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Syneron Reports Second Quarter 2014 Results

Revenue of $64.6 million; non-GAAP EPS $0.07

YOKNEAM, Israel, Aug. 6, 2014 /PRNewswire/ -- Syneron Medical Ltd. (NASDAQ: ELOS), a leading global aesthetic device company, today announced financial results for the three month period ended June 30, 2014.

Syneron Medical Ltd logo

Second Quarter 2014[1] and Second Quarter 2013 on a Pro-Forma Basis (Excluding Syneron Beauty) and Recent Highlights Include:

  • Total revenue of $64.6 million, up 6.1% year-over-year and 13.7% sequentially.
  • North American sales grew 20% sequentially.
  • Non-GAAP gross margin of 54.2%, compared to 53.4% in Q2 2013.
  • Non-GAAP operating margin of 4.9%, compared to 5.6% in Q2 2013.
  • Generated $3.7 million in cash from operations; ended quarter with $96.4 million in cash and cash equivalents, and no debt.
  • Accelerating full commercial launch of UltraShape to Q4 2014.
  • Received CE Mark for PicoWay™, picosecond laser; expanding leadership position in tattoo removal and pigmented lesion treatment.

Amit Meridor, Chief Executive Officer of Syneron, said, "We had a solid second quarter, with revenue up 6% year-over-year and 14% sequentially, led by growth in the North American, EMEA and Asia Pacific markets. This included good results from our higher margin Syneron product line, particularly in North America where we are beginning to see a positive impact from our expanded sales team. This contributed to 20% sequential growth in North American sales compared to the first quarter 2014. Based on the positive initial launch of UltraShape, we are accelerating the full commercial launch into the fourth quarter 2014, ahead of the original first quarter 2015 timing."

Mr. Meridor added, "We continue to make excellent progress with other strategic initiatives, including the significant expansion of our sales force and the development of our dedicated body shaping team, the integration of CoolTouch and the advancement of our new product pipeline. We also continue to make progress towards broader commercialization of elure in Asia, highlighted by the recent Chinese regulatory clearance and positive activities in Japan and Korea. Our financial results continue to benefit from our strategic decision to move Syneron Beauty into the joint venture with Unilever. In the second quarter 2014, we generated $3.7 million in cash while heavily investing in sales force build up and body shaping business group. This comes after several quarters of negative cash flow and provides Syneron with $96.4 million in cash and cash equivalents, and no debt."

Shimon Eckhouse, Active Chairman of Syneron, said, "We continue to focus on the fastest growing segments of the aesthetic device market and see the results of our investment in the last two years in breakthrough products. The FDA approval of our UltraShape™ fat destruction product in the second quarter is a critical milestone in building our leadership position in the high growth body shaping market. In July we announced CE Mark for PicoWay™, a new picosecond laser system addressing the tattoo removal and pigmented lesion market. The dual wavelengths PicoWay has the shortest pulsed duration and highest peak power of any tattoo or pigmented lesion laser available in the market. Our clinical work with the PicoWay demonstrates its excellent performance in the tattoo removal and pigmented lesion applications. The PicoWay is based on a highly reliable Candela design and Syneron plans to take full advantage of its very large installed base of close to 1,400 Candela dedicated tattoo and pigmented lesion lasers and more than 11,000 Candela platforms that include pigmented lesion indication around the world. In the U.S., we anticipate receiving regulatory clearance for PicoWay by the end of the year, positioning us well to penetrate the large and growing global market for tattoo removal and the treatment of pigmented lesions."

Revenue[2]: Second quarter 2014 revenue was $64.6 million, up 6.1% compared to $60.9 million in the second quarter 2013 on a pro forma basis (excluding Syneron Beauty). The increase was the result of growth in the North American, EMEA and APAC regions, partially offset by lower revenue in the LATAM region. On a sequential basis, second quarter 2014 revenue was up 13.7% compared to $56.8 million in the first quarter 2014, driven by growth in all regions and the inclusion of the first full quarter of CoolTouch revenue following the acquisition in March 2014. Second quarter 2013 reported revenue was $68.8 million (including Syneron Beauty).

Non-GAAP Financial Highlights for the Second Quarter Ended June 30, 2014[3]:

Gross Margin for the second quarter 2014 was 54.2%, up from 53.4% in the second quarter 2013. The increase in gross margin was reflects mainly a more favorable geographic and product mix.

