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Inventory reduction at Japanese distributor hits PhotoMedex

  • PhotoMedex (PHMD) slides 11% premarket as the company's Q3 numbers come up short of estimates.
  • Revenues fall 19% Y/Y. The weakness is attributed to the company's Japanese distributor who is implementing a business model change. PHMD also says the timing of a HSN 24-hour "event" made Q3 a tough compare.
  • PHMD says demand at the retail level in Japan was on par with Q3 2012.
  • Management sees $55M in Q4 revenue assuming not contribution from Japan. Consensus is $57.5M. (PR)
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