YOKNEAM, Israel, Aug. 15, 2012 /PRNewswire/ -- Syneron
Medical Ltd. (NASDAQ:ELOS), the leading global aesthetic device
company, today announced second quarter 2012 financial results for
the three month period ended June 30,
2012.
(Logo: http://photos.prnewswire.com/prnh/20120528/535447 )
Second Quarter 2012 Year-Over-Year Financial Highlights
Include:
- International revenue of $46.2
million, up 16%
- North America revenue of
$21.9 million, up 5%
- Non-GAAP gross margin of 55.1%, up from 53.1%
- PAD1 segment non-GAAP operating margin of 11.4%
- Cash and investments portfolio of $135
million at June 30, 2012
Louis P. Scafuri, Chief Executive
Officer of Syneron, commented, "During the second quarter we
achieved strong financial results, including our third consecutive
quarter with record revenue. Strong PAD segment sales were mainly
driven by the international launch of the elos Plus™ next
generation multi-platform system and continued strong adoption of
the recently launched eLase™, eTwo™, and GentleMax Pro systems. In
addition to the strong PAD revenue, we also delivered improved
gross margin and further leveraged our operating infrastructure,
which translated to an improved operating profit. For the second
half of the year, we expect PAD results to benefit from the
recently acquired business of UltraShape, the U.S. launch of elos
Plus™, and the expected launch of exciting body contouring products
that are complementary to our existing portfolio."
Revenue: Second quarter 2012 revenue was $68.1 million, an increase of 12.4% compared to
$60.6 million in the second quarter
of 2011. This included strong PAD segment revenue growth, which was
mainly driven by ongoing new product adoption and new products
launched during the quarter. In addition, the Company achieved
significant growth in EBU2 segment revenue.
Non-GAAP Financial Highlights for the Second Quarter Ended
June 30, 2012:
Gross Margin for the second quarter 2012 was 55.1%,
compared to 53.1% in second quarter 2011, primarily due to a higher
production and sales volume, recently implemented costs cutting and
efficiency measures, and year-over-year improvements in EBU gross
margin.
Operating Income for the second quarter 2012 was
$3.1 million, up from $0.3 million in second quarter 2011, representing
4.6% of revenue in the quarter, compared to 0.5% in second quarter
2011.
The year-over-year increase in non-GAAP operating income was
primarily related to the revenue growth, the 200 basis point
improvement in gross margin, and improved leverage of the Company's
fixed cost base. This was partially offset by an increase in
operating expenses associated with the growth in EBU segment
revenues. The EBU currently incurs higher relative operating
expenses compared to the PAD segment due to start-up costs
associated with developing and significant investment in marketing
its emerging technologies and products.
Net Income for the second quarter 2012 was $1.9 million, up from $0.2
million in the second quarter of 2011.
Earnings Per Share for the second quarter 2012 were
$0.05, up from $0.01 in second quarter 2011.
Net income and earnings per share for the second quarter 2012
are adjusted to exclude the following items, which are detailed in
the Company's financial tables:
- Amortization of acquired intangible assets of $2.1 million
- Stock-based compensation of $1.3
million
- Non-recurring costs associated with the voluntary field action
regarding the LiteTouch Dental Laser Product in Europe of $0.3
million
- Other non-recurring costs of $0.3
million
GAAP Financial Highlights for the Second Quarter Ended
June 30, 2012:
Gross Margin for the second quarter 2012 was 53.2%,
compared to 51.4% in second quarter 2011, primarily due to higher
production and sales volume, recently implemented costs cutting and
efficiency measures, and year-over-year improvements in EBU gross
margin.
Operating Loss for the second quarter 2012 was
$0.9 million, compared to
$1.1 million in second quarter
2011.
The decrease in GAAP operating loss was primarily related to the
revenue growth, the 180 basis point improvement in gross margin,
and improved leverage of the Company's fixed cost base. This was
partially offset by an increase in operating expenses associated
with the growth in EBU segment revenues. The EBU currently incurs
higher relative operating expenses compared to the PAD segment due
to start-up costs associated with developing and significant
investment in marketing its emerging technologies and products.
