Lumenis Ltd. Reports Third Quarter Financial Results
Revenue Growth of 9.4% -- 9th Consecutive Quarter of Year-Over-Year Growth
(firmenpresse) - YOKNEAM, ISRAEL -- (Marketwired) -- 11/11/14 -- Lumenis Ltd. (NASDAQ: LMNS), the world's largest medical laser company for surgical, ophthalmic and aesthetic applications, today announced third quarter 2014 financial results.
Revenues of $74.2 million, up 9.4% year-over-year
Adjusted EBITDA of $10.2 million, 13.7% of revenues, up 16.4% year-over-year
Non-GAAP Net Income of $6.0 million, up 4.2% year-over-year. GAAP Net Income of $5.5 million
Non-GAAP Net Income per diluted share of $0.17
$1.0 million net cash flow generated from ongoing business activities(1) in the 3-month period ending September 30, 2014
"Our strategy of developing and commercializing innovative new products continues to demonstrate results as we posted our third consecutive quarter of over 9% revenue growth and new products generated over 15% of product revenues," said Mrs. Tzipi Ozer-Armon, Chief Executive Officer. "In our Aesthetics business specifically, strong demand for our new products, ResurFX for non-ablative skin resurfacing and the LightSheer Desire for next generation hair removal, helped generate high double-digit revenue growth. We remain committed to achieving long term, sustainable, and profitable growth and I am confident that our innovative portfolio of existing products and our strong product pipeline will allow us to achieve this objective."
Total revenue in the third quarter of 2014 was $74.2 million, an increase of 9.4% compared to revenue of $67.8 million last year. On a constant currency basis, total revenue increased 10% year-over-year. Product revenue was $60.8 million, an increase of 10.4% compared to product revenue of $55.0 million last year. Service revenue was $13.4 million, an increase of 4.7% compared to service revenue of $12.8 million last year. Total revenue growth was driven by growth in our Aesthetics and Surgical segments, partially offset by declines in our Ophthalmic segment. By geography, Asia Pacific (APAC) and Europe, the Middle East and Africa (EMEA) posted strong growth. In the Americas, performance was almost flat while Japan declined compared to last year.
Gross profit in the third quarter of 2014 was $39.7 million, an increase of $2.4 million, or 6.3%, compared to $37.3 million last year. Third quarter 2014 GAAP gross margin decreased 150 basis points to 53.5%, compared to 55.0% last year. The decline is mainly attributed to product mix.
(1) Net cash flow generated from ongoing business activities includes cash flow from operating and investing activities as well as foreign currency translation adjustments related to cash and cash equivalents in the period, excluding a total of $0.2 million IPO related payments.
On a GAAP Basis:
Third quarter 2014 GAAP operating expenses were $32.5 million, an increase of $1.8 million, or 5.9%, compared to operating expenses of $30.7 million last year. The increase in operating expenses year-over-year was mainly driven by increased sales and marketing and general and administrative expenses, offset partially by lower R&D expense compared to last year.
Third quarter 2014 GAAP operating income was $7.1 million, an increase of $0.5 million, or 8.4%, compared to GAAP operating income of $6.6 million last year. Third quarter 2014 GAAP operating margin was 9.6%, compared to 9.7% last year.
Third quarter 2014 GAAP net income was $5.5 million, an increase of $2.1 million, compared to $3.4 million last year. GAAP net income per diluted share was $0.15 in the third quarter of 2014 compared to $0.11 last year, based on 35.8 million and 30.0 million diluted shares outstanding respectively.
On a Non-GAAP Basis:
Third quarter 2014 Non-GAAP operating income was $8.0 million, an increase of $0.8 million, or 11.7%, compared to Non-GAAP operating income of $7.2 million last year. Third quarter 2014 Non-GAAP operating margin was 10.8%, compared to 10.6% last year. Third quarter of 2014, Non-GAAP operating income excludes $0.7 million related to stock based compensation expense and $0.2 million related to litigation expenses.
Third quarter 2014 Adjusted EBITDA was $10.2 million, an increase of $1.5 million, or 16.4%, compared to $8.7 million last year. Adjusted EBITDA margin was 13.7% of revenues compared to 12.9% last year.
Third quarter 2014 Non-GAAP net income was $6.0 million, an increase of $0.3 million, or 4.2%, compared to $5.7 million last year. In addition to the above mentioned adjustments to operating income, third quarter Non-GAAP net income excludes revaluation income of embedded derivatives of approximately $0.5 million in 2014.
