SYNERON MEDICAL LTD. IRVINE, Calif., Aug. 4, 2016/PRNewswire / -- Syneron Medical Ltd. (NASDAQ: ELOS), a leading global aesthetic device company, today announced financial results for the three month period ended June 30, 2016.
Second Quarter 2016 Non-GAAP Financial Highlights:
- Revenue of $75.0 million, up 2.0% year-over-year, with 11.5% international growth and a 14% decline in North America
- Emerging products revenue, which represent the Company's strategic growth drivers, grew 46% year-over-year, primarily driven by the Body Shaping portfolio
- Total Body Shaping revenue of $17.3 milliongrew 66% year-over-year
- Non-GAAP net income of $3.2 million, or $0.09per share, compared to $2.5 millionand $0.07per share in Q2 2015
- Cash position as of June 30, 2016of $76.7 millionwith no debt; generated $5.6 millionin cash flow from operations
Amit Meridor, Chief Executive Officer of Syneron Medical, said 'We had a challenging quarter in North America, results were lower than anticipated, and we took immediate action to improve performance in this region. We eliminated the North America CEO position to simplify the management structure and ensure efficient support of the sales team. I have taken leadership in North America, with the Aesthetic and Body Shaping divisions reporting directly to me. Additional steps we took in North Americainclude streamlining of the aesthetic and body sales forces and better support of the sales force across all functions.'
Amit Meridor continued, 'On the positive side we delivered on several key initiatives in the second quarter, headlined by our Emerging Products growing 46% year-over-year and expanding to 30% of total revenue, increasing our installed base of systems driving high margin recurring revenue. This was primarily driven by record results from our Body Shaping products and specifically the ongoing international launch of UltraShape and the recent launch of UltraShape Power in select international markets. This contributed to overall international growth of 11.5%, which represents 68% of our total revenue. We maintained prudent expense management and delivered improved operating margin in the second quarter, demonstrating our commitment to this key element of our strategy. We are also focused on important initiatives such as the U.S. launches of UltraShape Power and the new 785nm wavelength for PicoWay, providing positive growth catalysts in the second half of the year. We are particularly excited to introduce UltraShape Power to customers in the U.S. and build on the record UltraShape worldwide results delivered in the second quarter.'
Revenue Highlights for the Second Quarter Ended June 30, 2016:
Second quarter 2016 revenue was driven by 46% growth from the Company's Emerging Products, which represent the Company's strategic growth drivers including UltraShape, VelaShape, PicoWay, Profound and CO2RE Intima. Second quarter Emerging Products growth was primarily driven by the Body Shaping portfolio, which delivered revenue of $17.3 million, up 66% year-over-year. This included the significant milestone of more than $10 millionof UltraShape revenue, driven by the ongoing international launch of UltraShape and the launch of UltraShape Power in select international markets. The Company is launching UltraShape Power in the United Statesin the third quarter 2016.
In May, the Company sold its Dental laser subsidiary. The divestiture of this non-core asset is aligned with the Company's strategy to focus on driving growth and improving profitability with its Emerging Products. Second quarter 2016 revenue included only $0.2 millionin sales from the Dental laser subsidiary, reflecting only the sale at the end of May. This compares to $0.7 millionin sales for the Dental laser subsidiary in the second quarter 2015.
Non-GAAP Financial Highlights for the Second Quarter Ended June 30, 2016:
Gross Margin for the second quarter 2016 was 52.8%, compared to 53.9% in the second quarter 2015. This decrease reflects an increased mix of international distributor revenue, partially offset by sales of the Company's higher margin Emerging Products.
Operating Income for the second quarter 2016 was $4.4 million, compared to $2.9 millionin the second quarter 2015. Operating margin for the second quarter 2016 was 5.8%, compared to 4.0% in the second quarter 2015. This increase reflects growth from the Company's higher margin Emerging Products, cost efficiency initiatives and lower spending, and expansion in international markets starting to leverage the Company's existing infrastructure.
Net Income and Earnings per Share in the second quarter 2016 was $3.2 million, or $0.09per share, compared to net income of $2.5 million, or $0.07per share, in the second quarter 2015. The Company had an average of 35.3 million shares outstanding in the second quarter 2016, compared to an average of 36.5 million shares outstanding in the second quarter 2015.
The non-GAAP financial information for the second quarter 2016 is adjusted to exclude the following items, which are detailed in the Company's financial tables presented at the end of this press release:
- Stock-based compensation expense of $0.8 million, compared to $0.9 millionin the second quarter 2015.
