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Cynosure files for $75 million IPO
By Ted A. Knutson
Washington, Aug. 11 - Cynosure, Inc. filed for an initial public offering of class A common stock with estimated gross proceeds of $75 million in an S-1 registration with the Securities and Exchange Commission.
The 14-year-old Westford, Mass.-based company makes laser systems to remove hair, treat vascular lesions, rejuvenate skin through the treatment of shallow vascular lesions and pigmented lesions and temporarily reduce the appearance of cellulite.
Italian firm El.En. SpA, which owns 78.3% of the current shares, will be selling an unspecified percentage of its holdings in the IPO.
Citigroup is the lead underwriter. The other underwriters are UBS Investment Bank, Jeffries & Co. Inc., and Needham & Co., LLC.
Cynosure noted Michael Moretti/Medical Insight, Inc., an aesthetic treatment market research firm, estimates that the number of non-invasive aesthetic treatment procedures worldwide using laser and other light-based technologies will grow from nearly 20 million in 2003 to over 53 million in 2008, representing a compound annual growth rate of more than 20%.
Cynosure estimated the worldwide market for aesthetic treatment systems based on laser and other light-based technologies will exceed $550 million in 2005.
No specific plans were announced for the proceeds of the offering.
In the six months ended June 30, Cynosure had net income of $524,000 on revenue of $25.08 million versus a gain of $3.61 million on revenue of $17.90 million for the year-earlier period. In calendar 2004, the company had net income of $5.30 million and sales of $40.36 million.
Cynosure has applied to list its class A common stock on the Nasdaq under the symbol "CYNO."
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