Cynosure, Inc. (CYNO) has reported 71.32 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $2.07 million, or $0.09 a share in the quarter, compared with $7.23 million, or $0.31 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $10.63 million, or $0.44 a share compared with $9.60 million or $0.42 a share, a year ago. Revenue during the quarter grew 19.23 percent to $122.14 million from $102.44 million in the previous year period. Gross margin for the quarter expanded 138 basis points over the previous year period to 58.97 percent. Total expenses were 94.90 percent of quarterly revenues, up from 88.49 percent for the same period last year. That has resulted in a contraction of 641 basis points in operating margin to 5.10 percent.
Operating income for the quarter was $6.23 million, compared with $11.79 million in the previous year period.
However, the adjusted operating income for the quarter stood at $15.57 million compared to $14.13 million in the prior year period. At the same time, adjusted operating margin contracted 104 basis points in the quarter to 12.75 percent from 13.79 percent in the last year period.
Michael Davin, Cynosure president and chief executive officer, said, "We capped an outstanding year with a strong fourth quarter, as revenue increased 19 percent year-over-year to a quarterly record $122.1 million. The fourth quarter of 2016 marked our 28th consecutive quarter of year-over-year top-line growth, an accomplishment that demonstrates the enduring strength and consistent quality of our product portfolio. We continue to lead the aesthetic device industry by focusing on innovation, execution and growth. The 23 percent compound annual top-line growth weve achieved over the past five years reflects our ability to cultivate the right organic opportunities, make disciplined strategic investments and maintain a solid financial model."
Working capital increases sharplyCynosure, Inc. has recorded an increase in the working capital over the last year. It stood at $235.20 million as at Dec. 31, 2016, up 29.17 percent or $53.11 million from $182.09 million on Dec. 31, 2015. Current ratio was at 3.28 as on Dec. 31, 2016, up from 2.73 on Dec. 31, 2015.
Debt moves up
Cynosure, Inc. has witnessed an increase in total debt over the last one year. It stood at $19.57 million as on Dec. 31, 2016, up 8.06 percent or $1.46 million from $18.11 million on Dec. 31, 2015. Total debt was 3.34 percent of total assets as on Dec. 31, 2016, compared with 3.39 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.04 as on Dec. 31, 2016, when compared with the last year.
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