- Amortization of acquired intangible assets of $1.2 million, compared to $1.5 millionin the second quarter 2015.
- Fair Value adjustment to investment in Illuminage Beauty JV of $2.0 million, compared to $(0.6) millionin the second quarter 2015.
- Gain from sale of Light Instruments (dental laser subsidiary) of $1.5 million.
- Legal settlements and related fees of $0.0, compared to $1.4 millionin the second quarter 2015.
- Tax benefit of $0.3 million, compared to $0.4 millionin the second quarter 2015.
GAAP Financial Highlights for the Second Quarter Ended June 30, 2016:
Gross Margin for the second quarter 2016 was 51.6%, compared to 52.4% in the second quarter 2015.
Operating Income/Loss for the second quarter 2016 was positive operating income of $1.9 million, compared to an operating loss of $(0.2) millionin the second quarter 2015.
Net Income/Loss and Earnings/Loss per Share in the second quarter 2016 was net positive income of $1.0 million, or earnings of $0.03per share, compared to a net loss of $(0.3) million, or loss of $(0.01)per share, in the second quarter 2015.
Cash Position As of June 30, 2016, the Company's overall cash position, including cash and cash equivalents, short-term bank deposits and marketable securities, grew to $76.7 millionfrom $72.1 millionas of March 31, 2016.
Use of Non-GAAP Measures:
This press release provides financial measures for gross margin, operating income (loss), net income (loss) and earnings (loss) per share, which exclude expenses related to stock-based compensation expense, amortization of acquired intangible assets, fair value adjustment to investment in Illuminage Beauty JV, re-measurement of contingent consideration fair value, legal settlements and related fees, gain from sale of Light Instruments, and tax benefit, and are therefore not calculated in accordance with Generally Accepted Accounting Principles (GAAP).
Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance because it reflects our ongoing operational results, operating income (loss), net income (loss) and earnings (loss) per share, and exclude the impact of non-recurring, unusual items or trends that are not considered core influences on the results of operations, financial position or cash flows. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. Management uses non-GAAP measures to make operational and investment decisions and to evaluate the Company's performance and, therefore, believes it important to make these non-GAAP adjustments available to investors. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.
Conference Call:
Syneron management will host its second quarter 2016 earnings conference call today at 8:30 a.m. ET. Syneron will be broadcasting live via the Investor Relations section of its website, www.investors.syneron.com. To access the call, enter the Syneron Investor Relations website, then click on the webcast link 'Q2 2016 Results Webcast.'
Participants are encouraged to log on at least 15 minutes prior to the conference call in order to download the applicable audio software. The call can be heard live or with an on-line replay which will follow. Those interested in participating in the call and the question and answer session should dial 877-280-2296 in the U.S., and 1-212-444-0412 from outside of the U.S. The conference pass code is: 9768954.
About Syneron Medical:
Syneron Medical is a leading global aesthetic device company with a comprehensive product portfolio and a global distribution footprint. The Company's technology enables physicians to provide advanced solutions for a broad range of medical-aesthetic applications including body contouring, hair removal, wrinkle reduction, tattoo removal, improving the skin's appearance through the treatment of superficial benign vascular and pigmented lesions, and the treatment of acne, leg veins and cellulite. The Company has a wide portfolio of trusted, leading products sold under the Syneron and Candela brand names, including UltraShape, VelaShape, CO2RE, CO2RE Intima, GentleLase, VBeam Perfecta, PicoWay, Profound and elos Plus.
Founded in 2000, the corporate, R&D, and manufacturing headquarters for Syneron Medical are located in Israel. Syneron Medical also has R&D and manufacturing operations in the U.S. The company markets, services and supports its products in 86 countries. It has offices in North America, France, Germany, Italy, Portugal, Spain, UK, Australia, China, Japan, and Hong Kong and distributors worldwide.
For additional information, please visit http://www.syneron-candela.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Any statements contained in this document regarding future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further, any statements that are not statements of historical fact (including statements containing 'believes,' 'anticipates,' 'plans,' 'expects,' 'may,' 'will,' 'would,' 'intends,' 'estimates' and similar expressions) should also be considered to be forward-looking statements.
