Cutera Inc

NASDAQ:CUTRUnited States

May 9, 2024

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• -- Earnings Flash (CUTR) CUTERA Posts Q1 Revenue $38.8M, vs. Street Est of $37.7M, from 4:04PM ET on Thursday May 09, 2024 by MT Newswires

  4:04PM ET on Thursday May 09, 2024 by MT Newswires
  Companies Mentioned: CUTR
  04:04 PM EDT, 05/09/2024 (MT Newswires) -- ...

• Cutera Announces First Quarter 2024 Financial Results, from 4:01PM ET on Thursday May 09, 2024 by Business Wire

  4:01PM ET on Thursday May 09, 2024 by Business Wire
  Companies Mentioned: CUTR

  Cutera, Inc. (Nasdaq: CUTR) ("Cutera" or the "Company"), a leading provider of aesthetic and dermatology solutions, today reported financial results for the first quarter ended March 31, 2024.

  Consolidated revenue for the first quarter of 2024 of $38.8 million. Strong sequential increase in AviClear revenue, driven by a business model shift in North America and a successful initiation of the International limited commercial release, during the first quarter of 2024. Recent highlights include the launch of xeo+ and the inaugural session of Cutera Academy, focused on equipping customers with the tools to build successful AviClear practices.

• Cutera Announces First Quarter 2024 Financial Results, from 4:01PM ET on Thursday May 09, 2024 by Dow Jones

