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Executives

Zack Kubow - Ruth Group

Lou Scafuri - CEO

Asaf Alperovitz - CFO

Analysts

Richard Newitter - Leerink Swann

Amit Hazan - Gleacher & Company

Anthony Vendetti - Maxim Group

Dalton Chamber - Needham & Company

Syneron Medical Ltd. (ELOS) Q2 2011 Earnings Call August 11, 2011 11:00 AM ET

Good day ladies and gentlemen and welcome to the Syneron Medical Limited second quarter 2011 results conference call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn your conference over to your host for today, Mr. Zack Kubow of the Ruth Group. Sir, you may begin.

Zack Kubow

Thank you, operator. I’d like to welcome you to Syneron Medical’s Second Quarter 2011 conference call.

Statements on this call may be forward-looking within the meaning of the US Private Securities Litigation Reform Act of 1995 relating to the company’s future events or future performance, including statements with respect to Syneron’s expectations regarding, but not limited to the financial forecast for 2011, the launch of new products and the maintenance of a leadership position in core and non-core markets.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in any forward-looking statements.

These risks may include, but are not limited to the risk factors set forth under the heading Risk Factors in Syneron’s annual report on Form 20-F filed with the SEC. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. These statements are only predictions and Syneron cannot guarantee that they will in fact occur. The Company does not assure any obligation to update the forward-looking statements discussed in today’s conference call

Finally, this presentation includes non-GAAP financial measures. Syneron provides reconciliation information at the end of the second quarter results press release on the Investor Relations page at www.syneron.com.

Speaking on the call today are Syneron’s CEO, Lou Scafuri, and Syneron’s CFO, Asaf Alperovitz. Shimon Eckhouse, Syneron’s Chairman of the Board, is also on the call and will be available for questions during the Q&A portion at the conclusion of management’s prepared remarks.

Now I’d like to turn the call over to Lou.

Lou Scafuri

Thank you, Jack, and welcome to Syneron’s second quarter 2011 conference call. We achieved record revenue in the second quarter and continue to strengthen and expand our industry leadership position and gain market share. Our robust second quarter results clearly reflects the strength of Syneron. Our worldwide channel to market capabilities, market leading technologies and diversified sources of revenue have led to exceptional sales growth and market share expansion. Our results were driven by execution in the global aesthetic marketplace.

During the quarter, we continue to demonstrate positive adoption of our recently launched products, prudent expense management and continue its efforts to enhance overall efficiencies. Our excellent quarter clearly indicates that our strategic initiatives are producing strong results and we are well positioned to out-perform and expand our market leadership.

I will begin today’s call with a quick overview of our strong financial results followed by a review of our operational progress. Total revenue in the second quarter 2011 was $60.6 million, up 24% over the prior year. This represents our fourth consecutive quarter of double-digit, year-over-year sales growth and by far our strongest revenue quarter since we completed the merger with Candela at the beginning of 2010.

Revenue grew 15% in North America and 30% in the international markets year-over-year driven by increased cross-selling, the launch of new products and our ability to selectively deploy resources in high growth markets. We also had another quarter of record sales of consumable and accessories underscored by a 173% year-over-year and 18% sequential growth in consumable sales and Syneron products.

As I have articulated in the past, this is a very positive indicator that our products are being well received by both physicians and their patients. Our financial results for the second quarter include revenue of $6.1 million from our emerging business units or EBU. This is more than double the revenue posted in the first quarter of 2011 and a 559% growth year-over-year. This is the first quarter and in which EBU sales have represented more than 10% of total Syneron revenue, a significant milestone for this segment. We are very pleased with the rapid EBU growth and the diversification that it provides to our overall business.

Non-GAAP gross margin was 52% in the second quarter, up from 48.9% in the prior year reflecting an increased mix of Syneron products and consumables which is driven primarily from increased cross-selling. In our Professional Aesthetic Devices or PAD segments, non-GAAP operating profit was $3.2 million or 5.9% operating margin. Our ability to continue to achieve non-GAAP operating profit in the PAD segment is a result of our focus on increasing sales of higher margin products and effectively leveraging economics of scale. The bottom-line, we achieved our third consecutive quarter of non-GAAP profitability with earnings per share of $0.01. We’re pleased that our consolidated business continues to be profitable and believe that Syneron is uniquely positioned in the industry with growing market leadership in the Professional Aesthetic Device business and high growth emerging business units.

