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Report No. : |
342601 |
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Report Date : |
01.10.2015 |
IDENTIFICATION DETAILS
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Name : |
CYNOSURE, INC. |
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Registered Office : |
5 Carlisle Road, Westford, MA 01886 |
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Country : |
United States |
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Financials (as on) : |
30.06.2015 (Consolidated) |
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Date of Incorporation : |
10.07.1991 |
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Legal Form : |
Public Company |
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Line of Business : |
Subject is develops and markets of aesthetic treatment systems for
plastic surgeons, dermatologists, and other medical practitioners. |
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No. of Employees : |
755 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $54,800. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at Purchasing Power Parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.
Imported oil accounts for nearly 55% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP.
Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and reduce them further as conditions warranted; the Fed ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increase.
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Source
: CIA |
Company name: CYNOSURE, INC.
Address: 5 Carlisle Road, Westford, MA 01886
- USA
Telephone: +1
978-256-4200
Fax: +1 978-256-6556
Website: www.cynosure.com
Corporate ID#: 2268010
State: Delaware
Judicial form: Public Company (Nasdaq = CYNO)
Date incorporated: July 10,
1991
Stock: 70,000,000
shares common
(12,802,688 shares issued and outstanding)
5,000,000 shares preferred
Value: USD
0.001= par value
Name of manager: Michael
R. DAVIN
Business:
Cynosure, Inc. develops and markets aesthetic treatment systems for
plastic surgeons, dermatologists, and other medical practitioners.
It offers Elite product line for hair removal, and treatment of facial
and leg veins and pigmentations; SmartLipo product line for LaserBodySculpting
for the removal of unwanted fat; Cellulaze product line for the treatment of
cellulite; Affirm/SmartSkin product line for anti-aging applications, including
treatments for wrinkles, skin texture, skin discoloration, and skin tightening;
and Cynergy product line for the treatment of vascular lesions.
The company also provides Accolade, MedLite C6, and RevLite product
lines for the removal of benign pigmented lesions, as well as multi-colored
tattoos; PicoSure product line for the treatment of tattoos, benign pigmented
lesions, acne scars, fine lines, and wrinkles; Icon aesthetic system for hair
removal, wrinkle reduction, and scar and stretch mark treatment; and Vectus
diode laser for high volume hair removal. In addition, it distributes PinPointe
FootLaser for the treatment of onychomycosis.
The company’s aesthetic treatment systems utilizes a range of energy
sources, including Pulse dye, Alexandrite, CO2, Diode, Erbium, Er:YAG, and
Nd:YAG lasers; and intense pulsed light devices.
It sells its products through a direct sales force in North America,
France, Morocco, Germany, Spain, the United Kingdom, Australia, China, Japan,
and Korea, as well as through independent distributors in approximately 120
countries.
The company was founded in 1991 and is headquartered in Westford,
Massachusetts.
Office
of the Foreign Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC which
lists individuals and organizations with whom United States citizens and
permanent residents are prohibited from doing business.
No name of foreign suppliers available.
EIN: 04-3125110
Staff: 755
Operations & branches:
At the headquarters, we
find a factory, warehouse and office.
Shareholders:
The Company is listed with the Nasdaq under symbol CYNO.
As of 06-30-2015, 85% of the stock was held by institutional and mutual
fund owners, including:
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BlackRock Fund Advisors |
6.38% |
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Dimensional Fund Advisors LP |
4.78% |
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Times Square Capital Management, LLC |
4.48% |
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Loomis Sayles & Company, LP |
4.37% |
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Vanguard Group, Inc. (The) |
3.97% |
Management:
Michael R. DAVIN is the President, Director and CEO.
He has been the CEO of Cynosure, Inc. since September 2003.
Mr. Davin has also been the Chief Executive Officer and President of Cynosure
UK Ltd. since September 2003. He has more than 20 years of experience in the
light-based technology field. He served as the President of Cynosure, Inc. from
September 6, 2013 to August 1, 2014. He served as the Chief Executive Officer
of EL.EN. Societŕ per Azioni since September 10, 2003.
He had experience with Coherent Medical and with Altus Medical.
He co-founded Cutera, Inc. (Formerly Altus Medical Inc.) and served as
Vice President of worldwide sales, North American Sales and strategic development
from April 1999 to 2003. He spent 11 years at Coherent Medical, Inc.-a
manufacturer of laser, optics and related equipment-in sales, marketing and
clinical development senior management positions. From November 1997 to April
1999, he served as Sales Manager of Coherent Medical Group.
From September 1995 to November 1997, he first served as Sales
Representative and later as a Regional Sales Trainer for Baxter V. Muler, a
manufacturer of surgical instrumentation and operating room equipment. He has
been the Chairman of Cynosure UK Ltd since October 2004. He has been the
Chairman of Cynosure Inc., since October 2004 and has been its Director since
September 2003. He has been a Director of Cynosure UK Ltd since September 2003.
Mr. Davin holds a BS in Business Administration from New Hampshire
College.
Other Directors include Ettore BIAGIONI, Thomas ROBINSON, Brian
BAREFOOT,
Marina HATSOPOULOS, and William FLANNERY.
Thimothy BAKER is the CFO.
As far as we know, they are involved in other corporations, including:
- CYNOSURE SECURITIES CORPORATION
- PALOMAR MEDICAL TECHNOLOGIES, LLC
On July 28, 2015, Cynosure, Inc. reported unaudited consolidated
earnings results for the second quarter and six months ended June 30, 2015.
For the quarter, the company reported revenue of $83.69 million compared
to $72.57 million a year ago. Income from operations was $7.64 million compared
to $6.40 million a year ago. Income before income taxes was $7.70 million
compared to $6.27 million a year ago. Net income was $5.36 million or $0.24 per
diluted share compared to $4.58 million or $0.20 per diluted share a year ago.
Non- GAAP Income from operations was $9.93 million compared to $10.28 million a
year ago. Non-GAAP net income was $6.69 million or $0.30 per diluted share
compared to $6.96 million or $0.31 per diluted share a year ago.
For the six months, the company reported revenue of $158.61 million
compared to $134.58 million a year ago. Income from operations was $9.69
million compared to $7.74 million a year ago. Income before income taxes was
$7.68 million compared to $7.33 million a year ago.
Net income was $5.35 million or $0.24 per diluted share compared to
$5.26 million or $0.23 per diluted share a year ago. Non-GAAP Income from
operations was $15.03 million compared to $15.18 million a year ago. Non-GAAP
net income was $9.99 million or $0.45 per diluted share compared to $10.14
million or $0.45 per diluted share a year ago.
On attachment:
- 10K 2014
- 2nd 10Q 2015
Banks: Bank of America
Legal
filings & complaints:
State: Illinois
Case number: 3:15-cv-50148
Plaintiff: LDGP, LLC
Defendant: Cynosure Inc
Frederick J. Kapala, presiding
Iain D. Johnston, referral
Date filed: 06/26/2015
Date of last filing: 09/23/2015
Cause: Product liability
Secured
debts summary (UCC):
File number: 201192649480
Date filed: 12-23-2011
Lapse date: 12-23-2016
Secured Party: JIM PATTISON INDUSTRIES LTD.
1235 - 73RD AVE S.E.,
CALGARY AB T2H2X1 – CANADA
File number: 201294241500
Date filed: 03-06-2012
Lapse date: 03-06-2017
Secured Party: JIM PATTISON INDUSTRIES LTD.
1235 - 73RD AVE S.E.,
CALGARY AB T2H2X1 – CANADA