IRVINE, Calif., Feb. 15, 2017 /PRNewswire/ --
Total Revenue Grows 5.1% in 4Q16 and 7.3% for
Full Year
Emerging Products¹ Revenue
Grows 25.0% in 4Q16 and 42.1% for Full Year, Reaching $82.7 Million for Full Year
2016 GAAP net income per share of $0.01, up from net loss per share of $(0.17) in 2015; Non-GAAP net income per share
increases from $0.18 to $0.35 for the
year
Syneron Medical Ltd. (NASDAQ: ELOS), a leading global aesthetic
device company, today announced financial results for the three and
twelve month periods ended December 31,
2016.
Fourth Quarter 2016 Financial Highlights:
- Revenue of $82.9 million, up 5.1%
year-over-year
- Emerging products1 revenue of $22.6 million, which represents the Company's
strategic growth drivers, grew 25.0% year-over-year
- Product revenue up 6.5% year-over-year; Aesthetic product
revenue[2] up 11.0% year-over-year
- International product revenue grew 18.6% while North America declined 8.8% (North America
Aesthetic product revenue2 declined 2.8%)
- APAC product revenue up 15.9% and EMEA product revenue up
19.8%
- Total Body Shaping revenue of $11.3
million grew 16.0% year-over-year
- GAAP net loss per share of $(0.03), compared to $0.05 net income per share in Q4 2015
- Non-GAAP net income per share of $0.14, compared to $0.07 net income per share in Q4 2015
- Cash position as of December 31,
2016 of $86.4 million with no
debt; generated $6.2 million in cash
flow from operations
Full Year 2016 Financial Highlights:
- Revenue of $298.1 million, up
7.3% compared to 2015
- Emerging products revenue1 of $82.7 million, up 42.1% compared to 2015 and
expanding to 27.7% of revenue from 20.9% in 2015
- Product revenue up 8.6% year-over-year; Aesthetic product
revenue2 up 10.6% year-over-year
- International product revenue grew 15.4% while North America declined 2.8% (North America
Aesthetic product revenue2 declined 0.7%)
- APAC product revenue up 20.6% and EMEA product revenue up
7.1%
- Total Body Shaping revenue of $52.7
million, up 36.0% compared to 2015
- GAAP net income per share of $0.01, compared to $(0.17) net loss per share in 2015
- Non-GAAP net income per share of $0.35, compared to $0.18 net income per share in 2015
- Generated $8.4 million in cash
flow from operations, compared to a use of $2.8 million in 2015
Amit Meridor, Chief Executive Officer of Syneron Medical, said
"We ended the year with global top line growth, delivering record
quarterly and annual revenue in our
12th consecutive quarter of year-over-year revenue
growth. This included strong performance from our Emerging
Products, which grew 42% and reached $82.7
million for the year. This trend, supports our transition
into a higher growth, higher margin business. We delivered
double-digit Aesthetic product revenue growth, highlighted by
strong international results from the APAC and EMEA regions.
In North America, our business was down slightly in the fourth
quarter as we laid the groundwork for improved performance in
2017. As a result of the positive mix shift and our
international growth, operating margin continued to increase
despite continued investments in North American sales and marketing
infrastructure. Our strong financial performance resulted in
doubling non-GAAP net income per share to $0.14 in the fourth quarter. We generated
$6.2 million in cash from operations
in the fourth quarter and ended the year with a strong balance
sheet with $86.4 million in cash and
no debt."
Financial Highlights for the Fourth Quarter Ended
December 31, 2016:
Revenues in the fourth quarter 2016 were driven by 25.0%
growth from the Company's Emerging Products. Fourth quarter
Emerging Products revenue included $11.3
million in revenue from the Body Shaping portfolio, which
grew 16.0% year-over-year, mainly from UltraShape sales, driven by
the launch of UltraShape Power.
Total Aesthetic revenue in the fourth quarter 2016 grew 8.5% and
North America Aesthetic product revenue was down 2.8%. Fourth
quarter 2016 revenue did not include any sales from the Company's
dental laser subsidiary, which was sold in May 2016. In the fourth quarter 2015, the Company
had $0.9 million in sales from the
dental laser subsidiary. In addition, fourth quarter 2016 revenue
did not include any sales from the Company's CoolTouch OEM
business, which was discontinued in 2015.
