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 fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial and Operational
Highlights
- Revenue was $49.9 million in the fourth quarter, a decrease of
4% from the prior-year period and an increase of 28% sequentially.
The year-over-year decline was solely attributed to lower levels of
capital equipment purchases due to COVID-related disruptions, while
patient traffic and energy-based treatment volumes were estimated
to be at pre-COVID-19 levels during the quarter.
- Capital Equipment revenue of $30.1 million declined 26% over
the prior-year period, while increasing 25% sequentially over the
third quarter of 2020.
- Recurring revenue, defined as the combination of Service,
Skincare and Consumable Product categories, was $19.8 million
during the fourth quarter, growing 80% over the prior-year period
and 32% sequentially over the third quarter of 2020.
- Skincare revenue was $10.6 million during the quarter, compared
to $2.3 million in the prior-year period, growth of 363%.
- Consumable Product revenue was $3.0 million, growing 19% over
the prior-year period and 31% sequentially from the third quarter
of 2020, reflecting the continued recovery of energy-based
treatment volumes.
- Service revenue of $6.2 million was flat versus the prior-year
period, despite decreased access to practices from COVID-related
restrictions.
- Gross Margin was 56.2% for fourth quarter 2020 compared to
55.6% in the prior-year period. Impacts from lower capital
equipment production volumes and product mix shift were offset by
reductions in fixed overhead and manufacturing efficiencies.
- Operating Expense improvements provided a year-over-year
reduction of $4.1 million in the quarter, driven by lower selling
expenses, partially offset by legal expenses.
- Net income was $2.2 million, or $0.12 per fully diluted share,
as compared to a net loss of ($2.1) million, or ($0.15) per fully
diluted share, in the prior-year period.
Full-Year 2020 Financial and Operational Highlights
- Revenue was $147.7 million, compared to $181.7 million in 2019.
- Capital Equipment revenue of $90.8 million decreased 35% over
2019.
- Recurring Revenue of $56.9 million increased 38% over 2019,
driven by Skincare increase of $16.5M over 2019.
- Gross Margin was 51.3% for full-year 2020, as compared to 54.0%
in 2019.
- Operating Expenses decreased $11.6 million to $98.6 million, a
decline of 11% over 2019.
- Net loss was $23.9 million, or ($1.43) per fully diluted share,
as compared to a net loss of $12.3 million, or ($0.88) per fully
diluted share, in 2019.
“I am pleased with our overall results for the fourth quarter
and by the efforts our team put forth over the entirety of 2020.
Our team’s commitment to execution drove steady improvement during
the second half of 2020, posting solid results despite the
difficult operating environment,” commented Dave Mowry, Chief
Executive Officer of Cutera, Inc. “Our focus and resiliency enabled
us to make steady progress on our vital commercial and operational
initiatives during 2020. As a result of these efforts, we enter
2021 well-positioned to accelerate growth and expand profitability
as the impact of COVID-19 continues to wane. I am particularly
excited about what lies ahead for Cutera, as we work to bring truly
innovative products to market and continue to fortify our business
with greater discipline to sustain our financial performance.”
2021 Outlook
Given the continued uncertainty surrounding the magnitude and
duration of the COVID-19 pandemic, the wide range of outcomes for
its impact on capital sales, and its potential to delay procedure
volumes over the course of the year, the Company will not be
providing formal guidance at this time.
Conference Call
The Company’s management will host a conference call to the
discuss these results and related matters today at 1:30 p.m. PT
(4:30 p.m. ET). Participating on the call will be Dave Mowry, Chief
Executive Officer, Rohan Seth, Chief Financial Officer, and, Jason
Richey, President.
To participate in the conference call, dial 1-877-705-6003
(domestic) or + 1-201-493-6725 (international) and refer to the
Conference Code: 13715746.
The call will also be webcast and can be accessed from the
Investor Relations section of Cutera’s website at
http://www.cutera.com/. The webcast replay of the call will be
available at the same site approximately one hour after the end of
the call.
