Cynosure Inc. slid into the red during the second quarter, as revenues for the Westford, Mass.-based cosmetic laser device maker plunged 47 percent to $20.8 million, compared with $39.2 million during the same period last year.
And after posting net income of $4.7 million during the 2008 second quarter, Cynosure logged a more than $2.3 million net loss for the three months ended June 30.
The company cited the global economic downturn’s impact on discretionary spending and the ongoing credit crunch, which has decimated large capital expenditures, for the dismal results. But it noted that sales rose more than 40 percent compared with first-quarter revenues of $14.8 million.
Chalk that up to stronger international sales and a “slight improvement” in the North American market, according to a press release.
Cynosure also said its board authorized a $10 million stock repurchasing plan, often a gambit companies use to boost their per-share value. Cynosure shares were up about 10 percent, trading at $8.45 at about 10 a.m. EST July 28.