The Palomar Medical Technologies Inc., a hair removal products maker, posted the loss of their revenue in the global economy drove down sales, the company said.

The Burlington, Mass - based (Nasdaq: PMTI) company reported a net loss of $420,116 in the fourth-quarter. The company reported of $3.5 million profit during the year earlier period.

Nearly 46%  loss came as revenue $13.3 million, compared to $24.5 million during the same period year of 2007.

In year of 2007, the company recorded a profit of $20.5 million. For the year Palomar reported a loss of $68,165.

According to Joseph P. Caruso, CEO of Palomar said in news release “The decrease in reveneue across the sector has been severe and swift, driven by the inability of many prospective customers to obtain financing and prompting others of delay their capital equipment purchases until the economic conditions improve”.