Syneron Medical Ltd. (NASDAQ: ELOS), the leading global aesthetic
device company, today announced fourth quarter 2010 financial
results for the three month period ended December 31, 2010. Fourth
quarter 2010 financial results are for Syneron and Candela as a
combined company. The fourth quarter 2009 year-over-year
comparative financial results referred to below are pro-forma
financial results assuming the merger with Candela Corporation had
occurred on January 1, 2009.
Fourth Quarter 2010 Highlights Include:
-- Revenue of $53.5 million, up 14.7% year-over-year
-- International revenue of $35.3 million, up 20% year-over-year
-- North America revenue of $18.2 million, up 5.7% year-over-year
-- Non-GAAP gross margin of 54.4%, up from 50.0% in the prior year and
52.3% in Q3 2010
-- Non-GAAP net income from continuing operations before non-controlling
interest of $3.4 million, or 6.3% of revenue compared to a net loss of
$4.1 million in the prior year and $1.5 million in Q3 2010
-- Non-GAAP earnings per share (basic and diluted) of $0.10, compared to a
loss per share of $0.12 in the prior year and $0.04 in Q3 2010
-- Net cash and investments portfolio of $215.2 million at
December 31, 2010
-- Global launch of CO2RE and elure
Lou Scafuri, Chief Executive Officer of Syneron, commented, "The
strength of our fourth quarter results clearly demonstrates the
benefits of the Syneron and Candela merger. The combined businesses
have an unmatched product portfolio and global sales network, which
are supported by strong clinical data and customer relationships.
We have successfully executed on the integration plan and leveraged
these factors to drive continued revenue growth while also focusing
on driving operational efficiencies and investing in new growth
opportunities.
"We made significant progress on the new product front during
the quarter, including global launches of our CO2RE Fractional CO2
Resurfacing System and elure Advanced Skin Lightening Technology.
In addition, we are on schedule to launch the ePrime Energy-Based
Dermal Remodeling during the first quarter, followed by several
additional anticipated new product launches throughout the year. We
have received positive feedback on all of the recently launched
products, including at the American Academy of Dermatology annual
meeting earlier this month.
"As part of our growth strategy, during the quarter we acquired
the Tända line of LED home-use products, giving us an immediate
presence in the important aesthetic home-use market. Tända
represents a synergistic growth opportunity with our other direct
to consumer initiatives and we expect this to become an
increasingly important part of our business as we launch these new
products."
Revenue: Fourth quarter 2010 revenue was $53.5 million, an
increase of 14.7% compared to $46.6 million in the fourth quarter
2009. International revenue was $35.3 million, an increase of 20%
compared to $29.5 million in the fourth quarter 2009. Fourth
quarter 2010 revenue in North America was $18.2 million, an
increase of 5.7% compared to $17.2 million in the fourth quarter
2009.
Non-GAAP Financial Highlights for the Fourth Quarter Ended
December 31, 2010:
Gross Margin: Fourth quarter 2010 gross margin was 54.4%,
compared to 50.0% in the fourth quarter 2009 and 52.3% in the third
quarter 2010.
Operating Income (loss): Fourth quarter 2010 operating income
was $4.0 million, compared to an operating loss of $5.8 million in
the fourth quarter 2009 and an operating loss of $0.5 million in
the third quarter 2010. Fourth quarter 2010 operating income
represented 7.5% of revenue in the quarter, compared to an
operating loss of 12.4% of revenue in the fourth quarter 2009 and
1.1% of revenue in the third quarter 2010.
Net Income (loss): Fourth quarter 2010 income from continuing
operations before non-controlling interest was $3.4 million,
compared to a loss of $4.1 million in the fourth quarter 2009 and a
loss of $1.5 million in the third quarter 2010.
Fourth quarter non-GAAP operating income and net income excludes
one-time income and expenses as detailed in the Company's financial
tables, with the main item being a one-time income of $8.5 million
related to the recognition of a deferred gain related to the
Company's merger with Candela Corporation.
