Cynosure Inc (CYNO): Billionaire Steve Cohen’s Point72 Asset Management Reports New Investment

Page 1 of 11

As a recent 13G filing with the US Securities and Exchange Commission showed, billionaire Steve Cohen‘s Point72 Asset Management has initiated a stake in Cynosure, Inc. (NASDAQ:CYNO). The position contains 1.17 million shares of Cynosure, which represent 5.2% of the company’s outstanding stock.

Cynosure is a $1.20 billion producer of aesthetic treatment systems. The filing showed that Cohen added the stock to Point72’s equity portfolio on April 25, a day before the company reported its financial results for the first quarter. Cynosure posted non-GAAP earnings of $0.19 per share on revenue of $94.7 million, higher than the estimates of $0.14 and $85.8 million, respectively. In addition, Cynosure, Inc. (NASDAQ:CYNO)’s revenue went up by 26% on the year. In a statement, Cynosure’s CEO Michael Davin was quoted as saying:

“Sustained momentum in North America, in part reflecting the full U.S. launch of SculpSure, helped generate solid first-quarter results for Cynosure, as our domestic business posted year-over-year top-line growth for the 22nd consecutive quarter […] Product revenue from North America increased 76 percent from the first quarter of 2015 to $55.2 million, representing 72 percent of our total product revenue for the quarter. International product revenue was down 13 percent year-over-year including the impact of foreign exchange and down 11 percent on a constant currency basis, reflecting ongoing economic weakness in the EMEA region. The softness among our European direct subsidiaries and international third-party distributors was partly offset by our subsidiaries’ results in the Asia Pacific region, where we posted 17 percent higher product revenue on a constant currency basis for the quarter as compared to last year.”

Overall, at the end of 2015, 15 of the funds tracked by Insider Monkey were long Cynosure, Inc. (NASDAQ:CYNO), down by three funds from the previous quarter. Columbus Circle Investors held the largest position that was worth $44.30 million at the end of 2015. Sitting at the No. 2 spot was Broadwood Capital, led by Neal C. Bradsher, which disclosed a $41 million position in its last 13F filing.  Some other hedge funds and institutional investors that were bullish on Cynosure encompass Constantinos J. Christofilis’s Archon Capital Management, Ken Fisher’s Fisher Asset Management and Cliff Asness’s AQR Capital Management.

On the other hand Glenn Russell Dubin’s Highbridge Capital Management dropped the largest position in Cynosure of the “upper crust” of funds monitored by Insider Monkey, totaling close to $2 million in stock. Andy Redleaf’s fund, Whitebox Advisors, also dropped its stock, about $1.8 million worth.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Point7 0 731,500 0 731,500 731,500 3.2%
Point7 0 731,500 0 731,500 731,500 3.2%
Cubist Systematic Strategies 0 2,987 0 2,987 2,987 Less than 0.1%
EverPoint Asset Management 0 440,000 0 440,000 440,000 1.9%
Steven A. Cohen 0 1,174,487 0 1,174,487 1,174,487 5.2%

Follow Steve Cohen's Point72 Asset Management

Page 1 of 11 – SEC Filing

Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. )*


(Name of Issuer)

Class A Common Stock, Par Value $0.001 Per Share

(Title of Class of Securities)
(CUSIP Number)
April 25, 2016
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Follow Cynosure Inc (NASDAQ:CYNO)

Page 1 of 11