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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Candela (MM) | NASDAQ:CLZR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.00 | 0 | 01:00:00 |
Filed
by Syneron Medical Ltd. pursuant to
Rule 425 under the Securities Act of 1933, as amended Subject Company: Candela Corporation Subject Companys Commission File No.: 000-14742 |
Filed below is a press release issued by Syneron Medical Ltd. on November 9, 2009 regarding its third quarter 2009 financial results.
PRESS RELEASE | November 9, 2009 |
Syneron Reports Third Quarter 2009 Financial Results
Recent highlights |
| Third consecutive quarter of gross margin improvement |
| Return to positive cash flow from operating activities during the three-month period ending September 30, 2009 |
| Sequential revenue growth in the seasonally weakest quarter |
| DSOs fall for third consecutive quarter |
| Inventories fell for the third consecutive quarter to $9.7 million; a 24% decline since December 31, 2008. |
| Signed definitive agreement for merger transaction with Candela Corporation |
| Completed acquisition of Primaeva Medical, Inc. |
YOKNEAM, ISRAEL (MARKET WIRE) 11/9/2009 Syneron Medical Ltd. (NASDAQ: ELOS), an innovator in the development, marketing and sales of elos combined-energy medical aesthetic devices, today announced financial results for the third quarter ended September 30, 2009.
Revenues for the third quarter of 2009 were $14.3 million, compared to revenues of $14.2 million in the second quarter of 2009, and revenues of $28.5 million for the third quarter of 2008.
Synerons gross margins improved for the third consecutive quarter. Gross margins widened to 67% in the third quarter from 64.8% in the second quarter of 2009. Synerons gross margin has risen by 12.3 percentage points since the fourth quarter of 2008.
Syneron recorded a net loss in the third quarter of $5.5 million on a GAAP basis which includes $0.7 million in stock-based compensation and approximately $1.2 million of expenses related to the merger of Syneron with Candela Corporation, announced on September 9, 2009. The third quarter net loss of $5.5 million compares to a similar net loss of $5.5 million in the second quarter of 2009 and a net profit of $2.2 million in the third quarter of 2008. The merger related expenses are included in the GAAP results in accordance with FASB statement number 141(R) Business Combinations which is effective for business combinations occurred after January 1, 2009. Syneron will continue to note merger related expenses on a quarterly basis until the transaction is completed. On a non-GAAP basis, excluding stock-based compensation expenses, net loss in the third quarter was $4.8 million, compared to a net profit on a non-GAAP basis of $3.1 million in the third quarter of 2008.
GAAP EPS amounted this quarter to a loss of $0.20 per basic and diluted share, compared to a loss of $0.20 per basic and diluted share in the second quarter of 2009, and earnings per basic and diluted share of $0.08 in the third quarter of 2008. On a non-GAAP basis, the result for the third quarter is equivalent to a loss of $0.17 per basic and diluted share, compared to earnings per basic and diluted share of $0.11 in the third quarter of 2008.
Commenting on the results and developments in the third quarter, Syneron CEO Lou Scafuri said, I am pleased with the results for the third quarter, especially the strong improvement in our gross margin during the past nine months, our return to a positive cash flow from operating activities, as well as the sequential improvement in revenue in the third quarter which, traditionally, is the weakest quarter for the aesthetic device sector. The continued improvement in the gross margin and the positive turn in cash flow from operations, reflects, primarily, the success of deep company-wide restructuring, while the sequential increase in revenue, although modest, is evidence of physician acceptance of the new products we have introduced to the market since the start of the year. These sales figures are also encouraging because they reinforce the indications of gradually improving demand for procedures and devices which we have begun receiving from our luminary doctors and major customers.
The economic challenges of the past year, Mr. Scafuri continued, have been the catalyst for dynamic change across markets, our sector clearly included. The aesthetic industry was impacted by the economic downturn and credit tightening, but I believe we are emerging as a much stronger sector and I am proud that Syneron has led that change, most significantly with our announcement in September of the contemplated merger between Syneron and Candela Corporation. We have also led with the launch of several new products which offer a new business model suitable to todays market requirement for an enhanced value proposition, as well as efficacy and less patient down time. These products include the unique and innovative eMatrix, which has been well received by physicians, and is based on a new paradigm of treatment aimed at transforming the sector into one that is significantly more flexible and responsive to changing patient and physician criteria for less invasive yet highly efficacious aesthetic treatments.
