Syneron Medical Ltd. (Nasdaq: ELOS), a developer and manufacturer of medical aesthetic devices, has published its financial report for the third quarter of 2006. Revenue for the third quarter rose 23% over the same period in 2005 to a record high of $30.7 million. The company said North American revenues accounted for 60% of its third quarter total revenue and played an instrumental role in its growth.
Net profit for the third quarter on a GAAP basis was down almost 29% to $10.4 million, or $0.38 per diluted share. On a pro forma basis, exclusive of stock-based compensation, net profit for the third quarter of 2006 was $12.4 million, or $0.45 per diluted share. Syneron’s third quarter profit was in line with the analysts’ estimates, which predicted earnings per share of $0.38 on $29.65 million revenue.
Syneron’s market cap is currently $700 million, after losing 8.8% of its value since the beginning of 2006. Last month the company received US Food and Drug Administration (FDA) approval to market its “Lite Touch” dental laser device.
Syneron CEO David Schlachet said, “The growth in sales was robust in all geographical areas and all product lines. In the third quarter the strength came especially from North America. We plan to launch the Lite Touch product line in early 2007.”
Published by Globes [online], Israel business news - www.globes.co.il - on November 6, 2006
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