Healthcare Equipment and Supplies
Company Overview of Radiancy, Inc
Radiancy, Inc. develops, manufactures, and sells home-use and professional aesthetic and dermatological devices. It offers light-based light and heat energy systems. The company’s solutions are used for applications in the area of skin rejuvenation and tightening, acne clearance, hair removal, psoriasis care, acne treatment, intelligent phototherapy, collagen renewal, vascular and pigmented lesion treatment, wrinkle reduction, collagen renewal, soften fine lines, homogenize skin tone, pore size decrease, and skin texture improvement, as well as for the enhancement of the absorption of creams and lotions. It serves physician clinics, salons, spas, and hairdressers. The company was founded in ...
40 Ramland Road South
Orangeburg, NY 10962
Founded in 1998
Key Executives for Radiancy, Inc
Financial Manager of Radiancy
Compensation as of Fiscal Year 2015.
Radiancy, Inc Key Developments
United States District Court Dismisses Action against Radiancy, Inc
Mar 31 15
On March 30, 2015, the United States District Court for the District of Columbia dismissed in its entirety an action brought by Jan Mouzon and twelve other plaintiffs in ten states against Radiancy Inc., a subsidiary of PhotoMedex Inc. and Radiancy's Chief Executive Officer, Dolev Rafaeli. This action arose from the advertising and sale of Radiancy's product, the no!no! Hair removal device. The plaintiffs made various claims against Radiancy and Dr. Rafaeli, both on their own behalf and as representatives of a purported nationwide class (or as representatives of subclasses located in their own states). Among other claims, plaintiffs alleged that Radiancy and Dr. Rafaeli engaged in a scheme to deceive customers and the public under New York General Business Law 349-350; alleged violations of state consumer protection laws; and brought warranty-based claims regarding the product, including breach of express warranty, breach of implied warranty of merchantability and fitness for a particular purpose, and a claim for violation of the federal Magnuson-Moss Warranty Act. The Court granted Radiancy's motion to dismiss the claims against it for failure to state a claim. The Court specifically dismissed with prejudice the claims pursuant to New York General Business Law 349-50 and the implied warranty of fitness for a particular purpose claim. The other counts against Radiancy were dismissed without prejudice. The Court also granted Dr. Rafaeli's motion to dismiss the actions against him for lack of personal jurisdiction over him by the Court; the Court further denied the plaintiffs request for jurisdictional discovery with respect to Dr. Rafaeli.
PhotoMedex, Inc., Radiancy, Inc., PhotoMedex Technology, Inc. and Lumiere, Inc. Enter into Second Amended and Restated Forbearance Agreement with Lenders of Credit Agreement
Mar 3 15
Effective February 28, 2015, PhotoMedex, Inc. and its subsidiaries Radiancy, Inc.; PhotoMedex Technology, Inc.; and Lumiere, Inc. (collectively, the ‘company’), entered into an Second Amended and Restated Forbearance Agreement (the 'Second Amended Forbearance Agreement') with the lenders (the ‘Lenders') that are parties to the Credit Agreement dated May 12, 2014, and with JP Morgan Chase, as Administrative Agent for the Lenders. Under the Credit Agreement, the company obtained $85 million in senior secured credit facilities (the facilities), which included a $10 million revolving credit facility and a $75 million four-year term loan. The balance of the principle indebtedness has been reduced to $40,568,203, following the sale of the company's subsidiary, LCA-Vision, Inc., and the application of the proceeds from that sale to the outstanding balance of the Facilities. The Credit Agreement contained financial covenants, including a maximum leverage covenant and a minimum fixed charge covenant, which the company is required to maintain; the targets for those covenants are determined quarterly based on a rolling average of the past four quarters of financial data. As previously disclosed, the company had failed to meet both financial covenants for the fiscal quarters ending prior to December 31, 2014 (collectively, the 'Specified Events of Default') and consequently is in default of the Facilities. On August 4, 2014, the company received a notice of default and a reservation of rights from Chase and engaged a third-party independent advisor to assist the company in negotiating a longer term solution to the defaults. The parties had entered into an initial Forbearance Agreement (the 'Initial Forbearance Agreement') on August 25, 2014. The parties