The Westford, Mass.-based aesthetic laser systems maker cites global recession and the credit crunch for its second quarter slide into the red, as revenues for the firm plunged 47% to $20.8 million, compared with $39.2 million during the same period in 2008.
And after posting net income of $4.7 million during the 2008 second quarter, Cynosure logged a more than $2.3 million net loss for the three months endied June 30.
The company cited the global economic downturn’s impact on discretionary spending and the ongoing credit crunch, which has decimated large capital expenditures, for the dismal results. But it noted that sales rose more than 40% compared with first-quarter revenues of $14.8 million — which the firm considered a result of stronger international sales and a slight improvement in the North American market, according to a company press release.
Cynosure also said its board authorized a $10 million stock repurchasing plan, a tactic that firms use to raise their per-share value.