The GentleLASE PRO system was launched in the U.S. during the second quarter and was very well received in the market. The GentleLASE family of products are the goal setter in the industry for laser hair removal and the new GentleLASE PRO raises the bar even further with its advance features and user-friendly design.

Feedback from early adopters of this system confirmed that our new systems surpasses the competition in terms of treatment time, treatment versatility and enhanced ease of use. We believe we are well positioned to drive broad adoption of the system based on our strong sales momentum as well as the global market interest confronts the both Summer AAD and IMCAS Asia meetings.

Further, we expect that our recently introduced CO2RE will be recognized as the best-in-class fractional laser system for skin rejuvenation and wrinkle reduction. Based on consumer enthusiasm for the system, our expectation is continued adoption in sales momentum as we continue to demonstrate to the market CO2RE superb clinical results.

We launched ePrime during the first quarter of the year and are receiving very good reviews from our physicians and testimonials from their patients. ePrime is the only Energy Based Dermal Remodeling System that precisely targets and delivers measured radio frequency directly into the deep dermis to stimulate the production of collagen and elastin. The resulting volumetric improvement after a single treatment is impressive and has led to high levels of patient satisfaction since product introduction.

Additionally, we are getting very positive support from key global thought leaders. We expect sales of ePrime to continue to ramp as we highlight its clinical results, expand our user base and benefited from increased sales of the per-procedure disposable cartridge.

During the quarter, we continued to see strong eMatrix system sales and disposable tip sales, highlighting the broad physician and patient trust in Sublative Rejuvenation. We introduced the eMatrix system last year to address the unmet need in the marketplace for a highly effective, high value proposition skin rejuvenation system that can treat all skinned colors with minimal downtime. Now more than ever, we believe that this product clearly meets and addresses the global needs in today's marketplace.

Now I would like to review our emerging business units. Since we began breaking out the results of the EBU in the fourth quarter, we have generated two consecutive quarters of more than a 100% sequential revenue growth. Revenue from the EBU represented 10% of overall sales in the quarter demonstrating the increasingly important contribution of these growth engines to our overall results. The home-use products within the EBU are benefiting from the dedicated resources and management team that we put in place with the formation of Syneron Beauty.

The team is successfully expanding the distribution and customer base for our Syneron Beauty products and we grew sales in all product categories. This was led by the ongoing European roll-out of the mē home use hair removal system and the launch of the Tanda Zap, a new acne clearing device in the Tanda product family.

The EBU segment also includes the elure, is the skin lightening business, which continues to be a major opportunity to create a high margin topical Asian business for the company. In the U.S., we are still in early stages for launching elure and we are encouraged by the very positive feedback from dermatologists and plastic surgeons alike. This includes many cases of difficult to treat patients who have achieved effective fast acting and non-irritating treatment success with elure.

We attribute this to elure’s unique mechanism of actually breaking down melanin molecule that accumulates in the skin to cause a dark ends or uneven skin cell. The results for patients is meaningful improvement in skin and caring with a healthier, brighter and younger looking skin in as little as seven days compared to one to two months with hydroquinone-based products.

We are very encouraged with the early results for our EBU products. This is important segment of our business and we are well positioned given our diverse product line, strong distributor and premium retailer relationships and a broad support of Syneron’s worldwide infrastructure and capabilities. We are just practicing in the surface of the EBU market potential and firmly believe it will continue to be a key growth engine for Syneron.

Before concluding my comments, I want to provide a brief update on the Candela litigation with Palomar. The case is scheduled to go to trial in early October and we remain confident that we do not fringe on the single remaining method being asserted by Palomar.

Overall, we are most pleased with the global market response for our products for the first half of the year. We are confident that we are well positioned as a clear leader in the aesthetic industry and will work diligently to continue to increase market share. Syneron GentleLASE products provide best in class solutions across padding categories and are backed by strong signs in clinical data. We’re effectively delivering this message to our customers along with unparalleled customer support.