GAAP Gross Margin for the fourth quarter 2016 was 53.5%,
compared to 55.0% in the fourth quarter 2015. Non-GAAP Gross Margin
for the fourth quarter 2016 was 54.5%, compared to 56.5% in the
fourth quarter 2015. This reflects international revenue growth,
mainly in the APAC and EMEA regions, differences in product mix,
compared to the fourth quarter 2015.
GAAP Operating Income for the fourth quarter 2016 was
$0.2 million, compared to
$2.2 million in the fourth quarter
2015. Non-GAAP Operating Income for the fourth quarter 2016 was
$6.3 million, compared to
$3.0 million in the fourth quarter
2015. GAAP Operating Margin for the fourth quarter 2016 was 0.3%,
compared to 2.8% for the fourth quarter of 2015. Non-GAAP Operating
Margin for the fourth quarter 2016 was 7.6%, compared to 3.8% in
the fourth quarter 2015. This increase reflects growth from the
Company's higher margin Emerging Products, cost efficiencies, and
revenue growth from the Company's existing international
distribution channels, which has lower operating expenses for the
Company.
GAAP Net Loss and GAAP Net Loss per Share in the fourth
quarter 2016 was a net loss of $(0.9)
million, or $(0.03) net loss
per share, compared to net income of $2.0
million, or $0.05 per share,
in the fourth quarter 2015. Non-GAAP net income and Non-GAAP net
income per Share in the fourth quarter 2016 was $5.0 million, or $0.14 per share, compared to non-GAAP net income
of $2.4 million, or $0.07 per share, in the fourth quarter 2015.
Cash Position As of December 31,
2016, the Company's overall cash position, including cash
and cash equivalents, short-term bank deposits and marketable
securities, grew to $86.4 million
from $82.9 million as of September 30, 2016.
Use of Non-GAAP Measures:
This press release
provides financial measures for gross profit, operating income
(loss), net income (loss) and net income (loss) per share, which
exclude expenses related to stock-based compensation expense,
amortization of acquired intangible assets, fair value adjustment
to investment in JV, re-measurement of contingent consideration
fair value, impairments of a subsidiary's goodwill and intangible
assets, net gain from sale of a subsidiary, restructuring severance
expenses, legal settlements and related fees, and tax benefit, 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 income (loss), net income (loss) and net income (loss)
per share, and exclude the impact of items or trends that are not
considered core influences on the results of operations, financial
position or cash flows. The presentation of this non-GAAP financial
information is not intended to be considered in isolation or as a
substitute for or superior to the financial information prepared
and presented in accordance with GAAP. Management uses non-GAAP
measures to make operational and investment decisions and to
evaluate the Company's performance 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 fourth quarter 2016 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
"Q4 2016 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 877-280-1254 in the
U.S., and 1-646-254-3366 from outside of the U.S. The conference
pass code is: 2212875.
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 body contouring, hair removal, wrinkle reduction, tattoo
removal, women's intimate wellness treatments, 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 has a wide portfolio of trusted, leading
products including UltraShape, VelaShape, GentleLase, VBeam
Perfecta, PicoWay, CO2RE, CO2RE Intima,
Profound and elōs Plus.
Founded in 2000, 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.
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.
[1] Emerging Products, which represent the Company's strategic
growth drivers, include product and consumable revenue from
UltraShape, VelaShape, PicoWay, Profound and CO2RE Intima.
[2] Aesthetic product revenue excludes the CoolTouch OEM business,
which was discontinued in 2015, and the Company's Dental Laser
business (Light Instruments subsidiary), which was divested in
2016
Syneron Medical
Ltd.
