http://yahoo.reuters.com/stocks/Quo...05-09_16-38-38_N09270383&symbol=ELOS.O&rpc=44
CHICAGO, May 9 (Reuters) - Syneron Medical Ltd. (ELOS.O: Quote, Profile, Research), a maker of hair- and wrinkle-removal devices,
on Tuesday reported higher first-quarter earnings that missed Wall Street expectations, sending its stock down more than 12 percent.
Higher research and development expenses hurt results in the quarter, said CIBC World Markets analyst John Calcagnini. However, the investment in its product pipeline and an expanded sales force should benefit the company in future quarters, said the analyst, who rates the stock "sector outperformer."
Yokneam, Israel-based Syneron reported net earnings of $8.8 million, or 32 cents a share, compared with $7.5 million, or 27 cents a share, in the same period a year ago.
Excluding items, the company reported earnings of 37 cents a share.
Analysts had expected earnings of 42 cents a share, according to Reuters Estimates.
Revenue in the quarter increased 28.3 percent to $23.7 million from a year ago.
Shares of Syneron fell $3.41, or 12.87 percent, to a new two-year low at $23.08, on Nasdaq.
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