Vince Martin
Long/short equity, value, gambling

Cynosure Still Looks Expensive

I've been eyeballing Cynosure (NASDAQ:CYNO) as a potential short for some time. The company was one of a group of energy-based medtech stocks to go public in the middle of the last decade, along with Cutera (NASDAQ:CUTR), Syneron (NASDAQ:ELOS), Candela (later merged with Syneron), and Solta Medical (bought out below $3 by Valeant Pharmaceuticals (NYSE:VRX)). The space as a whole had been a disappointment; while the recession certainly impacted the economically-sensitive aesthetics space as a whole, there were also a series of execution problems among the companies, and a concern that demand simply wasn't enough to support these publicly-traded companies, smaller private rivals, and competitive and/or similar products from larger public peers.

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