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Cynosure Reports Second Quarter 2009 Financial Results
Date:7/28/2009

g. The 46-watt workstation enables a physician to liquefy and remove larger areas of unwanted fat in about half the time required by the original 32-watt Smartlipo MPX system.

Six-Month Results

For the six months ended June 30, 2009, revenues decreased approximately 53% to $35.6 million from $76.0 million for the same period in 2008. For the six months ended June 30, 2009, gross profit margin decreased to 59.2% of total revenues, compared with 66.8% for the same period in 2008. Net loss for the first half of 2009 was $6.3 million, or $0.50 per basic and diluted share, compared with net income of $9.5 million, or $0.75 per diluted share, for the same period in 2008.

"Through the first six months of 2009 we have reduced expenses by approximately 15% compared with first six months of 2008, largely through the cost-reduction efforts we put in place early this year," Davin said. "We remain on track to achieve our previously stated goal of annualized operating expense savings of between $14 million and $18 million in 2009. We were cash flow neutral in the second quarter and maintained our cash, cash equivalents and short-term investments balance of approximately $89 million. As a result of solid execution from our sales and finance teams, we substantially reduced our days sales outstanding to 75 days as of June 30 from 108 days as of March 31."

Business Outlook

"We are encouraged by some of the positive signs that we experienced in the second quarter," Davin said. "A number of regions in our recently expanded international distribution network delivered solid performance. Our latest product introduction -- the Smartlipo MPX 46-watt workstation -- and recent product enhancements, such as ThermaGuide and ThermaView, have received an enthusiastic response from the marketplace. Attendance at our workshops and webinars has been strong. While econ
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SOURCE Cynosure, Inc.
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