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Syneron Medical's CEO Discusses Q1 2012 Results - Earnings Call Transcript

International sales grew 24% during the first quarter. These results were mainly driven by strong performance in ENMEA and Japan and successful continued rollout of our eTwo and eLace products.

North American sales rose 30% year over year. Of major significance in North America results is the launch of the GentleMax Pro during the quarter and market traction from our other recently-launched products.

Recurring revenue, which includes service and consumables, were up 4% representing approximately 31% of total PAD sales.

In the PAD segment, revenue increased 21% and non-GAAP operating income was $4.6 million, or 8.1% of PAD sales.

In EBU, revenue rose 111%. The EBU continued to generate an operating loss for the quarter. In addition, EBU sales were negatively impacted by the previously-announced voluntary field action we had [inaudible] the Lifetouch laser systems in Europe, which resulted in virtually no revenue for the product in the quarter.

We regained CE preformity to the Lifetouch system and remain on track to fully address the issue by the end of the third quarter of this year.

Excluding the Lifetouch business, EBU sales from Syneron Beauty Products and elure increased over 250% over the prior year, demonstrating the continued high-growth trajectory for this segment.

On a consolidated basis, we achieved non-GAAP operating income of over $700,000 and non-GAAP earnings of $0.02 per share. This is our sixth consecutive quarter of non-GAAP profitability.

During first quarter, we completed several important operational milestones that will contribute to both our near-term and long-term success.

In February, we acquired Ultrashape, paving the way for our entry into non-invasive fat cell destruction and body sculpting market. Since the closing, we’ve been working closely with our new colleagues from Ultrashape to integrate the business with Syneron.

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