Operating Income for the second quarter 2014 was $3.2 million, down from $3.4 million in the second quarter 2013. The decrease was primarily due to higher sales and marketing expenses related to the significant expansion of the Company's North American sales force, along with additional operating expenses from CoolTouch following its acquisition in March 2014. This was partially offset by higher gross margin.

Net Income and Earnings Per Share in the second quarter 2014 were $2.5 million, or $0.07 per share, compared to net income of $3.0 million, or $0.08 per share in the second quarter 2013.

Net income and earnings per share for the second quarter 2014 are adjusted to exclude the following items, which are detailed in the Company's financial tables presented at the end of this press release:

  • Amortization of acquired intangible assets of $1.3 million.
  • Stock-based compensation of $1.2 million.
  • Re-measurement of contingent consideration of $(0.3) million.
  • Other non-recurring costs of $1.2 million, mainly related to impairment of intangible assets
  • Income tax positive adjustment of $0.4 million.    

GAAP Financial Highlights for the Second Quarter Ended June 30, 2014:

Gross Margin for the second quarter 2014 was 52.6%, up from 48.3% in the second quarter 2013. The increase in gross margin was primarily due to favorable geographic and product mix.

Operating Loss for the second quarter 2014 was $(0.1) million, compared to an operating loss of $(4.6) million in the second quarter 2013. Operating Margin for the second quarter 2014 was (0.22%), up from (6.7%) in the second quarter 2013. The improvement was primarily related to higher gross margin in the second quarter 2014 and higher one-time expenses in the second quarter 2013.

Net Loss and Loss Per Share in the second quarter 2014 was $(0.5) million, or $(0.01) per share, compared to net loss of $(4.3) million, or $(0.12) per share, in the second quarter 2013.

Cash Position: As of June 30, 2014, the Company's cash and cash equivalents was $96.4 million, compared to $92.6 million as of March 31, 2014.

Hugo Goldman, Chief Financial Officer of Syneron, said, "During the second quarter we began to see the initial benefits of the significant expansion of our North American sales force on gross margin, which improved on a year-over-year and sequential basis. As anticipated, operating expenses increased in the second quarter due to the new sales reps, along with building our Body Shaping Business Group and the integration of the CoolTouch business. While these added expenses impacted our operating margin in the quarter, we believe they will be strong contributors to future growth and margin expansion."

Mr. Goldman added, "During the quarter we effectively managed our working capital, demonstrated by good improvements in collection of our accounts receivables bringing our days sales outstanding down to 81 days. In addition, a reduction in our inventory led to our inventory days outstanding coming down to 108 days. These improvements contributed to positive cash flow from operations of $3.7 million in the quarter after several quarters of using cash from operations."

Use of Non-GAAP Measures and Pro-Forma Financials
This press release provides financial measures for gross margin, operating margin, operating income (loss), net income (loss) and earnings (loss) per share, which exclude expenses related to stock-based compensation, amortization of intangible assets, re-measurement of the contingent consideration, other non-recurring items such as costs associated with the voluntary field action regarding the LiteTouch Dental Laser Product in Europe, impairment of intangible assets and income tax adjustment, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance because it reflects our ongoing operational results, operating margin, operating income (loss), net income (loss) and earnings (loss) per share. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses non-GAAP measures when evaluating the business internally and, therefore, believes it important to make these non-GAAP adjustments available to investors. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.

In addition, this press release provides pro forma financials that exclude revenues from Syneron Beauty following its de-consolidation as of December 8, 2013 in various comparable periods.  A reconciliation of the comparable periods that include revenues from Syneron Beauty is contained in the accompanying financial tables.

Conference call and Presentation Slides
Syneron management will host its second quarter 2014 earnings conference call today at 8:30 a.m. ET. Syneron will be broadcasting live via the Investor Relations section of its website, www.investors.syneron.com. The webcast will include presentation slides regarding the second quarter results to accompany management's prepared remarks. To access the call, enter the Syneron Investor Relations website, then click on the webcast link "Q2 2014 Results Webcast."

