First Quarter Revenue of $34.1 Million; Increases
16% Year-over-YearNorth America System Revenue Grew 31% in the
First Quarter
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
first quarter ending March 31, 2018.
Key financial highlights for the first quarter
2018, when compared to the first quarter 2017, include:
- Revenue increased 16% to $34.1 million, due
primarily to 31% system revenue growth in North America;-- Revenue
growth continues to be driven by strong demand for the truSculpt®
3D and the successful launch of both the Juliet™ and Secret™ RF
systems. Combined, these three systems accounted for over 35% of
global sales in the first quarter;-- Global average selling
prices of the Company’s core xeo® and the excel™ family of systems
increased compared to first quarter 2017; and -- Products
consumed in procedures using the truSculpt 3D, Juliet and Secret RF
platforms, plus distributed skincare products, accounted for 6% of
total sales in the first quarter. Recurring revenue, which
includes these sales and Service revenue, accounted for 20% of
total revenue in the first quarter.
- Gross Margin of 51% compared to 53% in the
first quarter 2017 reflects a combination of factors, including
elevated investment in our service organization and increased
facility and warranty costs. The increase in service spend includes
activities aimed at scaling our service organization with the goal
of improving our customers’ productivity worldwide.
- Net Loss was $2.0 million, or $0.15 per fully
diluted share while non-GAAP* net loss was $0.3
million, or $0.02 per fully diluted share.
“Our first quarter performance in North America
was strong, as system revenue grew 31% over last year. Continued
demand for truSculpt 3D and the launch of our Juliet and Secret RF
systems drove our results,” stated President and CEO, James
Reinstein. “The overall performance in international was
weighed down by a temporary administrative regulatory issue in
Japan. Now resolved, this issue impacted our ability to
import units into Japan for part of Q1 and over-shadowed very
strong growth in Europe, the Middle East, and Australia. Net
net, we still expect to achieve our full year revenue goal.
While growth continues to drive our performance, we also continue
to experience collateral ‘growing pains’ that reflect our focus on
appropriately scaling our organization for the long term.
Since I joined Cutera in early 2017, improving the Company’s
infrastructure has been a top priority in order for the Company to
sustain these impressive growth rates. We made significant progress
in a short period of time and I expect continued improvements to be
reflected in our financial results going forward. The overwhelming
positive customer feedback we heard at the recent ASLMS conference
supports what we are striving to accomplish at Cutera.
Ultimately, we expect our efforts in scaling the Company to
generate strong long-term shareholder value.”
Product Updates
At the recent American Society for Laser
Medicine and Surgery (ASLMS) conference, Cutera launched its latest
version of the enlighten® system, enlighten® SR. This system offers
practitioners a solution to address both photodamaged and aging
skin. Development and launch of our next generation truSculpt
system remains on schedule and the Company will provide more
details on its product pipeline, including this new offering and a
general corporate update, at its analyst day later in 2018.
2018 Outlook:
- We reiterate our 2018 revenue guidance range of between $178 to
$181 million, an 18% - 20% increase over 2017;
- Gross margin is expected to be in the range of 57% to 58%, as
we continue to build our infrastructure to a scale appropriate to
support our growth and our expanding customer base;
- Operating expenses are expected to remain consistent with 2017
levels in the range of 52% to 54% of revenue, as we continue to
invest in product development and the scalability of our
operations;
- Non-GAAP earnings per share is expected to be in the range of
$1.03 to $1.11 as compared to $0.93 for the full-year of 2017;
and
- Adjusted EBITDA is expected to be in the range of $15.0 to
$17.0 million.
Please refer to “Use of Non-GAAP Financial
Measures” below for a description of items excluded from expected
non-GAAP earnings.
Effect on Net Revenue for the Adoption
of ASC 606
The Company adopted the New Revenue Standard
(“ASC 606”), on January 1, 2018, using the modified retrospective
method, which primarily impacted the Company’s recognition of
commission costs. The Company recognized the cumulative effect of
applying the new revenue standard as an adjustment of $5 million to
retained earnings. The comparative information has not been
restated and continues to be reported under the accounting
standards in effect for the period presented.