Earnings Per Share: Fourth quarter 2010 earnings per share
(basic and diluted) was $0.10, compared to a loss per share of
$0.12 in the fourth quarter 2009 and a loss per share of $0.04 in
the third quarter 2010.
GAAP Financial Highlights for the Fourth Quarter Ended December
31, 2010:
Gross Margin: Fourth quarter 2010 gross margin was 52.5%,
compared to 49.0% in the fourth quarter 2009 and 50.8% in the third
quarter 2010.
Operating Income (loss): Fourth quarter 2010 operating income
was $8.0 million, compared to an operating loss of $8.6 million in
the fourth quarter 2009 and an operating loss of $5.0 million in
the third quarter 2010.
Net Income (loss) from continuing operations before
non-controlling interest: Fourth quarter 2010 net income was $8.1
million, compared to a net loss of $6.2 million in the fourth
quarter of 2009 and a loss of $5.3 million in the third quarter
2010.
Earnings Per Share: Fourth quarter 2010 earnings per share basic
was $0.25 and diluted was $0.24, compared to a loss per share of
$0.18 in the fourth quarter 2009 and a loss per share of $0.15 in
the third quarter 2010.
Cash Position: As of December 31, 2010, net cash and cash
equivalents, including short-term bank deposits and investments in
marketable securities, were $215.2 million.
Asaf Alperovitz, Chief Financial Officer of Syneron, commented,
"Beginning this quarter, we are breaking out our financial results
between Professional Aesthetic Devices and Emerging Business Units
in order to provide increased transparency into our results. We
believe this segment reporting will allow investors to better gauge
the growth and significant investments we are making as part of our
overall growth strategy in our emerging technologies that are
primarily targeted at the home-use consumer market. Products in the
Emerging Business Units segment include eLure skin whitening, Tända
LED systems, MEmyelos hair removal system, Light Instruments'
dental laser devices along with pipeline products that include our
strategic home-use device partnership with Procter & Gamble and
Fluorinex teeth whitening and fluorination. Segment reporting will
also provide a view of the operating results for the traditional
Syneron and Candela business, which we have labeled as Professional
Aesthetic Devices, or PAD."
Mr. Alperovitz added, "Our fourth quarter 2010 results in the
PAD segment demonstrate a significant improvement in margins that
we believe is indicative of the potential leverage we can drive
from the combined Syneron and Candela business. Additionally, for
the full year 2010 the PAD segment was operationally profitable on
a non-GAAP basis. In 2011, we expect further margin improvements
for our PAD segment as our mix shifts in favor of higher gross
margin products and consumables and we execute on our cross selling
opportunities and additional efficiency initiatives that we see in
the business."
Unaudited Non-GAAP segment results for the three months ended
December 31, 2010 and 2009 (in thousands):
For the three-months ended
----------------------------------------------
December December
31, % of 31, % of % of
2010 Revenues 2009 Revenues Change
---------- ---------- ---------- ---------- ----------
Revenues
Professional
Aesthetic
Devices $ 52,170 97.4% $ 46,615 99.9% 11.9%
Emerging
Business
Units 1,373 2.6% 60 0.1% 2188.3%
---------- ----------
Total revenues $ 53,543 100.0% $ 46,675 100.0% 14.7%
========== ==========
Professional
Aesthetic
Devices $ 5,948 11.4% $ (3,692) -7.9% -261.1%
Emerging
Business
Units (1,926) -140.3% (2,097) -3495.0% -8.2%
---------- ----------
Total operating
income (loss) $ 4,022 7.5% $ (5,789) -12.4% -169.5%
========== ==========
Unaudited Non-GAAP segment results for the twelve months ended
December 31, 2010 and 2009 (in thousands):
For the twelve-months ended
----------------------------------------------
December December
31, % of 31, % of % of
2010 Revenues 2009 Revenues Change
---------- ---------- ---------- ---------- ----------
Revenues
Professional
