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% |
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Page 1 of 11 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
(Amendment No. )*
CYNOSURE, INC.
(Name of Issuer)
Class A Common Stock, Par Value $0.001 Per Share
(Title of Class of Securities)
232577205
(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).
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Page 2 of 11 – SEC Filing
| CUSIP No. 232577205 | 13G | Page 2 of 11 Pages |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Point72 Asset Management, L.P. | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☒ | ||
| 3 | SEC USE ONLY | ||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER 0 | |
| 6 | SHARED VOTING POWER 731,500 (a) (see Item 4) | ||
| 7 | SOLE DISPOSITIVE POWER 0 | ||
| 8 | SHARED DISPOSITIVE POWER 731,500 (a) (see Item 4) | ||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 731,500 (a) (see Item 4) | ||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ | ||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.2% (a) (see Item 4) | ||
| 12 | TYPE OF REPORTING PERSON* PN | ||
*SEE INSTRUCTION BEFORE FILLING OUT
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Page 3 of 11 – SEC Filing
| CUSIP No. 232577205 | 13G | Page 3 of 11 Pages |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Point72 Capital Advisors, Inc. | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☒ | ||
| 3 | SEC USE ONLY | ||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER 0 | |
| 6 | SHARED VOTING POWER 731,500 (a) (see Item 4) | ||
| 7 | SOLE DISPOSITIVE POWER 0 | ||
| 8 | SHARED DISPOSITIVE POWER 731,500 (a) (see Item 4) | ||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 731,500 (a) (see Item 4) | ||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ | ||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.2% (a) (see Item 4) | ||
| 12 | TYPE OF REPORTING PERSON* CO | ||
*SEE INSTRUCTION BEFORE FILLING OUT
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Page 4 of 11 – SEC Filing
| CUSIP No. 232577205 | 13G | Page 4 of 11 Pages |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cubist Systematic Strategies, LLC | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☒ | ||
| 3 | SEC USE ONLY | ||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER 0 | |
| 6 | SHARED VOTING POWER 2,987 (see Item 4) | ||
| 7 | SOLE DISPOSITIVE POWER 0 | ||
| 8 | SHARED DISPOSITIVE POWER 2,987 (see Item 4) | ||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,987 (see Item 4) | ||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ | ||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Less than 0.1% (see Item 4) | ||
| 12 | TYPE OF REPORTING PERSON* OO | ||
*SEE INSTRUCTION BEFORE FILLING OUT
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Page 5 of 11 – SEC Filing
| CUSIP No. 232577205 | 13G | Page 5 of 11 Pages |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON EverPoint Asset Management, LLC | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☒ | ||
| 3 | SEC USE ONLY | ||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER 0 | |
| 6 | SHARED VOTING POWER 440,000 (see Item 4) | ||
| 7 | SOLE DISPOSITIVE POWER 0 | ||
| 8 | SHARED DISPOSITIVE POWER 440,000 (see Item 4) | ||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 440,000 (see Item 4) | ||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ | ||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.9% (see Item 4) | ||
| 12 | TYPE OF REPORTING PERSON* OO | ||
*SEE INSTRUCTION BEFORE FILLING OUT
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Page 6 of 11 – SEC Filing
| CUSIP No. 232577205 | 13G | Page 6 of 11 Pages |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Steven A. Cohen | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☒ | ||
| 3 | SEC USE ONLY | ||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION United States | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER 0 | |
| 6 | SHARED VOTING POWER 1,174,487 (a) (see Item 4) | ||
| 7 | SOLE DISPOSITIVE POWER 0 | ||
