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Syneron Medical Reports Fourth Quarter 2016 Revenue of $82.9 Million and Full Year 2016 Revenue $298.1 Million

Mittwoch, 15.02.2017 13:05 von

PR Newswire

IRVINE, Calif., Feb. 15, 2017 /PRNewswire/ --

Total Revenue Grows 5.1% in 4Q16 and 7.3% for Full Year

Emerging Products¹ Revenue Grows 25.0% in 4Q16 and 42.1% for Full Year, Reaching $82.7 Million for Full Year

2016 GAAP net income per share of $0.01, up from net loss per share of $(0.17) in 2015; Non-GAAP net income per share increases from $0.18 to $0.35 for the year

Syneron Medical Ltd. (NASDAQ: ELOS), a leading global aesthetic device company, today announced financial results for the three and twelve month periods ended December 31, 2016.

Fourth Quarter 2016 Financial Highlights:

  • Revenue of $82.9 million, up 5.1% year-over-year
  • Emerging products1 revenue of $22.6 million, which represents the Company's strategic growth drivers, grew 25.0% year-over-year
  • Product revenue up 6.5% year-over-year; Aesthetic product revenue[2] up 11.0% year-over-year
  • International product revenue grew 18.6% while North America declined 8.8% (North America Aesthetic product revenue2 declined 2.8%)
  • APAC product revenue up 15.9% and EMEA product revenue up 19.8%
  • Total Body Shaping revenue of $11.3 million grew 16.0% year-over-year
  • GAAP net loss per share of $(0.03), compared to $0.05 net income per share in Q4 2015
  • Non-GAAP net income per share of $0.14, compared to $0.07 net income per share in Q4 2015
  • Cash position as of December 31, 2016 of $86.4 million with no debt; generated $6.2 million in cash flow from operations

Full Year 2016 Financial Highlights:

  • Revenue of $298.1 million, up 7.3% compared to 2015
  • Emerging products revenue1 of $82.7 million, up 42.1% compared to 2015 and expanding to 27.7% of revenue from 20.9% in 2015
  • Product revenue up 8.6% year-over-year; Aesthetic product revenue2 up 10.6% year-over-year
  • International product revenue grew 15.4% while North America declined 2.8% (North America Aesthetic product revenue2 declined 0.7%)
  • APAC product revenue up 20.6% and EMEA product revenue up 7.1%
  • Total Body Shaping revenue of $52.7 million, up 36.0% compared to 2015
  • GAAP net income per share of $0.01, compared to $(0.17) net loss per share in 2015
  • Non-GAAP net income per share of $0.35, compared to $0.18 net income per share in 2015
  • Generated $8.4 million in cash flow from operations, compared to a use of $2.8 million in 2015

Amit Meridor, Chief Executive Officer of Syneron Medical, said "We ended the year with global top line growth, delivering record quarterly and annual revenue in our 12th consecutive quarter of year-over-year revenue growth. This included strong performance from our Emerging Products, which grew 42% and reached $82.7 million for the year. This trend, supports our transition into a higher growth, higher margin business. We delivered double-digit Aesthetic product revenue growth, highlighted by strong international results from the APAC and EMEA regions.  In North America, our business was down slightly in the fourth quarter as we laid the groundwork for improved performance in 2017.  As a result of the positive mix shift and our international growth, operating margin continued to increase despite continued investments in North American sales and marketing infrastructure. Our strong financial performance resulted in doubling non-GAAP net income per share to $0.14 in the fourth quarter. We generated $6.2 million in cash from operations in the fourth quarter and ended the year with a strong balance sheet with $86.4 million in cash and no debt."

Financial Highlights for the Fourth Quarter Ended December 31, 2016:

Revenues in the fourth quarter 2016 were driven by 25.0% growth from the Company's Emerging Products. Fourth quarter Emerging Products revenue included $11.3 million in revenue from the Body Shaping portfolio, which grew 16.0% year-over-year, mainly from UltraShape sales, driven by the launch of UltraShape Power.

Total Aesthetic revenue in the fourth quarter 2016 grew 8.5% and North America Aesthetic product revenue was down 2.8%. Fourth quarter 2016 revenue did not include any sales from the Company's dental laser subsidiary, which was sold in May 2016. In the fourth quarter 2015, the Company had $0.9 million in sales from the dental laser subsidiary. In addition, fourth quarter 2016 revenue did not include any sales from the Company's CoolTouch OEM business, which was discontinued in 2015.