Aesthetic
Devices $ 185,951 97.9% $ 171,473 98.3% 8.4%
Emerging
Business
Units 3,927 2.1% 2,908 1.7% 35.0%
---------- ----------
Total revenues $ 189,878 100.0% $ 174,381 100.0% 8.9%
========== ==========
Operating
income (loss)
Professional
Aesthetic
Devices $ 302 0.2% $ (22,453) -13.1% -101.3%
Emerging
Business
Units (6,117) -155.8% (3,211) -110.4% 90.5%
---------- ----------
Total operating
loss $ (5,815) -3.1% $ (25,664) -14.7% -77.3%
========== ==========
Unaudited GAAP segment results for the three months ended
December 31, 2010 and 2009 (in thousands):
For the three-months ended
----------------------------------------------
December December
31, % of 31, % of % of
2010 Revenues 2009 Revenues Change
---------- ---------- ---------- ---------- ----------
Revenues
Professional
Aesthetic
Devices $ 52,083 97.4% $ 46,528 99.9% 11.9%
Emerging
Business
Units 1,373 2.6% 60 0.1% 2188.3%
---------- ----------
Total revenues $ 53,456 100.0% $ 46,588 100.0% 14.7%
========== ==========
Operating
income (loss)
Professional
Aesthetic
Devices $ 9,963 19.1% $ (6,502) -14.0% -253.2%
Emerging
Business
Units (1,926) -140.3% (2,097) -3495.0% -8.2%
---------- ----------
Total operating
income (loss) $ 8,037 15.0% $ (8,599) -18.5% -193.5%
========== ==========
Unaudited GAAP segment results for the twelve months ended
December 31, 2010 and 2009 (in thousands):
For the twelve-months ended
----------------------------------------------
December December
31, % of 31, % of % of
2010 Revenues 2009 Revenues Change
---------- ---------- ---------- ---------- ----------
Revenues
Professional
Aesthetic
Devices $ 185,601 97.9% $ 171,124 98.3% 8.5%
Emerging
Business
Units 3,927 2.1% 2,908 1.7% 35.0%
---------- ----------
Total revenues $ 189,528 100.0% $ 174,032 100.0% 8.9%
========== ==========
Operating
income (loss)
Professional
Aesthetic
Devices $ (27,285) -14.7% $ (35,318) -20.6% -22.7%
Emerging
Business
Units (6,117) -155.8% (3,211) -110.4% 90.5%
---------- ----------
Total operating
loss $ (33,402) -17.6% $ (38,529) -22.1% -13.3%
========== ==========
Use of Non-GAAP Measures
This press release provides financial measures for gross margin,
net income (loss), net income ( loss) per basic and diluted share,
which exclude one-time expenses relating to the mergers with
Candela Corporation and Primeva Medical Inc, one-time income due to
reversal of a deferred gain related to the merger with Candela
Corporation, and an expense charge related to stock-based
compensation and amortization and are therefore not calculated in
accordance with generally accepted accounting principles (GAAP).
Management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding our performance
because it reflects our operational results and enhances
management's and investors' ability to evaluate the Company's gross
margin, net loss and net loss per basic and diluted share. The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
Management uses both GAAP and non-GAAP measures when evaluating the
business internally and, therefore, felt it important to make these
non-GAAP adjustments available to investors. A reconciliation of
each GAAP to non-GAAP financial measure discussed in this press
release is contained in the accompanying financial tables.
Conference call
Syneron management will host its fourth quarter 2010 earnings
conference call today at 8:30 a.m. ET. Syneron will be broadcasting
live via the Investor Relations section of its website,
www.syneron.com. To access the call, enter the Syneron website,
then click on the Investors Relations Overview and select "Q4 2010
Results Conference Call."
Participants are encouraged to log on at least 15 minutes prior
to the conference call in order to download the applicable audio
software. The call can be heard live or with an on-line replay
which will follow. Those interested in participating in the call
and the question and answer session should dial 877-844-6886 in the
U.S., and 970-315-0315 from overseas. The conference pass code is:
31269957.
