provides a range of home-use devices under the no!no! brand name for various indications, such as hair removal, acne treatment, skin rejuvenation, and lower back pain; and a professional product line for acne clearance, skin tightening, psoriasis care, and hair removal to physician clinics and spas. In addition, it offers XTRAC excimer lasers used for the treatment of psoriasis and other skin diseases; NEOVA skin care products for preventing premature skin aging due to ultraviolet-induced DNA damage; and Omnilux light therapy systems to treat wrinkles, acne, minor muscle pain, and pigmented lesions. Further, the company provides Lumière light therapy equipment for use in non-medical applications, as well as a line of topical lotions to improve the appearance of fine lines, wrinkles, skin tone, and blemishes. Additionally, it develops, manufactures, and sells surgical products, including proprietary free-beam and Contact Laser systems for surgery; sells surgical disposables and accessories to hospitals and surgery centers; and repairs, maintains, and replaces parts on its products. PhotoMedex, Inc. was founded in 1980 and is headquartered in Horsham, Pennsylvania.

168 Employees
Last Reported Date: 03/17/14
Founded in 1980

photomedex inc (PHMD) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: $450.0K
President, Chief Financial Officer, Treasurer...
Total Annual Compensation: $337.5K
Compensation as of Fiscal Year 2013.

photomedex inc (PHMD) Key Developments

PhotoMedex, Inc., Radiancy, Inc., PhotoMedex Technology, Inc. and Lumiere, Inc. Enter into Second Amended and Restated Forbearance Agreement with Lenders of Credit Agreement

Effective February 28, 2015, PhotoMedex, Inc. and its subsidiaries Radiancy, Inc.; PhotoMedex Technology, Inc.; and Lumiere, Inc. (collectively, the ‘company’), entered into an Second Amended and Restated Forbearance Agreement (the 'Second Amended Forbearance Agreement') with the lenders (the ‘Lenders') that are parties to the Credit Agreement dated May 12, 2014, and with JP Morgan Chase, as Administrative Agent for the Lenders. Under the Credit Agreement, the company obtained $85 million in senior secured credit facilities (the facilities), which included a $10 million revolving credit facility and a $75 million four-year term loan. The balance of the principle indebtedness has been reduced to $40,568,203, following the sale of the company's subsidiary, LCA-Vision, Inc., and the application of the proceeds from that sale to the outstanding balance of the Facilities. The Credit Agreement contained financial covenants, including a maximum leverage covenant and a minimum fixed charge covenant, which the company is required to maintain; the targets for those covenants are determined quarterly based on a rolling average of the past four quarters of financial data. As previously disclosed, the company had failed to meet both financial covenants for the fiscal quarters ending prior to December 31, 2014 (collectively, the 'Specified Events of Default') and consequently is in default of the Facilities. On August 4, 2014, the company received a notice of default and a reservation of rights from Chase and engaged a third-party independent advisor to assist the company in negotiating a longer term solution to the defaults. The parties had entered into an initial Forbearance Agreement (the 'Initial Forbearance Agreement') on August 25, 2014. The parties had also entered into an Amended and Restated Forbearance Agreement (the Amended Forbearance Agreement) dated October 31, 2014. Pursuant to the terms of the Second Amended Forbearance Agreement, the Lenders have agreed to forbear from exercising their rights and remedies with respect to the Specified Events of Default from August 25, 2014 until April 1, 2016, or earlier if an event of default occurs (the 'Forbearance Period'). Chase and the Lenders agreed that the company shall not be obligated to pay the principal amounts in Section 2.08(b) of the Credit Agreement for any date identified therein during the period beginning on February 28, 2015 and ending on the end of the Forbearance Period (the 'Effective Period'), and that any failure to do so shall not constitute a default or event of default. Instead, the Lenders and the company agreed that the company would make prepayments against the Term Loan of $250,000 on the first business day of each month during the Forbearance Period, which will be applied in direct order of maturity. The company also agreed that, on or before the fifth calendar day of each month, the company would pay against the Term Loan $125,000 to the extent that the cash-on-hand exceeds $5 million, and 100% of the cash-on-hand in excess of $7 million, also to be applied to the Term Loan in inverse order of maturity. Under the provisions of the Second Amended Forbearance Agreement, the company will not have to comply with certain financial covenants contained in Section 6.11 of the Credit Agreement for the Forbearance Period, and that any failure to do so shall not constitute a default or event of default. However, the company will have to meet certain minimum EBITDA targets for the quarters ending March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015. Pursuant to the Second Amended Forbearance Agreement, all loans under the Facilities shall, beginning November 1, 2014, bear interest at the CB Floating Rate (as defined in the Credit Agreement) plus 4.00%. Additionally, following the occurrence and continuance of any default or event of default (other than a Specified Event of Default), the company's obligations under the Facilities shall, at the option of Chase and the Lenders, bear interest at the rate of 2.00% plus the rate otherwise in effect.

PhotoMedex, Inc.(TASE:PHMD) dropped from TA-100 Index

PhotoMedex, Inc. will be removed from the TA-100 Index.

PhotoMedex, Inc. Announces Chairman Changes

MELA Sciences, Inc. announced that its Board of Directors has named Michael R. Stewart, 57, as the company's next President and Chief Executive Officer, effective December 15, 2014. Stewart will resign his position at PhotoMedex effective December 14. Mr. O'Donnell will serve as Executive Chairman during the interim period.

 

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