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.
Syneron has been around for 11 years and Syneron’s products are with relatively higher gross margin and what we try to do since the acquisition is leverage the Candela sales force and their strong direct presence across the world to sell more of Candela’s products, but also Syneron products with much higher gross margin. And this is something which is accelerating throughout or from the acquisition date until now and contributing to our accretive gross margins.In terms of the right hand side, there you will see the Emerging Business Units that actually report of that way and in terms of segment reporting in our financials. In the Emerging Business Unit, you see products which are both for the home use devices and other products such as the skin whitening topical. This is a new and high growth market mainly targeting the Asian population, where people usually in Asia they want to appear lighter in appearance. And we have a very unique product which I’ll expand more in a couple of slides. We are seeing increasing consumer demand in the Emerging Business Unit. It’s a very high growth market, very strong CEGA and demand will continue. What we do in the EBU, we’re leveraging the professional device technology and expertise that we have for Syneron for 11 years and for Candela for 25 years and bringing this technology, core technology and knowhow and knowledge into the home use and I will explain more about that later. Read the rest of this transcript for free on seekingalpha.com