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June 19, 2006 Stock Pick: Cynosure, Inc. (CYNO)

Stock Price: $13.80

Cynosure, Inc. develops and markets aesthetic laser treatment systems used by physicians and other practitioners to perform non-invasive procedures to remove hair, treat vascular lesions, rejuvenate skin and temporarily reduce the appearance of cellulite. The company's products include a broad range of laser and other light-based energy sources.

CYNO reported Q1 revenue of $17.1 million up from $12.1 million from the same period last year. Net income came in at $626,000 from $233,000. The quarter would have been beyond all expectations without an agreement termination costing the company $1.1 million in charges.

CYNO is well positioned to take advantage of the "looks" obsession. The need to alter physical appearance will only grow stronger into the future. We expect further positive quarterly reports out of the company especially as we move through the summer.

The company generated revenue of $56.26 million last year with net income of $4.16 million. CYNO is at a market cap of only $152.28 million and trading at a PE of 34. The company is growing very quickly and deserves to be priced even higher. Based on future earnings, CYNO is trading at a forward PE of 26.86.

CYNO has a book value of $7.62 at 1.81 times book value. The industry average is a price to book value of 6.6. CYNO is also trading at a price to sales of 2.7 compared to the industry average of 4.0.

We expect CYNO to beat their 2006 forecast.

CYNO is trading at bargain levels very near its 52-week low of $13.53.

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