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 and other non-recurring separation costs,
customer relationship management (“CRM”) and enterprise resource
planning (“ERP”) system costs, and non-recurring legal and
litigation 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 the Company believes that doing so is
consistent with the goal of providing useful information to
investors and management. The Company has provided a reconciliation
of each non-GAAP financial measure used in this earnings release to
the most directly comparable GAAP financial measure.
Forward-looking non-GAAP measures include adjusted EBITDA. The
Company defines adjusted EBITDA as earnings before interest, taxes,
depreciation and amortization, stock-based compensation, executive
and other non-recurring separation costs, CRM and ERP system costs,
and non-recurring legal and litigation 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. The
Company has excluded the effect of stock-based compensation
expenses in calculating its non-GAAP operating expenses and net
income measures. Although stock-based compensation is a key
incentive offered to its employees, the Company continues to
evaluate its business performance excluding stock-based
compensation expenses. The Company records stock-based compensation
expense related to grants of options, employee stock purchase plan,
and 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. The Company
believes that excluding stock-based compensation better allows for
comparisons to its peer companies;
Depreciation and amortization. The Company has excluded
depreciation and amortization expense in calculating its non-GAAP
operating expenses and net income measures. Depreciation and
amortization are non-cash charges to current operations;
Executive and other non-recurring separation costs. We
have excluded costs associated with the resignation of our former
Executive Officers in calculating our non-GAAP operating expenses
and net income measures. We exclude these and other non-recurring
employee 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;
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; and
Non-recurring legal and litigation costs. We have
excluded costs incurred related to third party litigation and
disputes, that are of a non-recurring nature.
The Company believes that excluding all of the items above
allows users of its 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 and
other senior leadership searches, product launches and performance,
trends, prospects or future events and involve known and unknown
risks that are difficult to predict. As a result, the Company’s
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 the Company’s control,
that could cause its 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 the
Company updates one or more forward-looking statements, no
inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements. Cutera's
financial performance for the fourth quarter and full year ended
December 31, 2020, as discussed in this release, is preliminary and
unaudited, and subject to adjustment.
The financial data presented for the year ended December 31,
2020 should be considered preliminary and could be subject to
change, as the Company’s independent auditor has not completed
their audit.
CUTERA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) (unaudited)
December 31,
December 31,
Reporting Unit Balance Sheet
2020
2019
Assets Current assets: Cash and cash equivalents
$
47,047
$
26,316
Marketable investments
-
7,605
Accounts receivable, net
22,645
21,556
Inventories
28,508
33,921
Other current assets and prepaid expenses
8,096
5,648
Total current assets
106,296
95,046
