YOKNEAM, Israel, May 13, 2015 /PRNewswire/ -- Syneron Medical
Ltd. (NASDAQ: ELOS), a leading global aesthetic device company,
today announced financial results for the three month period ended
March 31, 2015.
First Quarter 2015 and Recent Non-GAAP1
Highlights:
- UltraShape™ launch-to-date U.S. installed base at more than 150
systems, including 31 systems sold in the first quarter and 25 more
systems in the month of April.
- Generated $2.7 million in
PicoWay™ sales and expanded FDA clearance to include the treatment
of pigmented lesions.
- Introduced Profound™ RF micro-needle technology for minimally
invasive sub-mental and face lift treatments.
- Revenue of $63.4 million, up 12%
year-over-year, or 17% in constant currency.
- North American product sales grew 32% year-over-year.
- International sales grew 8%, including 15% product growth in
the EMEA region and 12% product growth in the Asia-Pacific region.
- Non-GAAP gross margin of 53.2%, or 55.0% in constant currency,
compared to 53.5% in Q1 2014.
- Non-GAAP net income of $0.6
million, or $0.02 per
share.
- Ended quarter with $99.8 million
overall cash position, and no debt.
1 The first quarter 2015 year-over-year comparisons are
on a non-GAAP basis, excluding items set forth in the section
titled "Non-GAAP Financial Highlights for the First Quarter Ended
March 31, 2015."
Revenue: First quarter 2015 revenue was $63.4 million, up 12%, compared to $56.8 million in the first quarter 2014. First
quarter 2015 constant currency revenue growth was 17%, when
excluding the negative impact of $2.8
million related to the change in foreign currency exchange
rates as compared to the first quarter 2014.
Amit Meridor, Chief Executive Officer of Syneron, said, "We
had a good start to the year across our global business, achieving
constant currency global revenue growth of 17%. This included
strong product revenue in all regions, led by 32% growth in
North America and double-digit
constant currency growth in the EMEA and Asia-Pacific regions. During the quarter we
continued to see strong interest in UltraShape and positive trends
in per procedure Focal Treatment Zone (FTZ) consumable utilization
from the installed base. We launched our full UltraShape marketing
campaign in early April, which translated into increasing system
sales trends. As of end of April we sold 56 systems in North America from January 1 and we remain on track with our
UltraShape revenue plan for the year. In the first full quarter
selling PicoWay we continue to see strong interest, giving us
confidence in the sales growth potential of Picoway, which was
enhanced by the recently received FDA clearance for treatment of
pigmented lesions. Looking forward, we are well positioned to
benefit from the growth potential for UltraShape and PicoWay, and
we expect to drive incremental growth from the recently introduced
Profound device. Profound is a unique, minimally invasive
micro-needle RF treatment for sub-mental loose skin and skin
tightening on the face, which achieves, in a single treatment,
clinical results equivalent to 37% of face lift surgery. We are
building a small, specialized sales team that will be dedicated to
Profound and we began its launch during the second quarter."
Non-GAAP Financial Highlights for the First Quarter Ended
March 31, 2015:
Gross Margin for the first quarter 2015 was 53.2%,
slightly less than 53.5% in the first quarter 2014, reflecting the
contradictory effects of favorable geographic mix, with strong
product growth, particularly in North
America, offset mainly by a negative impact of 1.8% due to
changes in foreign currency exchange rates. Excluding change in
foreign currency exchange rates, gross margin for the first quarter
2015 was 55.0%, benefitting from the contribution of the newly
introduced high margin UltraShape and PicoWay products.
Operating Income for the first quarter 2015 was
$1.1 million, compared to
$1.9 million in the first quarter
2014. This reflects the Company's investments in sales and
marketing expenses related to the significant expansion of the
Company's North American sales force, including the establishment
of a dedicated body shaping team. It also includes a negative
impact of $0.8 million due to changes
in foreign currency exchange rates.
Net Income and Earnings Per Share in the first quarter
2015 were $0.6 million, or
$0.02 per share, compared to net
income of $1.3 million, or
$0.04 per share in the first quarter
2014.
Net income and earnings per share for the first quarter 2015 are
adjusted to exclude the following items, which are detailed in the
Company's financial tables presented at the end of this press
release:
- Amortization of acquired intangible assets of $1.5 million
- Stock-based compensation of $0.9
million
- Re-measurement of contingent consideration fair value of
$0.06 million
- Income tax benefit of $0.4
million
GAAP Financial Highlights for the First Quarter Ended
March 31, 2015:
Gross Margin for the first quarter 2015 was 51.6%,
slightly less than 51.7% in the first quarter 2014, reflecting the
contradictory effects of favorable geographic mix, with strong
product growth, particularly in North
America, offset by unfavorable product mix and a negative
impact of 1.7% due to changes in foreign currency exchange rates.
