Syneron Medical Ltd. (Nasdaq:ELOS), an innovator in the
development, marketing and sales of ELOS(TM) combined-energy
medical aesthetic devices, today announced first quarter financial
results for the period ending March 31, 2005. The Company's
revenues for the first quarter of 2005 were $18.5 million, compared
to $12.1 million recorded in the first quarter of 2004. Net income
for the first quarter was $7.5 million, on a GAAP basis, compared
to net income of $5.5 million reported in the same period last
year. Results for the first quarter of 2005 included a one-time
charge in the amount of $1.1 million for expenses related to the
secondary offering and legal costs. Diluted earnings per share
(EPS) for the first quarter of 2005 were $0.27, which takes into
account $0.05 of the one-time charge, compared to diluted EPS of
$0.26 in the first quarter of 2004. Pro forma net income for the
first quarter of 2005, excluding the one-time expenses related to
the secondary offering and legal costs mentioned above, was $8.6
million. Pro forma diluted EPS were $0.32 for the first quarter of
2005, a 23% increase from $0.26 for the first quarter of 2004. Q1,
2005 sales surpass seasonally strong Q4 sales in 2004 Sales for the
first quarter demonstrated continued sequential momentum, rising 6%
over the $17.5 million in sales in the fourth quarter of 2004,
despite the seasonal tendency for the last quarter of the year to
be the strongest for the sector. The higher Q1 revenues reflected a
rise in sales across Syneron's portfolio of platforms and the
successful worldwide market introduction of the Comet(TM) system
for high-speed hair removal. The higher Q1 sales are also a result
of recent strengthening of Syneron's global distribution network.
Completion of secondary offering raises liquidity of shares During
the first quarter, Syneron successfully completed its secondary
offering, which increased the free float of shares from 5 million
to 13 million shares, equivalent to 53% of 24.6 million total
shares outstanding. The higher liquidity as a result of the
secondary issue has contributed to a notable rise in average daily
trading volume in Syneron shares, compared with the period prior to
the announcement of the transaction. Following the secondary issue,
equity research on Syneron has broadened to seven analysts,
affording Syneron widespread institutional coverage. Syneron is
confirming revenue guidance for FY2005 of $78-80 million,
representing a 36% increase over 2004. Guidance for Q2, 2005 has
been set at $18-19 million. Commenting on the higher Q1 numbers,
Moshe Mizrahy, CEO of Syneron Medical, said: "The quarterly rise in
sales during a period that is usually slower than the previous
quarter reflects Syneron Medical's continued capture of market
share. The global launch of the Comet in the first quarter, and the
introduction of the VelaSmooth(TM) cellulite treatment system at
the American Academy of Dermatology meeting in February, will serve
to further solidify our leadership position in the market this
year." Remarking on the secondary issue, Shimon Eckhouse, Chairman
of the Board, observed that: "The success of the secondary issue
and the higher trading activity in the aftermarket indicates that
we achieved significant institutional interest in Syneron, which is
supported by the higher free float of shares." Conference call
Syneron Management will host a conference call to discuss the
results and quarterly highlights at 10:00am ET today, May 3, 2005.
Investors and other interested parties may access a live webcast
through Syneron's web site at www.syneron.com. Please login at
least 10 minutes prior to the conference call in order to download
the applicable audio software. Following the conclusion of the
call, a replay of the webcast will be available within 24 hours at
the Company's web site. About Syneron Syneron Medical Ltd.
(Nasdaq:ELOS) manufactures and distributes medical aesthetic
devices that are powered by the proprietary, patented ELOS
combined-energy technology of Bi-Polar Radio Frequency and Light.
The Company's innovative ELOS technology provides the foundation
for highly effective, safe and cost-effective systems that enable
physicians to provide advanced solutions for a broad range of
medical-aesthetic applications including hair removal, wrinkle
reduction, rejuvenating the skin's appearance through the treatment
of superficial benign vascular and pigmented lesions, and the
treatment of acne, leg veins and cellulite. Founded in 2000, the
corporate, R&D, and manufacturing headquarters for Syneron
Medical Ltd. is located in Israel. Syneron has offices and
distributors throughout the world
(http://syneron.com/locations.html), including North American
Headquarters in Canada, European Headquarters in Germany, and
Asia-Pacific Headquarters in Hong Kong, which provide sales,
service and support. Additional information can be found at
www.syneron.com. Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. Specifically,
statements concerning Syneron's financial expectations regarding
financial results for the 2004 fiscal year are forward-looking
statements within the meaning of the safe harbor provisions of the
Act. Forward-looking statements are based on management's current,
preliminary expectations and are subject to risks and
uncertainties, which may cause Syneron's actual results to differ
materially from the statements contained herein. Syneron's second
quarter financial results, as discussed in this release, are
