Syneron Medical Ltd. (NASDAQ: ELOS), an innovator in the development, marketing and sales of elos combined-energy medical aesthetic devices and Candela Corporation (NASDAQ: CLZR), a pioneer in the development of medical and aesthetic laser based technologies and systems, recently announced the successful closing of their merger.
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Lou Scafuri, Chief Executive Officer of Syneron, commented, "We are very pleased to successfully complete the merger with Candela, representing the execution of our strategy to expand our product portfolio with synergistic and innovative technologies. The combination of Candela and Syneron creates the largest aesthetic medical device company, with an unparalleled global distribution footprint and a balanced mix of core and non-core physician customers that vastly enhances our competitive position. We believe there is tremendous opportunity to drive long-term growth and market leadership over the next several years." Scafuri continued, "We are fortunate to have Gerard E. Puorro, Chief Executive Officer of Candela join our Board of Directors and to have other key executives from Candela join our management team as we collaboratively work to position Syneron as the global leader in the aesthetic device sector." Fabian Tenenbaum, Syneron's Chief Financial Officer, noted, "As we enter the initial post-merger period we will focus on achieving cost savings through synergies and reduced operating expenses at both companies. We believe these cost saving programs, which are already in place, will position the company to be profitable and the transaction to be accretive to earnings as the global economic environment strengthens. We are especially pleased with the enhancement the merger provides to our business model, where we expect to increase recurring revenue as we grow sales derived from consumables and ongoing services. With no debt and a robust cash position, we have significant financial strength that advantageously positions us to continue investing in our long-term growth."
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