All Massachusetts-based employees of Cynosure are now located at the company’s Carlisle Road headquarters and that fact among others were shared on a largely positive Tuesday morning quarterly earnings call.
Cynosure executives Tim Baker and Michael Davit reported that the company’s $72.6 million total revenues for the quarter showed a record $72.6 million in quarterly earnings, a 45 percent increase from the second quarter of 2013.
This jump came largely from the successful integration of Palomar, a smaller company acquired last summer. However gains came also from growth in Asian markets such as Korea, which had higher than expected sales of the company’s tattoo removal laser products, and China, where a new office in Guangzhou recently opened.
Under Generally Accepted Accounting Practices, or GAAP, net income was reported at $4.6 million while non-GAAP income was reported at $7.1 million.
The company also purchased $9 million of stock in a share repurchase program.
Baker, the company’s CFO noted that growth in North America is likely to remain limited to the single digits due in large part to concerns relating to the Affordable Care Act, and that efforts need to be taken to expand into the Latin American market, where the company got recently was approved by the Mexican government for four new products.
He also has been seeing new competition for the company, which makes cosmetic laser products, but that was no surprise.
“We welcome the competition because we knew this technology would be game changing in our industry,” said Baker regarding the company’s picoseconds laser products. “Overall, we’re thrilled with where we are as well as where we’re going.”
More information on the company’s financial data can be found on the investors page of its website.
