A STRONG DEFENSE AGAINST
LOOMING HEALTHCARE REFORM
Energy-based devices are being utilized within aesthetic medicine to address a variety of
applications from skin tightening to hair removal to skin rejuvenation. There are eight key
publicly traded players in the energy-based aesthetic device industry generating more than
$700M in revenues from sales of energy-based devices.
We believe there is an opportunity for substantial revenue growth in the aesthetic energybased
device market in the next 18-24 months. We believe key macro drivers will be
improving consumer confidence, credit availability, and unemployment rates.
Concurrently, we believe that differentiated strategies and technological innovation within
the industry will allow certain players to emerge from the 2008 recession as leaders in the
space.
We are initiating coverage of the following companies:
• Cutera (CUTR : NASDAQ : $8.86 | HOLD), $9.75 price target
• Cynosure (CYNO : NASDAQ : $11.51 | BUY), $17.25 price target
• Palomar Medical Technologies (PMTI : NASDAQ : $16.06 | BUY), $21.00 price target
• Solta Medical (SLTM : NASDAQ : $2.00 | BUY), $3.25 price target