Cynosure Inc. is bracing for another hard landing after predicting a 60 percent revenue plunge for the first quarter of 2009.
The sales drop pushed the Westford-based cosmetic laser products maker into the red and forced officials to lay off 25 employees, about 10 percent of its total workforce.
CEO Michael Davin said the cuts were offset by the addition of 11 employees hired to open a direct sales office in Korea; accounting for the layoffs and new hires, the company has 271 workers worldwide, down from 288 at the end of 2008.
The layoffs come on the heels of Cynosure’s February announcement that it cut 17 percent of its workforce in the fourth quarter of 2008.
Cynosure said the latest cuts will save $14 million to $18 million annually.
The company said it expects sales of up to $15 million during the three-month period ending March 31, down from $36.8 million for the same period last year. The slump is expected to mean losses in the $3.8 million to $4.3 million range, compared with a net gain of $4.9 million for the same period last year.
Cynosure reported net income of $10.2 million in 2008, down from $14.5 million in 2007.