unaudited. Estimates of year-end financial results are subject to a
number of assumptions regarding the future operation of Syneron's
business. Undue reliance should not be placed on forward-looking
statements, especially guidance on future financial performance,
which speaks only as of the date such statements are made. Syneron
undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances
after the date they were made, or to reflect the occurrence of
unanticipated events. -0- *T Syneron Medical Ltd. Soltam Technology
Park P.O.B. 550 Yokneam Illit, 20692 Israel Tel: +972 4 909-6200
Fax: +972 4 909-6202 info@syneron-med.com *T Syneron, the Syneron
logo, ELOS, Comet, and VelaSmooth are trademarks of Syneron Medical
Ltd. and may be registered in certain jurisdictions. ELOS
(Electro-Optical Synergy) is a proprietary technology of Syneron
Medical. All other names are the property of their respective
owners. -0- *T SYNERON MEDICAL LTD. CONSOLIDATED STATEMENT OF
OPERATIONS U.S. dollars in thousands except per share data Three
month ended March 31, --------------------------- 2005 2005 2004
--------- -------- -------- PRO FORMA US-GAAP US-GAAP ---------
-------- -------- Revenues $18,509 $18,509 $12,130 Cost of revenues
2,581 2,581 1,440 ------- ------- ------- Gross profit 15,928
15,928 10,690 ------- ------- ------- Operating expenses Research
and development 991 991 647 Selling and marketing 5,850 5,850 4,455
General and administrative 716 716 243 One time expenses related to
follow-on secondary offering and legal costs - 1,124 - -------
------- ------- Total operating expenses 7,557 8,681 5,345 -------
------- ------- Operating income 8,371 7,247 5,345 Financial
income, net 354 354 163 ------- ------- ------- Income before taxes
on income 8,725 7,601 5,508 Taxes on income 100 100 45 -------
------- ------- Net income $ 8,625 $ 7,501 $ 5,463 ======= =======
======= Basic net earnings per share $ 0.37 $ 0.32 $ 0.32 =======
======= ======= Diluted net earnings per share $ 0.32 $ 0.27 $ 0.26
======= ======= ======= Weighted average number of shares used in
per share calculations (in thousands): Basic 23,616 23,616 17,005
======= ======= ======= Diluted 27,380 27,380 21,232 =======
======= ======= *T -0- *T SYNERON MEDICAL LTD. CONSOLIDATED BALANCE
SHEETS U.S. dollars in thousands March 31, December 31, ---------
------------ 2005 2004 --------- ------------ CURRENT ASSETS Cash
and cash equivalents $ 24,510 $ 12,468 Short-term deposits 58,290
57,893 Marketable securities 22,127 23,071 Trade receivables 11,631
8,628 Other accounts receivables and prepaid expenses 1,615 1,532
Inventories 3,618 3,134 -------- -------- Total current assets
121,791 106,726 -------- -------- LONG-TERM ASSETS Severance pay
fund 225 196 Long-term bank deposit and others 1,031 28 Long-term
trade receivables 462 754 Property and equipment, net 957 842
-------- -------- Total long-term assets 2,675 1,820 --------
-------- OTHER ASSET 1,364 1,000 -------- -------- Total assets
$125,830 $109,546 ======== ======== CURRENT LIABILITIES Trade
payables $ 2,185 $ 1,520 Other current liabilities 16,412 10,135
-------- -------- Total current liabilities 18,597 11,655 --------
-------- LONG-TERM LIABILITIES Deferred revenues 3,598 3,276
Accrued severance pay 259 214 -------- -------- Total long-term
liabilities 3,857 3,490 -------- -------- SHAREHOLDERS' EQUITY
103,376 94,401 -------- -------- Total liabilities and
shareholders' equity $125,830 $109,546 ======== ======== *T -0- *T
SYNERON MEDICAL LTD. CONSOLIDATED STATEMENT OF CASH FLOWS U.S.
dollars in thousands Three month ended March 31, -----------------
2005 2004 -------- ------- CASH FLOWS FROM OPERATING ACTIVITIES Net
income $ 7,501 $ 5,463 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
Amortization 128 18 Accrued severance pay, net 16 4 Increase in
short-term and long-term trade receivables (2,711) (548) Increase
(decrease) in other accounts receivables and prepaid expenses 152
(423) Increase (decrease) in inventories (484) 189 Increase
(decrease) in trade payables 665 (81) Increase (decrease) in other
current liabilities 5,553 (1,571) Decrease in long-term litigation
settlement fee - - Gain (loss) on available for sale securities 229
249 Stock-based compensation 37 37 Increase in deferred revenues
1,122 247 Loss on sales of property and equipment 12 - -------
------- Net cash provided by operating activities 12,220 3,584
------- ------- CASH FLOW FROM INVESTMENTING ACTIVITIES Investment
in short-term deposits (397) - Purchase of available-for-sale
securities (162) (6,266) Proceeds from sale of available-for-sale
securities 650 646 Payment for acquisition of long-term loans and
others (2,003) - Proceeds from long term loans 765 17 Purchase of
property and equipment (183) (72) Purchase of other assets (436) -
------- ------- Net cash used in investing activities (1,766)
(5,675) ------- ------- CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of ordinary and preferred shares, net - 149
Exercise of options 1,588 - Repurchase of preferred A shares from
shareholders - (235) ------- ------- Net cash provided by (used in)
financing activities 1,588 (86) ------- ------- Increase (decrease)
cash and cash equivalents 12,042 (2,177) Cash and cash equivalents
at the beginning of the period 12,468 6,153 ------- ------- Cash
and cash equivalents at the end of the period $24,510 $ 3,976
======= ======= *T
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