Net Loss for the second quarter 2012 was $1.6 million, compared to $0.3 million in second quarter of 2011.
Loss Per Share for the second quarter 2012 was
$(0.05), compared to $(0.01) in second quarter 2011.
Cash Position: As of June 30,
2012, the Company's cash and investments portfolio was
$135 million.
Asaf Alperovitz, Chief Financial
Officer of Syneron, commented, "We achieved strong financial
results during the quarter, including record revenue in both the
PAD and EBU segments. In the PAD segment, we are successfully
leveraging our fixed cost base and implementing expense reduction
initiatives, which drove PAD segment non-GAAP operating margin of
11.4%. On a consolidated basis, the strong PAD segment performance
drove non-GAAP net income of $1.9
million."
Mr. Alperovitz continued, "In the EBU segment, we had a strong
quarter across all the Syneron Beauty home use products and
continued to move forward with our plan to reach EBU profitability
by expanding direct sales, introducing high margin products and
implementing manufacturing and operating cost reduction
initiatives. We reached the significant threshold of $1.0 million in quarterly revenue of our skin
brightening products and remain on track to receive regulatory
approvals for elure in key Asian markets by the end of the year.
Overall, we continue to be excited about the long-term prospects
for this new, high growth segment of our business."
Unaudited Non-GAAP segment results for the three months ended
June 30, 2012 and 2011 (in
thousands):
|
|
For the
three-months ended
|
|
|
|
|
June
30,
|
%
of
|
June
30,
|
%
of
|
%
of
|
|
|
|
2012
|
Revenues
|
2011
|
Revenues
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAD
|
$
61,146
|
89.8%
|
$
54,468
|
89.9%
|
12.3%
|
|
|
EBU
|
6,925
|
10.2%
|
6,115
|
10.1%
|
13.2%
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
68,071
|
100.0%
|
$
60,583
|
100.0%
|
12.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAD
|
$
6,977
|
11.4%
|
$
3,235
|
5.9%
|
115.7%
|
|
|
EBU
|
(3,869)
|
(55.9%)
|
(2,951)
|
(48.3%)
|
31.1%
|
|
|
|
|
|
|
|
|
|
|
Total
operating income
|
$
3,108
|
4.6%
|
$
284
|
0.5%
|
994.4%
|
|
|
|
|
|
|
|
|
|
Unaudited GAAP segment results for the three months ended
June 30, 2012 and 2011 (in
thousands):
|
|
For the
three-months ended
|
|
|
|
June
30,
|
%
of
|
June
30,
|
%
of
|
%
of
|
|
|
2012
|
Revenues
|
2011
|
Revenues
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAD
|
$
61,146
|
89.8%
|
$
54,439
|
89.9%
|
12.3%
|
|
EBU
|
6,925
|
10.2%
|
6,115
|
10.1%
|
13.2%
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
68,071
|
100.0%
|
$
60,554
|
100.0%
|
12.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAD
|
$
3,390
|
5.5%
|
$
1,906
|
3.5%
|
77.9%
|
|
EBU
|
(4,282)
|
(61.8%)
|
(3,016)
|
(49.3%)
|
42.0%
|
|
|
|
|
|
|
|
|
Total
operating loss
|
$
(892)
|
(1.3%)
|
$
(1,110)
|
(1.8%)
|
(19.6%)
|
|
|
|
|
|
|
|
Use of Non-GAAP Measures
This press release provides financial measures for gross margin,
operating margin, operating income (loss), net income (loss),
earnings (loss) per share, which exclude one-time expenses relating
to the mergers with Candela Corporation and Primaeva Medical Inc,
an expense charge related to stock-based compensation and
amortization, one-time severance and other one-time charges and
non-recurring costs, and non-recurring costs associated with the
voluntary field action regarding the LiteTouch Dental Laser
Product in Europe, 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
ongoing operational results, operating margin, operating income
(loss), net income (loss) and earnings (loss) per 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 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 second quarter 2012 earnings
conference call today at 8:30 a.m.
ET. Syneron will be broadcasting live via the Investor
Relations section of its website, www.investors.syneron.com. To
access the call, enter the Syneron Investor Relations website, then
click on the webcast link "Q2 2012 Results Webcast."