About Syneron Medical Ltd.
Syneron Medical Ltd. (NASDAQ: ELOS) is the leading global
aesthetic device company with a comprehensive product portfolio and
a global distribution footprint. The Company's technology enables
physicians to provide advanced solutions for a broad range of
medical-aesthetic applications including body contouring, hair
removal, wrinkle reduction, rejuvenation of the skin's appearance
through the treatment of superficial benign vascular and pigmented
lesions, and the treatment of acne, leg veins and cellulite. The
Company sells its products under two distinct brands, Syneron and
Candela. Founded in 2000, the corporate, R&D, and manufacturing
headquarters for Syneron Medical Ltd. are located in Israel.
Syneron also has R&D and manufacturing operations in the US.
The company markets and services and supports its products in 86
countries. It has offices in North America, France, Germany, Italy,
Portugal, Spain, UK, Australia, China, Japan, and Hong Kong and
distributors worldwide. Additional information can be found at
www.syneron.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Any statements contained in this document regarding future
expectations, beliefs, goals, plans or prospects constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Further, any statements
that are not statements of historical fact (including statements
containing "believes," "anticipates," "plans," "expects," "may,"
"will," "would," "intends," "estimates" and similar expressions)
should also be considered to be forward-looking statements. There
are a number of important factors that could cause actual results
or events to differ materially from those indicated by such
forward-looking statements, including the risk that the businesses
of Syneron and Candela may not be integrated successfully; the risk
that the merger transaction with Candela may involve unexpected
costs or unexpected liabilities; the risk that synergies from the
merger transaction may not be fully realized or may take longer to
realize than expected; the risk that disruptions from the merger
transaction make it more difficult to maintain relationships with
customers, employees, or suppliers; as well as the risks set forth
in Syneron Medical Ltd.'s most recent Annual Report on Form 20-F,
and the other factors described in the filings that Syneron Medical
Ltd. makes with the SEC from time to time. If one or more of these
factors materialize, or if any underlying assumptions prove
incorrect, Syneron Medical Ltd.'s actual results, performance or
achievements may vary materially from any future results,
performance or achievements expressed or implied by these
forward-looking statements.
In addition, the statements in this document reflect the
expectations and beliefs of Syneron Medical Ltd. as of the date of
this document. Syneron Medical Ltd. anticipates that subsequent
events and developments will cause its expectations and beliefs to
change. However, while Syneron Medical Ltd. may elect to update
these forward-looking statements publicly in the future, it
specifically disclaims any obligation to do so. The forward-looking
statements of Syneron Medical Ltd. do not reflect the potential
impact of any future dispositions or strategic transactions that
may be undertaken. These forward-looking statements should not be
relied upon as representing Syneron Medical Ltd.'s views as of any
date after the date of this document.
Syneron, the Syneron logo, eMatrix and elos are trademarks of
Syneron Medical Ltd. and may be registered in certain
jurisdictions. The elos (Electro-Optical Synergy) technology is a
proprietary technology of Syneron Medical Ltd. All other names are
the property of their respective owners.
Syneron Medical Ltd.
