Cutera Reports Third Quarter 2019 Financial Results

Date : 11/07/2019 @ 9:05PM
Source : Business Wire
Stock : Cutera Inc (CUTR)
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Cutera Reports Third Quarter 2019 Financial Results

Cutera (NASDAQ:CUTR)
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14% Revenue Growth Driven by Strong Recurring Revenue and truSculpt® Product Sales

Raises Full Year Financial Guidance

Announces Planned Departure of Chief Financial Officer Sandra Gardiner

Cutera, Inc. (NASDAQ: CUTR) (“Cutera” or the “Company”), a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide, today reported financial results for the third quarter ended September 30, 2019.

2019 Third Quarter Financial and Operational Highlights

  • Revenue was $46.1 million, an increase of 14% over the prior year period.
    • truSculpt portfolio revenue grew 43% over the prior year period, driven in part by the successful launch of truSculpt flex, the Company’s new muscle sculpting platform.
    • Recurring revenue of $11.2 million grew 51% over the prior year period, with growth balanced across service, skincare product, and procedure-related consumable revenues.
    • International revenue grew 21% over the prior year period, reflecting continued momentum from the first half of 2019 and strong performance in Japan and Australia.
  • Gross Margin was 57% compared to 54% in the prior year period, driven by top line leverage as well as product and channel mix.
  • Operating expenses represented 62% of revenue as compared to 56% in the prior year period, reflecting increased stock-based compensation as well as CRM and ERP-related activities.
  • Net loss was $2.6 million, or $0.19 per fully diluted share, as compared to a net loss of $0.9 million, or $0.06 per fully diluted share, in the prior year period.

“Our solid third quarter results were driven by a strong commitment to our commercial and operational goals, underpinned by our focus on achieving profitable growth,” commented Dave Mowry, Chief Executive Officer. “Since joining Cutera four months ago, I have engaged, and will continue to engage, with our key stakeholders, including customers, employees, and shareholders. The feedback I’ve received strengthens my belief that the Company is well-positioned to shape the future of energy-based aesthetics. We remain committed to continued execution in the near-term, while putting the right plans in place to drive above-market growth, enhance profitability, and achieve our vision of shaping the future of the global aesthetic market over the next several years.”

Updated 2019 Financial Outlook:

  • Full-year 2019 revenue is expected to be $177 million to $179 million, an increase of 9% to 10% over 2018, compared to prior guidance of $165 million to $175 million.
  • Full year 2019 non-GAAP* gross margin is expected to improve over the full year 2018 non-GAAP gross margin.
  • Full-year 2019 adjusted EBITDA* is expected to be $3.5 million to $4.5 million, revised from prior guidance of $2 million to $4 million.

CFO Departure:

Sandra Gardiner, Cutera’s Chief Financial Officer, announced her resignation from Cutera to pursue another opportunity. The Company has retained Spencer Stuart to conduct a national search to identify a replacement. Ms. Gardiner will continue as CFO through November 15, 2019, and will assist in ensuring a smooth transition.

“Sandy has been the Company’s CFO since December 2017 and has been an integral part of our Executive Leadership team,” commented Dave Mowry, Cutera’s Chief Executive Officer. “I want to thank her for the contributions she made to the organization, and we wish her success in her next assignment.”

Conference Call

The Company will host a live audio webcast for interested parties commencing today at 1:30 p.m. PDT (4:30 p.m. EDT). Participating in the call will be Dave Mowry, Chief Executive Officer, and Jason Richey, President. The webcast can be found at the Investor Relations section of Cutera's website at http://www.cutera.com/ and will be available online within 24 hours of its completion through December 7, 2019. In addition, you may call 1-877-300-8521 to listen to the live broadcast.

About Cutera, Inc.

Brisbane, California-based Cutera is a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide. Since 1998, Cutera has developed innovative, easy-to-use products that enable physicians and other qualified practitioners to offer safe and effective aesthetic treatments to their patients. For more information, call 1-888-4CUTERA or visit www.cutera.com.

*Use of Non-GAAP Financial Measures

In this press release, in order to supplement the Company’s condensed consolidated financial statements presented in accordance with Generally Accepted Accounting Principles, or GAAP, management has disclosed certain non-GAAP financial measures for the statement of operations and net income (loss) per diluted share. Non-GAAP adjustments include stock-based compensation, depreciation, amortization, executive separation costs, customer relationship management (“CRM”) and enterprise resource planning (“ERP”) system implementation costs, as well as the net tax impact of excluding these items. From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management. We have provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential significant variability, limited visibility, unpredictability, or unique non-recurring nature of the items. Forward-looking non-GAAP measures include adjusted EBITDA. We define adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation, executive separation costs, and charges related to CRM and ERP software implementation costs.

