Cynosure Inc. (NSDQ:CYNO) posted first-quarter revenues of $18.8 million, a gain of 27.5 percent over the $14.8 million it reported during Q1 2009, and narrowed its net losses 30.1 percent.
The Westford, Mass. based cosmetic laser surgery device maker reported net losses of $2.8 million, or 22 cents per share, during the three months ended March 31, turning a corner from $4.0 million, or 32 cents per share, during the same period last year.
President and CEO Michael Davin said international laser revenues grew 70 percent from the first quarter of 2009, an improvement he chalked up to increases in the number of Cynosure’s international distributors and investments in expanding the company’s footprint in China and Korea, which gave regulatory clearance to Cynosure devices last September.
Improved year-over-year sales from the company’s European and Asian subsidiaries, its international distributors and lower operating costs also contributed to the increased revenue.
North American sales improved slightly from the corresponding quarter in 2009 and grew four percent from the last quarter, a sluggishness Davin blamed on the credit market.
The company will seek regulatory approvals for its products in international markets in the upcoming year, he said.
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