Achieved Record Revenue in Fourth Quarter and
Full-Year 2021
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, 2021.
Fourth Quarter 2021 Financial and Operational
Highlights
- Revenue was $65.6 million, an increase of 31% from the
prior-year period, driven by strong performance across the
business, with particular strength in North American Capital
Equipment;
- Capital Equipment revenue of $43.6 million increased 44% over
the prior-year period;
- Recurring revenue, defined as the combination of Skincare,
Consumable Products, and Service, was $22.1 million, an increase of
12% over the prior-year period;
- Skincare revenue of $10.7 million increased 2% over the
prior-year period, impacted by 3Q21 pre-buying in advance of the
planned price increase;
- Consumable Product revenue of $5.4 million grew 77% over
prior-year period; and
- Service revenue of $6.0 million decreased 4% over the
prior-year period;
- Gross Margin was 58.2%, compared to 56.2% in the prior-year
period, driven by better sales mix and continued leverage,
partially offset by modest inflationary pressures;
- Operating Expenses were $40.2 million in the quarter, as
compared to $26.6 million in the prior-year period, driven by
variable costs from increased sales and by investments in our Acne
program;
- Net loss was $3.9 million, or ($0.22) per fully diluted share,
compared to a net income of $2.2 million, or $0.12 per fully
diluted share, in the prior-year period; and
- Adjusted EBITDA was $4.3 million in the period, as compared to
$4.7 million in the prior-year period. Excluding Acne program spend
of $4.6 million in the quarter, our adjusted EBITDA would have been
$8.9 million.
Full-Year 2021 Financial and Operational Highlights
- Revenue was $231.3 million, an increase of 57% from the
prior-year period;
- Capital Equipment revenue of $139.6 million increased 54% over
the prior-year period;
- Recurring revenue, defined as the combination of Skincare,
Consumable Products, and Service, was $91.6 million, an increase of
61% over the prior-year period;
- Skincare revenue of $49.7 million increased 98% over the
prior-year period;
- Consumable Product revenue of $16.4 million increased 77% over
the prior-year period; and
- Service revenue of $25.6 million increased 13% over the
prior-year period;
- Gross Margin was 57.6%, compared to 51.3% in the prior-year
period;
- Operating Expenses were $131.3 million as compared to $98.6
million in the prior-year period;
- Net Income was $2.1 million, or $0.11 per fully diluted share,
compared to a net loss of $23.9 million, or ($1.43) per fully
diluted share, a year ago; and
- Adjusted EBITDA was $20.7 million, as compared to a loss of
$4.8 million a year ago. Excluding full-year Acne program spend of
$9.5 million, our adjusted EBITDA would have been $30.2 million, a
seven-fold improvement.
“I am pleased with our strong fourth-quarter performance, which
was driven by our team’s outstanding commercial execution and
supported by robust underlying patient demand. I am particularly
encouraged that our North American Capital business eclipsed
Pre-Covid levels and delivered 56% growth in the quarter,”
commented Dave Mowry, Chief Executive Officer of Cutera, Inc. “We
anticipate that this top-line momentum will continue as we move
through the year, driven by our growing capital equipment pipeline
and the strong ongoing patient demand. In light of our business
strength, in combination with future product launches, we are
tremendously excited for the year ahead.”
2022 Outlook
The Company expects full-year 2022 constant currency revenue in
the range of $255 million to $260 million, based on our current
product portfolio. For the sake of clarity, this guidance does not
include any revenue from our Acne device program.
Conference Call
The Company’s management will host a conference call to 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 and Rohan Seth, Chief Financial Officer.
To participate in the conference call, dial 1-877-705-6003
(domestic) or +1-201-493-6725 (international) and refer to the
Conference Code: 13726648.
