Cynosure, Inc. Hits 52-week High on Record Revenue
Aesthetic medical device company Cynosure (Nasdaq: CYNO) saw its shares surge more than 12 percent, to a new 52-week high, on news that the company’s revenues for the second quarter grew 50 percent year over year.
The Westford, Mass., company booked revenue of $39.6 million in the second quarter of 2012, up from $26.3 million for the same period in 2011. Net income for the second quarter was $2.7 million, compared with a net loss of $1.3 million for the second quarter of 2011.
“We are pleased with the response of physicians and patients to our new minimally invasive Cellulaze™ Cellulite Laser Workstation, which helped to generate a 92 percent increase in our North American laser revenue contributing to the highest quarterly revenue in the Company’s history,” CEO Michael Davin said in a statement. “In just six months since its U.S. launch, Cellulaze is now established as the premier aesthetic treatment for cellulite reduction, driven by the clinical success of the product.”
A research report from Boston health care investment bank Leerink Swann pointed out that this is the third consecutive quarter that Cynosure has beaten Wall Street’s expectations. Cynosure, like other aesthetic device makers, took a beating during the recession due to weak demand for non-essential medical procedures and difficulty for physicians in obtaining financing to purchase capital equipment.
Cynosure finished the quarter with $80 million cash on its balance sheet and no debt.
The company’s shares were trading at $24.24 on Tuesday afternoon, up from $21.52 at the previous close.