It turns out that Syneron Medical Ltd. will get a nice rebate on its $65 million acquisition of Candela Corp.
Candela, the Wayland, Mass.-based cosmetic laser maker, ended the first quarter of fiscal 2010 with more than $23 million in the bank, down slightly from the same period last year but still enough to cover about a third of the price Syneron agreed to pay for Candela last month.
Syneron, an Israeli maker of hair removal devices, agreed in early September to purchase Candela for $2.84 per share, a 51 percent premium. When the deal was announced, Syneron said Candela would maintain both its brand and Bay State operations.
Both companies are in the thick of final integration plans this week, according to an email sent to employees Oct. 19 by Candela CEO Gerard Puorro.
Candela has about $94 million in current assets that could be converted to cash within a year, according to regulatory filings.
During the three months ended Sept. 26, the company posted a net loss of $3.6 million on about $26.2 million in sales, compared with a net loss of $4 million on sales of $26.6 million during the same period last year.
Company officials said the quarterly results included $2.3 million in expenses related to the merger.