| 8 | SHARED DISPOSITIVE POWER 1,174,487 (a) (see Item 4) | ||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,174,487 (a) (see Item 4) | ||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ | ||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.2% (a) (see Item 4) | ||
| 12 | TYPE OF REPORTING PERSON* IN | ||
*SEE INSTRUCTION BEFORE FILLING OUT
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Page 7 of 11 – SEC Filing
| Item 1(a) | Name of Issuer: |
| Cynosure, Inc. | |
| Item 1(b) | Address of Issuer’s Principal Executive Offices: |
| 5 Carlisle Road, Westford, MA 01886 | |
| Item 2(a) | Name of Person Filing: |
| This statement is filed by: (i) Point72 Asset Management, L.P. (“Point72 Asset Management”) with respect to shares of Class A Common Stock, $0.001 par value per share (“Shares”), of the Issuer held by certain investment funds it manages; (ii) Point72 Capital Advisors, Inc. (“Point72 Capital Advisors Inc.”) with respect to Shares held by certain investment funds managed by Point72 Asset Management; (iii) Cubist Systematic Strategies, LLC (“Cubist Systematic Strategies”) with respect to Shares held by certain investment funds it manages; (iv) EverPoint Asset Management, LLC (“EverPoint Asset Management”) with respect to Shares held by certain investment funds it manages; and (v) Steven A. Cohen with respect to Shares beneficially owned by Point72 Asset Management, Point72 Capital Advisors Inc., Cubist Systematic Strategies and EverPoint Asset Management. | |
| Point72 Asset Management, Point72 Capital Advisors Inc., Cubist Systematic Strategies, EverPoint Asset Management and Steven A. Cohen have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit 99.1, pursuant to which they have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Act. | |
| Item 2(b) | Address or Principal Business Office: |
| The address of the principal business office of (i) Point72 Asset Management, Point72 Capital Advisors Inc. and Mr. Cohen is 72 Cummings Point Road, Stamford, CT 06902; (ii) Cubist Systematic Strategies is 330 Madison Avenue, New York, NY 10173; and (iii) EverPoint Asset Management is 510 Madison Avenue, New York, NY 10022. | |
| Item 2(c) | Citizenship: |
| Point72 Asset Management is a Delaware limited partnership. Point72 Capital Advisors Inc. is a Delaware corporation. Cubist Systematic Strategies and EverPoint Asset Management are Delaware limited liability companies. Mr. Cohen is a United States citizen. | |
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Page 8 of 11 – SEC Filing
| Item 2(d) | Title of Class of Securities: |
| Class A Common Stock, par value $0.001 per share | |
| Item 2(e) | CUSIP Number: |
| 232577205 | |
| Item 3 | Not Applicable |
| Item 4 | Ownership: |
| The percentages used herein are calculated based upon the Shares of Class A common stock issued and outstanding as of March 17, 2016, as reported on the Issuer’s Definitive Proxy Statement on DEF 14A filed with the Securities and Exchange Commission on April 1, 2016. | |
| As of the close of business on April 25, 2016: | |
| 1. Point72 Asset Management, L.P. | |
| (a) Amount beneficially owned: 731,500 (a) | |
| (b) Percent of class: 3.2% (a) | |
| (c)(i) Sole power to vote or direct the vote: -0- | |
| (ii) Shared power to vote or direct the vote: 731,500 (a) | |
| (iii) Sole power to dispose or direct the disposition: -0- | |
| (iv) Shared power to dispose or direct the disposition: 731,500 (a) | |
| 2. Point72 Capital Advisors, Inc. | |
| (a) Amount beneficially owned: 731,500 (a) | |
| (b) Percent of class: 3.2% (a) | |
| (c)(i) Sole power to vote or direct the vote: -0- | |
| (ii) Shared power to vote or direct the vote: 731,500 (a) | |
| (iii) Sole power to dispose or direct the disposition: -0- | |
| (iv) Shared power to dispose or direct the disposition: 731,500 (a) | |
| 3. Cubist Systematic Strategies, LLC | |
| (a) Amount beneficially owned: 2,987 | |
| (b) Percent of class: less than 0.1% | |
| (c)(i) Sole power to vote or direct the vote: -0- | |
| (ii) Shared power to vote or direct the vote: 2,987 | |
| (iii) Sole power to dispose or direct the disposition: -0- | |
| (iv) Shared power to dispose or direct the disposition: 2,987 | |