|
Unaudited Condensed
Consolidated Statements of Operations
|
(in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three-months ended
|
|
For the
twelve-months ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
82,891
|
|
|
$
78,889
|
|
|
$
298,102
|
|
|
$
277,849
|
Cost of
revenues
|
|
38,555
|
|
|
35,507
|
|
|
142,469
|
|
|
128,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
44,336
|
|
|
43,382
|
|
|
155,633
|
|
|
148,965
|
Operating expenses
(income):
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
26,035
|
|
|
27,121
|
|
|
95,889
|
|
|
97,163
|
|
General and
administrative
|
|
7,810
|
|
|
8,286
|
|
|
28,490
|
|
|
30,061
|
|
Research and
development
|
|
6,090
|
|
|
7,906
|
|
|
23,043
|
|
|
25,270
|
|
Other expenses
(income), net
|
|
4,170
|
|
|
(2,109)
|
|
|
4,983
|
|
|
2,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
44,105
|
|
|
41,204
|
|
|
152,405
|
|
|
155,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
231
|
|
|
2,178
|
|
|
3,228
|
|
|
(6,459)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income,
net
|
|
465
|
|
|
-
|
|
|
764
|
|
|
167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
before tax on income
|
|
696
|
|
|
2,178
|
|
|
3,992
|
|
|
(6,292)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
|
1,592
|
|
|
203
|
|
|
3,813
|
|
|
48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
(896)
|
|
|
$
1,975
|
|
|
$
179
|
|
|
$
(6,340)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share
|
|
$
(0.03)
|
|
|
$
0.06
|
|
|
$
0.01
|
|
|
$
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share
|
|
$
(0.03)
|
|
|
$
0.05
|
|
|
$
0.01
|
|
|
$
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
34,711
|
|
|
35,870
|
|
|
34,749
|
|
|
36,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
34,711
|
|
|
36,041
|
|
|
34,943
|
|
|
36,416
|
Syneron Medical
Ltd.
|
Unaudited Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
(*)
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
56,756
|
|
$
56,330
|
|
Short-term bank
deposits
|
|
326
|
|
357
|
|
Available-for-sale
marketable securities
|
|
10,817
|
|
14,274
|
|
Trade receivable,
net
|
|
57,337
|
|
53,423
|
|
Other accounts
receivables and prepaid expenses
|
|
12,735
|
|
12,438
|
|
Inventories
|
|
47,376
|
|
49,352
|
|
|
|
|
|
|
Total current
assets
|
|
185,347
|
|
186,174
|
|
|
|
|
|
|
Long-term
assets:
|
|
|
|
|
|
Severance pay
fund
|
|
479
|
|
509
|
|
Long-term deposits
and others
|
|
312
|
|
292
|
|
Long-term
available-for-sale marketable securities
|
|
18,522
|
|
15,695
|
|
Investment in
affiliated company
|
|
15,730
|
|
19,800
|
|
Property and
equipment, net
|
|
12,529
|
|
9,823
|
|
Deferred
taxes
|
|
16,877
|
|
20,363
|
|
Intangible assets,
net
|
|
8,517
|
|
12,694
|
|
Goodwill
|
|
18,257
|
|
21,442
|
|
|
|
|
|
|
Total long-term
assets
|
|
91,223
|
|
100,618
|
|
|
|
|
|
|
Total
assets
|
|
$
276,570
|
|
$
286,792
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
22,659
|
|
$
23,045
|
|
Deferred
revenues
|
|
12,838
|
|
12,481
|
|
Other accounts
payable and accrued expenses
|
|
28,361
|
|
36,316
|
|
|
|
|
|
|
Total current
liabilities
|
|
63,858
|
|
71,842
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
Contingent
consideration liability
|
|
-
|
|
878
|
|
Deferred
revenues
|
|
2,939
|
|
3,395
|
|
Warranty
accruals
|
|
1,794
|
|
861
|
|
Accrued severance
pay
|
|
559
|
|
603
|
|
|
|
|
|
|
Total long-term
liabilities
|
|
5,292
|
|
5,737
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
207,420
|
|
209,213
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
276,570
|
|
$
286,792
|
|
|
|
|
|
|
(*)
|
Derived from audited
financial statements
|
|
|
|
|
Syneron Medical
Ltd.
