Cynosure “on track” to achieve annualised operating expense savings

Cynosure is on its way to achieving its goal of annualised operating expense savings of between $14 million (8.48 million pounds) and $18 million this year, its president and chief executive has said.

Michael Davin made his comments as the company posted its financial results for the three months ended June 30th 2009.

The company reported 40 per cent top-line sequential growth from the first quarter of the year, driven by strengthening global performance.

“We remain on track to achieve our previously stated goal of annualised operating expense savings of between $14 million and $18 million in 2009,” Mr Davin added.

Cynosure also announced that its board of directors has authorised the repurchase of up to $10 million of its common stock on either the open market or in transactions that are privately negotiated.

Earlier this month, the company announced an agreement with Unilever to commercialise and develop light-based devices for the home use personal care market.

Speaking at the time, Mr Davin said that the agreement is “a first step” in the creation of a “meaningful” and “long-term” relationship between the two organisations.