Lumenis Ltd., a global leader in developing, manufacturing and distributing a broad range of high-end medical lasers and sophisticated energy delivery equipment for surgical, ophthalmic and aesthetic applications, today announced its financial results for the year ended December 31, 2009 and that it has filed its 2009 annual report on Form 20-F with the U.S. Securities and Exchange Commission.
Highlights
- Revenues were $226.1 million, with steady improvement during 2009
- Gross margin of 48%, a 500 basis point increase year over year
- Non-GAAP operating income of $7.3 million; GAAP operating income of $1.7 million
- Positive cash flow from operations of $18.0 million, including a $6.6 million tax refund
"2009 was a landmark year for Lumenis, with strong improvement in our business performance despite the global recession and its severe impact on capital equipment companies. With our geographic and business diversity and strategic focus on core market segments, we believe that our revenues fared better than the industry as a whole, and that we gained share in key segments. We successfully addressed the challenges of a declining revenue environment, significantly reducing expenses and returning to profitability and positive cash flow. Lumenis also resolved all material litigation and regulatory issues, while continuously focusing on our strategic business objectives. We introduced new products and developed key markets in each of our businesses - Surgical, Ophthalmic and Aesthetic - establishing a foundation for future growth," said Dov Ofer, CEO of Lumenis.
Financial Results Summary for Year ended December 31, 2009:
Revenues: $226.1 million, a decrease of 12% from $256.5 million in 2008.
Gross profit: $108.1 million, with 48% gross margin, compared to $109.9 million, with 43% gross margin in 2008.
GAAP operating expenses: $106.4 million, a reduction of 33% from $157.7 million in 2008.
Non-GAAP operating expenses: $100.8 million, a reduction of 23% from $130.7 million in 2008.
GAAP operating income: $1.7 million compared to a loss of $47.9 million in 2008.
Non-GAAP operating income: $7.3 million compared to a loss of $20.8 million in 2008.
GAAP net income and earnings per diluted share: GAAP net income was $2.7 million compared to net loss of $44.2 million in 2008. GAAP earnings per share (on a diluted basis) were $0.01, compared to a loss of $0.23 per share in 2008.
Non-GAAP net income and earnings per diluted share: Non-GAAP net income was $3.9 million compared to net loss of $21.4 million in 2008. Non-GAAP earnings per share (on a diluted basis) were $0.02, compared to a loss of $0.11 per share in 2008.
Cash flow generated from operating activities: Operating cash flow was a positive $18.0 million, compared to negative cash flow of $30.4 million in 2008.
Cash, cash equivalents and short-term bank deposits: $41.3 million at year end 2009 compared to $20.4 million in 2008.
Outstanding principal bank debt: $107.1 million at year end 2009 compared with $117.1 million in 2008.
Business Highlights