Further, we continue to gain the support of key opinion leaders in dermatology, plastic surgery and other medical fields. We have the capability to bring our products to the markets through an unmatched global sales and marketing organizations that provides us with broad coverage, agility and flexibility to selectively deploy resources in high-growth dynamic markets.

Looking forward, our growth will continue to be driven by the rollout of new products in both the PAD and EBU segments and offer high recurring revenues as our installed base continues to grow with more Syneron products with disposable components.

We believe Syneron is best prepared and positioned to address changing market dynamics and conditions. I would like to now turn the call over to Asaf for his financial review. Asaf?

Asaf Alperovitz

Thank you, Lou. Revenue in the second quarter of 2011 was a record at 60.6 million, up 24.1% compared to 48.8 million in the second quarter of 2010. International revenue grew 29.9% year-over-year to 39.7 million and North American revenue grew to 14.5% to 20.9 million. Sixty-six percent of the second quarter of 2011 revenue was in the international market compared to 63% in the second quarter of 2010.

Product revenue and service revenue second quarter of 2011 were 43.3 million and 17.3 million respectively.

Gross margin for the second quarter of 2011 was 50.3% or 52% on a non-GAAP basis excluding stock-based compensation, amortization, restructuring, and expenses related to the Candela merger, compared to 47.2% or 48.9% on a non-GAAP basis in the second quarter of 2010.

Second quarter 2011 operating loss was 1.1 million or an operating income of $300,000 on a non-GAAP basis, compared to an operating loss of 6.5 million or 3.3 million on a non-GAAP basis in the second quarter of 2010. GAAP net loss for the second quarter of 2011 was 300,000 million or $0.01 per share compared to a GAAP net loss of 6.2 million or $0.18 per share in the second quarter of 2010.

On a non-GAAP basis, net income for the second quarter of 2011 was $200,000 or $0.01 per share compared to a net loss of 3.7 million or $0.11 per share in the second quarter of 2010.

Second quarter non-GAAP operating income and net income exclude one-time income and expenses as detailed in the company’s financials in today’s press release with the main item being income from re-valuation of contingent liabilities related to the company’s previous acquisitions of $3.1 million.

Now, I will provide a review and commentary on the results from our two reporting segments, Professional Aesthetic Devices, or PAD, and Emerging Business Units, or EBU. For the second quarter of 2011, PAD revenue was 54.5 million or 89.9% of total revenue, and EBU revenue was 6.1 million or 10.1% of total revenue.

Operating income in the PAD segment was 3.2 million on a non-GAAP basis, representing an operating margin of 5.9% compared to an operating loss of 1.7 million in the second quarter of 2010. The improvement in our operational result is primarily due to following factors. Higher sales mix of senior product and consumables, which was also driven by increased cross selling, higher production and sales volume and operational efficiencies and cost cutting measures we implement the mostly in conjunction with Candela integration.

Operating loss in the EBU segment was 2.9 million. EBU expenses in the second quarter included increase sales and marketing cost to support the ongoing North America launch of the elure advanced skin lightening product, the ongoing European launch and penetration into new markets for the Me home-use hair removal system and the North American launch of the Tanda Zap advanced acne clearing device.

The European launch and expansion of the Me home-use system drove lower EBU segment gross margin and accordingly had a negative impact on the company’s consolidated gross margin. This was mainly due to penetration phase of the Me in to the European market where we sell to distribution partners. As we move out of the launch in the penetration phases for this product and production volume in EBU revenue continues to ramp, we expect to achieve better operating leverage and expand gross margin in this segments. The other result from the EBU segment has been very promising and we believe we are well positioned for continued growth of these and all of our other new product launches. As this product gains traction in the marketplace we feel confident that they will also have positive impact on our profitability.

Turning to the balance sheet, our DSO decline on year-over-year basis to 70 days, representing an decrease of 9 days compared to DSO of 79 days in the second quarter 2010 and a decrease of six days compared to a DSO of 76 days in the first quarter of this year.

