Given the initials they share with less savory practices, it's probably no surprise that sales and marketing can prove painful for some companies. They're the lifeblood of successful product competition -- and the recent Achilles' heel of SyneronMedical (NASDAQ:ELOS) and the Wall Street world.

On the surface, Syneron is still doing most of the right things. Revenue was up more than 28% this quarter, and the company is more or less maintaining share as the second- or third-largest player in the aesthetic laser space. That's the good news.

The bad news is that the company spent about 52% more on sales and marketing this quarter than in the year-ago period. The company calls that an investment. Accountants and investors call it an expense. They're both right; you have to put dollars into sales reps and marketing efforts to maintain your business, but that's also partly why very few companies have made long-term economic returns from the aesthetics business.

This marks two straight disappointing quarters, and the stock is as low as it's ever been since its initial post-IPO rocket-ride in late 2004. I'd also point out that in the past six months, some company insiders have sold literally millions of dollars worth of ELOS stock -- even despite the steep drop to open the year. That's not exactly what I'd call a ringing endorsement, though I'll be the first to admit that the absence of insider buys isn't quite the negative "proof" that some would make it out to be.

Some positive factors could still ultimately relaunch this stock. Syneron's aesthetic laser produces less heat and is cheaper to make than rival products. The company also has a few new product filings coming up, including dental and fat-reduction applications. Last but not least, Syneron could beat Palomar (NASDAQ:PMTI) to the punch in introducing home-use devices, though having marketing support from Procter & Gamble (NYSE:PG) suggests that a little tardiness won't hurt Palomar too much.

Syneron is definitely cheaper than my industry favorite, Palomar. Then again, I own neither stock, and I wouldn't want to own Candela (NASDAQ:CLZR) or the other laser players, either. I've watched this market too long to really have much faith that any of them will build long-term value. All the laser treatments in the world couldn't make Syneron pretty enough to entice me.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).