Cynosure was founded in 1991 and is headquartered in Westford, US

Cynosure has an office in Westford

Westford, US (HQ)

5 Carlisle Rd

Cynosure's revenue was reported to be $433.5 m in FY, 2016

USD

## Revenue (FY, 2016) | 433.5 m |

## Revenue growth (FY, 2015 - FY, 2016), % | 28% |

## Gross profit (FY, 2016) | 255.3 m |

## Gross profit margin (FY, 2016), % | 59% |

## Net income (FY, 2016) | 14.2 m |

## EBIT (FY, 2016) | 27.3 m |

## Market capitalization (22-Mar-2017) | 1.6 b |

## Cash (31-Dec-2016) | 153.6 m |

Cynosure's current market capitalization is $1.6 b.

- Source: SEC Filings

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 226 m | 292.4 m | 339.5 m | 433.5 m |

## Revenue growth, % | 29% | 16% | 28% | |

## Cost of goods sold | 95.7 m | 127.1 m | 145.9 m | 178.2 m |

## Gross profit | 130.3 m | 165.2 m | 193.5 m | 255.3 m |

## Gross profit Margin, % | 58% | 57% | 57% | 59% |

## Sales and marketing expense | 153.9 m | |||

## R&D expense | 29 m | |||

## General and administrative expense | 42.4 m | |||

## Operating expense total | 136.1 m | 144 m | 167.2 m | 228 m |

## EBIT | (5.8 m) | 21.3 m | 26.3 m | 27.3 m |

## EBIT margin, % | (3%) | 7% | 8% | 6% |

## Interest expense | 23 k | 1.4 m | 1.7 m | 1.6 m |

## Pre tax profit | (5.5 m) | 18.3 m | 23.2 m | 24.9 m |

## Income tax expense | (3.9 m) | (13 m) | 7.4 m | 10.7 m |

## Net Income | (1.6 m) | 31.3 m | 15.8 m | 14.2 m |

USD | Q1, 2014^{} | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 62 m | 72.6 m | 71.5 m | 74.9 m | 83.7 m | 78.4 m | 94.7 m | 110.3 m | 106.4 m |

## Cost of goods sold | 26.6 m | 31.9 m | 31.2 m | 32.1 m | 36.3 m | 34 m | 39.2 m | 45.3 m | 43.6 m |

## Gross profit | 35.4 m | 40.7 m | 40.3 m | 42.8 m | 47.4 m | 44.4 m | 55.4 m | 65.1 m | 62.8 m |

## Gross profit Margin, % | 57% | 56% | 56% | 57% | 57% | 57% | 59% | 59% | 59% |

## Sales and marketing expense | 20.1 m | 20.9 m | 21.7 m | 25.7 m | 26.4 m | 26.8 m | 35.6 m | 38.6 m | 38.1 m |

## R&D expense | 5.6 m | 5 m | 5.7 m | 6 m | 5.3 m | 5.5 m | 7.1 m | 7 m | 7.2 m |

## General and administrative expense | 7.6 m | 7.7 m | 6.8 m | 8.3 m | 7.3 m | 6.5 m | 7.6 m | 8.3 m | 8.7 m |

## Operating expense total | 33.3 m | 33.6 m | 34.3 m | 40 m | 39 m | 38.8 m | 50.3 m | 53.9 m | 54 m |

## EBIT | 1.3 m | 6.4 m | 5.3 m | 2.1 m | 7.6 m | 4.8 m | 4.5 m | 10.5 m | 8.2 m |

## EBIT margin, % | 2% | 9% | 7% | 3% | 9% | 6% | 5% | 10% | 8% |

## Interest expense | (402 k) | (430 k) | (428 k) | (412 k) | (392 k) | (377 k) | |||

## Pre tax profit | 1.1 m | (12 k) | 7.7 m | 4.2 m | 9.8 m | 8 m | |||

## Income tax expense | 374 k | 1.7 m | 1 m | (4 k) | 2.3 m | 962 k | 1.9 m | 3.5 m | 3.9 m |

## Net Income | 689 k | 5.3 m | 8.3 m | (8 k) | 5.4 m | 8.6 m | 2.8 m | 9.2 m | 13.4 m |

- Source: SEC Filings

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 93.7 m | 75.1 m | 108.6 m | 153.6 m |

## Accounts Receivable | 36.6 m | 42.5 m | 42 m | 42.1 m |

## Inventories | 54.1 m | 59.3 m | 79.8 m | 76 m |

## Current Assets | 227.2 m | 235.9 m | 287.1 m | 338.6 m |

## PP&E | 26.4 m | 34.3 m | 39.7 m | 48 m |

## Goodwill | 95.2 m | 105.8 m | 105.8 m | 105.8 m |

## Total Assets | 414.5 m | 457.7 m | 534.6 m | 586.5 m |

## Accounts Payable | 13.9 m | 20.9 m | 33.9 m | 24.9 m |

## Current Liabilities | 61.6 m | 74.4 m | 105 m | 105.4 m |

## Additional Paid-in Capital | 338.7 m | 355.1 m | 387.2 m | 426 m |

## Retained Earnings | 8.6 m | 40 m | 55.8 m | 70 m |

## Total Equity | 328.4 m | 358.1 m | 404.4 m | 455.5 m |

## Financial Leverage | 1.3 x | 1.3 x | 1.3 x | 1.3 x |

USD | Q1, 2014^{} | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 82 m | 65.9 m | 53.8 m | 71.9 m | 93.1 m | 81.4 m | 93.5 m | 126.3 m | 131 m |