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, 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. The Company has
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. The
Company defines adjusted EBITDA as earnings before interest, taxes,
depreciation and amortization, stock-based compensation, executive
and other non-recurring separation costs, customer relationship
management and enterprise resource planning 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 the Company's 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, 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
Dec 31, 2021, as discussed in this release, is preliminary and
unaudited, and subject to adjustment.
CUTERA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) (unaudited)
December 31,
December 31,
2021
2020
Assets Current assets: Cash and cash equivalents
$
164,164
$
47,047
Accounts receivable, net
31,449
21,962
Inventories
39,503
28,508
Other current assets and prepaid expenses
14,545
8,779
Total current assets
249,661
106,296
Property and equipment, net
3,019
2,299
Deferred tax asset
778
643
Goodwill
1,339
1,339
Operating lease right-of-use assets
14,627
17,076
Other long-term assets
10,169
5,080
Restricted cash
700
-
Total assets
$
280,293
$
132,733
Liabilities and Stockholders' Equity Current
liabilities: Accounts payable
$
7,891
$
6,684
Accrued liabilities
54,100
32,295
Operating leases liabilities
2,419
2,260
PPP loan payable
-
3,630
Deferred revenue
9,490
9,489
Total current liabilities
73,900
54,358
Deferred revenue, net of current portion
1,335
1,748
PPP loan payable, net of current portion
-
3,555
Operating lease liabilities, net of current portion
13,483
15,950
Convertible notes, net of unamortized debt issuance costs
134,243
-
Other long-term liabilities
763
242
Total liabilities
223,724
75,853
Stockholders’ equity: Common stock
18
18
Additional paid-in capital
114,724
117,097
Accumulated deficit
(58,173
)
(60,235
)
Total stockholders' equity
56,569
56,880
Total liabilities and stockholders' equity
$
280,293
$
132,733
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,
2021
2020
2021
2020
Products
$
59,647
$
43,723
$
205,703
$
125,113
Service
5,982
6,220
25,567
22,570
Total net revenue
65,629
49,943
231,270
147,683
Products
23,565
17,999
83,048
58,325
Service
3,883
3,878
15,117
13,586
Total cost of revenue
27,448
21,877
98,165
71,911
Gross margin
38,181
28,066
133,105
75,772
Gross margin %
58.2
%
56.2
%
57.6
%
51.3
%
Operating expenses:
Sales and marketing
24,094
14,656
76,762
52,766
Research and development
6,804
4,029
21,568
14,322
General and administrative
9,312
7,938
32,945
31,512
Total operating expenses
40,210
26,623
131,275
98,600
Income (loss) from operations
(2,029
)
1,443
1,830
(22,828
)
Interest and other income (expense), net
Amortization of debt issuance costs
(218
)
-
(710
)
-
Interest on convertible notes
(777
)
-
(2,514
)
-
Gain on extinguishment of PPP loan
-
-
7,185
-
Other income (expense), net
(430
)
7
(2,406
)
(579
)
Income (loss) before income taxes
(3,454
)
1,450
3,385
(23,407
)
Income tax expense (benefit)
481
