Cynosure Provides Preliminary Financial Results for the Fourth Quart... ( Company Outlines Steps Taken to Reduc...)

Cynosure Provides Preliminary Financial Results for the Fourth Quarter of 2008

Date:1/15/2009

Company Outlines Steps Taken to Reduce Expenses in Light of Economic Downturn and Challenging Credit Environment

WESTFORD, Mass., Jan. 15 /PRNewswire-FirstCall/ -- Cynosure, Inc. (NASDAQ: CYNO), a leading developer and manufacturer of a broad array of light-based aesthetic treatment systems, today announced preliminary financial results for the fourth quarter ended December 31, 2008.

Cynosure expects to report fourth-quarter 2008 revenues of $25 million to $26 million, reflecting the global economic downturn and weakening credit environment. This compares with revenues of $36.6 million for the fourth quarter of 2007. The company expects to report a GAAP net loss for the fourth quarter of 2008 of $2.2 million to $2.7 million, or $0.17 to $0.21 per share, compared with GAAP net income of $5.3 million, or $0.41 per diluted share, for the same period in 2007. Financial results for the fourth quarter of 2008 are expected to include a bad debt charge of approximately $2.5 million. This charge is related to uncollectible accounts from certain customers affected by the overall economic environment and the tightening of credit markets, which subsequently caused a number of practitioners to be unable to meet their payment obligations. Cash, cash equivalents, marketable securities and investments at December 31, 2008 are expected to increase approximately $3 million to approximately $95 million from $92.3 million as of September 30, 2008.

These preliminary financial results are unaudited. Cynosure plans to announce its full audited financial results for the three and 12 months ended December 31, 2008 before the opening of the market on Tuesday, February 10, 2009.

"The effect of the global economic crisis on the aesthetic laser industry has been swift and severe, hampering the ability of many prospecti
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SOURCE Cynosure, Inc.
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