Excluding change in foreign currency exchange rates, gross margin
for the first quarter 2015 was 53.3%, benefitting from the
contribution of the newly introduced high margin UltraShape and
PicoWay products.
Operating loss for the first quarter 2015 was
$1.4 million, compared to
$0.8 million in the first quarter
2014. This reflects the Company's investments in sales and
marketing expenses related to the significant expansion of the
Company's North American sales force, including the establishment
of a dedicated body shaping team. It also includes a negative
impact of $0.8 million due to changes
in foreign currency exchange rates.
Net Loss and Loss Per Share in the first quarter 2015 was
$1.5 million, or $0.04 per share, compared to $1.1 million, or $0.03 per share in the first quarter 2014.
Cash Position: As of March 31,
2015, the Company's overall cash position including cash,
short-term bank deposits and marketable securities amounted to
$99.8 million, compared to
$110.4 million as of December 31, 2014. Cash use in the first quarter
2015 included investments in inventory to support anticipated
growth in 2015 and to account for the Company's strong fourth
quarter results, as well as other non-recurring payments, along
with investment in a new ERP system. The reduction in cash position
also included the repurchase of 328,358 shares of Syneron stock
during the first quarter 2015 at an average price of $11.93 for $3.9
million under the Company's previously authorized
$20 million share repurchase program.
Since December 2014, the Company has
repurchased a total of 376,642 shares at an average price of
$11.69 for $4.4 million under this program.
Use of Non-GAAP Measures
This press release
provides financial measures for gross margin, operating margin,
operating "income (loss), net income (loss) and earnings (loss) per
share, which exclude expenses related to amortization of acquired
intangible assets, stock-based compensation, re-measurement of
contingent consideration fair value, impairment of intangible
assets, Fair Market Value (FMV) adjustment, tax benefit, changes in
foreign currency exchange rates, and legal settlement,
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, believes 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 first quarter 2015 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
"Q1 2015 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 877-280-2296 in the
U.S., and 212-444-0412 from overseas. The conference pass code is:
8072668.
About Syneron Candela:
Syneron Candela is a
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 non-invasive fat destruction, body contouring, hair
removal, wrinkle reduction, tattoo removal, improving 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 three distinct
brands, Syneron, Candela and CoolTouch, and has a wide portfolio of
trusted, leading products including UltraShape, VelaShape,
GentleLase, VBeam Perfecta, PicoWay and elos Plus.
Founded in 2000, the corporate, R&D, and manufacturing
headquarters for Syneron Candela are located in Israel.
Syneron Candela also has R&D and manufacturing operations in
the U.S. The company markets, 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.
For additional information, please
visit http://www.syneron-candela.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.
Forward-looking statements in this press release include
optimism about increased sales of Ultrashape, being on track with
the Company's revenue plan for the year, being well positioned to
benefit from the growth potential for UltraShape and PicoWay, and
driving incremental growth from the Profound device, which is
expected to launch during the second quarter of 2015. 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 risks associated with the
