Cynosure Inc. (CYNO), a developer of aesthetic treatment systems, Tuesday reported fourth-quarter net income of $1.1 million or $0.08 per share, compared to a net loss of $0.8 million or $0.06 per share in the year-ago quarter. Earnings beat analysts' estimates.
On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.03 per share in the quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the quarter increased to $34.1 million from last year's $22.3 million in the same period. Analysts expected revenues of $33.52 million for the quarter.
Gross profit margin for the quarter increased to 56.3 percent from last year's 55.9 percent, reflecting a favorable product mix and a larger percentage of laser product revenue from North America.
Michael Davin, CEO of Cynosure, said, "North American laser product revenue increased 90 percent in the quarter over the same period in 2010, stimulated by an expanded product offering and further improvement in the U.S. lending environment for aesthetic equipment. Our ConBio and Eleme Medical acquisitions accounted for about one half of the increase, as the products associated with these transactions are performing well."
Davin also said that the acquisition of distribution rights to the PinPointe FootLaser also contributed to top-line growth.
The company received FDA clearance for its new product Cellulaze Cellulite Laser Workstation, a mimimally invasive medical device for the reduction of cellulite, on January 30. Davin said, "With Cellulaze now FDA cleared, we are in the process of establishing several U.S. physician training centers and completing launch preparations."
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