Syneron Medical Ltd. (Nasdaq: ELOS) today published its financial report for the second quarter of 2009. The medical aesthetic devices manufacturer's results improved compared with the first quarter, but were still well below its results for the corresponding quarter of 2008.
Syneron posted $14.2 million for the second quarter, compared with $38.2 million for the corresponding quarter of 2008, although better than the $11.9 million for the preceding quarter.
GAAP-based net loss was $5.5 million ($0.20 per share), compared with a net profit of $11 million for the corresponding quarter, but less than its net loss of $8.2 million for the preceding quarter. Non-GAAP net loss was $4.8 million ($0.17 per share), compared with a non-GAAP net profit of $13.6 million for the corresponding quarter and a net loss of $6.2 million for the preceding quarter.
Syneron had $213.5 million in cash and no debts at the end of June. Accounts receivables fell to $18.9 million at the end of June from $32.6 million at the end of 2008. Syneron invested an additional $1 million in Fluorinex Active Ltd. acquiring control of the company. Flourinex, which develops new treatments for long-term prevention of dental caries and aesthetic tooth whitening, was founded by CTO Kamal Khawaled at New Generation Technology (NGT) in Nazareth
Syneron CEO Lou Scafuri said, "I am pleased with the steady improvement in our results since the start of 2009." Citing new products, he added, "I believe that Syneron is now in the strongest market position to address their needs with the best financial and clinical offerings, across the fastest growing market segments."
Syneron closed at $8.87 yesterday, giving a market cap of $243 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 13, 2009
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