Candela
This article was originally published in The Gray Sheet
Executive Summary
Medical and cosmetic laser manufacturer cites disagreement over final price and financing terms in calling off a March proposed deal with Advanced Medical Alliance related to the sale of Candela's Boston and Scottsdale, Arizona skin care centers. "We worked long and hard to reach a definitive agreement with the potential purchaser, but we found that both price and financial terms were not going to be in the best interest of our shareholders," Candela President and CEO Gerard Puorro remarks in a June 24 release. Earlier this year Candela booked a $2.6 mil. restructuring charge to second quarter earnings to close the Scottsdale facility ("The Gray Sheet" Jan. 26, p. 15). The financial performance of Candela's Boston center "continue to improve," Puorro notes...