Conference Call
The conference call to discuss these results is
scheduled to begin today at 1:30 p.m. PST (4:30 p.m. EST).
Participating in the call will be James Reinstein, President and
Chief Executive Officer and Sandra Gardiner, Executive Vice
President and Chief Financial Officer. The call will be
broadcast live over the Internet, hosted at the Investor Relations
section of Cutera's website at http://www.cutera.com/, and will be
archived online within one hour of its completion through May 29,
2018. In addition, you may call 1-877-705-6003 to listen to the
live broadcast.
CONTACTS:
Cutera, Inc.Matthew Scalo Vice President, Investor Relations
& Corporate Development 415-657-5500 mscalo@cutera.com
Investor Relations John MillsPartner, ICR,
Inc.646-277-1254john.mills@icrinc.com
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
our 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 per diluted share, which
exclude non-cash expenses for stock-based compensation,
depreciation and amortization, 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 excluded
items.
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 medical technology 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 non-cash compensation expense
related to grants of options, performance and restricted stock.
Depending upon the size, timing and the terms of the grants, the
non-cash compensation expense may vary significantly but will recur
in future periods. We believe that excluding this item allows
users of our financial statements to better review and assess both
current, and historical results of operations. We also
believe that excluding non-cash expenses for stock-based
compensation better allows for comparisons to our peer companies;
and
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. We continue to evaluate our business
performance excluding non-cash charges and believe that excluding
these items 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, 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 first quarter ended March 31, 2018,
as discussed in this release, is preliminary and unaudited, and
subject to adjustment.
|
|
|
CUTERA, INC. |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
|
|
|
|
|
2018(1) |
|
|
2017(1) |
|
|
2017(1) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
10,910 |
|
$ |
14,184 |
|
$ |
11,443 |
|
|
Marketable
investments |
|
|
13,062 |
|
|
21,728 |
|
|
36,990 |
|
|
|
Cash, cash
equivalents and marketable investments |
|
|
23,972 |
|
|
35,912 |
|
|
48,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable, net |
|
|
19,862 |
|
|
20,777 |
|
|
17,859 |
|
|
Inventories |
|
|
30,979 |
|
|
28,782 |
|
|
15,672 |
|
|
Other
current assets and prepaid expenses |
|
|
2,601 |
|
|
2,903 |
|
|
2,403 |
|
|
|
Total
current assets |
|
|
77,414 |
|
|
88,374 |
|
|
84,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
2,214 |
|
|
2,096 |
|
|
1,802 |
|
Deferred
tax asset, net of current portion |
|
|
21,792 |
|
|
19,055 |
|
|
394 |
|
Goodwill |
|
|
|
1,339 |
|
|
1,339 |
|
|
1,339 |
|
Other
long-term assets |
|
|
5,367 |
|
|
374 |
|
|
389 |
|
|
|
|
Total
assets |
|
$ |
108,126 |
|
$ |
111,238 |
|
$ |
88,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
8,206 |
|
$ |
7,002 |
|
$ |
3,089 |
|
|
Accrued
liabilities |
|
|
20,083 |
|
|
26,848 |
|
|
14,950 |
|
|
Deferred
revenue |
|
|
8,847 |
|
|
9,461 |
|
|
8,275 |
|
|
|
Total
current liabilities |
|
|
37,136 |
|
|
43,311 |
|
|