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:
13010078.
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, services
and supports its products in 90 countries. It has offices in
North America, France, Germany, Italy, Portugal, Spain, UK, Australia, China, Japan,
and Hong Kong and distributors
worldwide.
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.
1 – PAD: Professional Aesthetic Device segment, which
includes the results of the Syneron and Candela device
businesses.
2 – EBU: Emerging Business Units. Products in the EBU include
me home-use hair removal system, elure Advanced Skin Brightening
products, Tanda LED systems, Light Instruments' dental laser
devices along with pipeline products that include Fluorinex teeth
whitening and fluorination.
|
Syneron
Medical Ltd.
|
|
Unaudited
Condensed Consolidated Statements of Loss
|
|
(in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
For the
three-months ended
|
For the
six-months ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
68,071
|
|
$
60,554
|
|
$
130,730
|
|
$
110,337
|
|
Cost of
revenues
|
31,855
|
|
29,417
|
|
62,317
|
|
52,996
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
36,216
|
|
31,137
|
|
68,413
|
|
57,341
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
20,606
|
|
18,409
|
|
40,343
|
|
32,999
|
|
General
and administrative
|
8,450
|
|
8,072
|
|
17,252
|
|
15,326
|
|
Research
and development
|
7,731
|
|
8,156
|
|
14,424
|
|
14,524
|
|
Other
expenses
|
321
|
|
(2,390)
|
|
321
|
|
(1,791)
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses
|
37,108
|
|
32,247
|
|
72,340
|
|
61,058
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(892)
|
|
(1,110)
|
|
(3,927)
|
|
(3,717)
|
|
|
|
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
|
|
|
|
Financial
Income, net
|
109
|
|
416
|
|
598
|
|
750
|
|
Other
income
|
-
|
|
-
|
|
-
|
|
24
|
|
|
|
|
|
|
|
|
|
|
Total
other income
|
109
|
|
416
|
|
598
|
|
774
|
|
|
|
|
|
|
|
|
|
|
Loss
before taxes on income
|
(783)
|
|
(694)
|
|
(3,329)
|
|
(2,943)
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
1,166
|
|
54
|
|
1,671
|
|
524
|
|
|
|
|
|
|
|
|
|
|
Loss
before non-controlling interest
|
(1,949)
|
|
(748)
|
|
(5,000)
|
|
(3,467)
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to non-controlling interest
|
340
|
|
464
|
|
776
|
|
806
|
|
|
|
|
|
|
|
|
|
|
Loss
attributable to Syneron shareholders
|
$
(1,609)
|
|
$
(284)
|
|
$
(4,224)
|
|
$
(2,661)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
|
|
|
|
|
|
Loss
before non-controlling interest
|
$
(0.06)
|
|
$
(0.02)
|
|
$
(0.14)
|
|
$
(0.10)
|
|
Net loss
attributable to non-controlling interest
|
0.01
|
|
0.01
|
|
0.02
|
|
0.02
|
|
Net loss
attributable to Syneron shareholders
|
$
(0.05)
|
|
$
(0.01)
|
|
$
(0.12)
|
|
$
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding:
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
35,382
|
|
35,152
|
|
35,355
|
|
35,035
|
|
|
|
|
|
|
|
|
|
|
Syneron
Medical Ltd.
