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Cynosure Inc (CYNO) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Cynosure Inc

CIK: 885306 Ticker: CYNO

Exhibit 99.1

 

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Contacts:

 

Timothy Baker    Scott Solomon
EVP, COO and CFO    Vice President
Cynosure, Inc.    Sharon Merrill
978-256-4200    617-542-5300
TBaker@cynosure.com    CYNO@investorrelations.com

Cynosure Reports Record Fourth Quarter Revenue of

$74.5 million, up 75% Year-over-Year

Financial Highlights

 

    Non-GAAP net income of $8.7 million, or $0.39 per diluted share, for Q4 2013, excluding acquisition costs

 

    GAAP net income of $7.3 million, or $0.33 per diluted share, for Q4 2013

 

    Revenues for Q4 2013 include $4.0 million royalty revenue from Tria settlement

 

    Full-year revenue of $226 million, up 47% from 2012

 

    $129 million in cash, short-term investments and marketable securities at year-end 2013

 

    $15.4 million of common stock repurchased under previously announced repurchase program during the fourth quarter

 

    Palomar acquisition remains on track to achieve $8 million to $10 million in cost synergies

WESTFORD, MA, February 12, 2014

– Cynosure, Inc. (NASDAQ: CYNO), a leader in laser- and light-based aesthetic treatments for non-invasive and minimally invasive applications, today announced financial results for the three and 12 months ended December 31, 2013. Revenues for the fourth quarter increased 75% to $74.5 million from $42.7 million for the same period of 2012, while revenues for the full year of 2013 were up 47% to $226.0 million from $153.5 million for 2012. The increase partly reflects the acquisition of Palomar Medical Technologies in June 2013.

“Cynosure completed a successful 2013 with a robust fourth quarter highlighted by growth across our products and geographies,” said Michael Davin, the Company’s President and Chief Executive Officer. “Fourth-quarter revenues reflected successful cross-selling of the Cynosure and Palomar aesthetic laser systems by our combined North American sales force, as well as the complementary nature of our international distribution network.


The following information was filed by Cynosure Inc (CYNO) on Wednesday, February 12, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (loss) Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
401(k) Plan
401(k) Plans - Additional Information (detail)
Acquisition
Acquisition (tables)
Acquisition - Additional Information (detail)
Acquisition - Estimated Fair Value Of Net Assets Acquired (detail)
Acquisition - Pro-forma Condensed Consolidated Operating Results (detail)
Balance Sheet Accounts
Balance Sheet Accounts (tables)
Balance Sheet Accounts - Accrued Expenses (detail)
Balance Sheet Accounts - Additional Information (detail)
Balance Sheet Accounts - Other Noncurrent Liabilities (detail)
Balance Sheet Accounts - Property And Equipment (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Operating Facility, Certain Equipment And Vehicles Under Operating Lease And Capital Lease Agreements With Payments (detail)
Fair Value
Fair Value (tables)
Fair Value - Measurement Of Fair Value Hierarchy For Financial Assets (detail)
Fair Value - Measurement Of Fair Value Hierarchy For Financial Assets (parenthetical) (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (detail)
Goodwill And Other Intangible Assets - Schedule Of Amortization Expenses On Intangible Assets (detail)
Goodwill And Other Intangible Assets - Schedule Of Changes To Goodwill (detail)
Goodwill And Other Intangible Assets - Schedule Of Components Of Other Intangible Assets (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - (benefit) Provision For Income Taxes (detail)
Income Taxes - (loss) Income Before Income Tax (benefit) Provision (detail)
Income Taxes - Additional Information (detail)
Income Taxes - Changes In Gross Unrecognized Tax Benefits (detail)
Income Taxes - Reconciliation Of Federal Statutory Rate (detail)
Income Taxes - Significant Components Of Deferred Tax Assets And Liabilities (detail)
Nature Of The Business
Nature Of The Business - Additional Information (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Segment And Geographic Information
Segment And Geographic Information (tables)
Segment And Geographic Information - Additional Information (detail)
Segment And Geographic Information - Schedule Of Long-lived Assets By Geographic Area (detail)
Segment And Geographic Information - Schedule Of Total Assets By Geographic Area (detail)
Segment And Geographic Information - Schedule Of Total Revenue By Geographic Destination (detail)
Short And Long-term Marketable Securities
Short And Long-term Marketable Securities (tables)
Short And Long-term Marketable Securities - Additional Information (detail)
Short And Long-term Marketable Securities - Schedule Of Available-for-sale Debt Securities Mature (detail)
Short And Long-term Marketable Securities - Schedule Of Marketable Securities (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Stock-based Compensation - Stock Option Activity (detail)
Stockholders' Equity
Stockholders' Equity - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Accounts Receivable Allowance Activity (detail)
Summary Of Significant Accounting Policies - Activity In The Accrued Warranty Account (detail)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Changes To Accumulated Other Comprehensive Loss (detail)
Summary Of Significant Accounting Policies - Inventories (detail)
Summary Of Significant Accounting Policies - Schedule Of Reconciliation Of Basic And Diluted Shares (detail)
Summary Of Significant Accounting Policies - Summary Of Share-based Compensation Arrangement Fair Value Assumptions (detail)
Summary Of Significant Accounting Policies - Summary Of Stock-based Compensation Expenses (detail)
Summary Selected Quarterly Financial Data (unaudited)
Summary Selected Quarterly Financial Data (unaudited) (tables)
Summary Selected Quarterly Financial Data (unaudited) - Unaudited Consolidated Quarterly Results Of Operations (detail)
Ticker: CYNO
CIK: 885306
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-102572
Submitted to the SEC: Mon Mar 17 2014 4:59:01 PM EST
Accepted by the SEC: Mon Mar 17 2014
Period: Tuesday, December 31, 2013
Industry: Electromedical And Electrotherapeutic Apparatus

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