Unaudited Condensed Consolidated Statements of Income (Loss)
(in thousands, except per share data)
For the For the
three-months ended twelve-months ended
------------------- -------------------
December December December December
31, 31, 31, 31,
2010 2009 2010 2009
--------- --------- --------- ---------
Revenue $ 53,456 $ 14,403 $ 189,528 $ 54,726
Cost of sales 25,395 4,239 101,099 18,903
--------- --------- --------- ---------
Gross profit 28,061 10,164 88,429 35,823
Operating expenses:
Sales and marketing 14,310 7,869 63,429 34,156
General and administrative 6,612 3,419 36,103 16,478
Research and development 6,414 4,271 26,837 13,220
Other income, net (7,312) - (4,538) -
Legal settlement, net - - - (3,975)
--------- --------- --------- ---------
Total operating expenses 20,024 15,559 121,831 59,879
--------- --------- --------- ---------
Income (loss) from operations 8,037 (5,395) (33,402) (24,056)
Other income:
Financial Income, net 419 436 717 2,097
Other income 110 562 44 562
--------- --------- --------- ---------
Total other income 529 998 761 2,659
--------- --------- --------- ---------
Income (loss) from continuing
operations before income taxes 8,566 (4,397) (32,641) (21,397)
(Benefit) expense from income
taxes 427 785 (5,110) 3,240
--------- --------- --------- ---------
Income (loss) from continuing
operations before
non-controlling interest 8,139 (5,182) (27,531) (24,637)
Net loss attributable to
non-controlling interest 244 837 1,799 1,050
Income from discontinued
operations, net of income
taxes - - 196 -
--------- --------- --------- ---------
Net income (loss) attributable
to Syneron shareholders $ 8,383 $ (4,345) $ (25,536) $ (23,587)
========= ========= ========= =========
Income (loss) per share:
Basic
Income (loss) from continuing
operations before
non-controlling interest $ 0.24 $ (0.19) $ (0.80) $ (0.90)
Net loss attributable to
non-controlling interest 0.01 0.03 0.05 0.04
Income from discontinued
operations - - 0.01 -
--------- --------- --------- ---------
Net Income (loss)
attributable to Syneron
shareholders $ 0.25 $ (0.16) $ (0.74) $ (0.86)
--------- --------- --------- ---------
Diluted
Income (loss) from continuing
operations before
non-controlling interest $ 0.23 $ (0.19) $ (0.80) $ (0.90)
Net loss attributable to
non-controlling interest 0.01 0.03 0.05 0.04
Income from discontinued
operations - - 0.01 -
--------- --------- --------- ---------
Net Income (loss)
attributable to Syneron
shareholders $ 0.24 $ (0.16) $ (0.74) $ (0.86)
--------- --------- --------- ---------
Weighted average shares
outstanding:
Basic 34,533 27,591 34,369 27,526
--------- --------- --------- ---------
Diluted 34,998 27,591 34,369 27,526
--------- --------- --------- ---------
Syneron Medical Ltd.
Condensed Consolidated Balance Sheets
(in thousands)
December December
31, 31,
2010 2009
----------- -----------
(unaudited) (audited)
Assets
Current assets:
Cash and cash equivalents $ 63,821 $ 24,372
Short-term bank deposits 1,590 1,000
Available-for-sale marketable securities 114,799 169,309
Accounts receivable, net 42,440 13,758
Other current assets 13,868 2,753
Inventories, net 22,720 8,592
----------- -----------
Total current assets 259,238 219,784
----------- -----------
Non-current assets:
Severance pay fund 334 246
Long-term deposits and others 2,346 221
Long-term available-for-sale marketable
securities 37,721 11,449
Investments in affiliated companies 9,369 1,050
Property and equipment, net 4,029 2,885
Goodwill and Intangible assets, net 56,818 34,632
Deferred taxes 6,854 -
----------- -----------
Total non-current assets 117,471 50,483
----------- -----------
Total assets $ 376,709 $ 270,267
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities:
Bank indebtedness $ 2,737 $ -
Accounts payable 16,644 3,735
Other accounts payable and accrued expenses 55,056 30,153
----------- -----------
Total current liabilities 74,437 33,888
----------- -----------
Non-current liabilities:
Contingent consideration 11,365 7,331
Deferred Revenues 4,528 902
Warranty Accruals 1,074 558
Accrued severance pay 554 330
Deferred taxes 6,215 -
----------- -----------
Total non-current liabilities 23,736 9,121
----------- -----------
Stockholders' equity: 278,536 227,258
----------- -----------
Total liabilities and stockholders' equity $ 376,709 $ 270,267
=========== ===========
Syneron Medical Ltd.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
For the
twelve months ended:
----------------------
December December
31, 31,
2010 2009
---------- ----------
Cash flows from operating activities:
Net loss before non-controlling interest $ (27,335) $ (24,637)