Property and equipment, net
2,299
2,817
Deferred tax asset
643
423
Goodwill
1,339
1,339
Operating lease right-of-use assets
17,076
7,702
Other long-term assets
5,080
6,411
Total assets
$
132,733
$
113,738
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
6,684
$
12,685
Accrued liabilities
31,079
30,307
Operating leases liabilities
2,260
2,800
Extended warranty liabilities
1,216
1,999
Deferred revenue
9,489
10,831
Total current liabilities
50,728
58,622
Deferred revenue, net of current portion
1,748
3,391
Income tax liability
-
93
PPP Loan payable
7,185
-
Operating lease liabilities, net of current portion
15,950
5,112
Other long-term liabilities
242
578
Total liabilities
75,853
67,796
Stockholders’ equity:
Common stock
18
14
Additional paid-in capital
117,097
82,346
Accumulated deficit
(60,235)
(36,358)
Accumulated other comprehensive loss
-
(60)
Total stockholders' equity
56,880
45,942
Total liabilities and stockholders' equity
$
132,733
$
113,738
CUTERA, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data)
(unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
December 31,
December 31,
2020
2019
2020
2019
Products
$
43,723
$
45,593
125,113
$
158,638
Service
6,220
6,202
22,570
23,074
Total net revenue
49,943
51,795
147,683
181,712
Products
17,999
18,415
58,325
64,693
Service
3,878
4,590
13,586
18,856
Total cost of revenue
21,877
23,005
71,911
83,549
Gross profit
28,066
28,790
75,772
98,163
Gross margin %
56%
56%
51%
54%
Operating expenses:
Sales and marketing
14,656
20,323
52,766
71,109
Research and development
4,029
4,463
14,322
15,085
General and administrative
7,938
5,933
31,512
24,033
Total operating expenses
26,623
30,719
98,600
110,227
Income (Loss) from operations
1,443
(1,929)
(22,828)
(12,064)
Interest and other income (expense), net
7
(20)
(579)
(199)
Income (Loss) before income taxes
1,450
(1,949)
(23,407)
(12,263)
Income tax expense (benefit)
(738)
139
470
85
Net Income (loss)
$
2,188
$
(2,088)
$
(23,877)
$
(12,348)
Net Income (loss) per share:
Basic
$
0.12
$
(0.15)
$
(1.43)
$
(0.88)
Diluted
$
0.12
$
(0.15)
$
(1.43)
$
(0.88)
Weighted-average number of shares used in per share
calculations: Basic
17,653
14,261
16,691
14,096
Diluted
17,840
14,261
16,691
14,096
CUTERA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands) (unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
December 31,
December 31,
2020
2019
2020
2019
Cash flows from operating activities: Net income (loss)
$
2,188
$
(2,088)
$
(23,877)
$
(12,348)
Adjustments to reconcile net loss to net cash used in operating
activities: Stock-based compensation
2,052
2,828
10,109
9,832
Depreciation of tangible assets
338
364
1,394
1,548
Amortization of contract acquisition costs
579
746
2,593
2,915
Impairment of capitalized cloud computing costs
-
-
805
-
Change in deferred tax asset
(143)
36
(220)
34
Provision for credit losses
394
(57)
2,144
590
Loss on sale of marketable investments, net
-
60
-
Change in right-of-use asset/liability due to modification
705
-
955
-
Other
183
72
453
127
Changes in assets and liabilities: Accounts receivable
(5,442)
1,723
(3,233)
(2,509)
Inventories
825
121
5,413
(5,907)
Other current assets and prepaid expenses
(1,208)
(339)
(2,481)
(1,762)
Other long-term assets
(1,009)
(747)
(2,067)
(3,355)
Accounts payable
(148)
(1,455)
(6,034)
1,406
Accrued liabilities
5,450
2,257
891
7,157
Extended warranty liabilities
(281)
(233)
(783)
(1,160)
Other long-term liabilities
-
-
-
(140)
Deferred revenue
(587)
749
(2,985)
1,656
Income tax liability
(93)
-
(93)
(301)
Net cash provided by (used in) operating activities
3,803
3,977
(16,956)
(2,217)
Cash flows from investing activities: Acquisition of
property, equipment and software
(505)
