Syneron lays off 10% of local workforce

Sources inform ''Globes'' that cosmetic medical device company Syneron Medical Ltd. (Nasdaq: ELOS) has fired 15 employees in Israel, 10% of its local workforce. The Yokne'am-based company has 300 employees worldwide.

The cutbacks are a direct consequence of the fall in Syneron's revenue and cash flow, caused by the credit crunch. The company's customers are cosmetic surgeons who buy the company's devices for their clinics at a cost of tens or hundreds of thousands of dollars per unit, paid for with leasing agreements or bank loans.

Syneron's share fell 4.7% in after-hours trading yesterday to $7.54, giving a market cap of $227 million. The share fell 41% this year.

Published by Globes [online], Israel business news - www.globes-online.com - on December 31, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008