Syneron emerged out of the third quarter with a significantly stronger balance sheet. Synerons cash position (including long-term deposits) totaled $213.3 million as of September 30, 2009 and Syneron continues to have no debt. Trade receivables, net, decreased to $16.8 million as of September 30, 2009 from $32.6 million at the end of 2008. Inventories fell for the third consecutive quarter to $9.7 million a 24% decline since December 31, 2008. Shareholders equity at the end of the third quarter of 2009 was $228.1 million.
Commenting on the improved financial position, CFO Fabian Tenenbaum said, The continued improvement in the balance sheet in the third quarter reflects enhanced processes and controls introduced as part of the restructuring program. Combined with the streamlining of operations and cost savings, these better financial controls will place Syneron in a favorable position as rise in macroeconomic activity positively impacts the aesthetic medical device industry.
Conference call
Syneron management will host its
third quarter earnings conference call today at 8:30am 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 Q3 2009 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
(toll free): 888-211-7360 in the U.S., and 913-312-0959 from overseas.
Use of Non-GAAP Measures
This press release provides financial
measures for net loss, net loss per diluted share, net profit and net profit per diluted
share, which exclude an expense charge related to stock-based compensation 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 managements and investors ability to evaluate the
Companys net profit and net profit per 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.
About Syneron
Syneron Medical Ltd. (NASDAQ: ELOS)
manufactures and distributes medical aesthetic devices that are powered by the
proprietary, patented elôs combined-energy technology of Bi-Polar Radio Frequency
and Light. Synerons innovative elôs technology provides the foundation for
highly effective, safe and cost-effective systems that enable physicians to provide
advanced solutions for a broad range of medical-aesthetic applications including hair
removal, wrinkle reduction, rejuvenating the skins appearance through the treatment
of superficial benign vascular and pigmented lesions, and the treatment of acne, leg veins
and cellulite. Founded in 2000, the corporate, R&D, and manufacturing headquarters for
Syneron are located in Israel. Syneron has offices and distributors throughout the world,
including North American Headquarters and Logistics Support in Irvine, CA, and
Asia-Pacific Headquarters in Hong Kong, which provide sales, service and support.
Additional information can be found at
www.syneron.com
.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 relating to future events or Synerons future performance, including statements with respect to Synerons expectations regarding, but not limited to Synerons profitability and maintaining a leadership position in core markets. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Synerons actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements, including, but not limited to the risks associated with Synerons ability to operate under the difficult conditions of the current global economy; the risk associated with Synerons ability to commercialize new products and identify new markets for Synerons technology; ability to manage Synerons growth, competition and pricing pressure; risks associated with Synerons international operations; risks associated with Synerons collaboration with Procter & Gamble; risks associated with regulatory qualifications or approvals; risks related to Synerons intellectual property; risks related to Synerons operations in Israel; the ability of each of Syneron and Candela to satisfy the closing conditions and consummate the merger transaction, including obtaining the approval of the transaction by Candelas stockholders; the risk that the businesses of Syneron and Candela may not be coordinated successfully; the risk that the merger transaction of Syneron and 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 and the risk that disruptions from the merger transaction make it more difficult to maintain relationships with customers, employees, or suppliers. Further information regarding these and other risks relating to Synerons business, including the operations of Candela, is set forth under the heading Risk Factors in Synerons registration statement on Form F-4, filed with the Securities and Exchange Commission (the SEC) on October 28, 2009 and in other reports filed with the SEC. These factors are updated from time to time through the filing of reports and registration statements with the SEC. Syneron does not assume any obligation to update the forward-looking information contained in this press release.