(467)
(1,279)
(991)
Disposal of property and equipment
30
-
30
45
Proceeds from sales of marketable investments
5,648
-
5,648
-
Proceeds from maturities of marketable investments
9,050
3,250
28,050
14,700
Purchase of marketable investments
(1,649)
(4,383)
(26,060)
(12,687)
Net cash provided by (used in) investing activities
12,574
(1,600)
6,389
1,067
Cash flows from financing activities: Proceeds from
exercise of stock options and employee stock purchase plan
723
1,294
1,579
2,894
Proceeds from long-term debt
-
-
7,167
-
Gross proceeds from equity offering
-
-
28,798
-
Offering costs on the equity offering
-
-
(2,303)
-
Taxes paid related to net share settlement of equity awards
(88)
(81)
(3,428)
(831)
Payments on finance lease obligations
(2)
(153)
(515)
(649)
Net cash provided by financing activities
633
1,060
31,298
1,414
Net increase in cash and cash equivalents
17,010
3,437
20,731
264
Cash and cash equivalents at beginning of period
29,394
22,879
26,316
26,052
Cash and cash equivalents at end of period
$
46,404
$
26,316
$
47,047
$
26,316
CUTERA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (in
thousands, except percentage data) (unaudited)
Three Months Ended
% Change
Twelve Months Ended
% Change
December 31,
December 31,
2020 Vs
December 31,
December 31,
2020 Vs
2020
2019
2019
2020
2019
2019
Revenue By Geography: United States
$
21,060
$
31,271
-33%
$
61,202
$
106,243
-42%
International
28,883
20,524
+41%
86,481
75,469
+15%
Total Net Revenue
$
49,943
$
51,795
-4%
$
147,683
$
181,712
-19%
International as a percentage of total revenue
58%
40%
59%
42%
Revenue By Product Category:
Systems
- North America
$
18,426
$
28,526
-35%
$
50,721
$
96,718
-48%
- Rest of World
11,719
12,246
-4%
40,045
43,760
-8%
Total Systems
30,145
40,772
-26%
90,766
140,478
-35%
Consumables
3,023
2,539
+19%
9,286
9,648
-4%
Skincare
10,555
2,282
+363%
25,061
8,512
+194%
Total Products
43,723
45,593
-4%
125,113
158,638
-21%
Service
6,220
6,202
+0%
22,570
23,074
-2%
Total Net Revenue
$
49,943
$
51,795
-4%
$
147,683
$
181,712
-19%
Three Months Ended
Twelve Months Ended
December 31,
December 31,
December 31,
December 31,
2020
2019
2020
2019
Pre-tax Stock-Based Compensation Expense: Cost of revenue
$
306
$
469
$
1,665
$
1,572
Sales and marketing
767
1,430
3,385
4,510
Research and development
325
460
1,669
1,536
General and administrative
654
469
3,390
2,214
$
2,052
$
2,828
$
10,109
$
9,832
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 December 31, 2020 Three Months Ended December
31, 2019 GAAP DepreciationandAmortization
Stock-BasedCompensation Legal - Former
CFOSettlement/Lutronic Taxes andOther Adjustments
Non-GAAP GAAP DepreciationandAmortization
Stock-BasedCompensation CRM and
ERPImplementation/write-off Taxes andOther Adjustments
Non-GAAP Net revenue
$
49,943
-
-
-
-
$
49,943
$
51,795
-
-
-
-
$
51,795
Cost of revenue
21,877
(174
)
(306
)
-
275
21,672
23,005
(136
)
(469
)
-
-
22,400
Gross profit
28,066
174
306
-
(275
)
28,271
28,790
136
469
-
-
29,395
Gross margin %
56
%
57
%
56
%
57
%
Operating expenses:
Sales and marketing
14,656
(682
)
(767
)
-
-
13,207
20,323
(910
)
(1,430
)
(124
)
-
17,859
Research and development
4,029
(34
)
(325
)
-
-
3,670
4,463
(35
)
(460
)
-
-
3,968
General and administrative
7,938
(27
)
(654
)
(566
)
-
6,691
5,933
(29
)
(469
)
41
-
5,476
Total operating expenses
26,623
(743
)
(1,746
)
(566
)
-
23,568
30,719
(974
)
(2,359
)
(83
)
-
27,303
Income (loss) from operations
1,443
917
2,052
566
(275
)
4,703
(1,929
)
1,110
2,828
83
-
2,092
Interest and other expense, net
7
-
-
-
-
7
(20
)
-
-
-
-
(20
)
Income (loss) before income taxes
1,450
917
2,052
566
(275
)
4,710
(1,949
)
1,110
2,828
83
-
2,072
Provision (benefit) for income taxes