(738
)
1,323
470
Net income (loss)
$
(3,935
)
$
2,188
$
2,062
$
(23,877
)
Net Income (loss) per share:
Basic
$
(0.22
)
$
0.12
$
0.12
$
(1.43
)
Diluted
$
(0.22
)
$
0.12
$
0.11
$
(1.43
)
Weighted-average number of shares used in per share
calculations: Basic
17,980
17,653
17,891
16,691
Diluted
17,980
17,840
18,362
16,691
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,
2021
2020
2021
2020
Cash flows from operating activities: Net income (loss)
$
(3,935
)
$
2,188
$
2,062
$
(23,877
)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: Stock-based compensation
4,665
2,052
13,172
10,109
Depreciation and amortization
330
338
1,344
1,394
Amortization of contract acquisition costs
427
579
1,857
2,593
Amortization of debt issuance costs
218
-
710
-
Impairment of capitalized cloud computing costs
-
-
182
805
Change in deferred tax asset
(189
)
(143
)
(135
)
(220
)
Provision for credit losses
(14
)
394
87
2,144
Gain on extinguishment of PPP loan
-
-
(7,185
)
-
Change in right-of-use asset
611
705
2,292
2,522
Other
46
183
1
513
Changes in assets and liabilities: Accounts receivable
(675
)
(4,759
)
(9,574
)
(2,550
)
Inventories
(4,010
)
825
(10,936
)
5,413
Other current assets and prepaid expenses
(1,195
)
(1,891
)
(5,766
)
(3,164
)
Other long-term assets
(3,641
)
(366
)
(7,128
)
(2,067
)
Accounts payable
632
(148
)
1,207
(6,034
)
Accrued liabilities
9,826
5,169
21,608
161
Operating lease liabilities
(578
)
-
(2,151
)
(1,598
)
Deferred revenue
145
(587
)
(412
)
(2,985
)
Income tax liability
-
(93
)
-
(93
)
Net cash provided by (used in) operating activities
2,663
4,446
1,235
(16,934
)
Cash flows from investing activities: Acquisition of
property, equipment and software
(633
)
(505
)
(1,015
)
(1,279
)
Disposal of property and equipment
-
30
71
30
Proceeds from sales of marketable investments
-
5,648
-
5,648
Proceeds from maturities of marketable investments
-
9,050
-
28,050
Purchase of marketable investments
-
(1,649
)
-
(26,060
)
Net cash provided by (used in) investing activities
(633
)
12,574
(944
)
6,389
Cash flows from financing activities: Proceeds from
exercise of stock options and employee stock purchase plan
709
723
2,765
1,579
Proceeds from PPP loan
-
-
-
7,167
Gross proceeds from equity offering
-
-
-
28,798
Issuance costs on the public offering
-
-
-
(2,303
)
Purchase of capped call
-
-
(16,134
)
-
Proceeds from issuance of convertible notes
-
-
138,250
-
Payment of issuance costs of convertible notes
-
-
(4,717
)
-
Taxes paid related to net share settlement of equity awards
(213
)
(88
)
(2,176
)
(3,428
)
Payments on capital lease obligation
(148
)
(2
)
(462
)
(537
)
Net cash provided by financing activities
348
633
117,526
31,276
Net increase in cash, cash equivalents and restricted cash
2,378
17,653
117,817
20,731
Cash, cash equivalents, and restricted cash at beginning of period
162,486
29,394
47,047
26,316
Cash, cash equivalents, and restricted cash at end of period
$
164,864
$
47,047
$
164,864
$
47,047
CUTERA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (in
thousands, except percentage data) (unaudited)
Three Months Ended
% Change
