What we’re differentiated by is the product innovation. We invest on an average $6.5 million in R&D per quarter, or roughly $25 million per year, which is significantly higher than any other company in this domain. We have very strong customer leadership and strong clinical ladder. Syneron is all about science to resolve and trust. This is what we’re looking at.
In terms of revenue, for the 12 trading months we had $221 million in revenue. Out of this revenue, 32% of the revenues are recurring revenues. In the recurrent revenue we have both service revenue and consumable revenues as part of our razor and razorblade model which we try to implement more and more with our new products coming in. And today we have a significant portion of our revenues coming from consumables. In the third quarter we just reported, we had 63% growth year-over-year in the consumable revenue.
We have $177 million in cash that we are carrying which is the strongest balance sheet in the industry, meaning that we are open and looking to make some additional acquisitions potentially in the short term. We have no debt at all and being located in terms of headquarter out of Israel, we have significant tax advantages and incentives, meaning zero tax rate for all of the Israeli operations which would mean our effective weighted average tax rate for the next couple of years is going to be relatively low, in the 20% area.
In terms of some more highlights, we’re leading the aesthetic industry as I said by applying technology infrastructure that’s used to drive leadership in all of the aesthetic categories. On the left hand side of the slide you can see the professional aesthetic devices. This includes both the Syneron and the Candela businesses. We actually acquired Candela about two years ago. Candela is one of the strongest brands in the industry within the core position, within the dermatology and the plastic surgeons. It has 40 years of reputation, 25 years in the laser business and were leveraging their infrastructure and customer base as what we try to do with Syneron, part of a cross selling strategy.