Company management uses these measurements as aids in monitoring the Company’s ongoing financial performance from quarter to quarter, and year to year, on a regular basis and for benchmarking against other similar companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, the operating performance measure as prescribed by GAAP. Non-GAAP financial measures for the statement of operations and net income per diluted share exclude the following:

Non-cash expenses for stock-based compensation. We have excluded the effect of stock-based compensation expenses in calculating our non-GAAP operating expenses and net income measures. Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We record stock-based compensation expense related to grants of options, employee stock purchase plan, performance and restricted stock. Depending upon the size, timing and the terms of the grants, this expense may vary significantly but will recur in future periods. We believe that excluding stock-based compensation better allows for comparisons to our peer companies;

Depreciation and amortization. We have excluded depreciation and amortization expense in calculating our non-GAAP operating expenses and net income measures. Depreciation and amortization are non-cash charges to current operations;

Executive separation. We have excluded costs associated with the resignation of our former Chief Executive Officer in calculating our non-GAAP operating expenses and net income measures. We exclude these non-recurring separation costs because we believe that these items do not reflect future operating expenses;

Customer Relationship Management. We have excluded CRM system costs related to direct and incremental costs incurred in connection with our multi-phase implementation of a new CRM solution and the related technology infrastructure costs. We exclude these costs because we believe that these items do not reflect future operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance; and

Enterprise Resource Planning. We have excluded ERP system costs related to direct and incremental costs incurred in connection with our multi-phase implementation of a new ERP solution and the related technology infrastructure costs. We exclude these costs because we believe that these items do not reflect future operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance.

We believe that excluding all of the items above allows users of our financial statements to better review and assess both current and historical results of operations.

Safe Harbor Statement

Certain statements in this press release, other than purely historical information, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, but are not limited to, Cutera’s plans, objectives, strategies, financial performance and outlook, CFO search, product launches and performance, trends, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “should,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” “foresee” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause Cutera's actual results to differ materially from the statements contained herein. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this press release, including those described in the “Risk Factors” section of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, the Registration Statement on Form S-8 and other documents filed from time to time with the United States Securities and Exchange Commission by Cutera.

All information in this press release is as of the date of its release. Accordingly, undue reliance should not be placed on forward-looking statements. Cutera undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Cutera's financial performance for the third quarter ended September 30, 2019, as discussed in this release, is preliminary and unaudited, and subject to adjustment.

CUTERA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited)  

September 30,

June 30,

December 31,

2019

2019

2018(1)(2)

Assets Current assets: Cash and cash equivalents

$

22,879

$

27,668

$

26,052

Marketable investments

6,448

4,002

9,523

Accounts receivable, net

23,222

24,919

19,637

Inventories

34,042

26,889

28,014

Other current assets and prepaid expenses

5,334

4,536

3,972

Total current assets

91,925

88,014

87,198

  Property and equipment, net

2,771

2,834

2,672

Deferred tax asset

459

458

457

Goodwill

1,339

1,339

1,339

Operating lease right-of-use assets

8,332

8,990

-

Other long-term assets

6,410

6,311

5,971

Total assets

$

111,236

$

107,946

$

97,637

  Liabilities and Stockholders' Equity Current liabilities: Accounts payable

$

14,140

$

11,441

$

11,279

Accrued liabilities

28,096

27,026

23,300

Operating leases liabilities

634

1,276

-

Extended warranty liabilities

2,232

2,399

3,159

Deferred revenue

10,164

10,717

9,882

Total current liabilities

55,266

52,859

47,620

  Deferred revenue, net of current portion

3,309

3,142

2,684

Income tax liability

93

93

394

Operating lease liabilities, net of current portion

7,888

7,888

-

Other long-term liabilities

690

782

553

Total liabilities

67,246

64,764

51,251

  Stockholders’ equity: Common stock

14

14

14

Additional paid-in capital

78,305

74,870

70,451

Accumulated deficit

(34,270)

(31,642)

(24,010)

Accumulated other comprehensive loss

(59)

(60)

(69)

Total stockholders' equity

43,990

43,182

46,386

Total liabilities and stockholders' equity

$

111,236

$

107,946

$

97,637

(1)

As of January 1, 2019, the Company adopted the requirements of ASC 842 using the modified retrospective method, and as a result, there is a lack of comparability to the prior periods presented.

(2)

As of April 1, 2019, the Company adopted the requirements of Intangibles Topic 350 on a prospective basis, and as a result, there is a lack of comparability to the prior periods presented.