Participants are encouraged to log on at least 15 minutes prior to the conference call in order to download the applicable audio software. The call can be heard live or with an on-line replay which will follow. Those interested in participating in the call and the question and answer session should dial 877-280-2296 in the U.S., and 212-444-0896 from overseas. The conference pass code is: 6801985.

About Syneron Medical Ltd.
Syneron Medical Ltd. (NASDAQ: ELOS) is a leading global aesthetic device company with a comprehensive product portfolio and a global distribution footprint. The Company's technology enables physicians to provide advanced solutions for a broad range of medical-aesthetic applications including body contouring, hair removal, wrinkle reduction, rejuvenation of the skin's appearance through the treatment of superficial benign vascular and pigmented lesions, and the treatment of acne, leg veins and cellulite. The Company sells its products under two distinct brands, Syneron and Candela. Founded in 2000, the corporate, R&D, and manufacturing headquarters for Syneron Medical Ltd. are located in Israel. Syneron also has R&D and manufacturing operations in the U.S. The Company markets, services and supports its products in 90 countries. It has offices in North America, France, Germany, Italy, Portugal, Spain, UK, Australia, China, Japan, and Hong Kong and distributors worldwide.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Any statements contained in this document regarding future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Further, any statements that are not statements of historical fact (including statements containing "believes," "anticipates," "plans," "expects," "may," "will," "would," "intends," "estimates" and similar expressions) should also be considered to be forward-looking statements.

Forward-looking statements in this press release include optimism about future growth prospects attributable to higher growth in North America due to our expanded sales team, development of our new dedicated body shaping team, integration of CoolTouch and advancement of our new product pipeline; our expected timetable and approach for introduction of UltraShape and its potential to building our leadership position in the high growth body shaping market; our expectation of potential U.S. regulatory clearance for PicoWay and its potential to allowing us to penetrate the large and growing global market for tattoo removal and the treatment of pigmented lesions; progress towards broader commercialization of elure in Asia; and our belief that our investments in our sales force expansion, building of our Body Shaping Business Group and integration of the CoolTouch business will be strong contributors to future growth and margin expansion. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including the risks associated with the successful build-out of our North American sales force and its ability to enable us to generate more North American revenue and improve margins, the market acceptance of our new products, including the CoolTouch, UltraShape and PicoWay products, our ability to grow non-core market revenues, the continued stabilization of the Europe and Middle East and Asia Pacific markets, as well as those risks set forth in Syneron Medical Ltd.'s most recent Annual Report on Form 20-F, and the other factors described in the filings that Syneron Medical Ltd. makes with the SEC from time to time.  If one or more of these factors materialize, or if any underlying assumptions prove incorrect, Syneron Medical Ltd.'s actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

In addition, the statements in this document reflect the expectations and beliefs of Syneron Medical Ltd. as of the date of this document.  Syneron Medical Ltd. anticipates that subsequent events and developments will cause its expectations and beliefs to change.  However, while Syneron Medical Ltd. may elect to update these forward-looking statements publicly in the future, it specifically disclaims any obligation to do so.  The forward-looking statements of Syneron Medical Ltd. do not reflect the potential impact of any future dispositions or strategic transactions that may be undertaken.  These forward-looking statements should not be relied upon as representing Syneron Medical Ltd.'s views as of any date after the date of this document.

Syneron, the Syneron logo, UltraShape, eMatrix and elos are trademarks of Syneron Medical Ltd. and may be registered in certain jurisdictions. The elos (Electro-Optical Synergy) technology is a proprietary technology of Syneron Medical Ltd. All other names are the property of their respective owners.

 

Syneron Medical Ltd.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share data)












For the three-months ended


For the six-months ended



June 30,


June 30,


June 30,


June 30,



2014


2013


2014


2013



















Revenues

$ 64,618


$ 68,765


$ 121,431


$ 129,969

Cost of revenues

30,647


35,583


58,061


64,371










Gross profit

33,971


33,182


63,370


65,598










Operating expenses:









Sales and marketing

20,026


21,874


37,344


42,179


General and administrative

7,322


7,499


13,572


14,163


Research and development

6,151


8,220


12,389


15,949


Other expenses, net

617


225


1,016


543










Total operating expenses

34,116


37,818


64,321


72,834










Operating loss

(145)


(4,636)


(951)


(7,236)











Financial Income (expenses), net

228


(147)


392


(375)










Loss before tax benefit

83


(4,783)


