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Cynosure Reports Third-Quarter 2013 Financial Results
Date:10/29/2013

WESTFORD, Mass., Oct. 29, 2013 /PRNewswire/ -- Cynosure, Inc. (NASDAQ: CYNO), which develops and markets laser- and light-based aesthetic treatment systems for high-volume applications, today announced financial results for the three months ended September 30, 2013.  Third-quarter 2013 financial results incorporate the acquisition of Palomar Medical Technologies, which was completed on June 24, 2013.Third-Quarter 2013 Financial Highlights

  • Total revenues increase 64% to $60.7 million
  • Non-GAAP net income of $5.3 million, or $0.23 per diluted share, excluding acquisition costs
  • GAAP net loss of $1.3 million, or $0.06 per share, including acquisition costs
  • $102.1 million in cash, short-term investments and marketable securities at September 30, 2013 
  • Acquisition remains on track to achieve $8 million to $10 million in cost synergies
  • "Our first full quarter as a combined company demonstrated the complementary nature of the Cynosure and Palomar businesses, the breadth of our laser- and light-based aesthetic product lines and our strong global distribution capabilities," said Michael Davin, Cynosure's Chairman, CEO and President.  "Primarily related to the acquisition of Palomar, third-quarter 2013 laser revenues were up 62% to $50.1 million compared with $31.0 million for the same period of 2012, reflecting growth in both North American and international distribution channels."

    "Revenues for the third quarter of this year were distributed across multiple applications, with particular demand in areas such as skin resurfacing, wrinkle reduction, tattoo removal, body contouring, hair removal, and benign pigmented lesions," Davin continued. "PicoSure™, our new flagship product for removal of tattoos and benign pigmented lesions, continues to be well received by physicians and consumers."<
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    SOURCE Cynosure, Inc.
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