Forward-looking statements in this press release include Mr. Meridor's statement that the advanced features and performance of UltraShape Power will drive increased adoption and utilization, as well as the statement that the new 785nm wavelength for PicoWay will be a growth driver in the second half of 2016. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including the risks associated with the successful build-out of our North American sales force and its ability to enable us to generate more North American revenue and improve margins, the market acceptance of our new products, including UltraShape and PicoWay products, and the continued growth in the APAC region, as well as those risks set forth in Syneron Medical Ltd.'s most recent Annual Report on Form 20-F, and the other factors described in the filings that Syneron Medical Ltd. makes with the SEC from time to time. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, Syneron Medical Ltd.'s actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
In addition, the statements in this document reflect the expectations and beliefs of Syneron Medical Ltd. as of the date of this document. While Syneron Medical Ltd. may elect to update these forward-looking statements publicly in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Syneron Medical Ltd.'s views as of any date after the date of this document.
Syneron, the Syneron logo, UltraShape, eMatrix and elos are trademarks of Syneron Medical Ltd. and may be registered in certain jurisdictions. The elos (Electro-Optical Synergy) technology is a proprietary technology of Syneron Medical Ltd. All other names are the property of their respective owners.
________________________ |
Emerging Products, which represent the Company's strategic growth drivers, include product and consumable revenue from UltraShape, VelaShape, PicoWay, Profound and CO2RE Intima. |
The second quarter 2016 year-over-year comparisons are on a non-GAAP basis, excluding items set forth in the section titled 'Non-GAAP Financial Highlights for the Second Quarter Ended June 30, 2016.' |
Syneron Medical Ltd. | ||||||||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||||||||
(in thousands, except per share data) | ||||||||||||
For the three-months ended | For the six-months ended | |||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Revenues | $ 74,967 | $ 73,507 | $ 143,663 | $ 136,884 | ||||||||
Cost of revenues | 36,319 | 34,960 | 69,400 | 65,674 | ||||||||
Gross profit | 38,648 | 38,547 | 74,263 | 71,210 | ||||||||
Operating expenses: | ||||||||||||
Sales and marketing | 23,514 | 24,718 | 46,221 | 46,164 | ||||||||
General and administrative | 6,941 | 8,495 | 14,439 | 15,210 | ||||||||
Research and development | 5,825 | 6,155 | 11,539 | 11,814 | ||||||||
Other (income) expenses, net | 506 | (630) | 506 | (574) | ||||||||
Total operating expenses | 36,786 | 38,738 | 72,705 | 72,614 | ||||||||
Operating income (loss) | 1,862 | (191) | 1,558 | (1,404) | ||||||||
Financial income, net | 185 | 410 | 270 | 5 | ||||||||
Income (loss) before taxes on income | 2,047 | 219 | 1,828 | (1,399) | ||||||||
Taxes on income | 1,065 | 509 | 1,337 | 381 | ||||||||
Net income (loss) | $ 982 | $ (290) | $ 491 | $ (1,780) | ||||||||
Income (loss) per share: | ||||||||||||
Basic | ||||||||||||
Net income (loss) per share | $ 0.03 | $ (0.01) | $ 0.01 | $ (0.05) | ||||||||
Diluted | ||||||||||||
Net income (loss) per share | $ 0.03 | $ (0.01) | $ 0.01 | $ (0.05) | ||||||||
Weighted average shares outstanding: | ||||||||||||
Basic | 35,275 | 36,519 | 34,777 | 36,620 | ||||||||
Diluted | 35,451 | 36,519 | 34,953 | 36,620 | ||||||||
Syneron Medical Ltd. | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(in thousands) | |||||
June 30, | December 31, | ||||
