WESTFORD, Mass., April 30, 2013 /PRNewswire/ -- Cynosure, Inc. (NASDAQ: CYNO) today announced financial results for the three months ended March 31, 2013.
Revenues for the first quarter of 2013 increased 19% to $40.7 million from $34.2 million for the same period of 2012, reflecting top-line growth across all geographic regions.
On an adjusted basis, excluding costs associated with the Company's pending acquisition of Palomar Medical Technologies, Inc., net income for the first quarter of 2013 was $2.1 million, or $0.12 per diluted share. Net income under GAAP (Generally Accepted Accounting Principles), which includes the acquisition-related costs, was $1.2 million, or $0.07 per diluted share, for the first quarter of 2013, compared with $0.8 million, or $0.06 per diluted share, for the first quarter of 2012.
"Higher revenue, a favorable product mix and strong operating leverage contributed to a positive first quarter for Cynosure," said Cynosure's President and Chief Executive Officer Michael Davin. "Laser product revenue increased 21 percent to $34.1 million from $28.1 million for the same period of 2012. Each of our distribution channels posted year-over-year gains, with particularly robust growth coming from our North American direct sales channel, our Asian subsidiaries and third-party distributors. These results speak to the success of both new product introductions in the United States and a number of recent marketing clearances we have received in key international territories."
The first quarter of 2013 was highlighted by Cynosure's U.S. launch of its newest flagship product, the non-invasive PicoSure™ Picosecond Laser Workstation, at the American Academy of Dermatology (AAD) Annual Meeting in March. PicoSure is the world's first picosecond laser indicated for the removal of tattoos and benign pig
|SOURCE Cynosure, Inc.|
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