On June 30 2011 cash and cash equivalent including short-term bank deposits and investments in marketable securities was 212.2 million and equity was $281.8 million. We continue to remain debt free. With that I will now turn the call over to the operator to answer any questions you may have. Operator?

Question-and-Answer Session

Operator

(Operator Instructions). And our first question today comes from the line of Richard Newitter from Leerink Swann.

Richard Newitter - Leerink Swann

Maybe I will just start off with the EBU segment, a really impressive sequential increase in sales there at $6 million you almost doubled what you did last quarter. I was hoping you can just help us understand how to think about this division due to rest of the year Was there something in the second quarter that was an anomaly or should we think about this type of continued sequential ramp, sequentially in the quarters that follow for the next two, three, four quarters and then also Asaf just on your comments about ramping profitability on the EBU segment, if you could give us a little bit more directional indication when might we see this division breakeven, is it something a year away, two years away, six months away, anything would help there.

Lou Scafuri

We continue to remain bullish on the prospects for our EBU. We've had strong market response to both the Syneron beauty products, the elure products and the Tanda family of products as well as from our dental group. We have a very positive outlook for market uptick. We have invested heavily in terms of our marketing and the startup cost necessary to build our distribution channel and we see significant upside to build revenue which dropped the course of the year.

Asaf Alperovitz

Now just to reflect on the question regarding growth margin, I would say that as we continue to focus on increasing the penetration of EBU products including the recently introduced and new products coming into new market and EBU revenue becomes a larger percent of order of the revenue. The EBU and consolidated gross margin will continue to be impacted by a certain lower penetration phase gross margins. Please don’t forget we just recently launched some of these products and we expect it will take couple of quarters to improve the gross margin significantly in the EBU segment.

Richard Newitter - Leerink Swann

So it's safe obviously to assume right now you are below the corporate average on gross margin and you think that will ramp within a couple quarters as long as volumes increase?

Asaf Alperovitz

That’s correct.

Richard Newitter - Leerink Swann

So just maybe you can give us a little color on the North America outlook. Your sales there if I heard correctly seem to be up 18% year-over-year. If you could break that down between the EBU and the PAD segment, what was your North America PAD segment growth rate or sales contribution this quarter?

Asaf Alperovitz

We currently don’t provide this kind of level of breakdown between international and North America, between the segments. We may consider to do so in the future, but we don’t do it currently.

Richard Newitter - Leerink Swann

So maybe just you can give us some comments on what you saw take place in the market given that all your competitors have now reported. Have things gotten materially better or basically stable sequentially? And what's your outlook for the North American equipment business for the remainder of the year?

Lou Scafuri

Coming through Q2, we felt that we’ve made some major steps forward with our North America selling organization. We certainly have to come up the learning curve. We certainly have to focus on making sure that the customers appreciated the balance between the Syneron and Candela products. We went direct in Canada during Q2. And we had a very good market response there.

Our people continue to hone their skills, getting as close as possible to the customer, being able to sell on a knowledgeable, professional expertise basis, a very diverse and deep product portfolio. So, despite very difficult market conditions in North America, we believe that Syneron will stronger and we feel that our PAD segment will continue to improve its performance and we also see a very strong and positive outlook for the sales of our Tanda ZAP product which is being sold through premium retailers throughout North America.

Operator

Thank you. Our next question comes from the line of Amit Hazan from Gleacher & Company.

Amit Hazan - Gleacher & Company

I wanted to start with a broader question. Obviously investors as the market is showing in recent days, everyone is thinking about potentially going back into recession.. And whether we do or not, I am wondering, I wanted to give you guys a chance to maybe try to explain how as a company you might be different today than you were in 2008 when we saw sales pretty significantly impacted and kind of how you think things might be different if they will this time around – if we do go into recession again?

Lou Scafuri

Well first off for me it is many, many different facets of our company, today versus in 2008. First of all diversity of our revenue stream, clearly it’s a different company, we’re just not capital equipment, capital equipment reliant at this state of the game. Our recurring revenue has significant traction from the standpoint of our consumable business and business model that we implemented in 2009, they continues to ramp nicely.

