Palomar receives FDA approval for wrinkle treatment
BURLINGTON, Mass. Palomar Medical Technologies on Friday announced that it received a 510(k) over-the-counter clearance from the Food and Drug Administration for a patented, home-use laser device indicated for the treatment of wrinkles around the eyes.
“This FDA clearance for a laser to treat wrinkles in the home opens up a tremendous opportunity to tap into the multi-billion dollar consumer skin care market with our patented technology,” stated Joseph Caruso, Palomar CEO. “The professional treatment of fine lines and wrinkles using lasers has been well established and proven to be safe and effective for years in the doctors’ office using large and expensive lasers. With this breakthrough, consumers will be able to use similar technology in the privacy of their own home for a fraction of the cost.
The device was developed by Palomar and completed together with Johnson & Johnson Consumer Companies under a previously announced agreement to develop light-based anti-aging devices.
Ulta lowers guidance, despite comps rebound
ROMEOVILLE, Ill. Ulta experienced a drop in customer traffic in the days leading up to Christmas and, despite a rebound to positive comps since the holiday, the beauty retailer has lowered its guidance.
“We were on track during the early weeks of the fourth quarter to deliver our guidance; however, we experienced a significant drop in customer traffic in the 10 key days leading up to Christmas,” stated Lyn Kirby, president and CEO. “We believe that the unprecedented level of discounting and promotion in the apparel category in the last days before Christmas resulted in consumers favoring apparel. Additionally, our customer traffic was negatively impacted by the unusually bad weather just prior to Christmas.”
Kirby noted that the company will continue to work to bolster market share by investing in its stores, brand, marketing and talent. The company, which operates 304 stores across 35 states, has “the financial flexibility to invest in market share strategies and square footage expansion,” Kirby stated.
For the fourth, the company now estimates sales to be between $339 million and $343 million. Previously, the company expected sales to be between $354 million and $368 million. Same-store sales are expected to be between minus 6% and minus 5%, compared with its previous guidance of minus 2% and plus 2%. Income per diluted share is expected to range between 18 cents and 19 cents compared with its previous guidance of between 24 cents and 28 cents.
For the full year, the company now expects net sales to range between $1.082 billion and $1.086 billion compared with its previous guidance of between $1.1 billion and $1.11 billion. Same-store sales are expected to be flat to plus 0.4%. Income per diluted share is currently estimated to be between 41 cents and 42 cents. Previously, the company expected income per diluted share to be between 47 cents and 51 cents. The full year guidance excludes the 1 cent per share severance expense.
Coty announces new CFO
NEW YORK Coty Inc. has confirmed that Michael Fishoff, Coty’s CFO, left the company at the end of December.
He will be replaced by Sergio Pedreiro, who most recently was CFO of the Brazil-based logistics company America Latina Logistica, known as ALL.
Pedreiro is scheduled to begin his new role at Coty on Feb. 1.