26,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
revenue, net of current portion |
|
|
2,168 |
|
|
2,195 |
|
|
1,801 |
|
Income tax
liability |
|
|
384 |
|
|
379 |
|
|
169 |
|
Other
long-term liabilities |
|
|
583 |
|
|
460 |
|
|
565 |
|
|
|
Total
liabilities |
|
|
40,271 |
|
|
46,345 |
|
|
28,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
67,855 |
|
|
64,893 |
|
|
59,442 |
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
108,126 |
|
$ |
111,238 |
|
$ |
88,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As of
January 1, 2018, the Company adopted the requirements of ASC 606
using the modified retrospective method, 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 |
|
|
|
|
|
March 31, |
|
March 31, |
|
|
|
|
|
2018(1) |
|
2017(1) |
|
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
$ |
34,125 |
|
|
$ |
29,299 |
|
|
Cost of
revenue |
|
|
16,791 |
|
|
|
13,778 |
|
|
|
|
Gross profit |
|
|
17,334 |
|
|
|
15,521 |
|
|
|
|
Gross margin % |
|
|
51% |
|
|
|
53% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
13,088 |
|
|
|
10,773 |
|
|
|
Research
and development |
|
|
3,556 |
|
|
|
2,945 |
|
|
|
General and
administrative |
|
|
5,439 |
|
|
|
3,216 |
|
|
|
|
Total operating
expenses |
|
|
22,083 |
|
|
|
16,934 |
|
|
Loss from
operations |
|
|
(4,749 |
) |
|
|
(1,413 |
) |
|
Interest
and other income, net |
|
|
98 |
|
|
|
273 |
|
|
Loss before
income taxes |
|
|
(4,651 |
) |
|
|
(1,140 |
) |
|
Benefit for
income taxes |
|
|
(2,619 |
) |
|
|
(118 |
) |
|
Net
loss |
|
$ |
(2,032 |
) |
|
$ |
(1,022 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares used in per share
calculations: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
13,587 |
|
|
|
13,840 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) As of
January 1, 2018, the Company adopted the requirements of ASC 606
using the modified retrospective method, and as a result, there is
a lack of comparability to the prior periods presented. |
|
|
|
|
|
|
|
|
|
|
|
CUTERA, INC. |
|
CONSOLIDATED FINANCIAL
HIGHLIGHTS |
|
(in thousands, except percentage
data) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
% Change |
|
|
|
|
|
Q1 |
|
|
Q1 |
|
Q1 '18 Vs |
|
|
|
|
|
2018(1) |
|
|
2017(1) |
|
Q1 '17 |
|
Revenue By Geography: |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
21,136 |
|
|
|
$ |
16,544 |
|
|
+28 |
% |
|
|
|
International |
|
|
12,989 |
|
|
|
|
12,755 |
|
|
+2 |
% |
|
|
|
Total Net
Revenue |
|
$ |
34,125 |
|
|
|
$ |
29,299 |
|
|
+16 |
% |
|
|
|
International as a
percentage of total revenue |
|
|
38% |
|
|
|
|
44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue By Product Category: |
|
|
|
|
|
|
|
|
|
|
|
Systems |
|
|
|
|
|
|
|
|
|
|
|
|
- North America |
|
$ |
18,944 |
|
|
|
$ |
14,460 |
|
|
+31 |
% |
|
|
|
- Rest of World |
|
|
8,295 |
|
|
|
|
8,532 |
|
|
-3 |
% |
|
|
|
Total
Systems |
|
|
27,239 |
|
|
|
|
22,992 |
|
|
+18 |
% |
|
|
Consumables |
|
|
769 |
|
|
|
|
499 |
|
|
+54 |
% |
|
|
Skincare |
|
|
1,256 |
|
|
|
|
984 |
|
|
+28 |
% |
|
|
|
Total
Products |
|
|
29,264 |
|
|
|
|
24,475 |
|
|
+20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service |
|
|
4,861 |
|
|
|
|
4,824 |
|
|
+1 |
% |
|
|
|
Total Net
Revenue |
|
$ |
34,125 |
|
|
|
$ |
29,299 |
|
|
+16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As of
January 1, 2018, the Company adopted the requirements of ASC 606
using the modified retrospective method, and as a result, there is
a lack of comparability to the prior periods presented. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
