Syneron Medical (NSDQ:ELOS) remained in the red during its 3rd quarter, but managed to narrow its losses by 94.3% compared with the same period last year.
The Israel-based aesthetic device maker posted $2.1 million in net losses, or 6¢ per share, on sales of $60.1 million for the 3 months ended Sept. 30. That compared with a net loss of $37 million, or $1.14 per share on sales of $57 million during the same period last year.
Excluding 1-time costs, net income amounted to $1 million, or 3¢ per share, blowing away expectations. Wall Street analysts’ consensus prediction for the quarter was a loss of 4¢ per share.
"During the 3rd quarter we continued to execute on our strategic initiatives and achieved another quarter of year-over-year revenue growth, improved gross margin, and non-GAAP profitability,” CEO Louis Scafuri said in prepared remarks. "We developed a strategic plan to improve the operating performance of the EBU segment. Our goal is to focus the EBU’s growth investments on initiatives that will drive higher margins in order to improve the EBU’s contribution to our consolidated financial results. We expect this plan to begin yielding results in the 4th quarter."
The company increased its sales by 5.5 %, driven by new products in the PAD segment and continued growth in EBU segment revenue, according to the press release.
Progress and optimism didn’t spark much affection from Wall Street, where ELOS shares opened at $9.01 and were trading down 5.3% as of 2:30 p.m., hitting $8.61.
In a separate announcement Syneron also named Hugo Goldman as CFO and Jonathan Pearson as executive VP of business development for topical products, both effective November 19.
“Both of these additions strengthen our management team and position us to better capitalize on our significant growth opportunities,” Scafuri added.
Pearson joined the company in 2003, prior to which, he worked at TRIA Beauty, Inc and Lumenis, Ltd.
Syneron last month landed an FDA nod for its “me” system, the 1st home-use hair removal product cleared for all skin tones. Earlier this year the company won FDA clearance for its elos Plus multi-platform aesthetic device.