In connection with the combination of Syneron and Candela pursuant to an Agreement and Plan of Merger (the Merger), Syneron has filed with the SEC a registration statement on Form F-4, which includes a proxy statement of Candela and a prospectus of Syneron and other relevant materials in connection with the proposed transactions. Candela has also filed the same proxy statement/prospectus with the SEC. Investors and security holders are urged to read the proxy statement/prospectus and the other relevant materials (when they become available) because these materials will contain important information about Syneron, Candela, and the proposed transaction. The proxy statement/prospectus and the other relevant materials (when they become available), and any and all documents filed with the SEC, may be obtained free of charge at the SECs web site at www.sec.gov. In addition, free copies of the documents filed with the SEC by Syneron will be available on the investor relations portion of Synerons website at www.syneron.com . Free copies of the documents filed with the SEC by Candela will be available on the investor relations portion of Candelas website at www.candelalaser.com . INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND THE OTHER RELEVANT MATERIALS (WHEN THEY BECOME AVAILABLE) BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTIONS.
Syneron, the Syneron logo, and elôs are trademarks of Syneron Medical Ltd. and may be registered in certain jurisdictions. elôs (Electro-Optical Synergy) is a proprietary technology of Syneron Medical Ltd. All other names are the property of their respective owners.
For more information, please contact:
Fabian Tenenbaum, CFO, +972 73 244
2283, email:
cfo@syneron.com
Judith Kleinman, VP Investor
Relations, +972 54 646 1688, email:
ir@syneron.com
Syneron Medical Ltd.
CONSOLIDATED STATEMENTS
OF INCOME
U.S. dollars in thousands, except per share data
Three Months ended
September 30, |
Nine Months ended
September 30, |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2009
(unaudited) |
2008
(unaudited) |
2009
(unaudited) |
2008
(unaudited) |
|||||||||||
Revenues | 14,279 | 28,493 | 40,323 | 100,805 | ||||||||||
Cost of Revenues | 4,705 | 7,026 | 14,664 | 23,252 | ||||||||||
|
|
|
|
|||||||||||
Gross Profit | 9,574 | 21,467 | 25,659 | 77,553 | ||||||||||
Operating expenses: | ||||||||||||||
Research and development | 3,063 | 3,646 | 8,949 | 10,633 | ||||||||||
Selling and marketing | 7,531 | 13,259 | 26,287 | 41,548 | ||||||||||
General and administrative | 4,225 | 2,684 | 13,059 | 9,924 | ||||||||||
Legal settelement, net of legal cost | - | - | (3,975 | ) | - | |||||||||
|
|
|
|
|||||||||||
Total operating expenses | 14,819 | 19,589 | 44,320 | 62,105 | ||||||||||
|
|
|
|
|||||||||||
Operating (Loss) Income | (5,245 | ) | 1,878 | (18,661 | ) | 15,448 | ||||||||
Financial Income, net | 447 | 529 | 1,661 | 3,226 | ||||||||||
|
|
|
|
|||||||||||
Income (Loss) before taxes on income | (4,798 | ) | 2,407 | (17,000 | ) | 18,674 | ||||||||
Taxes on income | 858 | 219 | 2,455 | (2,825 | ) | |||||||||
|
|
|
|
|||||||||||
Income (Loss) before non controlling interest | (5,656 | ) | 2,188 | (19,455 | ) | 21,499 | ||||||||
Net loss attributable to non controlling interest | 107 | - | 213 | - | ||||||||||
|
|
|
|
|||||||||||
Net (Loss) income attributable to Syneron shareholders | (5,549 | ) | 2,188 | (19,242 | ) | 21,499 | ||||||||
Basic net (Loss) Income per share | (0.20 | ) | 0.08 | (0.70 | ) | 0.78 | ||||||||
Diluted net (Loss) Income per share | (0.20 | ) | 0.08 | (0.70 | ) | 0.78 | ||||||||
|
|
|
|
|||||||||||
Weighted average number of shares used | ||||||||||||||
in per share calculation (in thousands): | ||||||||||||||
Basic | 27,530 | 27,436 | 27,505 | 27,394 | ||||||||||
Diluted | 27,530 | 27,503 | 27,505 | 27,518 | ||||||||||
|
|
|
|
Syneron Medical Ltd.