had also entered into an Amended and Restated Forbearance Agreement (the Amended Forbearance Agreement) dated October 31, 2014. Pursuant to the terms of the Second Amended Forbearance Agreement, the Lenders have agreed to forbear from exercising their rights and remedies with respect to the Specified Events of Default from August 25, 2014 until April 1, 2016, or earlier if an event of default occurs (the 'Forbearance Period'). Chase and the Lenders agreed that the company shall not be obligated to pay the principal amounts in Section 2.08(b) of the Credit Agreement for any date identified therein during the period beginning on February 28, 2015 and ending on the end of the Forbearance Period (the 'Effective Period'), and that any failure to do so shall not constitute a default or event of default. Instead, the Lenders and the company agreed that the company would make prepayments against the Term Loan of $250,000 on the first business day of each month during the Forbearance Period, which will be applied in direct order of maturity. The company also agreed that, on or before the fifth calendar day of each month, the company would pay against the Term Loan $125,000 to the extent that the cash-on-hand exceeds $5 million, and 100% of the cash-on-hand in excess of $7 million, also to be applied to the Term Loan in inverse order of maturity. Under the provisions of the Second Amended Forbearance Agreement, the company will not have to comply with certain financial covenants contained in Section 6.11 of the Credit Agreement for the Forbearance Period, and that any failure to do so shall not constitute a default or event of default. However, the company will have to meet certain minimum EBITDA targets for the quarters ending March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015. Pursuant to the Second Amended Forbearance Agreement, all loans under the Facilities shall, beginning November 1, 2014, bear interest at the CB Floating Rate (as defined in the Credit Agreement) plus 4.00%. Additionally, following the occurrence and continuance of any default or event of default (other than a Specified Event of Default), the company's obligations under the Facilities shall, at the option of Chase and the Lenders, bear interest at the rate of 2.00% plus the rate otherwise in effect.
PhotoMedex, Inc. Enters into Forbearance Agreement with the Lenders
Aug 28 14
On August 25, 2014, PhotoMedex, Inc. and its subsidiaries Radiancy, Inc.; LCA-Vision, Inc.; PhotoMedex Technology, Inc.; and Lumiere, Inc. entered into a Forbearance Agreement with the lenders that are parties to the Credit Agreement dated May 12, 2014, and with JP Morgan Chase, as Administrative Agent for the Lenders. Under the Credit Agreement, the Company obtained $85 million in senior secured credit facilities, which included a $10 million revolving credit facility and a $75 million four-year term loan. The Credit Agreement contained financial covenants, including a maximum leverage covenant and a minimum fixed charge covenant, which the Company is required to maintain; the targets for those covenants are determined quarterly based on a rolling average of the past four quarters of financial data. As of June 30, 2014, the Company failed to meet both financial covenants and consequently is in default of the Facilities. On August 4, 2014, the Company received a notice of default and a reservation of rights from Chase and engaged a third-party independent advisor to assist the Company in negotiating a longer term solution to the defaults. Pursuant to the terms of the Forbearance Agreement, the Lenders have agreed to forbear from exercising their rights and remedies with respect to the Specified Events of Default from August 25, 2014 until October 31, 2014, during which period the Company and its third-party independent advisor will review the Company's ongoing business and the advisor will advise on the financial restructuring of the Company's business. Concurrent with the signing of the Forbearance Agreement on August 25, 2014, the Company agreed to make the first payment on the term loan, equaling $3.75 million plus applicable interest, originally due September 1, 2014, and to pay $1 million toward the term loan in inverse order of maturity. The Company also agreed to make additional prepayments on the term loan of $937,500 each on September 1 and October 1, 2014 which will be applied in direct order of maturity, and a payment toward the revolving credit facilities on October 24, 2014 equal to 75% of cash-on-hand in excess of $20 million, as measured on October 22, 2014.
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