CUTERA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

September 30,

 

September 30,

 

 

2019

 

2018

 

2019

 

2018

  Products

$

40,315

35,675

113,046

$

102,589

Service

5,802

4,898

16,871

14,662

Total net revenue

46,117

40,573

129,917

117,251

  Products

16,343

15,909

50,278

46,876

Service

3,541

2,779

10,266

8,779

Total cost of revenue

19,884

18,688

60,544

55,655

Gross profit

26,233

21,885

69,373

61,596

Gross margin %

57%

54%

53%

53%

  Operating expenses: Sales and marketing

17,691

14,479

50,786

43,102

Research and development

3,643

3,244

10,622

10,895

General and administrative

7,308

5,160

18,100

15,501

Total operating expenses

28,642

22,883

79,508

69,498

Loss from operations

(2,409)

(998)

(10,135)

(7,902)

Interest and other expense, net

(146)

(49)

(180)

(80)

Loss before income taxes

(2,555)

(1,047)

(10,315)

(7,982)

Income tax expense (benefit)

73

(174)

(55)

(3,505)

Net loss

$

(2,628)

$

(873)

$

(10,260)

$

(4,477)

  Net loss per share: Basic

$

(0.19)

$

(0.06)

$

(0.73)

$

(0.33)

Diluted

$

(0.19)

$

(0.06)

$

(0.73)

$

(0.33)

  Weighted-average number of shares used in per share calculations: Basic

14,182

13,851

14,095

13,717

Diluted

14,182

13,851

14,095

13,717

CUTERA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (in thousands, except percentage data) (unaudited)  

Three Months Ended

 

% Change

 

Nine Months Ended

 

% Change

 

 

September 30,

 

September 30,

 

2019 Vs

 

September 30,

 

September 30,

 

2019 Vs

 

 

2019

 

2018

 

2018

 

2019

 

2018

 

2018

Revenue By Geography: United States

$

26,425

$

24,329

+9%

$

74,972

$

73,597

+2%

International

19,692

16,244

+21%

54,945

43,654

+26%

Total Net Revenue

$

46,117

$

40,573

+14%

$

129,917

$

117,251

+11%

International as a percentage of total revenue

43%

40%

42%

37%

  Revenue By Product Category: Systems - North America

$

24,121

$

22,628

+7%

$

68,192

$

67,458

+1%

- Rest of World

10,837

10,569

+3%

31,514

28,269

+11%

Total Systems

34,958

33,197

+5%

99,706

95,727

+4%

Consumables

2,510

1,055

+138%

7,109

2,881

+147%

Skincare

2,847

1,423

+100%

6,230

3,981

+56%

Total Products

40,315

35,675

+13%

113,045

102,589

+10%

  Service

5,802

4,898

+18%

16,872

14,662

+15%

Total Net Revenue

$

46,117

$

40,573

+14%

$

129,917

$

117,251

+11%

     

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

September 30,

 

 

 

September 30,

 

September 30,

 

 

 

 

2019

 

2018

 

 

 

2019

 

2018

Pre-tax Stock-Based Compensation Expense: Cost of revenue

$

430

$

196

$

1,103

$

576

Sales and marketing

1,365

541

3,080

1,745

Research and development

443

163

1,076

616

General and administrative

940

731

1,745

2587

$

3,178

$

1,631

$

7,004

$

5,524

CUTERA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)

Three Months Ended

 

Nine Months Ended

September 30,

 

September 30,

 

September 30,

 

September 30,

2019

 

2018

 

2019

 

2018

Cash flows from operating activities: Net loss

$

(2,628)

$

(873)

$

(10,260)

$

(4,477)

Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation

3,178

1,631

7,004

5,524

Depreciation of tangible assets

369

305

1,184

849

Amortization of contract acquisition costs

757

482

2,169

1,304

Change in deferred tax asset

(1)

(183)

(2)

(3,507)

Provision for doubtful accounts receivable

666

390

647

877

Other

(96)

240

55

215

Changes in assets and liabilities: Accounts receivable

1,031

(3,712)

(4,232)

(5,544)

Inventories

(7,153)

(1,184)

(6,028)

(2,540)

Other current assets and prepaid expenses

(809)

(228)

(1,423)

(797)

Other long-term assets

(856)

(723)

(2,608)

(2,301)

Accounts payable

2,699

2,578

2,861

6,319

Accrued liabilities

1,121

148

4,900

(4,177)

Extended warranty liabilities

(167)

-

(927)

-

Other long-term liabilities

-

35

(140)

105

Deferred revenue

(386)

(488)

907

58

Income tax liability

-

(34)

(301)

(27)

Net cash used in operating activities

(2,275)

