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WIKI ANALYSIS
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Fundamentals
Revenue
Syneron earns most of its revenue from the sales of non-invasive electro-optical devices for treatment of cellulite, acne, wrinkles, vascular issues, and hair removal. Revenue is also earned by servicing existing Syneron devices. This service revenue accounted for 6.2% total revenue in 2006, and is expected to increase as more units are sold and installed.
As of November 2007, its worldwide sales breakdown was:
| North America | 52% |
| Asia | 15% |
| Europe | 28% |
| Other | 5% |
As of 2007, Syneron sells its products in 46 countries.
Market share/penetration
As of May 31, 2007, Syneron had a installed base of over 6,700 products.
Marketing is mainly targeted to dermatologists, plastic surgeons and other cosmetic physicians in North America and medical and non-medical practitioners outside North America. Furthermore, in North America, Syneron also focuses on primary-care physicians, ob-gyns, and other specialists offering aesthetic medical treatments.
Products
All of Syneron's products relate to its focus on non-invasive electro-optical devices for aesthetic treatments. These devices use both optical and radiofrequency (RF) energy. The addition of the RF energy allows for greater skin penetration of the desired effects.
eMax - Applications in skin tightening, skin rejuvenation, acne treatment, hair removal, and treatment of superficial vascular lesions.
eLight - Applications in facial skin tightening, skin rejuvenation, acne treatment, and hair removal.
eLaser - Applications in fractional skin treatment, hair removal and treatment of superficial vascular lesions.
VelaShape - Applications in temporary thigh circumferential reduction.
VelaSmooth - Applications in cellulite reduction.
Libra - Applications in microdermabrasion.
Synercool - Applications in cooling treated skin areas for improved comfort.
Pertinent Syneron Issues
elos technology
Syneron bases their devices on their patented elos technology. This technology utilizes both optical and radiofrequency (RF) energy, as opposed to the conventional purely-optical devices sold by many other device companies. Syneron claims that the addition of RF allows for greater skin penetration and better, and safer targeting of skin to be treated.
In practice, optical energy is initially used to heat the target area and make it more penetrable to RF energy. The RF is then used, which is more effective on the preheated areas, allowing for high specificity during the treatment process.
Israeli Company
Since it is an Israeli company and operates as an "Approved Enterprise", Syneron pays little/no corporate income tax. This tax benefit is set to expire in 2014.
Proctor and Gamble deal
Syneron has an agreement with Proctor and Gamble to market a home-based skin treatment system with applications in the treatment of fine lines, wrinkles, age and sun spots, and cellulite. Under the agreement, Syneron will handle the R&D and manufacturing, while Proctor and Gamble will focus on marketing and distribution. It is expected that this product will launch in the latter half of 2009.
Cellulite treatment
Currently, Syneron sells the only FDA-approved device for the reduction of the appearance of cellulite, through its VelaSmooth product line.
Industry Trends
Competition
The aesthetic devices market is currently very competitive, containing many companies with similar products. Competitors include Palomar Medical Technologies, Inc. (PMTI), Candela Corporation (CLZR), Cutera, Inc. (CUTR), Cynosure, Inc. (CYNO), IRIDEX Corporation (IRIX), Thermage, Inc. (THRM), and others. Currently, there is no clear market share leader among the aesthetic device companies.
References
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