|
|
Condensed
Consolidated Balance Sheets
|
|
(in
thousands)
|
|
|
|
|
|
|
|
June
30,
|
|
December 31,
|
|
|
2012
|
|
2011
(*)
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and
cash equivalents
|
$
48,963
|
|
$
62,319
|
|
Short-term
bank deposits
|
25,767
|
|
23,771
|
|
Available-for-sale marketable securities
|
49,643
|
|
70,463
|
|
Trade
receivable, net
|
51,970
|
|
43,300
|
|
Other
accounts receivables and prepaid expenses
|
7,512
|
|
8,891
|
|
Inventories, net
|
36,988
|
|
31,169
|
|
|
|
|
|
|
Total
current assets
|
220,843
|
|
239,913
|
|
|
|
|
|
|
Long-term
assets:
|
|
|
|
|
Severance
pay fund
|
537
|
|
295
|
|
Long-term
deposits and others
|
2,029
|
|
2,118
|
|
Long-term
available-for-sale marketable securities
|
10,588
|
|
15,590
|
|
Investments in affiliated companies
|
1,200
|
|
200
|
|
Property
and equipment, net
|
5,861
|
|
4,155
|
|
Intangible
assets, net
|
37,575
|
|
31,813
|
|
Goodwill
|
25,627
|
|
18,867
|
|
Deferred
taxes
|
8,340
|
|
10,060
|
|
|
|
|
|
|
Total
long-term assets
|
91,757
|
|
83,098
|
|
|
|
|
|
|
Total
assets
|
$
312,600
|
|
$
323,011
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short term
bank credit
|
$
-
|
|
$
1,082
|
|
Accounts
payable
|
22,779
|
|
21,094
|
|
Deferred
Revenues
|
12,973
|
|
11,550
|
|
Other
accounts payable and accrued expenses
|
42,486
|
|
41,704
|
|
|
|
|
|
|
Total
current liabilities
|
78,238
|
|
75,430
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
Contingent
consideration liability
|
8,756
|
|
2,535
|
|
Deferred
Revenues
|
3,221
|
|
4,112
|
|
Warranty
Accruals
|
528
|
|
564
|
|
Accrued
severance pay
|
758
|
|
496
|
|
Deferred
taxes
|
4,626
|
|
5,182
|
|
|
|
|
|
|
Total
long-term liabilities
|
17,889
|
|
12,889
|
|
|
|
|
|
|
Stockholders' equity:
|
216,473
|
|
234,692
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$
312,600
|
|
$
323,011
|
|
|
|
|
|
|
(*)
|
Derived
from audited financial statements
|
|
|
|
|
Syneron
Medical Ltd.
|
|
Unaudited Condensed Consolidated Statements of
Cash Flows
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
For the
six-months ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Cash
flows from operating activities:
|
|
|
|
|
|
Net loss
before non-controlling interest
|
|
$
(5,000)
|
|
$
(3,467)
|
|
|
Adjustments to reconcile net loss to net cash
used by operating activities:
|
|
|
|
|
|
|
Share-based compensation
|
|
2,471
|
|
1,524
|
|
|
Depreciation and amortization
|
|
5,139
|
|
5,164
|
|
|
Impairments of intangible assets
|
|
225
|
|
-
|
|
|
Realized
loss, changes in accrued interest and amortization of premium
(discount) on marketable securities
|
|
(366)
|
|
(509)
|
|
|
Revaluation of contingent liability
|
|
96
|
|
(2,541)
|
|
|
Changes in
operating assets and liabilities
|
|
|
|
|
|
|
|
Trade
receivable, net
|
|
(8,896)
|
|
(4,817)
|
|
|
|
Inventories, net
|
|
(6,760)
|
|
(787)
|
|
|
|
Other
accounts receivables
|
|
831
|
|
641
|
|
|
|
Deferred
taxes
|
|
2,243
|
|
(257)
|
|
|
|
Accrued
severance pay, net
|
|
(6)
|
|
(2)
|
|
|
|
Accounts
payable
|
|
930
|
|
(255)
|
|
|
|
Deferred
revenue
|
|
685
|
|
(39)
|
|
|
|
Accrued
warranty accruals
|
|
328
|
|
(418)
|
|
|
|
Other
accrued liabilities
|
|
(6,948)
|
|
(727)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in operating activities
|
|
(15,028)
|
|
(6,490)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
|
Purchases
of property and equipment
|
|
(883)
|
|
(1,339)
|
|
|
Investments in long-term deposits and
others
|
|
-
|
|
(770)
|
|
|
Proceeds
from the sale or maturity of available-for-sale marketable
securities
|
|
43,129
|
|
61,235
|
|
|
Purchase
of available-for-sale marketable securities
|
|
(16,907)
|
|
(39,798)
|
|
|
Investments in short-term deposits, net
|
|
(2,006)
|
|
(15,238)
|
|
|
Investments in affiliated company
|
|
(1,000)
|
|
-
|
|
|
Net cash
paid in acquisition of subsidiaries
|
|
(15,050)
|
|
-
|
|
|
Other
investing activities
|
|
(127)
|
|
(22)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by investing activities
|
|
7,156
|
|
4,068
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
|
Short term
bank credit, net
|
|
(1,082)
|
|
(2,737)
|
|
|
Acquisition of shares held by non-controlling
shareholders of a subsidiary
|
|
(5,000)
|
|
-
|
|
|
Proceeds
from exercise of stock options
|
|
1,055
|
|
3,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by (used in) financing activities
|
|
(5,027)
|
|
1,008
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rates on cash and cash equivalents
|
|
(456)
|
|
397
|
|
|
|
|
|
|
|
|
|
|
|
Net
decrease in cash and cash equivalents
|
|
(13,356)
|
|
(1,017)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents at beginning of period
|
|
62,319
|
|
63,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents at end of period
|
|
$
48,963
|
|
$
62,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Syneron
Medical Ltd.
