Cynosure revenue is up, losses down
Westford-based Cynosure Inc., a maker of lasers used for cosmetic procedures and dermatology-related applications, reported a modest growth in second quarter revenue, but a significant cut in Q2 losses compared to 2009.
Cynosure (Nasdaq: CYNO) said that for the quarter ending June 30, 2009, the company saw its revenue climb to $21.5 million, from $20.8 million for the same time frame in 2009. The net loss for Q2 21010 was $1.5 million, a significant drop from the $2.3 million loss for Q2 2009.
According to Michael Davin, Cynosure’s president and CEO, the revenue increase was mostly due to growth in the North American laser products market, while the cut in the losses came mostly from cutting operating expenses. According to the company, total operating expenses for Q2 2010 dropped $2.8 million to $13.3 million, from $16.1 million for the same period of 2009.
In February, Cynosure announced it was implementing a cost-cutting plans, and at the same time, said it had a patent-infringement suit against CoolTouch Inc. over an alleged violation of a Cynosure patent for its laser technologies.
Founded in 1991, Cynosure makes non- or minimally invasive products to treat vascular lesions, do laser lipolysis, and remove hair and improve skin. The company reported 255 employees as of March.