  4:01PM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: CUTR
  Weighted-average number of shares used in per share calculations: Basic 19,991 19,776 ======= ======= Diluted 19,991 19,776 ======= ======= CUTERA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended ---------------------- March 31, March 31, 2024 2023 --------- ----------- Cash flows from operating activities: Net loss $(22,778) $(28,048) Adjustments to reconcile net loss to net cash provided used in operating activities: Stock-based compensation 2,109 3,386 Depreciation and amortization 1,991 1,409 Amortization of contract acquisition costs 1,391 2,178 Amortization of debt issuance costs 571 552 Deferred tax assets 45 13 Provision for credit losses 2,181 225 Accretion of discount on investment securities and investment income, net - (34) Changes in assets and liabilities: Accounts receivable 3,921 (6,410) Inventories (2,461) (6,163) Other current assets and prepaid expenses 560 (2,676) Other long-term assets (240) (2,011) Accounts payable (6,513) (1,330) Accrued liabilities (16,916) 1,706 Operating leases ,net (30) (16) Deferred revenue (1,461) 201 ------- ------- Net cash used in operating activities (37,630) (37,018) ------- ------- Cash flows from investing activities: Acquisition of property and equipment (335) (10,353) Proceeds from disposal of property and equipment 57 - Purchase of marketable investments - (23,467) Proceeds from maturities of marketable investments - 94,154 ------- ------- Net cash provided by (used in) investing activities (278) 60,334 ------- ------- Cash flows from financing activities: Proceeds from exercise of stock options and employee stock purchase plan - 109 Taxes paid related to net share settlement of equity awards (64) (2,397) Payments on capital lease obligations (196) (124) ------- ------- Net cash used in financing activities (260) (2,412) ------- ------- Net increase (decrease) in cash, cash equivalents and restricted cash (38,168) 20,904 Cash, cash equivalents, and restricted cash at beginning of period 143,612 146,624 ------- ------- Cash and cash equivalents at end of period $105,444 $167,528 ======= ======= CUTERA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (in thousands, except percentage data) (unaudited) Three Months Ended % Change -------------------------- -------- March 31, March 31, 2024 vs. 2024 2023 2023 ------------- ----------- -------- Revenue By Geography: North America $ 18,391 $ 27,202 -32.4% Japan 7,598 12,908 -41.1% Rest of World 12,804 14,416 -11.2% --- -------- ------- Total Net Revenue $ 38,793 $ 54,526 -28.9% === ======== ======= International as a percentage of total revenue 52.6% 50.1% Revenue By Product Category: Systems - North America $ 11,859 $ 19,170 -38.1% - Rest of World (including Japan) 12,401 15,372 -19.3% --- -------- ------- Total Systems 24,260 34,542 -29.8% Consumables 4,655 6,447 -27.8% Skincare 4,200 8,132 -48.4% --- -------- ------- Total Products 33,115 49,121 -32.6% Service 5,678 5,405 +5.1% --- -------- ------- Total Net Revenue $ 38,793 $ 54,526 -28.9% === ======== ======= Three Months Ended -------------------------- March 31, March 31, 2024 2023 ------------- ----------- Pre-tax Stock-Based Compensation Expense: Cost of revenue $ 149 $ 364 Sales and marketing 567 1,148 Research and development 304 693 General and administrative 1,089 1,181 --- -------- ------- $ 2,109 $ 3,386 === ======== ======= CUTERA, INC. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (in thousands) (unaudited) Three Months Ended Gross Gross Operating Operating March 31, 2024 Profit Margin Expenses Loss ------------------ ------- ---------- ----------- ----------- Reported $12,419 32.0% $ 31,851 $(19,432) Adjustments: Depreciation and amortization including contract acquisition costs 2,095 5.4% 1,287 3,382 Stock-based compensation 149 0.4% 1,960 2,109 Severance 92 0.2% 127 219 Retention plan costs 48 0.1% 2,751 2,799 Gain on early termination of distribution agreement - - (9,708) (9,708) Other adjustments - - 263 263 ------ ---- ---- ------ ------- Total adjustments 2,384 6.1% (3,320) (936) ------ ---- --- ------ ------- Non-GAAP $14,803 38.2% $ 35,171 $(20,368) ====== ==== === ====== ======= Three Months Ended Gross Gross Operating Operating March 31, 2023 Profit Margin Expenses Loss ------------------ ------- ---------- ----------- ----------- Reported $21,632 39.7% $ 48,233 $(26,601) Adjustments: Depreciation and amortization including contract acquisition costs 1,599 2.9% 1,988 3,587 Stock-based compensation 364 0.7% 3,022 3,386 ERP implementation cost - - 518 518 Legal - Lutronic - - 652 652 Severance 119 0.2% 196 315 Other adjustments - - 585 585 ------ ---- ---- ------ ------- Total adjustments 2,082 3.8% 6,961 9,043 ------ ---- --- ------ ------- Non-GAAP $23,714 43.5% $ 41,272 $(17,558) ====== ==== === ====== =======
  

• *DJ Cutera 1Q Loss/Shr $1.14 >CUTR, from 4:01PM ET on Thursday May 09, 2024 by Dow Jones

