ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

CLZR Candela (MM)

3.00
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
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

- Filing of certain prospectuses and communications in connection with business combination transactions (425)

09/11/2009 10:06pm

Edgar (US Regulatory)




Filed by Syneron Medical Ltd. pursuant to
Rule 425 under the Securities Act of 1933, as amended
Subject Company: Candela Corporation
Subject Company’s 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.

Syneron’s 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. Syneron’s 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 today’s 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. Syneron’s 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 management’s and investors’ ability to evaluate the Company’s 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. Syneron’s 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 skin’s 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 .

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

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 Syneron’s future performance, including statements with respect to Syneron’s expectations regarding, but not limited to Syneron’s profitability and maintaining a leadership position in core markets. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Syneron’s 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 Syneron’s ability to operate under the difficult conditions of the current global economy; the risk associated with Syneron’s ability to commercialize new products and identify new markets for Syneron’s technology; ability to manage Syneron’s growth, competition and pricing pressure; risks associated with Syneron’s international operations; risks associated with Syneron’s collaboration with Procter & Gamble; risks associated with regulatory qualifications or approvals; risks related to Syneron’s intellectual property; risks related to Syneron’s 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 Candela’s 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 Syneron’s business, including the operations of Candela, is set forth under the heading “Risk Factors” in Syneron’s 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.



IMPORTANT ADDITIONAL INFORMATION

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 SEC’s 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 Syneron’s 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 Candela’s 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  







1 Year Candela (MM) Chart

1 Year Candela  (MM) Chart

1 Month Candela (MM) Chart

1 Month Candela  (MM) Chart

Your Recent History

Delayed Upgrade Clock