Cynosure soars after 3Q profit tops expectations
WESTFORD, Mass. -- Shares of Cynosure Inc. climbed Tuesday after the cosmetic treatment equipment maker said it swung to a third-quarter profit on higher sales.
The company said revenue rose 31 percent in the quarter ended Sept. 30 to $37 million, primarily driven by laser treatment sales in North America. The company said sales of cosmetic laser devices, used to remove body hair, scars and other blemishes, increased 54 percent in North America and 24 percent internationally.
The company posted a profit of $3.4 million, or 25 cents per share, compared with a net loss of$792,000, or 6 cents per share, in the third quarter of 2011.
Analysts, on average, expected earnings of 12 cents per share and sales of $34.6 million, according to FactSet.
Cynosure stock rose 2.19, or 9 percent, to $26.61 in afternoon trading. The stock has traded between $10.79 and $28 in the past 52 weeks, and has more than doubled since the start of the year.
Company executives said the company plans to release its Picosure laser system to remove tattoos and pigmented lesions.