GAAP Gross Margin for the fourth quarter 2016 was 53.5%, compared to 55.0% in the fourth quarter 2015. Non-GAAP Gross Margin for the fourth quarter 2016 was 54.5%, compared to 56.5% in the fourth quarter 2015. This reflects international revenue growth, mainly in the APAC and EMEA regions, differences in product mix, compared to the fourth quarter 2015.

GAAP Operating Income for the fourth quarter 2016 was $0.2 million, compared to $2.2 million in the fourth quarter 2015. Non-GAAP Operating Income for the fourth quarter 2016 was $6.3 million, compared to $3.0 million in the fourth quarter 2015. GAAP Operating Margin for the fourth quarter 2016 was 0.3%, compared to 2.8% for the fourth quarter of 2015. Non-GAAP Operating Margin for the fourth quarter 2016 was 7.6%, compared to 3.8% in the fourth quarter 2015. This increase reflects growth from the Company's higher margin Emerging Products, cost efficiencies, and revenue growth from the Company's existing international distribution channels, which has lower operating expenses for the Company.

GAAP Net Loss and GAAP Net Loss per Share in the fourth quarter 2016 was a net loss of $(0.9) million, or $(0.03) net loss per share, compared to net income of $2.0 million, or $0.05 per share, in the fourth quarter 2015. Non-GAAP net income and Non-GAAP net income per Share in the fourth quarter 2016 was $5.0 million, or $0.14 per share, compared to non-GAAP net income of $2.4 million, or $0.07 per share, in the fourth quarter 2015.

Cash Position As of December 31, 2016, the Company's overall cash position, including cash and cash equivalents, short-term bank deposits and marketable securities, grew to $86.4 million from $82.9 million as of September 30, 2016.

Use of Non-GAAP Measures:
This press release provides financial measures for gross profit, operating income (loss), net income (loss) and net income (loss) per share, which exclude expenses related to stock-based compensation expense, amortization of acquired intangible assets, fair value adjustment to investment in JV, re-measurement of contingent consideration fair value, impairments of a subsidiary's goodwill and intangible assets, net gain from sale of a subsidiary, restructuring severance expenses, legal settlements and related fees, and tax benefit, and are therefore not calculated in accordance with Generally Accepted Accounting Principles (GAAP). 

Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance because it reflects our ongoing operational results, operating income (loss), net income (loss) and net income (loss) per share, and exclude the impact of items or trends that are not considered core influences on the results of operations, financial position or cash flows. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. Management uses non-GAAP measures to make operational and investment decisions and to evaluate the Company's performance and, therefore, believes it important to make these non-GAAP adjustments available to investors. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.

Conference Call:
Syneron management will host its fourth quarter 2016 earnings conference call today at 8:30 a.m. ET. Syneron will be broadcasting live via the Investor Relations section of its website, www.investors.syneron.com. To access the call, enter the Syneron Investor Relations website, then click on the webcast link "Q4 2016 Results Webcast."

Participants are encouraged to log on at least 15 minutes prior to the conference call in order to download the applicable audio software. The call can be heard live or with an on-line replay which will follow. Those interested in participating in the call and the question and answer session should dial 877-280-1254 in the U.S., and 1-646-254-3366 from outside of the U.S. The conference pass code is: 2212875.

About Syneron Candela:
Syneron Candela is a leading global aesthetic device company with a comprehensive product portfolio and a global distribution footprint.  The Company's technology enables physicians to provide advanced solutions for a broad range of medical-aesthetic applications including body contouring, hair removal, wrinkle reduction, tattoo removal, women's intimate wellness treatments, improving the skin's appearance through the treatment of superficial benign vascular and pigmented lesions, and the treatment of acne, leg veins and cellulite. The Company has a wide portfolio of trusted, leading products including UltraShape, VelaShape, GentleLase, VBeam Perfecta, PicoWay, CO2RE, CO2RE Intima, Profound and elōs Plus.

Founded in 2000, the company markets, services and supports its products in 86 countries.  It has offices in North America, France, Germany, Italy, Portugal, Spain, UK, Australia, China, Japan, and Hong Kong and distributors worldwide.

Syneron, the Syneron logo, UltraShape, eMatrix and elos are trademarks of Syneron Medical Ltd. and may be registered in certain jurisdictions. The elos (Electro-Optical Synergy) technology is a proprietary technology of Syneron Medical Ltd. All other names are the property of their respective owners.