Adjustments to reconcile net loss to net cash
used by operating activities:
Share-based compensation expense 3,196 4,264
Depreciation and amortization 9,186 1,927
Impairments of available-for-sale marketable
securities and other intangible assets 1,378 173
Impairment of investment in an affiliated
company 850 -
Realized loss, changes in accrued interest, and
amortization of premium on marketable
securities 970 1,578
Deferred gain related to acquisition of
Subsidiary and revaluation of contingent
liability (6,900) -
Gain on investments in affiliated companies as
a result of a business combination - (562)
Changes in operating assets and liabilities
Accounts receivable 450 18,879
Inventories 13,180 4,320
Other current assets (4,506) 64
Deferred taxes 7,105 1,549
Accrued severance pay, net 136 (9)
Accounts payable 4,201 (5,039)
Deferred revenue (3,885) (3,608)
Accrued warranty costs 315 (4)
Other accrued liabilities (4,732) 160
---------- ----------
Net cash used by operating activities (6,391) (945)
---------- ----------
Cash flows from investing activities:
Purchases of property and equipment (887) (487)
Maturities of held-to-maturity marketable
securities 460 -
Proceeds from the sale of available-for-sale
marketable securities 210,228 256,735
Purchase of available-for-sale marketable
securities (182,961) (294,345)
Cash paid for investments in affiliated
companies (5,000) (750)
Net cash (paid in) received from acquisition of
subsidiary 21,602 (7,729)
Other investing activities (360) (1,022)
---------- ----------
Net cash provided by (used by) investing activities 43,082 (47,598)
---------- ----------
Cash flows from financing activities:
Proceeds from exercise of stock options 1,932 549
---------- ----------
Net cash provided by financing activities 1,932 549
---------- ----------
Effect of exchange rates on cash and cash
equivalents 826 -
---------- ----------
Net increase (decrease) in cash and cash
equivalents 39,449 (47,994)
Cash and cash equivalents at beginning of period 24,372 72,366
---------- ----------
Cash and cash equivalents at end of period $ 63,821 $ 24,372
========== ==========
Syneron Medical Ltd.
Unaudited Non-GAAP Financial Measures and Reconciliation
(in thousands, except per share data)
For the For the
three-months ended twelve-months ended
-------------------- --------------------
December December December December
31, 31, 31, 31,
2010 2009 2010 2009
--------- --------- --------- ---------
GAAP operating income (loss) $ 8,037 $ (5,395) $ (33,402) $ (24,056)
Stock-based compensation 692 837 3,196 4,264
Amortization of acquired
intangible assets 2,019 68 6,668 272
Merger, restructuring and
other non-recurring items,
net (6,726) - 17,723 -
--------- --------- --------- ---------
Non-GAAP operating income
(loss) $ 4,022 $ (4,490) $ (5,815) $ (19,520)
========= ========= ========= =========
GAAP income (loss) from
continuing operations
before non-controlling
interest $ 8,139 $ (5,182) $ (27,531) $ (24,637)
Stock-based compensation 692 837 3,196 4,264
Amortization of acquired
intangible assets 2,019 68 6,668 272
Merger, restructuring and
other non-recurring items,
net (6,726) - 17,723 -
Income tax adjustments (760) - (8,983) -
--------- --------- --------- ---------
Non-GAAP income (loss) from
continuing operations
before non-controlling
interest $ 3,364 $ (4,277) $ (8,927) $ (20,101)
========= ========= ========= =========
Loss per share:
Basic
GAAP income (loss) per share
from continuing operations $ 0.24 $ (0.19) $ (0.80) $ (0.89)
Stock-based compensation 0.02 0.03 0.09 0.15
Amortization of acquired
intangible assets 0.06 - 0.19 0.01
Merger, restructuring and
other non-recurring costs (0.20) - 0.52 -
Income tax adjustments (0.02) - (0.26) -
--------- --------- --------- ---------
Non-GAAP (income) loss per
share from continuing
operations before
non-controlling interest $ 0.10 $ (0.16) $ (0.26) $ (0.73)
========= ========= ========= =========
Diluted
GAAP income (loss) per share
from continuing operations $ 0.23 $ (0.19) $ (0.80) $ (0.89)
Stock-based compensation 0.02 0.03 0.09 0.15
Amortization of acquired
intangible assets 0.06 - 0.19 0.01
Merger, restructuring and
other non-recurring costs (0.19) - 0.52 -
Income tax adjustments (0.02) - (0.26) -
--------- --------- --------- ---------
Non-GAAP income (loss) per
share from continuing
operations before
non-controlling interest $ 0.10 $ (0.16) $ (0.26) $ (0.73)
========= ========= ========= =========
Weighted average shares
outstanding:
Basic 34,533 27,591 34,369 27,526
--------- --------- --------- ---------
Diluted 35,279 27,591 34,369 27,526
--------- --------- --------- ---------
Syneron Medical Ltd.