(738
)
-
-
-
-
(738
)
139
-
-
-
(201
)
(62
)
Net income (loss)
$
2,188
$
917
$
2,052
$
566
$
(275
)
$
5,448
$
(2,088
)
$
1,110
$
2,828
$
83
$
201
$
2,134
Net income (loss) per share:
Basic
$
0.12
$
0.31
$
(0.15
)
$
0.15
Diluted
$
0.12
$
0.31
$
(0.15
)
$
0.14
Weighted-average number of shares used in per share calculations:
Basic
17,653
17,653
14,261
14,261
Diluted
17,840
17,840
14,261
14,904
Operating expenses as a % of net revenue
GAAP Non-GAAP GAAP Non-GAAP Sales and
marketing
29.2
%
26.4
%
39.2
%
34.5
%
Research and development
8.1
%
7.2
%
8.6
%
7.7
%
General and administrative
15.9
%
13.4
%
11.5
%
10.6
%
53.3
%
47.2
%
59.3
%
52.7
%
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) Twelve
Months Ended December 31, 2020 Twelve Months Ended December
31, 2019 GAAP DepreciationandAmortization
Stock-BasedCompensation CRM and
ERPImplementation/write-off Severance (RIF) Legal
-Former CFO Settlement/Lutronic Taxes andOther
Adjustments Non-GAAP GAAP
DepreciationandAmortization Stock-BasedCompensation
CRM and ERPImplementation/ write-off Taxes andOther
Adjustments Non-GAAP Net revenue
$
147,683
-
-
-
-
$
147,683
$
181,712
$
-
$
-
$
-
$
-
$
181,712
Cost of revenue
71,911
(591
)
(1,665
)
-
(318
)
-
275
69,612
83,549
(522
)
(1,572
)
-
-
81,455
Gross profit
75,772
591
1,665
-
318
-
(275
)
78,071
98,163
522
1,572
-
-
100,257
Gross margin %
51
%
53
%
54
%
55
%
Operating expenses: Sales and marketing
52,766
(3,136
)
(3,384
)
-
(274
)
-
-
$
45,972
71,109
(3,627
)
(4,510
)
(325
)
-
62,647
Research and development
14,322
(149
)
(1,670
)
-
(130
)
-
-
12,373
15,085
(109
)
(1,536
)
-
-
13,440
General and administrative
31,512
(111
)
(3,390
)
(1,139
)
(101
)
(1,925
)
(324
)
24,522
24,033
(205
)
(2,214
)
(1,089
)
(614
)
19,911
Total operating expenses
98,600
(3,396
)
(8,444
)
(1,139
)
(505
)
(1,925
)
(324
)
82,867
110,227
(3,941
)
(8,260
)
(1,414
)
(614
)
95,998
Income (loss) from operations
(22,828
)
3,987
10,109
1,139
823
1,925
49
(4,796
)
(12,064
)
4,463
9,832
1,414
614
4,259
Interest and other expense, net
(579
)
-
-
-
-
-
(579
)
(199
)
-
-
-
-
(199
)
Income (loss) before income taxes
(23,407
)
3,987
10,109
1,139
823
1,925
49
(5,375
)
(12,263
)
4,463
9,832
1,414
614
4,060
Provision (benefit) for income taxes
470
-
-
-
-
-
9
479
85
-
-
-
87
172
Net income (loss)
$
(23,877
)
$
3,987
$
10,109
$
1,139
$
823
$
1,925
$
40
$
(5,854
)
$
(12,348
)
$
4,463
$
9,832
$
1,414
$
527
$
3,888
Net income (loss) per share: Basic
$
(1.43
)
$
(0.35
)
$
(0.88
)
$
0.28
Diluted
$
(1.43
)
$
(0.35
)
$
(0.88
)
$
0.27
Weighted-average number of shares used in per share
calculations: Basic
16,691
16,691
14,096
14,096
Diluted
16,691
16,691
14,096
14,512
Operating expenses as a % of net
revenue GAAP Non-GAAP GAAP Non-GAAP
Sales and marketing
35.7
%
31.1
%
39.1
%
34.5
%
Research and development
9.6
%
8.3
%
8.3
%
7.4
%
General and administrative
21.3
%
16.6
%
13.2
%
11.0
%
66.8
%
56.1
%
60.7
%
52.8
%
CUTERA, INC. RECONCILIATION OF LOSS TO ADJUSTED
EBITDA (in thousands) (unaudited)
Three Months Ended Twelve Months Ended December 31, 2020 Net
income (loss)
$
2,188
$
(23,877
)
Adjustments: Stock-based compensation
2,052
10,109
Depreciation and amortization
917
3,987
CRM and ERP implementation costs
-
1,139
Severance (RIF)
-
823
Legal -Former CFO Settlement/Lutronic
566
1,925
Other adjustments
(275
)
49
Interest and other expense, net
(7
)
23,407
Provision (benefit) for income taxes
(738
)
(23,407
)
Total adjustments
$
2,515
$
18,032
Adjusted EBITDA
$
4,703
$
(5,845
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210217005757/en/
Cutera, Inc. Anne Werdan Director, Investor Relations
415-657-5500 awerdan@cutera.com
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