PhotoMedex Ranked 31st in Deloitte's Technology Fast 50 Program for Greater Philadelphia

2008-10-31 19:56:00 -

- PhotoMedex, Inc. (NASDAQ: PHMD) has been named to Deloitte's prestigious Fast 50 Program for Greater Philadelphia, a ranking of the 50 fastest growing technology, media, telecommunications and life sciences companies in the area by Deloitte LLP, one of the leading professional services organizations in the U.S. Rankings are based on the percentage revenue growth over five years from 2003-2007.

Jeff O'Donnell, president and CEO of PhotoMedex, said, "Greater insurance reimbursement and the subsequent increase in XTRAC sales contributed to the Company's 171% growth in revenues from 2003-2007. This led to our ranking as number 31 in the Technology Fast 50 for Greater Philadelphia."

"Sustaining high revenue growth over five years is an exceptional accomplishment," said Michael J. Purcell, Greater Philadelphia Marketplace Technology, Media and Telecommunications Leader, Deloitte & Touche LLP. "We commend PhotoMedex for making the commitment to technology and delivering on the promise of market longevity. We are proud to name PhotoMedex to Deloitte's Fast 50."

The Greater Philadelphia Technology Fast 50 program is presented by Deloitte and sponsored by Fragomen, Del Rey, Bernsen & Loewy LLP, The Judge Group and UK Trade and Investment.

To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 2003 and $5 million in 2007, be headquartered in North America, and be a company that owns proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify.

Winners of the regional Fast 50 programs in the United States and Canada are automatically entered in Deloitte's Technology Fast 500 program, which ranks the top 500 fastest growing technology, media, telecommunications and life sciences companies. For more information on Deloitte's Fast 50 or Fast 500 programs, visit www.fast500.com.

About PhotoMedex

PhotoMedex offers a wide range of products and services across multiple specialty areas, including dermatology, urology, gynecology, orthopedics and other surgical specialties. PhotoMedex is a leader in the development, manufacturing and marketing of medical laser products and services. PhotoMedex also develops and markets products based on its patented, clinically proven Copper Peptide technology for skin health, hair care and wound care. PhotoMedex sells directly to dermatologists, plastic and cosmetic surgeons, spas and salons and through licenses with strategic partners into the consumer market, including a long-term worldwide license agreement with Neutrogena(R), a Johnson & Johnson company. ProCyte brands include Neova(R), Ti-Silc(R), VitalCopper(R), Simple Solutions(R) and AquaSante(R).

Safe Harbor Statement

Some portions of the conference call, particularly those describing PhotoMedex' strategies, operating expense reductions and business plans and the other proposed transactions described in this press release, will contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While PhotoMedex is working to achieve those goals, actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including continued increase in XTRAC procedures performed, difficulties in marketing its products and services, need for capital, competition from other companies, risks relating to technology and product development, market acceptance, government regulation and regulatory approval processes, intellectual property rights and litigation, dependence on strategic partners, the closing of the proposed Photo Therapeutics acquisition, and the related financing from Perseus, L.L.C. (the "Proposed Financing") and the benefits and risks of this proposed acquisition and related financing, and other factors, any of which could have an adverse effect on the business plans of PhotoMedex, its reputation in the industry or its results. In light of significant uncertainties inherent in forward-looking statements included herein and in the conference call, the inclusion of such information in the conference call should not be regarded as a representation by PhotoMedex or its subsidiaries that the forward-looking statements will be achieved. For further details and a discussion of these and other risks and uncertainties, please see our annual report on 2007 Annual Report on Form 10-K, filed with the SEC on March 17, 2008, as amended by the Company's annual report on Form 10-K/A, and our other period reports which are on file with the SEC. We undertake no obligation to publicly update any forward-looking statement, either as a result of new information, future events or otherwise.

Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz (investors), 212-838-3777
Kgolodetz@lhai.com
or
Bruce Voss, 310-691-7100
Bvoss@lhai.com
or
PhotoMedex, Inc.
Dennis McGrath, CFO, 215-619-3287
info@photomedex.com