Twelve Months Ended
% Change
December 31,
December 31,
2021 Vs
December 31,
December 31,
2021 Vs
2021
2020
2020
2021
2020
2020
Revenue By Geography: North America
$
35,827
$
23,966
+49.5%
$
111,621
$
69,455
+60.7% Japan
16,924
16,089
+5.2%
70,235
43,265
+62.3% Rest of World
12,878
9,888
+30.2%
49,414
34,963
+41.3% Total Net Revenue
$
65,629
$
49,943
+31.4%
$
231,270
$
147,683
+56.6%
International as a percentage of
total revenue
45.4
%
52.0
%
51.7
%
53.0
%
Revenue By Product Category:
Systems
- North America
$
28,747
$
18,426
+56.0%
$
86,100
$
50,721
+69.8% - Rest of World (including Japan)
14,807
11,719
+26.4%
53,533
40,045
+33.7% Total Systems
43,554
30,145
+44.5%
139,633
90,766
+53.8% Consumables
5,361
3,023
+77.3%
16,401
9,286
+76.6% Skincare
10,732
10,555
+1.7%
49,669
25,061
+98.2% Total Products
59,647
43,723
+36.4%
205,703
125,113
+64.4%
Service
5,982
6,220
-3.8%
25,567
22,570
+13.3% Total Net Revenue
$
65,629
$
49,943
+31.4%
$
231,270
$
147,683
+56.6%
Three Months Ended
Twelve Months Ended
December 31,
December 31,
December 31,
December 31,
2021
2020
2021
2020
Pre-tax Stock-Based Compensation Expense: Cost of revenue
$
500
$
306
$
1,408
$
1,665
Sales and marketing
1,206
767
3,160
3,384
Research and development
1,156
325
2,784
1,670
General and administrative
1,803
654
5,820
3,390
$
4,665
$
2,052
$
13,172
$
10,109
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, 2021
Three Months Ended December
31, 2020
GAAP
Depreciation and
Amortization
Stock-Based
Compensation
CRM and ERP Implementation/
write-off
Severance (RIF)
Legal - Lutronic
Other Adjustments
Non-GAAP
GAAP
Depreciation and
Amortization
Stock-Based
Compensation
CRM and ERP Implementation/
write-off
Severance (RIF)
Legal - Former CFO
Settlement/Lutronic
Other Adjustments
Non-GAAP
Net revenue
$
65,629
-
-
-
-
-
-
$
65,629
$
49,943
-
-
-
-
-
-
$
49,943
Cost of revenue
27,448
(94
)
(500
)
-
-
-
-
26,854
21,877
(174
)
(306
)
-
-
-
275
21,672
Gross margin
38,181
94
500
-
-
-
-
38,775
28,066
174
306
-
-
-
(275
)
28,271
Gross margin %
58.2
%
59.1
%
56.2
%
56.6
%
Operating expenses: Sales and marketing
24,094
(593
)
(1,206
)
-
-
-
-
22,295
14,656
(682
)
(767
)
-
-
-
-
13,207
Research and development
6,804
(49
)
(1,156
)
-
-
-
-
5,599
4,029
(34
)
(325
)
-
-
-
-
3,670
General and administrative
9,312
(4
)
(1,803
)
(711
)
-
(222
)
-
6,572
7,938
(27
)
(654
)
-
-
(566
)
-
6,691
Total operating expenses
40,210
(646
)
(4,165
)
(711
)
-
(222
)
-
34,466
26,623
(743
)
(1,746
)
-
-
(566
)
-
23,568
Income (loss) from operations
(2,029
)
740
4,665
711
-
222
-
4,309
1,443
917
2,052
-
-
566
(275
)
4,703
Interest and other income (expense), net Amortization of debt
issuance costs
(218
)
-
-
-
-
-
-
(218
)
-
-
-
-
-
-
-
-
Interest on convertible notes
(777
)
-
-
-
-
-
-
(777
)
-
-
-
-
-
-
-
-
Gain on extinguishment of PPP loan
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other expense
(430
)
-
-
-
-
-
-
(430
)
7
-
-
-
-
-
-
7
Total interest and other income (expense), net
(1,425
)
-
-
-
-
-
-
(1,425
)
7
-
-
-
-
-
-
7
Income (loss) before income taxes
(3,454
)
740
4,665
711
-
222
-
2,884
1,450