Unaudited Pro Forma Condensed Consolidated Statements of Income (Loss)
(in thousands, except per share data)
For the three months ended December 31, 2009
------------------------------------------------------
Syneron Candela Pro Forma Pro Forma
Medical Corporation Adjustments Combined
------------ ------------ ------------ ------------
Revenue $ 14,403 $ 32,272 $ (87) $ 46,588
Cost of sales 4,239 19,227 275 23,741
------------ ------------ ------------ ------------
Gross profit 10,164 13,045 (362) 22,847
Operating expenses:
Sales and
marketing 7,869 8,245 968 17,082
General and
administrative 3,419 4,027 100 7,546
Research and
development 4,271 2,547 - 6,818
------------ ------------ ------------ ------------
Total operating
expenses 15,559 14,819 1,068 31,446
------------ ------------ ------------ ------------
Loss from
operations (5,395) (1,774) (1,430) (8,599)
Other income:
Financial Income,
net 436 33 - 469
Other income 562 534 - 1,096
------------ ------------ ------------ ------------
Total other
income 998 567 - 1,565
------------ ------------ ------------ ------------
Loss from
continuing
operations before
income taxes (4,397) (1,207) (1,430) (7,034)
Expense (benefit)
from income taxes 785 (1,118) (520) (853)
------------ ------------ ------------ ------------
Loss from
continuing
operations
before
non-controlling
interest (5,182) (89) (910) (6,181)
============ ============ ============ ============
Loss per share:
Basic and diluted
Loss from
continuing
operations
before
non-controlling
interest $ (0.18)
============
Weighted average
shares
outstanding:
Basic and diluted 34,261
------------
Syneron Medical Ltd.
Unaudited Pro Forma Condensed Consolidated Statements of Income (Loss)
(in thousands, except per share data)
For the twelve months ended December 31, 2009
------------------------------------------------------
Syneron Candela Pro Forma Pro Forma
Medical Corporation Adjustments Combined
------------ ------------ ------------ ------------
Revenue $ 54,726 $ 119,655 $ (349) $ 174,032
Cost of sales 18,903 73,631 1,370 93,904
------------ ------------ ------------ ------------
Gross profit 35,823 46,024 (1,719) 80,128
Operating expenses:
Sales and
marketing 34,156 30,202 3,872 68,230
General and
administrative 16,478 15,334 400 32,212
Research and
development 13,220 8,970 - 22,190
Legal settlement,
net (3,975) - - (3,975)
------------ ------------ ------------ ------------
Total operating
expenses 59,879 54,506 4,272 118,657
------------ ------------ ------------ ------------
Loss from
operations (24,056) (8,482) (5,991) (38,529)
Other income:
Financial Income,
net 2,097 598 - 2,695
Other income 562 543 - 1,105
------------ ------------ ------------ ------------
Total other
income 2,659 1,141 - 3,800
------------ ------------ ------------ ------------
Loss from
continuing
operations before
income taxes (21,397) (7,341) (5,991) (34,729)
Expense (benefit)
from income taxes 3,240 (3,153) (2,179) (2,092)
------------ ------------ ------------ ------------
Loss from
continuing
operations
before
non-controlling
interest (24,637) (4,188) (3,812) (32,637)
============ ============ ============ ============
Loss per share:
Basic and diluted
Loss from
continuing
operations
before
non-controlling
interest $ (0.95)
============
Weighted average
shares
outstanding:
Basic and diluted 34,196
------------
Syneron Medical Ltd.