Non-GAAP net income per diluted share was $0.17 in the third quarter of 2014 compared to $0.19 last year based on 35.8 million and 30.2 million diluted shares outstanding respectively.
Cash and cash equivalents were $99.1 million as of September 30, 2014 compared to $42.8 million as of December 31, 2013. The increase in cash and cash equivalents is primarily due to net proceeds related to our IPO and shares options proceeds, $8.9 million cash flow generated from ongoing business activities, partially offset by cash payments to Bank Hapoalim of $15.0 million related to annual loan repayment and $6.0 million related to the completion of the IPO and achievement of a profitability milestone as well as to additional IPO-related payments of $1.2 million.
For the full year ended December 31, 2014, we expect to report:
Revenue in a range of $285 to $287 million, representing an increase of 7% to 8% year-over-year. This compares to a range of $284 million to $287 million previously.
Adjusted EBITDA in a range of $29.6 to $30.6 million, representing an increase of 14% to 18% year-over-year. This compares to a range of $29.1 million to $30.6 million previously.
Non-GAAP Net Income in a range of $18.1 to $19.6 million, representing an increase of 22% to 32% year-over-year, and Non-GAAP EPS of $0.51 to $0.55.
Lumenis will host a conference call on Tuesday, November 11, 2014 at 5:00 p.m. Eastern Time to discuss its third quarter 2014 financial results. The call will be concurrently webcast. To listen to the conference call on your telephone, please dial the following numbers approximately ten minutes prior to the start of the call: 888-437-9445 for callers based in the United States, 1-80-924-5906 for callers based in Israel and 719-325-2455 for callers based in all other countries. The reservation code for the call is 7078121. Please dial in approximately ten minutes prior to start time. To access the live audio webcast or subsequent archived recording, visit the Investor Relations section of Lumenis' website at . A telephone replay of the call will be available for 14 days following the call. To listen to the replay, please dial 888-203-1112 for United States-based callers and 719-457-0820 for international callers. The reservation code is 7078121. A replay of the webcast will be available on the investor relations page of the company's website.
Lumenis is a global leader in the field of minimally-invasive clinical solutions for the Surgical, Ophthalmology and Aesthetic markets, and is a world-renowned expert in developing and commercializing innovative energy-based technologies, including Laser, Intense Pulsed Light (IPL) and Radio-Frequency (RF). For nearly 50 years, Lumenis' ground-breaking products have redefined medical treatments and have set numerous technological and clinical gold-standards. Lumenis has successfully created solutions for previously untreatable conditions, as well as designed advanced technologies that have revolutionized existing treatment methods in each and every one of the verticals we operate in. Our drive for innovation stems from an uncompromising commitment to improving the health and well-being of our patients; addressing new and growing needs of aging populations; and in offering medical professionals cutting-edge solutions that fit seamlessly into the health-economics environment of the 21st century. The world over, we bring Energy to Healthcare. For more information visit:
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include but are not limited to the Company's plans, objectives and expectations for future operations, including its projected results of operations. Forward-looking statements are often characterized by the use of forward-looking terminology such as "may," "will," "expect," "anticipate," "estimate," "continue," "believe," "should," "intend," "plan," "project" or other similar words, but are not the only way these statements are identified. These forward-looking statements are based upon our management's current estimates and projections of future results or trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including those risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
The Company has presented the following non-GAAP financial measures in this press release: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, adjusted EBITDA, non-GAAP net income per share and adjusted EBITDA margin. The Company defines non-GAAP operating income as its reported operating income (GAAP) excluding stock-compensation expense, one-time charges and other non-recurring operating costs and expenses. The Company defines adjusted EBITDA as its non-GAAP net income before financial expenses, net, taxes on income, and excluding depreciation and amortization expense. The Company defines its non-GAAP net income to exclude non-recurring or unusual expenses.
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 11.11.2014 - 21:15 Uhr
Sprache: Deutsch
News-ID 351621
Anzahl Zeichen: 0
contact information:
Town:
YOKNEAM, ISRAEL
Kategorie:
Hospitals, Facilities and Providers
Diese Pressemitteilung wurde bisher 249 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Lumenis Ltd. Reports Third Quarter Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Lumenis Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