CONSOLIDATED BALANCE
SHEETS
U.S. dollars in thousands
September 30,
2009 (unaudited) |
December 31,
2008 (audited) |
|||||||
---|---|---|---|---|---|---|---|---|
CURRENT ASSETS | ||||||||
Cash and cash equivalents (*) | 32,282 | 72,366 | ||||||
Short term bank deposit (*) | 1,923 | - | ||||||
Available-for-sale marketable securities (*) | 156,868 | 117,342 | ||||||
Trade receivables | 16,759 | 32,637 | ||||||
Other accounts receivables and prepaid expenses | 2,064 | 4,249 | ||||||
Inventories | 9,668 | 12,660 | ||||||
|
|
|||||||
Total Current Assets | 219,564 | 239,254 | ||||||
LONG-TERM ASSETS | ||||||||
Severance pay fund | 209 | 107 | ||||||
Long-term deposits and others (*) | 209 | 180 | ||||||
Long-term available-for-sale marketable securities (*) | 22,022 | 27,214 | ||||||
Investments in affiliated companies | 3,300 | 4,225 | ||||||
Property and equipment, net | 2,940 | 3,656 | ||||||
Intangible assets, net | 5,412 | 3,828 | ||||||
Goodwill | 4,251 | 2,822 | ||||||
|
|
|||||||
Total Long-Term Assets | 38,343 | 42,032 | ||||||
|
|
|||||||
Total Assets | 257,907 | 281,286 | ||||||
|
|
|||||||
CURRENT LIABILITIES | ||||||||
Trade Payables | 3,582 | 8,675 | ||||||
Other accounts payable and accrued expenses | 22,748 | 25,587 | ||||||
|
|
|||||||
Total Current Liabilities | 26,330 | 34,262 | ||||||
LONG-TERM LIABILITIES | ||||||||
Deferred Revenues | 2,367 | 3,140 | ||||||
Warranty Accruals | 803 | 1,117 | ||||||
Accrued severance pay | 307 | 171 | ||||||
|
|
|||||||
Total Long-Term Liabilities | 3,477 | 4,428 | ||||||
EQUITY | 228,100 | 242,596 | ||||||
|
|
|||||||
Total Liabilities and Equity | 257,907 | 281,286 | ||||||
|
|
|||||||
(*) Total Cash and Liquid Investments | 213,304 | 217,102 |
Syneron Medical Ltd.
CONSOLIDATED STATEMENTS
OF CASH FLOWS
U.S. dollars in thousands
Three Months ended
September 30, |
Nine Months ended
September 30, |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2009
(unaudited) |
2008
(unaudited) |
2009
(unaudited) |
2008
(unaudited) |
|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||
Net (loss) income before non controlling interest | (5,656 | ) | 2,188 | (19,455 | ) | 21,499 | ||||||||
Adjustments to reconcile net (loss) income to net cash provided by | ||||||||||||||
(used in) operating activities: | ||||||||||||||
Depreciation and amortization | 355 | 453 | 1,509 | 1,250 | ||||||||||
Deferred taxes, net | 550 | - | 1,366 | - | ||||||||||
Increase (decrease) in accrued severance pay, net | 4 | (2 | ) | 13 | 39 | |||||||||
Decrease (increase) in trade receivables | 2,098 | (1,337 | ) | 15,878 | (4,028 | ) | ||||||||
Decrease (increase) in other accounts receivables and prepaid expenses | 9 | (163 | ) | 831 | 1,847 | |||||||||
Decrease (increase) in inventories | 823 | (405 | ) | 3,161 | (2,659 | ) | ||||||||
Increase (decrease) in trade payables | 811 | (1,436 | ) | (5,160 | ) | (979 | ) | |||||||
Increase (decrease) in other account payables and accrued expenses | 1,247 | 395 | (842 | ) | (1,436 | ) | ||||||||
Impairments of available-for-sale marketable securities | 36 | 350 | 208 | 467 | ||||||||||
Realized loss, changes in accrued interest and amortization of
premium on marketable securities |
333 | 279 | 1,322 | 191 | ||||||||||
Equity based compensation | 738 | 895 | 3,427 | 5,400 | ||||||||||