(1,616)

(6,194)

(8,119)

  Cash flows from investing activities: Acquisition of property, equipment and software

(208)

(633)

(524)

(1,214)

Disposal of property and equipment

25

3

45

41

Proceeds from sales of marketable investments

-

-

-

13,044

Proceeds from maturities of marketable investments

1,850

5,550

11,450

8,050

Purchase of marketable investments

(4,284)

-

(8,304)

(4,390)

Net cash provided by (used in) investing activities

(2,617)

4,920

2,667

15,531

  Cash flows from financing activities: Proceeds from exercise of stock options and employee stock purchase plan

437

565

1,600

3,603

Taxes paid related to net share settlement of equity awards

(180)

(307)

(750)

(2,971)

Payments on finance lease obligations

(154)

(128)

(496)

(362)

Net cash provided by financing activities

103

130

354

270

  Net increase (decrease) in cash and cash equivalents

(4,789)

3,434

(3,173)

7,682

Cash and cash equivalents at beginning of period

27,668

18,432

26,052

14,184

Cash and cash equivalents at end of period

$

22,879

$

21,866

$

22,879

$

21,866

CUTERA, INC. RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)     Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 GAAP DepreciationandAmortization Stock-BasedCompensation CRM and ERPImplementation Taxes andOtherAdjustments Non-GAAP GAAP DepreciationandAmortization Stock-BasedCompensation Taxes andOtherAdjustments Non-GAAP   Net revenue

$

46,117

 

-

 

-

 

-

 

-

 

$

46,117

 

$

40,573

 

-

 

-

 

-

 

$

40,573

 

Cost of revenue

 

19,884

 

(134

)

(430

)

-

 

-

 

 

19,320

 

 

18,688

 

(65

)

(196

)

-

 

 

18,427

 

Gross profit

 

26,233

 

134

 

430

 

-

 

-

 

 

26,797

 

 

21,885

 

65

 

196

 

-

 

 

22,146

 

Gross margin %

 

57

%

 

58

%

 

54

%

 

55

%

  Operating expenses: Sales and marketing

 

17,691

 

(936

)

(1,365

)

(90

)

-

 

 

15,300

 

 

14,479

 

(642

)

(541

)

-

 

 

13,296

 

Research and development

 

3,643

 

(27

)

(443

)

-

 

-

 

 

3,173

 

 

3,244

 

(19

)

(163

)

-

 

 

3,062

 

General and administrative

 

7,308

 

(29

)

(940

)

(430

)

-

 

 

5,909

 

 

5,160

 

(61

)

(731

)

-

 

 

4,368

 

Total operating expenses

 

28,642

 

(992

)

(2,748

)

(520

)

-

 

 

24,382

 

 

22,883

 

(722

)

(1,435

)

-

 

 

20,726

 

Income (loss) from operations

 

(2,409

)

1,126

 

3,178

 

520

 

-

 

 

2,415

 

 

(998

)

787

 

1,631

 

-

 

 

1,420

 

Interest and other expense, net

 

(146

)

-

 

-

 

-

 

-

 

 

(146

)

 

(49

)

-

 

-

 

-

 

 

(49

)

Income (loss) before income taxes

 

(2,555

)

1,126

 

3,178

 

520

 

-

 

 

2,269

 

 

(1,047

)

787

 

1,631

 

-

 

 

1,371

 

Provision (benefit) for income taxes

 

73

 

-

 

-

 

-

 

6

 

 

79

 

 

(174

)

-

 

-

 

(39

)

 

(213

)

Net income (loss)

$

(2,628

)

1,126

 

3,178

 

520

 

(6

)

$

2,190

 

$

(873

)

787

 

1,631

 

39

 

$

1,584

 

  Net income (loss) per share: Basic

$

(0.19

)

$

0.15

 

$

(0.06

)

$

0.11

 

Diluted

$

(0.19

)

$

0.15

 

$

(0.06

)

$

0.11

 

  Weighted-average number of shares used in per share calculations: Basic

 

14,182

 

 

14,182

 

 

13,851

 

 

13,851

 

Diluted

 

14,182

 

 

14,751

 

 

13,851

 

 

14,258

 

        Operating expenses as a % of net revenue GAAP Non-GAAP GAAP Non-GAAP Sales and marketing

 

38.4

%

 

33.2

%

 

35.7

%

 

32.8

%

Research and development

 

7.9

%

 

6.9

%

 

8.0

%

 

7.5

%

General and administrative

 

15.8

%

 

12.8

%

 

12.7

%

 

10.8

%

 

62.1

%

 

52.9

%

 

56.4

%

 