|
|
Unaudited
Non-GAAP Financial Measures and Reconciliation
|
|
(in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
For the
three-months ended
|
For the
six-months ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating loss
|
$
(892)
|
|
$
(1,110)
|
|
$
(3,927)
|
|
$
(3,717)
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
1,278
|
|
854
|
|
2,471
|
|
1,524
|
|
Amortization of intangible assets
|
2,053
|
|
2,036
|
|
3,884
|
|
3,979
|
|
Merger and
other non-recurring items
|
669
|
|
(1,496)
|
|
1,374
|
|
(888)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
operating income
|
$
3,108
|
|
$
284
|
|
$
3,802
|
|
$
898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
before non-controlling interest
|
|
|
|
|
|
|
|
|
GAAP net
loss attributable to Syneron shareholders
|
$
(1,609)
|
|
$
(284)
|
|
$
(4,224)
|
|
$
(2,661)
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
1,278
|
|
854
|
|
2,471
|
|
1,524
|
|
Amortization of intangible assets
|
2,053
|
|
2,036
|
|
3,884
|
|
3,979
|
|
Merger and
other non-recurring items
|
669
|
|
(1,496)
|
|
1,374
|
|
(888)
|
|
Income tax
adjustments
|
(535)
|
|
(901)
|
|
(1,098)
|
|
(1,515)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income attributable to Syneron shareholders
before non-controlling interest
|
$
1,856
|
|
$
209
|
|
$
2,407
|
|
$
439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
GAAP net
loss attributable to Syneron shareholders
before non-controlling interest
|
$
(0.05)
|
|
$
(0.01)
|
|
$
(0.12)
|
|
$
(0.08)
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
0.04
|
|
0.02
|
|
0.07
|
|
0.04
|
|
Amortization of intangible assets
|
0.06
|
|
0.06
|
|
0.11
|
|
0.11
|
|
Merger and
other non-recurring items
|
0.02
|
|
(0.04)
|
|
0.04
|
|
(0.03)
|
|
Income tax
adjustments
|
(0.02)
|
|
(0.03)
|
|
(0.03)
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income per share attributable to Syneron shareholders
operations before non-controlling interest
|
$
0.05
|
|
$
0.01
|
|
$
0.07
|
|
$
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
GAAP net
loss attributable to Syneron shareholders
before non-controlling interest
|
$
(0.04)
|
|
$
(0.01)
|
|
$
(0.12)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
0.04
|
|
0.02
|
|
0.07
|
|
0.04
|
|
Amortization of intangible assets
|
0.06
|
|
0.06
|
|
0.11
|
|
0.11
|
|
Merger and
other non-recurring items
|
0.02
|
|
(0.04)
|
|
0.04
|
|
(0.02)
|
|
Income tax
adjustments
|
(0.01)
|
|
(0.03)
|
|
(0.03)
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income per share attributable to Syneron shareholders
operations before non-controlling interest
|
$
0.05
|
|
$
0.01
|
|
$
0.07
|
|
$
0.01
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
35,382
|
|
35,152
|
|
35,355
|
|
35,035
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
35,869
|
|
35,916
|
|
35,885
|
|
35,842
|
|
|
|
|
|
|
|
|
|
SOURCE Syneron Medical Ltd.