|
|
|
|
|
|
2018 |
|
|
2017 |
|
|
|
Pre-tax Stock-Based Compensation Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
|
$ |
154 |
|
|
|
$ |
129 |
|
|
|
|
|
|
Sales and
marketing |
|
|
489 |
|
|
|
|
420 |
|
|
|
|
|
|
Research
and development |
|
|
191 |
|
|
|
|
237 |
|
|
|
|
|
|
General
and administrative |
|
|
854 |
|
|
|
|
609 |
|
|
|
|
|
|
|
|
$ |
1,688 |
|
|
|
$ |
1,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31,
2018 |
|
Three Months Ended March 31,
2017 |
|
|
|
|
|
GAAP(1) |
|
Adjustments* |
|
Non-GAAP |
|
GAAP(1) |
|
Adjustments* |
|
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
$ |
34,125 |
|
|
$ |
- |
|
|
|
$ |
34,125 |
|
|
$ |
29,299 |
|
|
$ |
- |
|
|
|
$ |
29,299 |
|
|
Cost of
revenue |
|
|
16,791 |
|
|
|
(239 |
) |
(a) |
|
|
16,552 |
|
|
|
13,778 |
|
|
|
(197 |
) |
(a) |
|
|
13,581 |
|
|
Gross
profit |
|
|
|
|
17,334 |
|
|
|
239 |
|
|
|
|
17,573 |
|
|
|
15,521 |
|
|
|
197 |
|
|
|
|
15,718 |
|
|
Gross
margin % |
|
|
|
|
51% |
|
|
|
|
|
|
51% |
|
|
|
53% |
|
|
|
|
|
|
54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
|
13,088 |
|
|
|
(1,012 |
) |
(b) |
|
|
12,076 |
|
|
|
10,773 |
|
|
|
(595 |
) |
(b) |
|
|
10,178 |
|
|
Research
and development |
|
|
|
3,556 |
|
|
|
(206 |
) |
(c) |
|
|
3,350 |
|
|
|
2,945 |
|
|
|
(241 |
) |
(c) |
|
|
2,704 |
|
|
General
and administrative |
|
|
|
5,439 |
|
|
|
(858 |
) |
(d) |
|
|
4,581 |
|
|
|
3,216 |
|
|
|
(610 |
) |
(d) |
|
|
2,606 |
|
|
Total
operating expenses |
|
|
|
|
22,083 |
|
|
|
(2,076 |
) |
|
|
|
20,007 |
|
|
|
16,934 |
|
|
|
(1,446 |
) |
|
|
|
15,488 |
|
|
Income
(loss) from operations |
|
|
|
(4,749 |
) |
|
|
2,315 |
|
|
|
|
(2,434 |
) |
|
|
(1,413 |
) |
|
|
1,643 |
|
|
|
|
230 |
|
|
Interest
and other income, net |
|
|
98 |
|
|
|
- |
|
|
|
|
98 |
|
|
|
273 |
|
|
|
- |
|
|
|
|
273 |
|
|
Income
(loss) before income taxes |
|
|
(4,651 |
) |
|
|
2,315 |
|
|
|
|
(2,336 |
) |
|
|
(1,140 |
) |
|
|
1,643 |
|
|
|
|
503 |
|
|
Provision
(benefit) for income taxes |
|
|
(2,619 |
) |
|
|
566 |
|
(e) |
|
|
(2,053 |
) |
|
|
(118 |
) |
|
|
6 |
|
(e) |
|
|
(112 |
) |
|
Net income
(loss) |
|
$ |
(2,032 |
) |
|
$ |
1,749 |
|
|
|
$ |
(283 |
) |
|
$ |
(1,022 |
) |
|
$ |
1,637 |
|
|
|
$ |
615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
$ |
(0.15 |
) |
|
|
|
|
$ |
(0.02 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares used in per share
calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
|
13,587 |
|
|
|
|
|
|
13,587 |
|
|
|
13,840 |
|
|
|
|
|
|
13,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As of
January 1, 2018, the Company adopted the requirements of ASC 606
using the modified retrospective method, and as a result, there is
a lack of comparability to the prior periods presented. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses as a % of net revenue |
|
|
|
GAAP(1) |
|
|
|
|
Non-GAAP |
|
GAAP(1) |
|
|
|
|
Non-GAAP |
|
Sales and
marketing |
|
|
|
|
38.4% |
|
|
|
|
|
|
35.4% |
|
|
|
36.8% |
|
|
|
|
|
|
34.7% |
|
|
Research
and development |
|
|
|
|
10.4% |
|
|
|
|
|
|
9.8% |
|
|
|
10.1% |
|
|
|
|
|
|
9.2% |
|
|
General
and administrative |
|
|
|
|
15.9% |
|
|
|
|
|
|
13.4% |
|
|
|
11.0% |
|
|
|
|
|
|
8.9% |
|
|
|
|
|
|
|
64.7% |
|
|
|
|
|
|
58.6% |
|
|
|
57.8% |
|
|
|
|
|
|
52.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Fiscal first quarter
of 2018 and 2017 Non-GAAP results exclude the effect of the below
mentioned adjustments ($000s): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a)