2016 | 2015 | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ 48,056 | $ 56,330 | |||
Short-term bank deposits | 339 | 357 | |||
Available-for-sale marketable securities | 19,957 | 14,274 | |||
Trade receivable, net | 54,872 | 53,423 | |||
Other accounts receivables and prepaid expenses | 17,488 | 12,438 | |||
Inventories | 47,925 | 49,352 | |||
Total current assets | 188,637 | 186,174 | |||
Long-term assets: | |||||
Severance pay fund | 508 | 509 | |||
Long-term deposits and others | 274 | 292 | |||
Long-term available-for-sale marketable securities | 8,316 | 15,695 | |||
Investment in affiliated company | 19,800 | 19,800 | |||
Property and equipment, net | 12,071 | 9,823 | |||
Deferred taxes | 20,968 | 20,363 | |||
Intangible assets, net | 10,500 | 12,694 | |||
Goodwill | 18,257 | 21,442 | |||
Total long-term assets | 90,694 | 100,618 | |||
Total assets | $ 279,331 | $ 286,792 | |||
Liabilities and Stockholders' Equity | |||||
Current liabilities: | |||||
Accounts payable | $ 17,497 | $ 23,045 | |||
Deferred revenues | 13,627 | 12,481 | |||
Other accounts payable and accrued expenses | 35,218 | 36,316 | |||
Total current liabilities | 66,342 | 71,842 | |||
Long-term liabilities: | |||||
Contingent consideration liability | 878 | 878 | |||
Deferred revenues | 3,183 | 3,395 | |||
Warranty accruals | 944 | 861 | |||
Accrued severance pay | 600 | 603 | |||
Total long-term liabilities | 5,605 | 5,737 | |||
Stockholders' equity: | 207,384 | 209,213 | |||
Total liabilities and stockholders' equity | $ 279,331 | $ 286,792 | |||
Syneron Medical Ltd. | |||||||||||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||||||
(in thousands) | |||||||||||||
For the six-months ended | |||||||||||||
June 30, | June 30, | ||||||||||||
2016 | 2015 | ||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income (loss) | $ 491 | $ (1,780) | |||||||||||
Adjustments to reconcile net income (loss) to net cash: | |||||||||||||
Share-based compensation | 1,778 | 1,831 | |||||||||||
Depreciation and amortization | 4,004 | 4,446 | |||||||||||
Realized loss, changes in accrued interest and amortization | 432 | 347 | |||||||||||
FMV adjustment to investment in Illuminage Beauty JV | 1,960 | (630) | |||||||||||
Revaluation of contingent liability | - | 56 | |||||||||||
Gain from sale of a subsidiary | (1,454) | - | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||
Trade receivable, net | (1,467) | (9,217) | |||||||||||
Inventories | (295) | (8,963) | |||||||||||
Other accounts receivables and prepaid expenses | 782 | (478) | |||||||||||
Deferred taxes | (423) | (792) | |||||||||||
Accounts payable | (6,073) | 3,678 | |||||||||||
Deferred revenues | (1,725) | 1,197 | |||||||||||
Accrued warranty accruals | 2,287 | 622 | |||||||||||
Other accounts payable and accrued expenses | (2,636) | (1,322) | |||||||||||
Net cash used in operating activities | (2,339) | (11,005) | |||||||||||
Cash flows from investing activities: | |||||||||||||
Purchases of property and equipment | (2,100) | (2,563) | |||||||||||
Purchases of intangible asset | (150) | - | |||||||||||
Proceeds from the sale or maturity of marketable securities | 18,334 | 18,692 | |||||||||||
Purchase of marketable securities | (16,996) | (16,211) | |||||||||||
Proceeds from short-term bank deposits, net | 18 | 1,052 | |||||||||||
Sale of a subsidiary | (588) | - | |||||||||||
Other investing activities | 13 | (43) | |||||||||||
Net cash provided by (used in) investing activities | (1,469) | 927 | |||||||||||
Cash flows from financing activities: | |||||||||||||
Acquisition of shares held by non-controlling interest | (1,088) | - | |||||||||||
Repurchase of shares from shareholders | (3,925) | (4,521) | |||||||||||
Proceeds from exercise of stock options | - | 977 | |||||||||||
Net cash used in financing activities | (5,013) | (3,544) | |||||||||||
