Cosmetic laser device maker Syneron Medical Ltd. (Nasdaq: ELOS) rose to a six-month high of $11.68 yesterday, and provided support for the rise today as it reported strong financial results.
The company reported fourth quarter revenue of $53.5 million, 14.7% above the $46.6 million in the corresponding quarter. Analysts had expected about $51.73 million.
The fourth quarter financial results include Syneron and Candela results combined. It provided comparison with pro-forma results for 2009 as if the two firms were combined then as well.
Non-GAAP net profit from continuing operations before non-controlling interest was $3.4 million, compared to a net loss of $4.1 million in the corresponding quarter of 2009. Non-GAAP earnings per share were $0.10, compared to a loss per share of $0.12 in the prior year. The figure was in stark contrast to the consensus analyst estimate of a loss per share of $0.04.
Syneron CEO Lou Scafuri said , "The strength of our fourth quarter results clearly demonstrates the benefits of the Syneron and Candela merger. The combined businesses have an unmatched product portfolio and global sales network, which are supported by strong clinical data and customer relationships. We have successfully executed on the integration plan and leveraged these factors to drive continued revenue growth while also focusing on driving operational efficiencies and investing in new growth opportunities."
Syneron shares jumped 17.7% in early Nasdaq trading.
Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2011
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