[1] Emerging Products, which represent the Company's strategic growth drivers, include product and consumable revenue from UltraShape, VelaShape, PicoWay, Profound and CO2RE Intima.
[2] Aesthetic product revenue excludes the CoolTouch OEM business, which was discontinued in 2015, and the Company's Dental Laser business (Light Instruments subsidiary), which was divested in 2016

 

Syneron Medical Ltd.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share data)
















For the three-months ended


For the twelve-months ended




December 31,



December 31,



December 31,



December 31,




2016



2015



2016



2015



























Revenues


$            82,891



$            78,889



$             298,102



$           277,849

Cost of revenues 


38,555



35,507



142,469



128,884














Gross profit


44,336



43,382



155,633



148,965

Operating expenses (income):













Sales and marketing 


26,035



27,121



95,889



97,163


General and administrative


7,810



8,286



28,490



30,061


Research and development


6,090



7,906



23,043



25,270


Other expenses (income), net


4,170



(2,109)



4,983



2,930














Total operating expenses


44,105



41,204



152,405



155,424














Operating income (loss)


231



2,178



3,228



(6,459)















Financial income, net 


465



-



764



167














Net income (loss) before tax on income


696



2,178



3,992



(6,292)














Taxes on income


1,592



203



3,813



48














Net income (loss) 


$                (896)



$              1,975



$                    179



$             (6,340)














Net income (loss) per share:

























Basic













Net income (loss) per share


$               (0.03)



$                0.06



$                   0.01



$               (0.17)














Diluted













Net income (loss) per share


$               (0.03)



$                0.05



$                   0.01



$               (0.17)



























Weighted average shares outstanding:













Basic


34,711



35,870



34,749



36,416















Diluted


34,711



36,041



34,943



36,416

 

Syneron Medical Ltd.

Unaudited Condensed Consolidated Balance Sheets

(in thousands)










December 31,


December 31,




2016


2015 (*)







Assets











Current assets:






Cash and cash equivalents


$              56,756


$              56,330


Short-term bank deposits


326


357


Available-for-sale marketable securities


10,817


14,274


Trade receivable, net


57,337


53,423


Other accounts receivables and prepaid expenses


12,735


12,438


Inventories


47,376


49,352







Total current assets


185,347


186,174







Long-term assets:






Severance pay fund


479


509


Long-term deposits and others 


312


292


Long-term available-for-sale marketable securities 


18,522


15,695


Investment in affiliated company


15,730


19,800


Property and equipment, net


12,529


9,823


Deferred taxes


16,877


20,363


Intangible assets, net 


8,517


12,694


Goodwill


18,257


21,442







Total long-term assets


91,223


100,618







Total assets


$            276,570


$            286,792













Liabilities and stockholders' equity











Current liabilities:






Accounts payable


$              22,659


$              23,045


Deferred revenues


12,838


12,481


Other accounts payable and accrued expenses


28,361


36,316







Total current liabilities


63,858


71,842







Long-term liabilities:






Contingent consideration liability


-


878


Deferred revenues


2,939


3,395


Warranty accruals


1,794


861


Accrued severance pay


559


603







Total long-term liabilities


5,292


5,737







Stockholders' equity:


207,420


209,213







Total liabilities and stockholders' equity


$            276,570


$            286,792







 (*)

Derived from audited financial statements





 

Syneron Medical Ltd.

 Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)









For the twelve-months ended























December 31,



December 31,









2016



2015

Cash flows from operating activities:








Net income (loss) 



$                         179



$           (6,340)



Adjustments to reconcile net loss to net cash 









Share-based compensation 



3,711



3,775



Depreciation and amortization



8,447



8,965



Impairments of goodwill and intangible assets



-



7,132



Realized loss, changes in accrued interest and amortization of premium on marketable securities



646



1,770



FMV adjustment to investment in Illuminage Beauty JV



7,010



330



Revaluation of contingent liability



(878)



(4,105)



Net gain from sale of a subsidiary



(1,149)



-



Changes in operating assets and liabilities:










Trade receivable, net



(5,021)



1,613




Inventories



(2,521)



(14,370)




Other accounts receivables and prepaid expenses



(31)



(5,222)




Deferred taxes



3,514



957




Accounts payable



447



921




Deferred revenues



899



(1,725)




Accrued warranty accruals



1,197



657




Other accounts payable and accrued expenses



(8,090)



2,814















Net cash provided by (used in) operating activities



8,360



(2,828)















Cash flows from investing activities:









Purchases of property and equipment



(3,699)



(4,870)



Purchases of Intangible asset



(150)



-



Proceeds from the sale or maturity of marketable securities



26,212



38,815



Purchase of marketable securities



(26,365)



(23,753)



Proceeds from short-term bank deposits, net



31



6,057



Investment in affiliated company



(2,940)



-



Other investing activities



4,282



(25)















Net cash provided by (used in) investing activities



(2,629)



16,224













Cash flows from financing activities:









Acquisition of shares held by non-controlling interest



(1,088)



-



Repurchase of shares from shareholders



(3,925)



(15,590)



Proceeds from exercise of stock options



-



2,125















Net cash used in financing activities



(5,013)



(13,465)













Effect of exchange rates on cash and cash equivalents



(292)



(790)













Net increase (decrease) in cash and cash equivalents



426



(859)















Cash and cash equivalents at beginning of period



56,330



57,189















Cash and cash equivalents at end of period



$                    56,756



$           56,330

 

Syneron Medical Ltd.