Effect of exchange rates on cash and cash equivalents | 547 | (711) | |||||||||||
Decrease in cash and cash equivalents | (8,274) | (14,333) | |||||||||||
Cash and cash equivalents at beginning of period | 56,330 | 57,189 | |||||||||||
Cash and cash equivalents at end of period | $ 48,056 | $ 42,856 | |||||||||||
Syneron Medical Ltd. | ||||||||||||
Unaudited Non-GAAP Financial Measures and Reconciliation | ||||||||||||
(in thousands, except per share data) | ||||||||||||
For the three-months ended | For the six-months ended | |||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
GAAP gross profit | $ 38,648 | $ 38,547 | $ 74,263 | $ 71,210 | ||||||||
Stock-based compensation | 19 | 50 | 66 | 100 | ||||||||
Amortization of intangible assets | 901 | 1,011 | 1,801 | 2,020 | ||||||||
Non-GAAP gross profit | $ 39,568 | $ 39,608 | $ 76,130 | $ 73,330 | ||||||||
GAAP operating income (loss) | $ 1,862 | $ (191) | $ 1,558 | $ (1,404) | ||||||||
Stock-based compensation | 845 | 902 | 1,778 | 1,831 | ||||||||
Amortization of intangible assets | 1,172 | 1,468 | 2,344 | 2,948 | ||||||||
FMV adjustment to investment in Illuminage Beauty JV | 1,960 | (630) | 1,960 | (630) | ||||||||
Remeasurement of contingent consideration | - | - | - | 56 | ||||||||
Legal settlements and related fees | - | 1,396 | - | 1,396 | ||||||||
Gain from sale of Light Instruments | (1,454) | - | (1,454) | - | ||||||||
Non-GAAP operating income | $ 4,385 | $ 2,945 | $ 6,186 | $ 4,197 | ||||||||
GAAP net income (loss) | $ 982 | $ (290) | $ 491 | $ (1,780) | ||||||||
Stock-based compensation | 845 | 902 | 1,778 | 1,831 | ||||||||
Amortization of intangible assets | 1,172 | 1,468 | 2,344 | 2,948 | ||||||||
FMV adjustment to investment in Illuminage Beauty JV | 1,960 | (630) | 1,960 | (630) | ||||||||
Remeasurement of contingent consideration | - | - | - | 56 | ||||||||
Legal settlements and related fees | - | 1,396 | - | 1,396 | ||||||||
Gain from sale of Light Instruments | (1,454) | - | (1,454) | - | ||||||||
Tax benefit | (298) | (390) | (596) | (781) | ||||||||
Non-GAAP net income | $ 3,207 | $ 2,456 | $ 4,523 | $ 3,040 | ||||||||
Income (Loss) per share: | ||||||||||||
Basic | ||||||||||||
GAAP net income (loss) per share | $ 0.03 | $ (0.01) | $ 0.01 | $ (0.05) | ||||||||
Stock-based compensation | 0.02 | 0.03 | 0.05 | 0.05 | ||||||||
Amortization of intangible assets | 0.03 | 0.04 | 0.07 | 0.08 | ||||||||
FMV adjustment to investment in Illuminage Beauty JV | 0.06 | (0.02) | 0.06 | (0.02) | ||||||||
Remeasurement of contingent consideration | - | - | - | - | ||||||||
Legal settlements and related fees | - | 0.04 | - | 0.04 | ||||||||
Gain from sale of Light Instruments | (0.04) | - | (0.04) | - | ||||||||
Tax benefit | (0.01) | (0.01) | (0.02) | (0.02) | ||||||||
Non-GAAP net income per share | $ 0.09 | $ 0.07 | $ 0.13 | $ 0.08 | ||||||||
Diluted | ||||||||||||
GAAP net income (loss) per share | $ 0.03 | $ (0.01) | $ 0.01 | $ (0.05) | ||||||||
Stock-based compensation | 0.02 | 0.03 | 0.05 | 0.05 | ||||||||
Amortization of intangible assets | 0.03 | 0.04 | 0.07 | 0.08 | ||||||||
FMV adjustment to investment in Illuminage Beauty JV | 0.06 | (0.02) | 0.06 | (0.02) | ||||||||
Remeasurement of contingent consideration | - | - | - | 0.00 | ||||||||
Legal settlements and related fees | - | 0.04 | - | 0.04 | ||||||||
Gain from sale of Light Instruments | (0.04) | - | (0.04) | - | ||||||||
Tax benefit | (0.01) | (0.01) | (0.02) | (0.02) | ||||||||
Non-GAAP net income per share | $ 0.09 | $ 0.07 | $ 0.13 | $ 0.08 | ||||||||
Weighted average shares outstanding: | ||||||||||||
Basic | 35,275 | 36,519 | 34,777 | 36,620 | ||||||||
Diluted | 35,470 | 37,283 | 34,979 | 37,297 | ||||||||
Syneron Medical Ltd. | |||||||||||
Unaudited Non-GAAP Condensed Consolidated Statements of Operations | |||||||||||
