"Despite the challenging environment, we remain unwavering in our commitment to technology and leading the industry through innovation," Davin said. "We continue to invest in our R&D pipeline and have several promising programs underway. In addition, our funded development agreement with Unilever has commenced, and we have taken the first steps toward creating a light-based skin rejuvenation device for the over-the-counter market."
"Although the third quarter traditionally has been the weakest for the aesthetic industry, we are hopeful that the macroeconomic environment will begin to stabilize as we move through the balance of 2009," Davin said. "We continue to carefully manage our business, with the goal to be cash flow neutral for the year. In addition, we are excited about our long-term prospects. We believe we have the global presence, product portfolio, distribution strength and brand reputation to extend our leadership position in the aesthetic industry."
Company Announces Share Repurchase Plan
Cynosure also announced today that its Board of Directors has authorized the repurchase of up to $10 million of the company's common stock from time to time on the open market or in privately negotiated transactions.
"At current levels, we believe the company's stock is attractively valued," Davin said. "This action reflects our ongoing commitment to improving the investment value of our stock while at the same time growing our business."
The timing and amount of any shares repurchased will be determined by the company's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 p
|SOURCE Cynosure, Inc.|
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