We believe that value proposition that we offer in terms of cost of acquisition, cost of ownership is clearly advantageous to today’s customer in the marketplace. We also as well are focused in geographic regions that clearly are still seeing growth. We maintain an agile infrastructure, we demonstrated our ability to execute; we are clearly and firmly positioned in the core market segment. The marketplace that has a bit credit risk profiles of people who can obtain financing and who have seen growth, these are now our customers versus 2008 where Syneron was primarily a capital equipment company selling to the non-core marketplace.

Amit Hazan - Gleacher & Company

And just as a follow-up on that, can you give us roughly what the number is of service plus consumables right now as a percent of your total sales?

Asaf Alperovitz

Yes, it’s 33% service and consumables.

Amit Hazan - Gleacher & Company

Alright, and obviously you continue to have an extremely strong balance sheet, a ton of cash on the balance sheet relative to your market cap. Can you give us a sense of just how you are thinking about use of cash going forward or whether you would consider especially in times like these where the stock is down a repurchase program of any kind or whether you are looking to expand via acquisition or kind of just thoughts on strategy?

Lou Scafuri

First of all, we are looking to further expand our market position. We clearly see opportunities for growth, both organic as well as in M&A front. And we plan on leveraging our balance sheet accordingly. In terms of the repurchase plan, I would like to have Asaf make several comments that.

Asaf Alperovitz

Yes, certainly Lou. In terms of share buyout, as you know we are an Israeli company and we do not intend to distribute dividend or buyback shares in the near future. This is pretty much due to certain Israeli tax benefit that we received on taxable income here in Israel which is significant. On which we may trigger some unfavorable tax considerations upon either distributing dividends or buying back of shares. So we don’t expect to have any such share buyback in the near future.

Amit Hazan - Gleacher & Company

Alright. And final question from me is a follow-up to one of the earlier questions that was asked on the Emerging Business Unit. Just in terms of our modeling, should we kind of think about the quarter as being kind of entirely demand driven and so we can kind of model the 6.1 with some seasonality moving up from here in the final two quarters of the year or was there some kind of inventory build and such that we should be considering in modeling future quarters?

Lou Scafuri

No, there was no inventory build, actually we’re producing as much as we can to meet the increased demand and we expect growth for the EBU segment to continue throughout the year and next year.

Operator

Our next question comes from the line of Anthony Vendetti from the Maxim Group. Your line is now open. Please go ahead.

Anthony Vendetti - Maxim Group

Hey thanks. The strength that you are seeing particularly international, is there specific regions that you are seeing this? I mean I know you with Candela’s distribution platform you are in more segments than any other company in the space. But can you talk about specifically what was driving this 30% year-over-year growth?

Lou Scafuri

We had a strong quarter in Europe, we had strong quarter in Japan as well as in the rest of Asia as well and other than a few spot territories we saw significant growth year-over-year.

Anthony Vendetti - Maxim Group

And you said to opened up your direct office in Canada and that helped North American sales; any other direct offices that you have opened outside of North America or that you plan to in the second half of this year?

Lou Scafuri

We’re not planning on moving and establishing any more subsidiaries in the second half of the year, but we’re offsetting on doing this continuing our cross selling initiatives. In the areas Western Europe we see significant upside and the ability to cross-sell, there is certainly a learning curve, there is certainly an ongoing effort with the key opinion leaders to gain reference base as well as accelerated penetration into some of these markets.

So we are feeling quite confident that we will improve traction there. And in the markets where we went direct in the early part of this year, Australia we are still awaiting TGA approval and we expect at any moment of time to have the ability to begin selling on a direct basis, the Syneron products through our very strong Australian subsidiary.

Anthony Vendetti - Maxim Group

So with everything that's going on in Europe right now do you see any potential slowdown, I mean it seems like right now at least in this quarter you seem to be sort of navigating through what seems to be difficult waters and now we have even a larger storm brewing in Europe. I mean is this something that you are taking into account as you are going through this or do you think that right now you are relatively immune to the problems in Europe?

Louis Scafuri

I think that it would be foolish to say that anyone is relatively immune to all the uncertainty that's going on in any of the marketplaces right now. I can tell you this that we remain focused on achieving our strategic plan with our business initiatives. Again we are in the second year of the merger.

