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-GAAP2
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
million grew 66% year-over-year
- Non-GAAP net income of $3.2
million, or $0.09 per share,
compared to $2.5 million and
$0.07 per share in Q2 2015
- Cash position as of June 30, 2016
of $76.7 million with no debt;
generated $5.6 million in 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 America include 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 million of 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 States in 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 million in sales from the
Dental laser subsidiary, reflecting only the sale at the end of
May. This compares to $0.7 million in
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 million in 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
$0.09 per share, compared to net
income of $2.5 million, or
$0.07 per 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
million in the second quarter 2015.
- Amortization of acquired intangible assets of $1.2 million, compared to $1.5 million in the second quarter 2015.
- Fair Value adjustment to investment in Illuminage Beauty JV of
$2.0 million, compared to
$(0.6) million in 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
million in the second quarter 2015.
- Tax benefit of $0.3 million,
compared to $0.4 million in 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) million in 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 $0.03
per 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 million
from $72.1 million as 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.
|
________________________
|
|
1 Emerging
Products, which represent the Company's strategic growth drivers,
include product and consumable revenue from UltraShape, VelaShape,
PicoWay, Profound and CO2RE Intima.
|
|
2 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
of premium (discount) on marketable securities
|
|
|
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
2015
|
|
Second Quarter
2015
|
|
Third Quarter
2015
|
|
Fourth Quarter
2015
|
|
First Quarter
2016
|
|
Second Quarter
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
Excluding LI
|
|
Non-GAAP
|
|
Deconsolidate
LI
|
|
Pro Forma Basis,
Excluding LI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/syneron-medical-reports-second-quarter-2016-revenue-of-750-million-and-non-gaap-eps-of-009-300309008.html
SOURCE Syneron Medical Ltd.