successful build-out of our North American sales force and its
ability to enable us to generate more North American revenue and
improve margins, the market acceptance of our new products,
including the UltraShape, PicoWay and Profound products, our
ability to grow non-core market revenues, changes in foreign
currency exchange rates, the continued stabilization of the
Europe and Middle East and Asia
Pacific markets, as well as those 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, UltraShape, 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 Operations
|
(in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
For the
three-months ended
|
|
|
|
March
31,
|
|
|
March
31,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
63,399
|
|
|
$
56,813
|
Cost of
revenues
|
|
30,714
|
|
|
27,414
|
|
|
|
|
|
|
|
Gross
profit
|
|
32,685
|
|
|
29,399
|
Operating
expenses:
|
|
|
|
|
|
|
Sales and
marketing
|
|
21,390
|
|
|
17,318
|
|
General and
administrative
|
|
6,935
|
|
|
6,250
|
|
Research and
development
|
|
5,658
|
|
|
6,238
|
|
Other expenses,
net
|
|
56
|
|
|
399
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
34,039
|
|
|
30,205
|
|
|
|
|
|
|
|
Operating
loss
|
|
(1,354)
|
|
|
(806)
|
|
|
|
|
|
|
|
|
Financial Income
(expenses), net
|
|
(243)
|
|
|
164
|
|
|
|
|
|
|
|
Loss before tax
on income (tax benefit)
|
|
(1,597)
|
|
|
(642)
|
|
|
|
|
|
|
|
Taxes on income (tax
benefit)
|
|
(128)
|
|
|
450
|
|
|
|
|
|
|
|
Net
loss
|
|
$
(1,469)
|
|
|
$
(1,092)
|
|
|
|
|
|
|
|
Loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
|
|
|
|
Net loss per
share
|
|
$
(0.04)
|
|
|
$
(0.03)
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
Basic and
Diluted
|
|
36,722
|
|
|
36,653
|
Syneron Medical
Ltd.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2015
|
|
2014
(*)
|
|
|
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
49,514
|
|
$
57,189
|
|
Short-term bank
deposits
|
|
|
5,354
|
|
6,415
|
|
Available-for-sale
marketable securities
|
|
|
28,155
|
|
30,055
|
|
Trade receivable,
net
|
|
|
53,244
|
|
55,898
|
|
Other accounts
receivables and prepaid expenses
|
|
|
13,485
|
|
15,168
|
|
Inventories
|
|
|
38,906
|
|
36,894
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
188,658
|
|
201,619
|
|
|
|
|
|
|
|
Long-term
assets:
|
|
|
|
|
|
|
Severance pay
fund
|
|
|
522
|
|
514
|
|
Long-term deposits
and others
|
|
|
312
|
|
267
|
|
Long-term
available-for-sale marketable securities
|
|
|
16,785
|
|
16,785
|
|
Investment in
affiliated company
|
|
|
20,130
|
|
20,130
|
|
Property and
equipment, net
|
|
|
7,626
|
|
7,011
|
|
Intangible assets,
net
|
|
|
20,213
|
|
21,698
|
|
Goodwill
|
|
|
25,285
|
|
25,285
|
|
Deferred
taxes
|
|
|
13,771
|
|
13,525
|
|
|
|
|
|
|
|
Total long-term
assets
|
|
|
104,644
|
|
105,215
|
|
|
|
|
|
|
|
Total
assets
|
|
|
$
293,302
|
|
$
306,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
20,809
|
|
$
21,948
|
|
Deferred
revenues
|
|
|
12,973
|
|
14,054
|
|
Other accounts
payable and accrued expenses
|
|
|
27,030
|
|
32,595
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
60,812
|
|
68,597
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
Contingent
consideration liability
|
|
|
5,039
|
|
4,983
|
|
Deferred
revenues
|
|
|
2,101
|
|
3,782
|
|
Warranty
accruals
|
|
|
814
|
|
860
|
|
Accrued severance
pay
|
|
|
589
|
|
507
|
|
Deferred
taxes
|
|
|
-
|
|
140
|
|
|
|
|
|
|
|
Total long-term
liabilities
|
|
|
8,543
|
|
10,272
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
223,947
|
|
227,965
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
|
$
293,302
|
|
$
306,834
|
|
|
|
|
|
|
|
(*)
|
Derived from audited
financial statements
|
|
|
|
|
|
Syneron Medical
Ltd.
