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Cynosure Reports Financial Results for the Fourth Quarter and Full Year 2008
Date:2/10/2009

WESTFORD, Mass., Feb. 10 /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 and 12 months ended December 31, 2008.

Fourth-Quarter 2008 Financial Results

Consistent with Cynosure's January 15, 2009 announcement, revenues for the three months ended December 31, 2008 were $25.5 million, reflecting the effect of deteriorating global economic conditions and a weakening credit environment in the aesthetic laser industry. Revenues for the comparable period of 2007 were $36.6 million. Gross margin for the fourth quarter of 2008 was 61.0% of total revenues, compared with 65.9% for the same period in 2007. The decline in gross margin was attributable to pricing pressure and a shift in the geographic product mix in the fourth quarter of 2008, which saw a higher percentage of laser revenue from the company's international customers than in the comparable quarter of 2007.

Net loss for the fourth quarter of 2008 was $2.5 million, or $0.20 per basic share. For the comparable period of 2007, Cynosure reported net income of $5.3 million, or $0.41 per diluted share. Results for the fourth quarter of 2008 included a bad debt charge of $2.7 million 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 to Cynosure.

On a non-GAAP basis, which excludes stock-based compensation expense and its related income tax effects, the net loss was $1.9 million, or $0.15 per basic share, for the fourth quarter of 2008, compared with non-GAAP net income of $5.9 million, or $0.46 per diluted
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SOURCE Cynosure, Inc.
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