## Accounts Receivable | 40.2 m | 47.7 m | 44.1 m | 45.3 m | 47.7 m | 44.9 m | 38.5 m | 40.6 m | 40.8 m |

## Inventories | 56.5 m | 52.4 m | 59 m | 68.2 m | 73.4 m | 74.3 m | 85.6 m | 83.6 m | 83.9 m |

## Current Assets | 237.3 m | 222.1 m | 212.8 m | 237.7 m | 274.6 m | 271.1 m | 280.2 m | 317.5 m | 326.6 m |

## PP&E | 28.8 m | 32.3 m | 35 m | 35.5 m | 35.3 m | 38.5 m | 43.2 m | 45.3 m | 45.9 m |

## Goodwill | 95.3 m | 99.3 m | 105.1 m | 105.9 m | 105.9 m | 105.8 m | 105.8 m | 105.8 m | 105.9 m |

## Total Assets | 425.6 m | 427.3 m | 435.7 m | 462.5 m | 489.6 m | 497.8 m | 528.9 m | 565.3 m | 574.1 m |

## Accounts Payable | 16.6 m | 20.8 m | 21 m | 27.1 m | 26.7 m | 22.1 m | 25.9 m | 29.7 m | 26.4 m |

## Current Liabilities | 60 m | 61.5 m | 67.3 m | 77.6 m | 77.6 m | 79.5 m | 92.4 m | 100 m | 98.4 m |

## Additional Paid-in Capital | 347.9 m | 352 m | 354.7 m | 357.8 m | 376.4 m | 379.8 m | 390.8 m | 413.4 m | 420.2 m |

## Retained Earnings | 9.3 m | 13.9 m | 17 m | 40 m | 45.3 m | 48.6 m | 58.6 m | 65 m | 69.1 m |

## Total Equity | 338.2 m | 338.1 m | 335.9 m | 359.5 m | 383.7 m | 389.9 m | 411.6 m | 440.3 m | 451.2 m |

## Financial Leverage | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | (1.6 m) | 31.3 m | 15.8 m | 14.2 m |

## Depreciation and Amortization | 9.1 m | 17.5 m | 19.3 m | 20.7 m |

## Accounts Receivable | (9.1 m) | (4.9 m) | (752 k) | (944 k) |

## Inventories | (5.6 m) | (8.3 m) | (27 m) | (3.8 m) |

## Accounts Payable | (1.7 m) | 4.4 m | 13.1 m | (8.9 m) |

## Cash From Operating Activities | 3.4 m | 42.1 m | 37.7 m | 45 m |

## Purchases of PP&E | (3.5 m) | (15.8 m) | (10.8 m) | (13.5 m) |

## Cash From Investing Activities | 17.2 m | (53.7 m) | (29.1 m) | (26.2 m) |

## Cash From Financing Activities | (13 m) | (7 m) | 24.2 m | 26.3 m |

## Interest Paid | 25 k | 19 k | 19 k | 18 k |

## Income Taxes Paid | 1 m | 2.9 m | 3.7 m | 8.6 m |

USD | Q1, 2014^{} | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 689 k | 5.3 m | 8.3 m | (8 k) | 5.4 m | 8.6 m | 2.8 m | 9.2 m | 13.4 m |

## Depreciation and Amortization | 4.2 m | 8.4 m | 13.1 m | 4.7 m | 9.4 m | 14.3 m | 5 m | 10.3 m | 15.5 m |

## Accounts Receivable | (3.6 m) | (10.9 m) | (6 m) | (3.7 m) | (5.8 m) | (3.4 m) | 3.9 m | 1.5 m | 1.4 m |

## Inventories | (2.7 m) | (2.6 m) | (6.3 m) | (11 m) | (17.1 m) | (20 m) | (7.3 m) | (7.7 m) | (8.9 m) |

## Accounts Payable | 2.7 m | 5.5 m | 5.8 m | 6.3 m | 5.9 m | 1.3 m | (8 m) | (4.2 m) | (7.5 m) |

## Cash From Operating Activities | (920 k) | 3.9 m | 18 m | (4.8 m) | (894 k) | 10.1 m | (346 k) | 16 m | 19.9 m |

## Purchases of PP&E | (4.4 m) | (9.7 m) | (14 m) | (2.8 m) | (4 m) | (8.1 m) | (4.3 m) | (7.6 m) | (10.6 m) |

## Cash From Investing Activities | (18 m) | (31.9 m) | (52.3 m) | 236 k | 1 m | (23.3 m) | (15.5 m) | (18.8 m) | (21.6 m) |

## Cash From Financing Activities | 7.4 m | 467 k | (5.5 m) | 855 k | 17.5 m | 18.9 m | 1.1 m | 20.6 m | 24.3 m |

## Interest Paid | 5 k | 9 k | 14 k | 5 k | 9 k | 13 k | 5 k | 9 k | 14 k |

## Income Taxes Paid | 810 k | 1.4 m | 1.8 m | 515 k | 2.4 m | 2.9 m | 1.7 m | 4.7 m | 7.1 m |

Y, 2016 | |
---|---|

## Financial Leverage | 1.3 x |

Source: 94 public H-1B filings from Cynosure