Feb. 20--Cosmetic healthcare company Syneron Medical Ltd. (Nasdaq: ELOS) has acquired New Star Lasers Inc., which markets as CoolTouch Inc., for $11 million in cash plus up to $4 million in milestone payments through 2015.
New Star Lasers had $8.9 million revenue in 2013, and Syneron expects the acquisition to boost its GAAP-based net profit from 2015.
"The acquisition of CoolTouch significantly enhances Syneron's product offerings and market opportunity while also improving the recurring revenue profile of our business," said Syneron CEO Shimon Eckhouse. "We believe CoolTouch will add value to Syneron's product offerings by expanding our reach into new markets such as the endovascular treatment of varicose veins and minimally-invasive laser assisted lipolysis. The CoolTouch business model also supports our strategy to increase sales of products with recurring revenue streams."
Syernon reported a 2.5% drop in revenue to $256.9 million in 2013 from $263.6 million in 2012. GAAP-based net profit was $1.65 million in 2013 and non-GAAP net profit was $6.8 million.
(c)2014 Globes (Tel Aviv, Israel)
Visit the Globes (Tel Aviv, Israel) at www.globes.co.il/serveen/globes/nodeview.asp?fid=942
Distributed by MCT Information Services