51.1

%

CUTERA, INC. RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)     Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 GAAP DepreciationandAmortization Stock-BasedCompensation CRM and ERPImplementation Taxes andOtherAdjustments Non-GAAP GAAP DepreciationandAmortization Stock-BasedCompensation Taxes andOtherAdjustments Non-GAAP   Net revenue

$

129,917

 

-

 

-

 

-

 

-

 

$

129,917

 

$

117,251

 

-

 

-

 

-

 

$

117,251

 

Cost of revenue

 

60,544

 

(385

)

(1,103

)

-

 

-

 

 

59,056

 

 

55,655

 

(226

)

(576

)

-

 

 

54,853

 

Gross profit

 

69,373

 

385

 

1,103

 

-

 

-

 

 

70,861

 

 

61,596

 

226

 

576

 

-

 

 

62,398

 

Gross margin %

 

53

%

 

55

%

 

53

%

 

53

%

  Operating expenses: Sales and marketing

 

50,786

 

(2,718

)

(3,080

)

(201

)

-

 

 

44,787

 

 

43,102

 

(1,765

)

(1,744

)

-

 

 

39,593

 

Research and development

 

10,622

 

(74

)

(1,076

)

-

 

-

 

 

9,472

 

 

10,895

 

(51

)

(617

)

-

 

 

10,227

 

General and administrative

 

18,100

 

(176

)

(1,745

)

(1,129

)

(614

)

(a)

 

14,435

 

 

15,501

 

(111

)

(2,587

)

-

 

 

12,803

 

Total operating expenses

 

79,508

 

(2,968

)

(5,901

)

(1,331

)

(614

)

 

68,694

 

 

69,498

 

(1,927

)

(4,948

)

-

 

 

62,623

 

Income (loss) from operations

 

(10,135

)

3,353

 

7,004

 

1,331

 

614

 

 

2,167

 

 

(7,902

)

2,153

 

5,524

 

-

 

 

(225

)

Interest and other expense, net

 

(180

)

-

 

-

 

-

 

-

 

 

(180

)

 

(80

)

-

 

-

 

-

 

 

(80

)

Income (loss) before income taxes

 

(10,315

)

3,353

 

7,004

 

1,331

 

614

 

 

1,987

 

 

(7,982

)

2,153

 

5,524

 

-

 

 

(305

)

Provision (benefit) for income taxes

 

(55

)

-

 

-

 

-

 

288

 

 

233

 

 

(3,505

)

-

 

-

 

130

 

 

(3,375

)

Net income (loss)

$

(10,260

)

3,353

 

7,004

 

1,331

 

326

 

$

1,754

 

$

(4,477

)

2,153

 

5,524

 

(130

)

$

3,070

 

  Net income (loss) per share: Basic

$

(0.73

)

$

0.12

 

$

(0.33

)

$

0.22

 

Diluted

$

(0.73

)

$

0.12

 

$

(0.33

)

$

0.21

 

  Weighted-average number of shares used in per share calculations: Basic

 

14,095

 

 

14,095

 

 

13,717

 

 

13,717

 

Diluted

 

14,095

 

 

14,417

 

 

13,717

 

 

14,285

 

 

a) Other adjustment of $614 related to Executive separation costs.

    Operating expenses as a % of net revenue GAAP Non-GAAP GAAP Non-GAAP Sales and marketing

 

39.1

%

 

34.5

%

 

36.8

%

 

33.8

%

Research and development

 

8.2

%

 

7.3

%

 

9.3

%

 

8.7

%

General and administrative

 

13.9

%

 

11.1

%

 

13.2

%

 

10.9

%

 

61.2

%

 

52.9

%

 

59.3

%

 

53.4

%

  CUTERA, INC. RECONCILIATION OF LOSS TO ADJUSTED EBITDA (in thousands) (unaudited)     Three MonthsEnded Nine MonthsEnded September 30, 2019   Net loss

$

(2,628

)

$

(10,260

)

Adjustments: Stock-based compensation

 

3,178

 

 

7,004

 

Depreciation and amortization

 

1,126

 

 

3,353

 

CRM and ERP implementation costs

 

520

 

 

1,331

 

Other adjustments

 

-

 

 

614

 

(a) Interest and other expense, net

 

146

 

 

180

 

Provision (benefit) for income taxes

 

73

 

 

(55

)

Total adjustments

$

5,043

 

$

12,427

 

  Adjusted EBITDA

$

2,415

 

$

2,167

 

 

a) Other adjustment of $614 related to Executive separation costs.

 

Cutera, Inc. Matthew Scalo Vice President, Investor Relations & Corporate Development 415-657-5500 mscalo@cutera.com

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