| 4. EverPoint Asset Management, LLC | |
| (a) Amount beneficially owned: 440,000 | |
| (b) Percent of class: 1.9% | |
| (c)(i) Sole power to vote or direct the vote: -0- | |
| (ii) Shared power to vote or direct the vote: 440,000 | |
| (iii) Sole power to dispose or direct the disposition: -0- | |
| (iv) Shared power to dispose or direct the disposition: 440,000 | |
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Page 9 of 11 – SEC Filing
| 5. Steven A. Cohen | ||
| (a) Amount beneficially owned: 1,174,487 (a) | ||
| (b) Percent of class: 5.2% (a) | ||
| (c)(i) Sole power to vote or direct the vote: -0- | ||
| (ii) Shared power to vote or direct the vote: 1,174,487 (a) | ||
| (iii) Sole power to dispose or direct the disposition: -0- | ||
| (iv) Shared power to dispose or direct the disposition: 1,174,487 (a) | ||
| (a) | Includes 102,500 Shares subject to call options held by an investment fund managed by Point72 Asset Management. | |
| Point72 Asset Management, Point72 Capital Advisors Inc., Cubist Systematic Strategies, EverPoint Asset Management and Mr. Cohen own directly no Shares. Pursuant to an investment management agreement, Point72 Asset Management maintains investment and voting power with respect to the securities held by certain investment funds it manages. Point72 Capital Advisors Inc. is the general partner of Point72 Asset Management. Pursuant to an investment management agreement, Cubist Systematic Strategies maintains investment and voting power with respect to the securities held by certain investment funds it manages. Pursuant to an investment management agreement, EverPoint Asset Management maintains investment and voting power with respect to the securities held by certain investment funds it manages. Mr. Cohen controls each of Point72 Capital Advisors Inc., Cubist Systematic Strategies and EverPoint Asset Management. By reason of the provisions of Rule 13d-3 of the Securities Exchange Act of 1934, as amended, each of (i) Point72 Asset Management, Point72 Capital Advisors Inc. and Mr. Cohen may be deemed to beneficially own 731,500 (a) Shares (constituting approximately 3.2% (a) of the Shares outstanding); (ii) Cubist Systematic Strategies and Mr. Cohen may be deemed to beneficially own 2,987 Shares (constituting less than 0.1% of the Shares outstanding); and (iii) EverPoint Asset Management and Mr. Cohen may be deemed to beneficially own 440,000 Shares (constituting approximately 1.9% of the Shares outstanding). Each of Point72 Asset Management, Point72 Capital Advisors Inc., Cubist Systematic Strategies, EverPoint Asset Management and Mr. Cohen disclaims beneficial ownership of any of the securities covered by this statement. | ||
| Item 5 | Ownership of Five Percent or Less of a Class: | |
| If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. ☐ | ||
| Item 6 | Ownership of More than Five Percent on Behalf of Another Person: | |
| Not Applicable | ||
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Page 10 of 11 – SEC Filing
| Item 7 | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company: |
| Not Applicable | |
| Item 8 | Identification and Classification of Members of the Group: |
| Not Applicable | |
| Item 9 | Notice of Dissolution of Group: |
| Not Applicable | |
| Item 10 | Certification: |
By signing below the signatory certifies that, to the best of his knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
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Page 11 of 11 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: April 26, 2016
POINT72 ASSET MANAGEMENT, L.P.
By: /s/ Kevin J. O’Connor
Name: Kevin J. O’Connor
Title: Authorized Person
POINT72 CAPITAL ADVISORS, INC.
By: /s/ Kevin J. O’Connor
Name: Kevin J. O’Connor
Title: Authorized Person
CUBIST SYSTEMATIC STRATEGIES, LLC
By: /s/ Kevin J. O’Connor
Name: Kevin J. O’Connor
Title: Authorized Person
EVERPOINT ASSET MANAGEMENT, LLC
By: /s/ Kevin J. O’Connor
Name: Kevin J. O’Connor
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Kevin J. O’Connor
Name: Kevin J. O’Connor
Title: Authorized Person
Page 11 of 11
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