Adjustment of $239 and $197 for 2018 and 2017, respectively,
included non-cash expenses of $85 and $68 related to depreciation
and amortization, and $154 and $129 of stock-based
compensation. |
|
b)
Adjustment of $1,012 and $595 for 2018 and 2017, respectively,
included non-cash expenses of $523 and $175 related to depreciation
and amortization, and $489 and $420 of stock-based
compensation. |
|
c)
Adjustment of $206 and $241 for 2018 and 2017, respectively,
included non-cash expenses of $15 and $4 related to depreciation,
and $191 and $237 of stock-based compensation. |
|
d)
Adjustment of $858 and $610 for 2018 and 2017, respectively,
included non-cash expenses of $4 and $1 related to depreciation and
$854 and $609 for stock-based compensation. |
|
e)
Adjustment of $566 and $6 for 2018 and 2017, respectively, relates
to the net impact of excluding the Non-GAAP adjustments from our
tax provision. The 2018 adjustment of $566 excludes
$1.5M tax benefit of excess stock deductions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CUTERA, INC. |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
(in thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
March 31, |
|
March 31, |
|
|
|
|
|
2018(1) |
|
2017(1) |
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net
loss |
$ |
(2,032 |
) |
|
$ |
(1,022 |
) |
|
|
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
1,688 |
|
|
|
1,395 |
|
|
|
|
Depreciation of tangible assets |
|
254 |
|
|
|
248 |
|
|
|
|
Amortization of contract acquisition costs |
|
373 |
|
|
|
- |
|
|
|
|
Change in
deferred tax asset |
|
(2,737 |
) |
|
|
(17 |
) |
|
|
|
Other |
|
25 |
|
|
|
(34 |
) |
|
|
Changes in
assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
915 |
|
|
|
(1,305 |
) |
|
|
|
Inventories |
|
(2,197 |
) |
|
|
(695 |
) |
|
|
|
Accounts
payable |
|
1,204 |
|
|
|
491 |
|
|
|
|
Accrued
liabilities |
|
(6,727 |
) |
|
|
(2,657 |
) |
|
|
|
Deferred
revenue |
|
(456 |
) |
|
|
(23 |
) |
|
|
|
Other |
|
(357 |
) |
|
|
(166 |
) |
|
|
|
|
Net cash used in
operating activities |
|
(10,047 |
) |
|
|
(3,785 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Acquisition
of property, equipment and software |
|
(104 |
) |
|
|
(69 |
) |
|
|
Disposal of
property and equipment |
|
- |
|
|
|
25 |
|
|
|
Net change
in marketable investments |
|
8,654 |
|
|
|
3,318 |
|
|
|
|
|
Net cash provided by
investing activities |
|
8,550 |
|
|
|
3,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Repurchases
of common stock |
|
— |
|
|
|
(2,700 |
) |
|
|
Proceeds
from exercise of stock options and employee stock purchase
plan |
633 |
|
|
|
1,751 |
|
|
|
Taxes paid
related to net share settlement of equity awards |
|
(2,288 |
) |
|
|
(784 |
) |
|
|
Payments on
capital lease obligations |
|
(122 |
) |
|
|
(88 |
) |
|
|
|
|
Net cash used in
financing activities |
|
(1,777 |
) |
|
|
(1,821 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
decrease in cash and cash equivalents |
|
(3,274 |
) |
|
|
(2,332 |
) |
|
|
Cash and
cash equivalents at beginning of period |
|
14,184 |
|
|
|
13,775 |
|
|
|
Cash and
cash equivalents at end of period |
$ |
10,910 |
|
|
$ |
11,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As of
January 1, 2018, the Company adopted the requirements of ASC 606
using the modified retrospective method, and as a result,
there is a lack of comparability to the prior periods
presented. |
|
|
|
|
|
|
|
|
|
|
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