Lutronic

Market position

The company describes itself as a market leader in aesthetic and gynecologic laser and RF technologies; the merger of Cynosure and Lutronic was presented as creating a global leader in medical aesthetic systems with a diversified portfolio and presence in over 130 countries. Cynosure has an over 30-year history in medical aesthetic treatment systems, and Lutronic held market-leading positions in skin resurfacing and revitalization, hair removal, vascular lesion treatment, skin toning and body contouring.

The company points to a broad combined product and consumables suite spanning skin revitalization, body contouring, hair removal and women's health; expanded R&D capabilities and clinical training; and technology claims such as XERF as a multi-frequency monopolar RF system, FlexSure as a wrappable RF applicator, PicoSure as an early picosecond aesthetic laser and SculpSure as an FDA-cleared laser for non-invasive body and submental contouring.

Technology

Energy-based aesthetic platforms including monopolar radiofrequency (XERF combines 6.78 MHz and 2 MHz frequencies; TempSure operates at 300W/4MHz), Q-switched, picosecond, fractional non-ablative and fractional CO2 lasers, dual-wavelength 755/1064nm and 532/1064nm systems, 1550nm platforms, laser lipolysis, and electric muscle stimulation. Lutronic held more than 535 patents and patent applications worldwide as of January 2024.

Go-to-market

Sales are made to providers via a direct sales force in markets including the United States, Canada, France, Morocco, Germany, Spain, the United Kingdom, Australia, China, Japan and Korea, and through international distributors in approximately 130 other countries. The company also runs provider-partnership and patient-facing provider-locator programs, plus clinical training and support services.

Dermatologists, plastic surgeons, OB/GYN and women's health practices, medical spas, laser and skin-care clinics, and aesthetic business owners; end patients are reached through participating providers.

Geography

Commercial presence in more than 130 countries. Headquarters listed at 5 Carlisle Road, Westford, Massachusetts (Cynosure, LLC); Lutronic Corporation was based in Goyang, South Korea. The Japanese subsidiary has a Tokyo head office in Shinjuku, technical centers in Tokyo and Osaka, and branches in Osaka and Fukuoka. Lutronic devices are used in markets across North America, Europe and Asia.

History

Lutronic Corporation was established in 1997 in South Korea and was listed on the KOSDAQ market (A085370). In June 2023 Hahn & Co. No. 23 Co., Ltd. agreed to acquire a stake in Lutronic and made an offer for the remaining shares, completing the purchase of a 66.81% stake in July 2023 for KRW 630 billion; the acquisition of the remaining stake was agreed in August 2023 and completed in October 2023, taking the company private and removing it from the S&P Global BMI Index in July 2023. On 19 January 2024, Cynosure and Hahn & Company announced a definitive merger agreement combining Cynosure and Lutronic, with the transaction completed on 29 February 2024. The merged organization operates as Cynosure Lutronic, describing a combined 60 years of product innovation across the two businesses.

Risks & controversies

Lutronic Corporation recorded operating and net losses from 2017 through 2020, including a net loss in 2020, before returning to profitability in 2021-2022. As a KOSDAQ-listed company it was dropped from the S&P Global BMI Index in July 2023 in connection with its take-private by Hahn & Company, and its shares became an inactive instrument after the 2024 acquisition by Cynosure.