Syneron Medical Provides Updated Estimate of Loss Contingency Associated With Palomar Litigation
21 6월 2011 - 10:00PM
Marketwired
Syneron Medical Ltd. (NASDAQ: ELOS), the leading global aesthetic
device company, announced today that it has adjusted its estimate
of the range of loss contingency associated with litigation between
Palomar Medical Technologies, Inc. (NASDAQ: PMTI) and Syneron's
subsidiary, Candela Corporation, from $0 to $50 million as set
forth in the notes to its consolidated financial statements as of
December 31, 2010, to a range of $0 to $21 million. Syneron's
determination that contingent losses related to the Palomar
proceedings are only reasonably possible remains unchanged,
therefore it continues not to record any accrual for the loss
contingency.
The adjusted estimate is based on the April 26, 2011 summary
judgment decision of the District Court in Massachusetts and a
recent submission by Palomar regarding its damage claim, which
indicated that because the remaining patent claim at issue is a
method claim, the royalty base for Candela's accused products is
limited to sales of those products in the United States.
Shimon Eckhouse, Chairman of Board of Syneron, stated,
"Palomar's amended damage report provides affirmation that the
recent summary judgment from the District Court was a major victory
for Candela. It confirms that Palomar does not have legal grounds
to seek royalty damages for international sales, significantly
reducing Candela's potential financial exposure in the litigation.
Furthermore, we remain confident that the single remaining Palomar
claim, method claim 32 of the '844 patent, will be defeated at
trial once the facts are presented in Court."
About Syneron Medical Ltd. Syneron Medical
Ltd. (NASDAQ: ELOS) is the leading global aesthetic device company
with a comprehensive product portfolio and a global distribution
footprint. The Company's technology enables physicians to provide
advanced solutions for a broad range of medical-aesthetic
applications including body contouring, hair removal, wrinkle
reduction, rejuvenation of the skin's appearance through the
treatment of superficial benign vascular and pigmented lesions, and
the treatment of acne, leg veins and cellulite. The Company sells
its products under two distinct brands, Syneron and Candela.
Founded in 2000, the corporate, R&D, and manufacturing
headquarters for Syneron Medical Ltd. are located in Israel.
Syneron also has R&D and manufacturing operations in the US.
The Company markets and services and supports its products in 90
countries. It has offices in North America, France, Germany, Italy,
Portugal, Spain, UK, Australia, China, Japan, and Hong Kong and
distributors worldwide. Additional information can be found at
www.syneron.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Any statements contained in this document regarding future
expectations, beliefs, goals, plans or prospects constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Further, any statements
that are not statements of historical fact (including statements
containing "believes," "anticipates," "plans," "expects," "may,"
"will," "would," "intends," "estimates" and similar expressions)
should also be considered to be forward-looking statements. There
are a number of important factors that could cause actual results
or events to differ materially from those indicated by such
forward-looking statements, including the risk that the businesses
of Syneron and Candela may not be integrated successfully; the risk
that the merger transaction with Candela may involve unexpected
costs or unexpected liabilities; the risk that synergies from the
merger transaction may not be fully realized or may take longer to
realize than expected; the risk that disruptions from the merger
transaction make it more difficult to maintain relationships with
customers, employees, or suppliers; as well as the risks set forth
in Syneron Medical Ltd.'s most recent Annual Report on Form 20-F,
and the other factors described in the filings that Syneron Medical
Ltd. makes with the SEC from time to time. If one or more of these
factors materialize, or if any underlying assumptions prove
incorrect, Syneron Medical Ltd.'s actual results, performance or
achievements may vary materially from any future results,
performance or achievements expressed or implied by these
forward-looking statements.
In addition, the statements in this document reflect the
expectations and beliefs of Syneron Medical Ltd. as of the date of
this document. Syneron Medical Ltd. anticipates that subsequent
events and developments will cause its expectations and beliefs to
change. However, while Syneron Medical Ltd. may elect to update
these forward-looking statements publicly in the future, it
specifically disclaims any obligation to do so. The forward-looking
statements of Syneron Medical Ltd. do not reflect the potential
impact of any future dispositions or strategic transactions that
may be undertaken. These forward-looking statements should not be
relied upon as representing Syneron Medical Ltd.'s views as of any
date after the date of this document.
Contacts: Asaf Alperovitz Chief Financial Officer + 972 73 244
2283 Email: Email Contact Nick Laudico The Ruth Group 646-536-7030
Email: Email Contact Zack Kubow The Ruth Group 646-536-7020 Email:
Email Contact
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