Reconciliation of unaudited GAAP to Non GAAP financial measures

(in thousands, except per share data)
















For the three-months ended


For the twelve-months ended




December 31,



December 31,



December 31,



December 31,




2016



2015



2016



2015



























GAAP gross profit


$            44,336



$            43,382



$           155,633



$           148,965















Stock-based compensation


52



48



159



196


Amortization of intangible assets


761



1,010



3,461



4,040


Restructuring severance expenses


-



128



-



128














Non-GAAP gross profit


$            45,149



$            44,568



$           159,253



$           153,329



























GAAP operating income (loss)


$                 231



$              2,178



$              3,228



$             (6,459)















Stock-based compensation


962



964



3,711



3,775


Amortization of intangible assets


915



1,295



4,314



5,710


FMV adjustment to investment in JV


5,050



960



7,010



330


Re-measurement of contingent consideration 


(878)



(4,161)



(878)



(4,105)


Impairments of a subsidiary's goodwill and intangible assets


-



1,519



-



7,132


Net gain from sale of a subsidiary


-



-



(1,149)



-


Restructuring severance expenses


-



223



-



223


Legal settlements and related fees


-



-



-



1,656














Non-GAAP operating income


$              6,280



$              2,978



$             16,236



$              8,262


























GAAP net income (loss)


$                (896)



$              1,975



$                 179



$             (6,340)















Stock-based compensation


962



964



3,711



3,775


Amortization of intangible assets


917



1,295



4,316



5,710


FMV adjustment to investment in JV


5,050



960



7,010



330


Re-measurement of contingent consideration 


(880)



(4,161)



(880)



(4,105)


Impairments of a subsidiary's goodwill and intangible assets


-



1,519



-



7,132


Net gain from sale of a subsidiary


-



-



(1,149)



-


Restructuring severance expenses


-



223



-



223


Legal settlements and related fees


-



-



-



1,656


Tax benefit


(186)



(356)



(1,037)



(1,992)














Non-GAAP net income 


$              4,967



$              2,419



$             12,150



$              6,389














Income (Loss) per share:












Basic












GAAP net income (loss) per share


$               (0.03)



$                0.06



$                0.01



$               (0.17)















Stock-based compensation


0.03



0.03



0.11



0.10


Amortization of intangible assets


0.03



0.04



0.12



0.16


FMV adjustment to investment in JV


0.15



0.03



0.20



0.01


Re-measurement of contingent consideration 


(0.03)



(0.12)



(0.03)



(0.11)


Impairments of a subsidiary's goodwill and intangible assets


-



0.04



-



0.20


Net gain from sale of a subsidiary


-



-



(0.03)



-


Restructuring severance expenses


-



0.01



-



0.01


Legal settlements and related fees


-



-



-



0.05


Tax benefit


(0.01)



(0.01)



(0.03)



(0.06)














Non-GAAP net income per share
 


$                0.14



$                0.08



$                0.35



$                0.19














Diluted












GAAP net income (loss) per share


$               (0.03)



$                0.05



$                0.01



$               (0.17)















Stock-based compensation


0.03



0.03



0.11



0.10


Amortization of intangible assets


0.03



0.04



0.12



0.16


FMV adjustment to investment in JV


0.15



0.03



0.20



0.01


Re-measurement of contingent consideration 


(0.03)



(0.12)



(0.03)



(0.11)


Impairments of a subsidiary's goodwill and intangible assets


-



0.04



-



0.19


Net gain from sale of a subsidiary


-



-



(0.03)



-


Restructuring severance expenses


-



0.01



-



0.01


Legal settlements and related fees


-



-



-



0.05


Tax benefit


(0.01)



(0.01)



(0.03)



(0.06)














Non-GAAP net income per share


$                0.14



$                0.07



$                0.35



$                0.18














Weighted average shares outstanding:


























Basic


34,711



35,870



34,749



36,416















Diluted


34,866



36,051



34,943



36,739

 

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/syneron-medical-reports-fourth-quarter-2016-revenue-of-829-million-and-full-year-2016-revenue-2981-million-300407826.html

SOURCE Syneron Medical Ltd.