Unaudited Pro Forma Non-GAAP Financial Measures and Reconciliation
(in thousands, except per share data)
For the three months ended
December 31, 2009
-------------------------------------
Syneron Candela Pro Forma
Medical Corporation Combined
----------- ----------- -----------
GAAP operating loss $ (5,395) $ (3,204) $ (8,599)
Stock-based compensation 837 475 1,312
Amortization of acquired intangible
assets 68 1,320 1,388
Merger, restructuring and other
non-recurring costs - 110 110
----------- ----------- -----------
Non-GAAP operating loss $ (4,490) $ (1,299) $ (5,789)
=========== =========== ===========
GAAP loss from continuing operations $ (5,182) $ (999) $ (6,181)
Stock-based compensation 837 475 1,312
Amortization of acquired intangible
assets 68 1,320 1,388
Merger, restructuring and other
non-recurring costs - 110 110
Income tax adjustments - (693) (693)
----------- ----------- -----------
Non-GAAP loss from continuing
operations $ (4,277) $ 213 $ (4,064)
=========== =========== ===========
GAAP loss per share from continuing
operations $ (0.18)
Stock-based compensation 0.04
Amortization of acquired intangible
assets 0.04
Merger, restructuring and other
non-recurring costs -
Income tax adjustments (0.02)
-----------
Non-GAAP loss per share from
continuing operations $ (0.12)
===========
Weighted average shares outstanding:
Basic and diluted 34,261
-----------
Syneron Medical Ltd.
Unaudited Pro Forma Non-GAAP Financial Measures and Reconciliation
(in thousands, except per share data)
For the twelve months ended
December 31, 2009
-------------------------------------
Syneron Candela Pro Forma
Medical Corporation Combined
----------- ----------- -----------
GAAP operating loss $ (24,056) $ (14,473) $ (38,529)
Stock-based compensation 4,264 2,338 6,602
Amortization of acquired intangible
assets 272 5,279 5,551
Merger, restructuring and other
non-recurring costs - 712 712
----------- ----------- -----------
Non-GAAP operating loss $ (19,520) $ (6,144) $ (25,664)
=========== =========== ===========
GAAP loss from continuing operations $ (24,637) $ (8,000) $ (32,637)
Stock-based compensation 4,264 2,338 6,602
Amortization of acquired intangible
assets 272 5,279 5,551
Merger, restructuring and other
non-recurring costs - 712 712
Income tax adjustments - (3,029) (3,029)
----------- ----------- -----------
Non-GAAP loss from continuing
operations $ (20,101) $ (2,700) $ (22,801)
=========== =========== ===========
GAAP loss per share from continuing
operations $ (0.95)
Stock-based compensation 0.19
Amortization of acquired intangible
assets 0.16
Merger, restructuring and other
non-recurring costs 0.02
Income tax adjustments (0.09)
-----------
Non-GAAP loss per share from
continuing operations $ (0.67)
===========
Weighted average shares outstanding:
Basic and diluted 34,196
-----------
Syneron Contacts: Asaf Alperovitz Chief Financial Officer + 972
73 244 2283 Email: Email Contact Nick Laudico/Zack Kubow The Ruth
Group 646-536-7030/7020 Email: Email Contact / Email Contact
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