  4:01PM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: CUTR
  Weighted-average number of shares used in per share calculations: Basic 19,991 19,776 ======= ======= Diluted 19,991 19,776 ======= ======= CUTERA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended ---------------------- March 31, March 31, 2024 2023 --------- ----------- Cash flows from operating activities: Net loss $(22,778) $(28,048) Adjustments to reconcile net loss to net cash provided used in operating activities: Stock-based compensation 2,109 3,386 Depreciation and amortization 1,991 1,409 Amortization of contract acquisition costs 1,391 2,178 Amortization of debt issuance costs 571 552 Deferred tax assets 45 13 Provision for credit losses 2,181 225 Accretion of discount on investment securities and investment income, net - (34) Changes in assets and liabilities: Accounts receivable 3,921 (6,410) Inventories (2,461) (6,163) Other current assets and prepaid expenses 560 (2,676) Other long-term assets (240) (2,011) Accounts payable (6,513) (1,330) Accrued liabilities (16,916) 1,706 Operating leases ,net (30) (16) Deferred revenue (1,461) 201 ------- ------- Net cash used in operating activities (37,630) (37,018) ------- ------- Cash flows from investing activities: Acquisition of property and equipment (335) (10,353) Proceeds from disposal of property and equipment 57 - Purchase of marketable investments - (23,467) Proceeds from maturities of marketable investments - 94,154 ------- ------- Net cash provided by (used in) investing activities (278) 60,334 ------- ------- Cash flows from financing activities: Proceeds from exercise of stock options and employee stock purchase plan - 109 Taxes paid related to net share settlement of equity awards (64) (2,397) Payments on capital lease obligations (196) (124) ------- ------- Net cash used in financing activities (260) (2,412) ------- ------- Net increase (decrease) in cash, cash equivalents and restricted cash (38,168) 20,904 Cash, cash equivalents, and restricted cash at beginning of period 143,612 146,624 ------- ------- Cash and cash equivalents at end of period $105,444 $167,528 ======= ======= CUTERA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (in thousands, except percentage data) (unaudited) Three Months Ended % Change -------------------------- -------- March 31, March 31, 2024 vs. 2024 2023 2023 ------------- ----------- -------- Revenue By Geography: North America $ 18,391 $ 27,202 -32.4% Japan 7,598 12,908 -41.1% Rest of World 12,804 14,416 -11.2% --- -------- ------- Total Net Revenue $ 38,793 $ 54,526 -28.9% === ======== ======= International as a percentage of total revenue 52.6% 50.1% Revenue By Product Category: Systems - North America $ 11,859 $ 19,170 -38.1% - Rest of World (including Japan) 12,401 15,372 -19.3% --- -------- ------- Total Systems 24,260 34,542 -29.8% Consumables 4,655 6,447 -27.8% Skincare 4,200 8,132 -48.4% --- -------- ------- Total Products 33,115 49,121 -32.6% Service 5,678 5,405 +5.1% --- -------- ------- Total Net Revenue $ 38,793 $ 54,526 -28.9% === ======== ======= Three Months Ended -------------------------- March 31, March 31, 2024 2023 ------------- ----------- Pre-tax Stock-Based Compensation Expense: Cost of revenue $ 149 $ 364 Sales and marketing 567 1,148 Research and development 304 693 General and administrative 1,089 1,181 --- -------- ------- $ 2,109 $ 3,386 === ======== ======= CUTERA, INC. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (in thousands) (unaudited) Three Months Ended Gross Gross Operating Operating March 31, 2024 Profit Margin Expenses Loss ------------------ ------- ---------- ----------- ----------- Reported $12,419 32.0% $ 31,851 $(19,432) Adjustments: Depreciation and amortization including contract acquisition costs 2,095 5.4% 1,287 3,382 Stock-based compensation 149 0.4% 1,960 2,109 Severance 92 0.2% 127 219 Retention plan costs 48 0.1% 2,751 2,799 Gain on early termination of distribution agreement - - (9,708) (9,708) Other adjustments - - 263 263 ------ ---- ---- ------ ------- Total adjustments 2,384 6.1% (3,320) (936) ------ ---- --- ------ ------- Non-GAAP $14,803 38.2% $ 35,171 $(20,368) ====== ==== === ====== ======= Three Months Ended Gross Gross Operating Operating March 31, 2023 Profit Margin Expenses Loss ------------------ ------- ---------- ----------- ----------- Reported $21,632 39.7% $ 48,233 $(26,601) Adjustments: Depreciation and amortization including contract acquisition costs 1,599 2.9% 1,988 3,587 Stock-based compensation 364 0.7% 3,022 3,386 ERP implementation cost - - 518 518 Legal - Lutronic - - 652 652 Severance 119 0.2% 196 315 Other adjustments - - 585 585 ------ ---- ---- ------ ------- Total adjustments 2,082 3.8% 6,961 9,043 ------ ---- --- ------ ------- Non-GAAP $23,714 43.5% $ 41,272 $(17,558) ====== ==== === ====== =======