First-quarter sales for Cynosure (NSDQ:CYNO) may have grown by a healthy 19%, but investors still sent share prices down some 2.2% today after the medical aesthetics company missed Wall Street’s expectations by 1 thin dime.
Westford, Mass.-based Cynosure posted profits of $1.2 million, or 7¢ per share, on sales of $40.7 million during the 3 months ended March 31, for profit growth of 51.3% and a top-line increase of 51.3%.
Still, adjusted to exclude 1-time items, earnings per share were 12¢, a full 10¢ below expectations on The Street. CYNO shares closed down 2.2% at $25.30 apiece today.
The adjusted numbers included $1.1 million in costs from Cynosure’s $294 million buyout of Palomar Medical (NSDQ:PMTI), according to a press release.
"We expect our pending acquisition of Palomar Medical Technologies to close by the end of June 2013," CEO Michael Davin said in prepared remarks. "The transaction would complement and broaden our product lineup with the addition of Palomar’s diode and intense pulsed light fractional aesthetic systems, would double the number of patents in our portfolio and would enhance our global distribution network."
