WESTFORD, Mass., July 28 /PRNewswire-FirstCall/ -- Cynosure, Inc. (Nasdaq: CYNO), a leading developer and manufacturer of a broad array of light-based aesthetic treatment systems, today announced financial results for the three months ended June 30, 2009.
Second Quarter 2009 Financial Results
Revenues for the three months ended June 30, 2009 were $20.8 million, compared with $39.2 million in the same period of 2008 and $14.8 million in the first quarter of 2009. The decline from the second quarter of 2008 reflected the ongoing global economic recession and the continued restrictive credit environment in the aesthetic laser industry. The increase from the first quarter of 2009 reflected a strengthening international market coupled with a slight improvement in the North American markets. Gross margin for the second quarter of 2009 was 58.0% of total revenues, compared with 67.1% for the same period of 2008 and 60.9% in the first quarter of 2009. The decline in gross margin in the second quarter of this year compared with the second quarter of 2008 and the first quarter of 2009 reflected a higher percentage of laser revenue from international distribution, where the company's products tend to have lower sales prices.
Cynosure reported a net loss for the second quarter of 2009 of $2.3 million, or $0.18 per basic and diluted share, compared with net income of $4.7 million, or $0.36 per diluted share, in the second quarter of 2008, and a net loss of $4.0 million, or $0.32 per basic and diluted share, in the first quarter of 2009.
"An increased contribution from international markets helped to offset the continued challenges in North America in the second quarter," said Cynosure's President and Chief Executive Officer Michael Davin.
|SOURCE Cynosure, Inc.|
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