(559)


(7,611)










Taxes on income (Tax benefit)

517


(415)


967


(720)










Loss before non-controlling interest

(434)


(4,368)


(1,526)


(6,891)










Net loss attributable to non-controlling interest

-


20


-


100










Loss attributable to Syneron shareholders

$ (434)


$ (4,348)


$ (1,526)


$ (6,791)




























Loss per share:

















Basic and Diluted









Loss before non-controlling interest

$ (0.01)


$ (0.12)


$ (0.04)


$ (0.19)


Net loss attributable to non-controlling interest

-


-


-


-


Net loss attributable to Syneron shareholders

$ (0.01)


$ (0.12)


$ (0.04)


$ (0.19)




























Weighted average shares outstanding:









Basic and Diluted

36,670


35,786


36,637


35,704











Diluted

36,670


35,621


36,637


35,621

 

Syneron Medical Ltd.

Condensed Consolidated Balance Sheets

(in thousands)










June 30,


December 31,




2014


2013 (*)




(Unaudited)



Assets











Current assets:






Cash and cash equivalents


$ 38,531


$ 37,583


Short-term bank deposits


11,405


16,453


Available-for-sale marketable securities


35,809


28,933


Trade receivable, net


58,144


54,229


Other accounts receivables and prepaid expenses


13,752


14,262


Inventories


35,544


34,707







Total current assets


193,185


186,167







Long-term assets:






Severance pay fund


572


565


Long-term deposits and others


1,684


1,509


Long-term available-for-sale marketable securities


10,633


25,571


Investment in affiliated company


24,720


24,720


Property and equipment, net


6,275


6,603


Intangible assets, net


25,615


21,439


Goodwill


28,085


20,976


Deferred taxes


17,420


17,927







Total long-term assets


115,004


119,310







Total assets


$ 308,189


$ 305,477













Liabilities and Stockholders' Equity











Current liabilities:






Accounts payable


$ 17,153


$ 17,679


Deferred revenues


13,411


13,001


Other accounts payable and accrued expenses


26,597


27,831







Total current liabilities


57,161


58,511







Long-term liabilities:






Contingent consideration liability


9,530


7,896


Deferred revenues


2,920


3,461


Warranty accruals


789


779


Accrued severance pay


583


611


Deferred taxes


3,849


2,430







Total long-term liabilities


17,671


15,177







Stockholders' equity:


233,357


231,789







Total liabilities and stockholders' equity


$ 308,189


$ 305,477







(*)

Derived from audited financial statements





 

Syneron Medical Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)









For the six-months ended























June 30,



June 30,









2014



2013

Cash flows from operating activities:








Net loss before non-controlling interest



$ (1,526)



$ (6,891)



Adjustments to reconcile net loss to net cash
used by operating activities:









Non-cash items reported in discontinued operations









Share-based compensation



1,960



2,326



Depreciation and amortization



3,939



5,484



Realized loss, changes in accrued interest and amortization of premium (discount) on marketable securities



473



584



Revaluation of contingent liability



94



480



Changes in operating assets and liabilities:










Trade receivable, net



(3,180)



(6,835)




Inventories



377



(5,579)




Other accounts receivables



1,171



211




Deferred taxes



(588)



401




Accounts payable



(2,290)



4,048




Deferred revenue



1,030



238




Accrued warranty accruals



(1,690)



108




Other accrued liabilities



(2,016)



(6,475)















Net cash used in operating activities



(740)



(11,902)















Cash flows from investing activities:









Purchases of property and equipment



(936)



(2,591)



Proceeds from the sale or maturity of marketable securities



26,050



31,103



Purchase of marketable securities



(18,368)



(47,485)



Proceeds from short-term bank deposits, net



5,045



3,203



Acquisition of a subsidiary



(11,016)



-



Other investing activities



(21)



(133)















Net cash provided by (used in) investing activities



754



(15,903)













Cash flows from financing activities:









Acquisition of shares held by non-controlling shareholders of a subsidiary



-



(5,000)



Proceeds from exercise of stock options



568



3,121















Net cash provided by (used in) financing activities



568



(1,879)













Effect of exchange rates on cash and cash equivalents



366



(1,665)













Net increase (decrease) in cash and cash equivalents



948



(31,349)















Cash and cash equivalents at beginning of period



37,583



66,359















Cash and cash equivalents at end of period



$ 38,531



$ 35,010

 

Syneron Medical Ltd.