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
(in
thousands)
|
|
|
|
|
|
|
|
|
For the
twelve-months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
179
|
|
|
$
(6,340)
|
|
|
Adjustments to
reconcile net loss to net cash
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
3,711
|
|
|
3,775
|
|
|
Depreciation and
amortization
|
|
|
8,447
|
|
|
8,965
|
|
|
Impairments of
goodwill and intangible assets
|
|
|
-
|
|
|
7,132
|
|
|
Realized loss,
changes in accrued interest and amortization of premium on
marketable securities
|
|
|
646
|
|
|
1,770
|
|
|
FMV adjustment to
investment in Illuminage Beauty JV
|
|
|
7,010
|
|
|
330
|
|
|
Revaluation of
contingent liability
|
|
|
(878)
|
|
|
(4,105)
|
|
|
Net gain from sale of
a subsidiary
|
|
|
(1,149)
|
|
|
-
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Trade receivable,
net
|
|
|
(5,021)
|
|
|
1,613
|
|
|
|
Inventories
|
|
|
(2,521)
|
|
|
(14,370)
|
|
|
|
Other accounts
receivables and prepaid expenses
|
|
|
(31)
|
|
|
(5,222)
|
|
|
|
Deferred
taxes
|
|
|
3,514
|
|
|
957
|
|
|
|
Accounts
payable
|
|
|
447
|
|
|
921
|
|
|
|
Deferred
revenues
|
|
|
899
|
|
|
(1,725)
|
|
|
|
Accrued warranty
accruals
|
|
|
1,197
|
|
|
657
|
|
|
|
Other accounts
payable and accrued expenses
|
|
|
(8,090)
|
|
|
2,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) operating activities
|
|
|
8,360
|
|
|
(2,828)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(3,699)
|
|
|
(4,870)
|
|
|
Purchases of
Intangible asset
|
|
|
(150)
|
|
|
-
|
|
|
Proceeds from the
sale or maturity of marketable securities
|
|
|
26,212
|
|
|
38,815
|
|
|
Purchase of
marketable securities
|
|
|
(26,365)
|
|
|
(23,753)
|
|
|
Proceeds from
short-term bank deposits, net
|
|
|
31
|
|
|
6,057
|
|
|
Investment in
affiliated company
|
|
|
(2,940)
|
|
|
-
|
|
|
Other investing
activities
|
|
|
4,282
|
|
|
(25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) investing activities
|
|
|
(2,629)
|
|
|
16,224
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Acquisition of shares
held by non-controlling interest
|
|
|
(1,088)
|
|
|
-
|
|
|
Repurchase of shares
from shareholders
|
|
|
(3,925)
|
|
|
(15,590)
|
|
|
Proceeds from
exercise of stock options
|
|
|
-
|
|
|
2,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
|
(5,013)
|
|
|
(13,465)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
|
(292)
|
|
|
(790)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
426
|
|
|
(859)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
56,330
|
|
|
57,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
|
$
56,756
|
|
|
$
56,330
|
Syneron Medical
Ltd.
|
Reconciliation of
unaudited GAAP to Non GAAP financial measures
|
(in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three-months ended
|
|
For the
twelve-months ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
44,336
|
|
|
$
43,382
|
|
|
$
155,633
|
|
|
$
148,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
52
|
|
|
48
|
|
|
159
|
|
|
196
|
|
Amortization of
intangible assets
|
|
761
|
|
|
1,010
|
|
|
3,461
|
|
|
4,040
|
|
Restructuring
severance expenses
|
|
-
|
|
|
128
|
|
|
-
|
|
|
128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross
profit
|
|
$
45,149
|
|
|
$
44,568
|
|
|
$
159,253
|
|
|
$
153,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
(loss)
|
|
$
231
|
|
|
$
2,178
|
|
|
$
3,228
|
|
|
$
(6,459)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
962
|
|
|
964
|
|
|
3,711
|
|
|
3,775
|
|
Amortization of
intangible assets
|
|
915
|
|
|
1,295
|
|
|
4,314
|
|
|
5,710
|
|
FMV adjustment to
investment in JV
|
|
5,050
|
|
|
960
|
|
|
7,010
|
|
|
330
|
|
Re-measurement of
contingent consideration
|
|
(878)
|
|
|
(4,161)
|
|
|
(878)
|
|
|
(4,105)