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
(in
thousands)
|
|
|
|
|
|
|
|
|
For the
three-months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31
|
|
|
March
31
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net
loss
|
|
|
$
(1,469)
|
|
|
$
(1,092)
|
|
|
Adjustments to
reconcile net loss to net cash
|
|
|
|
|
|
|
|
|
Non-cash items
reported in discontinued operations
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
929
|
|
|
771
|
|
|
Depreciation and
amortization
|
|
|
2,226
|
|
|
2,051
|
|
|
Realized loss,
changes in accrued interest and amortization
|
|
|
175
|
|
|
181
|
|
|
Revaluation of
contingent liability
|
|
|
56
|
|
|
399
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Trade receivable,
net
|
|
|
(564)
|
|
|
(1,486)
|
|
|
|
Inventories
|
|
|
(1,938)
|
|
|
(835)
|
|
|
|
Other accounts
receivables
|
|
|
1,615
|
|
|
1,496
|
|
|
|
Deferred
taxes
|
|
|
(403)
|
|
|
(458)
|
|
|
|
Accounts
payable
|
|
|
(852)
|
|
|
(2,073)
|
|
|
|
Deferred
revenue
|
|
|
2,473
|
|
|
1,030
|
|
|
|
Accrued warranty
accruals
|
|
|
(2,468)
|
|
|
(780)
|
|
|
|
Other accrued
liabilities
|
|
|
(5,426)
|
|
|
(3,939)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities
|
|
|
(5,646)
|
|
|
(4,735)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(1,136)
|
|
|
(456)
|
|
|
Proceeds from the
sale or maturity of marketable securities
|
|
|
7,700
|
|
|
20,386
|
|
|
Purchase of
marketable securities
|
|
|
(5,853)
|
|
|
(13,008)
|
|
|
Proceeds from
short-term bank deposits, net
|
|
|
1,060
|
|
|
4,944
|
|
|
Acquisition of a
subsidiary
|
|
|
-
|
|
|
(11,016)
|
|
|
Other investing
activities
|
|
|
(45)
|
|
|
(28)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by investing activities
|
|
|
1,726
|
|
|
822
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Repurchase of shares
from shareholders
|
|
|
(3,918)
|
|
|
-
|
|
|
Proceeds from
exercise of stock options
|
|
|
915
|
|
|
254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) financing activities
|
|
|
(3,003)
|
|
|
254
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
|
(752)
|
|
|
210
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in
cash and cash equivalents
|
|
|
(7,675)
|
|
|
(3,449)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
57,189
|
|
|
37,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
|
$
49,514
|
|
|
$
34,134
|
Syneron Medical
Ltd.
|
Unaudited Non-GAAP
Financial Measures and Reconciliation
|
(in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
For the
three-months ended
|
|
|
|
March
31
|
|
|
March
31
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
32,685
|
|
|
$
29,399
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
50
|
|
|
66
|
|
Amortization of
intangible assets
|
|
1,010
|
|
|
950
|
|
|
|
|
|
|
|
Non-GAAP gross
profit
|
|
$
33,745
|
|
|
$
30,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
|
$
(1,354)
|
|
|
$
(806)
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
929
|
|
|
770
|
|
Amortization of
intangible assets
|
|
1,485
|
|
|
1,251
|
|
Remeasurement of
contingent consideration
|
|
56
|
|
|
399
|
|
Other non-recurring
items
|
|
(5)
|
|
|
277
|
|
|
|
|
|
|
|
Non-GAAP operating
income
|
|
$
1,111
|
|
|
$
1,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
|
$
(1,469)
|
|
|
$
(1,092)
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
929
|
|
|
770
|
|
Amortization of
intangible assets
|
|
1,485
|
|
|
1,251
|
|
Remeasurement of
contingent consideration
|
|
56
|
|
|
399
|
|
Other non-recurring
items
|
|
(5)
|
|
|
277
|
|
Tax
benefit
|
|
(390)
|
|
|
(277)
|
|
|
|
|
|
|
|
Non-GAAP net
income
|
|
$
606
|
|
|
$
1,328
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) per
share:
|
|
|
|
|
|
Basic
|
|
|
|
|
|
GAAP net loss per
share
|
|
$
(0.04)
|
|
|
$
(0.03)
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
0.03
|
|
|
0.02
|
|
Amortization of
intangible assets
|
|
0.04
|
|
|
0.03
|
|
Remeasurement of
contingent consideration
|
|
-
|
|
|
0.01
|
|
Other non-recurring
items
|
|
-
|
|
|
0.01
|
|
Tax
benefit
|
|
(0.01)
|
|
|
(0.01)
|
|
|
|
|
|
|
|
Non-GAAP net income
per share
|
|
$
0.02
|
|
|
$
0.03
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
GAAP net loss per
share
|
|
$
(0.04)
|
|
|
$
(0.03)
|
|
|
|
|
|
|
|
|
Legal settlement
costs
|
|
|
|
|
|
|
Stock-based
compensation
|
|
0.03
|
|
|
0.02
|
|
Amortization of
intangible assets
|
|
0.04
|
|
|
0.03
|
|
Remeasurement of
contingent consideration
|
|
0.00
|
|
|
0.01
|
|
Other non-recurring
items
|
|
-
|
|
|
0.02
|
|
Tax
benefit
|
|
(0.01)
|
|
|
(0.01)
|
|
|
|
|
|
|
|
Non-GAAP net income
per share
|
|
$
0.02
|
|
|
$
0.04
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
36,770
|
|
|
36,653
|
|
|
|
|
|
|
|
|
Diluted
|
|
37,328
|
|
|
37,387
|
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SOURCE Syneron Medical Ltd.