Candela's quarterly profit plunges
Cosmetic surgery laser company Candela Corp. said its fiscal second-quarter profit plunged as research and development costs more than doubled.
The Wayland company earned $1 million, or 4 cents per share, compared with $4.5 million, or 19 cents, last year. Candela's fiscal year ends July 1.
Analysts polled by Thomson Financial expected profit of 15 cents per share.
Revenue remained nearly flat, coming in at $37.4 million, compared with $37.7 million last year. Analysts expected $42.9 million.
"These results did not meet any of our expectations," said chief executive Gerard E. Puorro.
Meanwhile, research and development costs rose to $4.6 million, from $1.8 million last year.
The company said it's launching new products that will be on display in an upcoming conference.
Shares of Candela fell 7 cents to close at $11.90 on the Nasdaq Stock Market.
(AP)