Decrease in deferred revenues and warranty accruals | (986 | ) | (1,052 | ) | (3,161 | ) | (494 | ) | ||||||
|
|
|
|
|||||||||||
Net cash provided by (used in) operating activities | 362 | 165 | (903 | ) | 21,097 | |||||||||
|
|
|
|
|||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||
Maturity (purchase) of short-term deposits, net | (130 | ) | - | (1,923 | ) | 1,000 | ||||||||
Purchase of available-for-sale marketable securities | (100,870 | ) | (33,125 | ) | (247,368 | ) | (180,439 | ) | ||||||
Proceeds from sale and redemption of available-for-sale
marketable securities |
90,380 | 15,556 | 211,565 | 140,856 | ||||||||||
Payments for investments in Affiliated Companies | (350 | ) | (723 | ) | (750 | ) | (1,303 | ) | ||||||
Net cash paid in conjunction with acquisition of a subsidiary | - | - | (41 | ) | - | |||||||||
Acquisition of minority shares in a subsidiary | (16 | ) | (40 | ) | (440 | ) | (40 | ) | ||||||
Investment in long-term deposits and others | (35 | ) | (37 | ) | (22 | ) | (50 | ) | ||||||
Purchase of property and equipment | (175 | ) | (318 | ) | (396 | ) | (830 | ) | ||||||
|
|
|
|
|||||||||||
Net cash used in investing activities | (11,196 | ) | (18,687 | ) | (39,375 | ) | (40,806 | ) | ||||||
|
|
|
|
|||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
Repurchase of ordinary shares from shareholders at cost | - | - | - | (1,927 | ) | |||||||||
Issuance of shares as a result of exercise of options and RSU's | 193 | 1 | 194 | 4 | ||||||||||
|
|
|
|
|||||||||||
Net cash provided by (used in) financing activities | 193 | 1 | 194 | (1,923 | ) | |||||||||
|
|
|
|
|||||||||||
Decrease in cash and cash equivalents | (10,641 | ) | (18,521 | ) | (40,084 | ) | (21,632 | ) | ||||||
Cash and cash equivalents at the beginning of the period | 42,923 | 39,513 | 72,366 | 42,624 | ||||||||||
|
|
|
|
|||||||||||
Cash and cash equivalents at the end of the period | 32,282 | 20,992 | 32,282 | 20,992 | ||||||||||
|
|
|
|
Syneron Medical Ltd.
Reconciliation
Between GAAP To Non-GAAP Consolidated Statement Of Income
U.S. dollars in thousands, except per share data
Three Months ended
September 30, |
Nine Months ended
September 30, |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2009
(unaudited) |
2008
(unaudited) |
2009
(unaudited) |
2008
(unaudited) |
|||||||||||
Operating (Loss) Income (GAAP) | (5,245 | ) | 1,878 | (18,661 | ) | 15,448 | ||||||||
Non-GAAP adjustment: | ||||||||||||||
Stock based compensation | 738 | 895 | 3,427 | 5,400 | ||||||||||
|
|
|
|
|||||||||||
Non-GAAP operating (Loss) Income | (4,507 | ) | 2,773 | (15,234 | ) | 20,848 | ||||||||
Net (Loss) Income (GAAP) | (5,549 | ) | 2,188 | (19,242 | ) | 21,499 | ||||||||
Non-GAAP adjustment: | ||||||||||||||
Stock based compensation | 738 | 895 | 3,427 | 5,400 | ||||||||||
|
|
|
|
|||||||||||
Non-GAAP Net (Loss) Income | (4,811 | ) | 3,083 | (15,815 | ) | 26,899 | ||||||||
Non-GAAP net (Loss) Income per share : | ||||||||||||||
Basic net (Loss) Income per share | (0.17 | ) | 0.11 | (0.57 | ) | 0.98 | ||||||||
Diluted net (Loss) Income per share | (0.17 | ) | 0.11 | (0.57 | ) | 0.97 | ||||||||
Weighted average number of shares | ||||||||||||||
share calculation (in thousands): | ||||||||||||||
Basic | 27,530 | 27,436 | 27,505 | 27,394 | ||||||||||
Diluted | 27,530 | 27,695 | 27,505 | 27,751 | ||||||||||
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