|
|
Impairments of a
subsidiary's goodwill and intangible assets
|
|
-
|
|
|
1,519
|
|
|
-
|
|
|
7,132
|
|
Net gain from sale of
a subsidiary
|
|
-
|
|
|
-
|
|
|
(1,149)
|
|
|
-
|
|
Restructuring
severance expenses
|
|
-
|
|
|
223
|
|
|
-
|
|
|
223
|
|
Legal settlements and
related fees
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income
|
|
$
6,280
|
|
|
$
2,978
|
|
|
$
16,236
|
|
|
$
8,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
|
$
(896)
|
|
|
$
1,975
|
|
|
$
179
|
|
|
$
(6,340)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
962
|
|
|
964
|
|
|
3,711
|
|
|
3,775
|
|
Amortization of
intangible assets
|
|
917
|
|
|
1,295
|
|
|
4,316
|
|
|
5,710
|
|
FMV adjustment to
investment in JV
|
|
5,050
|
|
|
960
|
|
|
7,010
|
|
|
330
|
|
Re-measurement of
contingent consideration
|
|
(880)
|
|
|
(4,161)
|
|
|
(880)
|
|
|
(4,105)
|
|
Impairments of a
subsidiary's goodwill and intangible assets
|
|
-
|
|
|
1,519
|
|
|
-
|
|
|
7,132
|
|
Net gain from sale of
a subsidiary
|
|
-
|
|
|
-
|
|
|
(1,149)
|
|
|
-
|
|
Restructuring
severance expenses
|
|
-
|
|
|
223
|
|
|
-
|
|
|
223
|
|
Legal settlements and
related fees
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,656
|
|
Tax
benefit
|
|
(186)
|
|
|
(356)
|
|
|
(1,037)
|
|
|
(1,992)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income
|
|
$
4,967
|
|
|
$
2,419
|
|
|
$
12,150
|
|
|
$
6,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) per share
|
|
$
(0.03)
|
|
|
$
0.06
|
|
|
$
0.01
|
|
|
$
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
0.03
|
|
|
0.03
|
|
|
0.11
|
|
|
0.10
|
|
Amortization of
intangible assets
|
|
0.03
|
|
|
0.04
|
|
|
0.12
|
|
|
0.16
|
|
FMV adjustment to
investment in JV
|
|
0.15
|
|
|
0.03
|
|
|
0.20
|
|
|
0.01
|
|
Re-measurement of
contingent consideration
|
|
(0.03)
|
|
|
(0.12)
|
|
|
(0.03)
|
|
|
(0.11)
|
|
Impairments of a
subsidiary's goodwill and intangible assets
|
|
-
|
|
|
0.04
|
|
|
-
|
|
|
0.20
|
|
Net gain from sale of
a subsidiary
|
|
-
|
|
|
-
|
|
|
(0.03)
|
|
|
-
|
|
Restructuring
severance expenses
|
|
-
|
|
|
0.01
|
|
|
-
|
|
|
0.01
|
|
Legal settlements and
related fees
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.05
|
|
Tax
benefit
|
|
(0.01)
|
|
|
(0.01)
|
|
|
(0.03)
|
|
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share
|
|
$
0.14
|
|
|
$
0.08
|
|
|
$
0.35
|
|
|
$
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) per share
|
|
$
(0.03)
|
|
|
$
0.05
|
|
|
$
0.01
|
|
|
$
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
0.03
|
|
|
0.03
|
|
|
0.11
|
|
|
0.10
|
|
Amortization of
intangible assets
|
|
0.03
|
|
|
0.04
|
|
|
0.12
|
|
|
0.16
|
|
FMV adjustment to
investment in JV
|
|
0.15
|
|
|
0.03
|
|
|
0.20
|
|
|
0.01
|
|
Re-measurement of
contingent consideration
|
|
(0.03)
|
|
|
(0.12)
|
|
|
(0.03)
|
|
|
(0.11)
|
|
Impairments of a
subsidiary's goodwill and intangible assets
|
|
-
|
|
|
0.04
|
|
|
-
|
|
|
0.19
|
|
Net gain from sale of
a subsidiary
|
|
-
|
|
|
-
|
|
|
(0.03)
|
|
|
-
|
|
Restructuring
severance expenses
|
|
-
|
|
|
0.01
|
|
|
-
|
|
|
0.01
|
|
Legal settlements and
related fees
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.05
|
|
Tax
benefit
|
|
(0.01)
|
|
|
(0.01)
|
|
|
(0.03)
|
|
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share
|
|
$
0.14
|
|
|
$
0.07
|
|
|
$
0.35
|
|
|
$
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
34,711
|
|
|
35,870
|
|
|
34,749
|
|
|
36,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
34,866
|
|
|
36,051
|
|
|
34,943
|
|
|
36,739
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/syneron-medical-reports-fourth-quarter-2016-revenue-of-829-million-and-full-year-2016-revenue-2981-million-300407826.html
SOURCE Syneron Medical Ltd.