We believe that our ability to execute on the opportunities that exist are superior to any of our competitors. We believe that our products offer different price points. We believe that we have the most flexibility in our channel, both selling on a direct as well as on a distributor basis and we believe our partners are amongst some of the best partners in the industry. If its there, we want it and we are going to work hard to go out and get it.

Anthony Vendetti - Maxim Group

And then on the last North America most of your competitors are saying that the credit market, which had started to loosen a little bit in the second quarter actually retightened or the positive steps that we say in the first quarter changed in the second quarter. Did you see that as well and anything that you are doing to counter that difficult credit market?

Asaf Alperovitz

[Broadly] we are thinking in both the domestic and international lending environment that in Q2 we felt that there are just stable in terms of the activity. We can say that they were at same level as we have seen them in Q1 and we don’t feel any change. Going forward certainly, it’s a little early to estimate the potential effect of the recent market events on the credit environment.

We have developed a very strong relationship with BNP Paribas in Europe, where we have a couple of active European countries and we are looking to significantly expand this relationship through this quarter and beyond. We also have a new relationship with Bank in Israel and we are working diligently through our dedicated resource for the lending, which we having generally to coordinate between our customers where we offer standard lending packaging through our funding partners to our customers. So, certainly we are focusing on that to be able to expand our offering to the customers through our funding partners.

Anthony Vendetti - Maxim Group

Okay. Just a couple of housekeeping core versus non-core sale territories I think like that stuff.

Louis Scafuri

Sorry what is the question?

Asaf Alperovitz

In North America I would say core was 47% of revenues and non-core we had 53%

Anthony Vendetti - Maxim Group

Okay. And then, how many sales territories here in North America, did that changed at all or remained relatively constant?

Louis Scafuri

It remained constant over Q1.

Anthony Vendetti - Maxim Group

Okay. And then, Asaf, do you have to break out for stock-based comp among the four lines.

Asaf Alperovitz

Yes, certainly. The overall stock-based compensation was $854,000 out of which in core we had $7,000, in both R&D and sales and marketing, we had $259 and in G&A, the remaining were $330,000.

Operator

Our next question comes from Dalton Chamber of Needham & Company. Please go ahead.

Dalton Chamber - Needham & Company

Good morning. I wanted to ask about the EBU. In your comments, you specifically called out the home use segment of that. I think the only thing that’s not home use there is the dental laser, is that accurate?

Asaf Alperovitz

I assume. Actually, we also have the elure, the skin-lightening product which is also currently sold to the professional market.

Dalton Chamber - Needham & Company

Okay. So, you do consider that a professional product.

Asaf Alperovitz

Sorry, for interrupting. It is included around the EBU segment.

Dalton Chamber - Needham & Company

Right. Okay, so, the dental laser I think you had for a couple of years, should we assume almost all of this growth is coming from the non-laser products?

Asaf Alperovitz

Yes. That do.

Dalton Chamber - Needham & Company

And can you comment on that growth by geography?

Asaf Alperovitz

We can say in terms of the growth associated with the EBU or we incurred significant growth in the international market where we are penetrating to additional and new countries in Europe with the Me hair removal home-use system, selling through distribution partners. So a significant growth has been incurred in the international market for the emerging business units.

Dalton Chamber - Needham & Company

And the North American market?

Asaf Alperovitz

North American market is also growing as we’ve indicated where a significant success with the times of the product including the recently launched and the Tanda Zap for the acne clearing device. So we also see increase in sales of North America for the EBU.

Operator

Thank you. And with no further questions in queue, I would now like to turn the conference back to Louis Scafuri, CEO for any closing remarks.

Louis Scafuri

I’d like to thank all of our employees for their continued hard work, dedication and inspired performance during the first half of 2011. Our company stands ready, willing and able to beat the market challenges and we remained focused on expanding our market share and being the market leader.

We thank our shareholders for their continued support and we’ll work very hard to meet market expectations ongoing in the second half of 2011. Thank you very much.

Operator

Ladies and gentlemen, thank you for your participation in today’s conference. This does conclude the program and you may now disconnect. Have a great rest of the day.

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