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Cynosure, Inc. Q2 2010 Earnings Call Transcript

Cynosure, Inc. (CYNO)

Q2 2010 Earnings Call

July 27, 2010 09:00 am ET


Michael Davin - President and CEO

Tim Baker - EVP and CFO


Anthony Vendetti - Maxim Group

Matthew Dodds – CitiGroup

Andy Schopick - Nutmeg Securities

Anthony Petron – Jefferies

Dalton Chander – Madum and Company

Bill Dezellem – Titan Capital


Michael Darvin

We’ve been operating since the global economic downturn began in 2008. In summary, we continue to navigate to a challenging economic climate with our core competencies and financial strength intact.

While we would expect to see some natural pullback in our business in Q3 as a result of traditional seasonality, so we are encouraged about where we finish the first six month of 2010.

From a financial and operational standpoint, we begin the second half of the year well positioned to grow as the economy improves.

With that, I will turn the call over to Tim for his financial review.

Tim Baker

Thank you, Mike. Good morning everyone, and thanks for joining us.

As Mike outlined, Q2 was a solid quarter for Cynosure. Revenue for the second quarter increased 3% year over year, and 14% sequentially to $21.5 million. On a GAAP basis, the second quarter loss narrowed to $1.5 million, or $0.12 a share from $2.3 million, or $0.18 per share for the second quarter of 2009.

The improved bottom line reflected an 18% reduction in operating expenses from Q2 of last year.

It is important to point out that a Second Quarter 2010 net loss, included income tax provision, or expense of $0.1 million, representing an effective tax rate of 5%. This compares with an income tax benefit of $1.3 million, or a reduction to our loss of $0.10 per share, recorded in the Second Quarter of 2009. And representing an effective tax rate of 35%.

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