Cynosure (CYNO) Tops Q3 EPS by 3c

October 25, 2016 8:04 AM EDT
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Cynosure (NASDAQ: CYNO) reported Q3 EPS of $0.29, $0.03 better than the analyst estimate of $0.26. Revenue for the quarter came in at $106.4 million versus the consensus estimate of $101.77 million.

Michael Davin, Cynosure President and CEO, said, "We delivered a solid operating and financial performance, generating record third-quarter revenue, profitable sales growth, expanded margins and positive operating cash flow. Product revenue in our North American and international sales channels saw double-digit percentage gains in the third quarter, which marked our 27th consecutive quarter of year-over-year top-line growth.

"SculpSure® has continued to exceed our expectations since we introduced the product in the U.S. for non-invasive fat reduction in the fourth quarter of last year," Davin said. "Satisfaction among physicians and patients remains very favorable, a point reinforced by the fact that reorders of SculpSure's PAC keys represented more than 40 percent of total PAC key revenue for the quarter. Consistent with our global distribution strategy, SculpSure is currently being sold through our direct sales force in Europe and Australia as well as select international distributors. We also are in the process of introducing SculpSure to physicians in Canada and through our subsidiary in Korea following recent marketing clearances in those countries.

"International product revenue increased $5.6 million, or 23 percent, in the third quarter of 2016 compared to the prior year period, driven by increased sales from our Asian and European direct offices. In addition to SculpSure, our skin rejuvenation and tattoo products, led by PicoSure®, continued to contribute to the sales growth outside North America – particularly PicoSure in the Asia Pacific region," Davin said. "PicoSure's short-pulse technology, enhanced by our proprietary FOCUS™ Lens Array, has proved to deliver an effective clinical result in the Asia market. With the 755 nm PicoSure gaining market acceptance in China, combined with additional anticipated regulatory clearances, we expect that international product revenue will continue to grow year-over-year."

Business Outlook "Our strong operating results and healthy balance sheet have created a solid foundation for us through the first nine months of 2016, and we are well positioned to achieve our strategic and operational goals in the quarters ahead," Davin said. "We plan to continue to leverage our global distribution network and proven business model to expand the treatment indications and international clearances for our products."

For earnings history and earnings-related data on Cynosure (CYNO) click here.

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