on a Pro Forma Basis, Excluding Light Instruments | |||||||||||
(in thousands, except per share data) | |||||||||||
MAR-2015 | JUN-2015 | SEP-2015 | DEC-2015 | MAR-2016 | JUN-2016 | ||||||
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
First Quarter |
Second Quarter | ||||||
Revenues | $ 62,617 | $ 72,668 | $ 61,575 | $ 78,048 | $ 67,991 | $ 74,723 | |||||
Cost of revenues | 29,121 | 33,526 | 26,423 | 33,508 | 31,590 | 35,153 | |||||
Gross profit | 33,496 | 39,142 | 35,152 | 44,540 | 36,401 | 39,570 | |||||
Operating expenses: | |||||||||||
Sales and marketing | 20,533 | 23,820 | 23,065 | 26,392 | 22,072 | 22,932 | |||||
General and administrative | 6,400 | 6,380 | 5,324 | 7,179 | 6,901 | 6,381 | |||||
Research and development | 5,531 | 5,908 | 5,389 | 7,490 | 5,362 | 5,689 | |||||
Total operating expenses | 32,464 | 36,108 | 33,778 | 41,061 | 34,335 | 35,002 | |||||
Operating income | 1,032 | 3,034 | 1,374 | 3,479 | 2,066 | 4,568 | |||||
Financial income (expenses), net | (195) | 418 | (14) | 14 | 70 | 199 | |||||
Income before taxes on income | 837 | 3,452 | 1,360 | 3,493 | 2,136 | 4,767 | |||||
Taxes on income | 262 | 900 | 320 | 558 | 570 | 1,363 | |||||
Net income | $ 575 | $ 2,552 | $ 1,040 | $ 2,935 | $ 1,566 | $ 3,404 | |||||
Income per share: | |||||||||||
Diluted | |||||||||||
Net income per share | $ 0.02 | $ 0.07 | $ 0.03 | $ 0.07 | $ 0.04 | $ 0.10 | |||||
Weighted average shares outstanding: | |||||||||||
Diluted | 37,328 | 37,283 | 36,672 | 36,051 | 35,021 | 35,470 | |||||
Syneron Medical Ltd. | |||||||||||
Unaudited Non-GAAP Condensed Consolidated Statements of Operations | |||||||||||
on a Pro Forma Basis, Excluding Light Instruments | |||||||||||
(in thousands, except per share data) | |||||||||||
For the three-months ended | For the six-months ended | ||||||||||
June 30, 2016 | June 30, 2016 | ||||||||||
Non-GAAP | Deconsolidate LI |
Pro Forma Basis, | Non-GAAP | Deconsolidate LI |
Pro Forma Basis, | ||||||
Revenues | $ 74,967 | $ 244 | $ 74,723 | $ 143,664 | $ 949 | $ 142,715 | |||||
Cost of revenues | 35,399 | 246 | 35,153 | 67,534 | 789 | 66,745 | |||||
Gross profit (loss) | 39,568 | (2) | 39,570 | 76,130 | 160 | 75,970 | |||||
Operating expenses: | |||||||||||
Sales and marketing | 22,969 | 37 | 22,932 | 45,094 | 90 | 45,004 | |||||
General and administrative | 6,458 | 77 | 6,381 | 13,462 | 179 | 13,283 | |||||
Research and development | 5,756 | 67 | 5,689 | 11,388 | 336 | 11,052 | |||||
Total operating expenses | 35,183 | 181 | 35,002 | 69,944 | 605 | 69,339 | |||||
Operating income (loss) | 4,385 | (183) | 4,568 | 6,186 | (445) | 6,631 | |||||
Financial income (expenses), net | 185 | (14) | 199 | 270 | (1) | 271 | |||||
Income (loss) before taxes on income | 4,570 | (197) | 4,767 | 6,456 | (446) | 6,902 | |||||
Taxes on income | 1,363 | - | 1,363 | 1,933 | - | 1,933 | |||||
Net income, (loss) | $ 3,207 | $ (197) | $ 3,404 | $ 4,523 | $ (446) | $ 4,969 | |||||
Income per share: | |||||||||||
Diluted | |||||||||||
Net income (loss) per share | $ 0.09 | $ (0.01) | $ 0.10 | $ 0.13 | $ (0.01) | $ 0.14 | |||||
Weighted average shares outstanding: | |||||||||||
Diluted | 35,470 | 35,470 | 35,470 | 34,979 | 34,979 | 34,979 | |||||
SOURCE Syneron Medical Ltd.
For further information: Syneron Contacts: Hugo Goldman, Chief Financial Officer, Syneron Medical, +972-73-2442200, Email: hugo.goldman@syneron.com; Zack Kubow, The Ruth Group, 646-536-7020, Email: zkubow@theruthgroup.com
Syneron Medical Ltd. published this content on 04 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 04 August 2016 11:25:01 UTC.
Original documenthttp://investors.syneron.com/2016-08-04-Syneron-Medical-Reports-Second-Quarter-2016-Revenue-of-75-0-Million-and-Non-GAAP-EPS-of-0-09
Public permalinkhttp://www.publicnow.com/view/FA9CDB071B798125F24FE58FE1CB5459C9AF4218