Unaudited Non-GAAP Financial Measures and Reconciliation

(in thousands, except per share data)












For the three-months ended


For the six-months ended



June 30,


June 30,


June 30,


June 30,



2014


2013


2014


2013



















GAAP gross profit

$ 33,971


$ 33,182


$ 63,370


$ 65,598











Stock-based compensation

88


71


154


143


Amortization of intangible assets

950


1,599


1,900


2,707










Non-GAAP gross profit

$ 35,009


$ 34,852


$ 65,424


$ 68,448




























GAAP operating loss

$ (145)


$ (4,636)


$ (951)


$ (7,236)











Stock-based compensation

1,189


1,306


1,959


2,327


Amortization of intangible assets

1,251


2,063


2,502


3,697


Remeasurement of contingent consideration

(305)


225


(305)


543


Other non-recurring items

1,168


2,157


1,844


2,652










Non-GAAP operating income

$ 3,158


$ 1,115


$ 5,049


$ 1,983



























GAAP net loss attributable to Syneron shareholders

$ (434)


$ (4,348)


$ (1,526)


$ (6,791)











Stock-based compensation

1,189


1,306


1,959


2,327


Amortization of intangible assets

1,251


2,063


2,502


3,697


Remeasurement of contingent consideration

(305)


225


(305)


543


Other non-recurring items

1,168


2,157


1,844


2,652


Income tax adjustments

(383)


(712)


(660)


(1,105)










Non-GAAP net income attributable to Syneron shareholders

$ 2,486


$ 691


$ 3,814


$ 1,323



















Income (Loss) per share:

















Basic








GAAP net loss per share attributable to Syneron shareholders

$ (0.01)


$ (0.12)


$ (0.04)


$ (0.19)











Stock-based compensation

0.03


0.04


0.05


0.07


Amortization of intangible assets

0.03


0.06


0.07


0.10


Remeasurement of contingent consideration

(0.01)


0.01


(0.01)


0.02


Other non-recurring items

0.03


0.06


0.05


0.07


Income tax adjustments

(0.01)


(0.02)


(0.02)


(0.03)










Non-GAAP net income per share attributable to Syneron shareholders

$ 0.07


$ 0.02


$ 0.10


$ 0.04



















Diluted








GAAP net loss attributable to Syneron shareholders

$ (0.01)


$ (0.12)


$ (0.04)


$ (0.19)











Stock-based compensation

0.03


0.04


0.05


0.06


Amortization of intangible assets

0.03


0.06


0.07


0.10


Remeasurement of contingent consideration

(0.01)


0.01


(0.01)


0.02


Other non-recurring items

0.03


0.06


0.05


0.07


Income tax adjustments

(0.01)


(0.02)


(0.02)


(0.03)










Non-GAAP net income per share attributable to Syneron shareholders

$ 0.07


$ 0.02


$ 0.10


$ 0.04










Weighted average shares outstanding:


















Basic

36,670


35,786


36,637


35,704











Diluted

37,237


36,011


37,277


36,037

 

Syneron Medical Ltd.

Unaudited Non-GAAP Financial Measures and Reconciliation

Pro Forma Basis, Excluding Syneron Beauty

(in thousands, except per share data)

















For the three-months ended


For the six-months ended



As Reported


Syneron Beauty


Pro Forma Basis,
Excluding
Syneron Beauty



As Reported


Syneron Beauty


Pro Forma Basis,
Excluding
Syneron Beauty



6/30/2013


6/30/2013


6/30/2013



6/30/2013


6/30/2013


6/30/2013















GAAP gross profit

$ 33,182


$ 2,068


$ 31,114



$ 65,598


$ 4,277


$ 61,321
















Stock-based compensation

71


4


67



143


7


136


Amortization of intangible assets

1,599


254


1,345



2,707


508


2,199















Non-GAAP gross profit

$ 34,852


$ 2,326


$ 32,526



$ 68,448


$ 4,792


$ 63,656

























































GAAP operating loss

$ (4,636)


$ (2,538)


$ (2,098)



$ (7,236)


$ (4,283)


$ (2,953)
















Stock-based compensation

1,306


111


1,195



2,327


190


2,137


Amortization of intangible assets

2,063


153


1,910



3,697


305


3,392


Remeasurement of contingent consideration

225


-


225



543


-


543


Other non-recurring items

2,157


-


2,157



2,652


-


2,652















Non-GAAP operating income (loss)

$ 1,115


$ (2,274)


$ 3,389



$ 1,983


$ (3,788)


$ 5,771





-







-






























GAAP net loss attributable to Syneron shareholders

$ (4,348)


$ (2,543)


$ (1,805)



$ (6,791)


$ (4,345)


$ (2,446)
















Stock-based compensation

1,306


111


1,195



2,327


190


2,137


Amortization of intangible assets

2,063


153


1,910



3,697


305


3,392


Remeasurement of contingent consideration

225


-


225



543


-


543


Other non-recurring items

2,157


-


2,157



2,652


-


2,652


Income tax adjustments

(712)


(43)


(669)



(1,105)


(87)


(1,018)















Non-GAAP net income (loss) attributable to Syneron shareholders

$ 691


$ (2,322)


$ 3,013



$ 1,323


$ (3,937)


$ 5,260





-







-

















Income (Loss) per share:



























Basic













GAAP net loss per share attributable to Syneron shareholders





$ (0.05)







$ (0.07)
















Stock-based compensation





0.03







0.06


Amortization of intangible assets





0.05







0.10


Remeasurement of contingent consideration





0.01







0.02


Other non-recurring items





0.06







0.07


Income tax adjustments





(0.02)







(0.03)















Non-GAAP net income per share attributable to Syneron shareholders





$ 0.08







$ 0.15





























Diluted













GAAP net loss attributable to Syneron shareholders





$ (0.05)







$ (0.07)
















Legal settlement costs














Stock-based compensation





0.03







0.06


Amortization of intangible assets





0.05







0.09


Remeasurement of contingent consideration





0.01







0.02


Other non-recurring items





0.06







0.07


Income tax adjustments





(0.02)







(0.03)















Non-GAAP net income per share attributable to Syneron shareholders





$ 0.08







$ 0.15















Weighted average shares outstanding:




























Basic





35,786







35,704
















Diluted





36,011







36,037

 

Syneron Medical Ltd.

Unaudited Non-GAAP Condensed Consolidated Statements of Income

(in thousands, except per share data)












For the three-months ended


For the six-months ended




June 30, 2014

June 30, 2013


June 30, 2014

June 30, 2013




Consolidated Non GAAP

Pro Forma Basis,
Excluding Syneron
Beauty


Consolidated Non GAAP

Pro Forma Basis,
Excluding Syneron
Beauty

















Revenues


$ 64,618

$ 60,892


$ 121,431

$ 116,593

Cost of revenues


29,609

28,366


56,007

52,937









Gross profit


35,009

32,526


65,424

63,656









Operating Income


3,158

3,388


5,049

5,770









Income attributable to Syneron shareholders


$ 2,486

$ 3,012


$ 3,814

$ 5,259

























Income per share:















Basic








Net Income attributable to Syneron shareholders


0.07

0.08


0.10

0.15









Diluted








Net Income attributable to Syneron shareholders


0.07

0.08


0.10

0.15

















Weighted average shares outstanding:








Basic


36,670

35,786


36,637

35,704










Diluted


37,237

36,011


37,277

36,037

 

[1] The second quarter 2014 year-over-year comparisons to the second quarter 2013 in the section titled "Second Quarter 2014 and Recent Highlights" are on a pro-forma basis, excluding Syneron Beauty from the second quarter 2013 and first quarter 2014 results following its de-consolidation as of December 8, 2013.

[2] The second quarter 2014 year-over-year comparisons to the second quarter 2013, in the section titled "Revenue" are on a pro-forma basis, excluding Syneron Beauty from the second quarter 2013 and first quarter 2014 results following its de-consolidation as of December 8, 2013.

[3] The second quarter 2014 year-over-year comparisons to the second quarter 2013 in the section titled "Non-GAAP Financial Highlights for the Second Quarter Ended June 30, 2014" are on a pro-forma basis, excluding Syneron Beauty from the second quarter 2013 results following its de-consolidation as of December 8, 2013.

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SOURCE Syneron Medical Ltd.

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