917
2,052
-
-
566
(275
)
4,710
Provision for income taxes
481
-
-
-
-
-
-
481
(738
)
-
-
-
-
-
-
(738
)
Net income (loss)
$
(3,935
)
$
740
$
4,665
$
711
$
-
$
222
$
-
$
2,403
$
2,188
$
917
$
2,052
$
-
$
-
$
566
$
(275
)
$
5,448
Net income (loss) per share: Basic
$
(0.22
)
$
0.13
$
0.12
$
0.31
Weighted-average number of shares used in per share
calculations: Basic
17,980
17,980
17,653
17,653
Operating expenses as a % of net
revenue GAAP Non-GAAP GAAP Non-GAAP
Sales and marketing
36.7
%
34.0
%
29.3
%
26.4
%
Research and development
10.4
%
8.5
%
8.1
%
7.3
%
General and administrative
14.2
%
10.0
%
15.9
%
13.4
%
61.3
%
52.5
%
53.3
%
47.1
%
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)
Twelve Months Ended December
31, 2021
Twelve Months Ended December
31, 2020
GAAP
Depreciation and
Amortization
Stock-Based
Compensation
CRM and ERP Implementation/
write-off
Severance (RIF)
Legal - Lutronic
Other Adjustments
Non-GAAP
GAAP
Depreciation and
Amortization
Stock-Based
Compensation
CRM and ERP Implementation/
write-off
Severance (RIF)
Legal - Former CFO
Settlement/Lutronic
Other Adjustments
Non-GAAP
Net revenue
$
231,270
-
-
-
-
-
-
$
231,270
$
147,683
-
-
-
-
-
-
$
147,683
Cost of revenue
98,165
(526
)
(1,408
)
-
-
-
791
97,022
71,911
(591
)
(1,665
)
-
(318
)
-
275
69,612
Gross margin
133,105
526
1,408
-
-
-
(791
)
134,248
75,772
591
1,665
-
318
-
(275
)
78,071
Gross margin %
57.6
%
58.0
%
51.3
%
52.9
%
Operating expenses: Sales and marketing
76,762
(2,420
)
(3,160
)
(182
)
(638
)
-
-
70,362
52,766
(3,136
)
(3,384
)
-
(274
)
-
-
45,972
Research and development
21,568
(182
)
(2,784
)
-
-
-
-
18,602
14,322
(149
)
(1,670
)
-
(130
)
-
-
12,373
General and administrative
32,945
(60
)
(5,820
)
(1,316
)
-
(1,201
)
-
24,548
31,512
(111
)
(3,390
)
(1,139
)
(101
)
(1,925
)
(324
)
24,522
Total operating expenses
131,275
(2,662
)
(11,764
)
(1,498
)
(638
)
(1,201
)
-
113,512
98,600
(3,396
)
(8,444
)
(1,139
)
(505
)
(1,925
)
(324
)
82,867
Income (loss) from operations
1,830
3,188
13,172
1,498
638
1,201
(791
)
20,736
(22,828
)
3,987
10,109
1,139
823
1,925
49
(4,796
)
Interest and other income (expense), net Amortization of debt
issuance costs
(710
)
-
-
-
-
-
-
(710
)
-
-
-
-
-
-
-
-
Interest on convertible notes
(2,514
)
-
-
-
-
-
-
(2,514
)
-
-
-
-
-
-
-
-
Gain on extinguishment of PPP loan
7,185
-
-
-
-
-
(7,185
)
-
-
-
-
-
-
-
-
-
Other expense
(2,406
)
-
-
-
-
-
-
(2,406
)
(579
)
-
-
-
-
-
-
(579
)
Total interest and other income (expense), net
1,555
-
-
-
-
-
(7,185
)
(5,630
)
(579
)
-
-
-
-
-
-
(579
)
Income (loss) before income taxes
3,385
3,188
13,172
1,498
638
1,201
(7,976
)
15,106
(23,407
)
3,987
10,109
1,139
823
1,925
49
(5,375
)
Provision for income taxes
1,323
-
-
-
-
-
-
1,323
470
-
-
-
-
-
9
479
Net income (loss)
$
2,062
3,188
13,172
1,498
638
1,201
(7,976
)
$
13,783
$
(23,877
)
3,987
10,109
1,139
823
1,925
40
$
(5,854
)
Net income (loss) per share: Basic
$
0.12
$
0.77
$
(1.43
)
$
(0.35
)
Weighted-average number of shares used in per share
calculations: Basic
17,891
17,891
16,691
16,691
Operating expenses as a % of net
revenue GAAP Non-GAAP GAAP Non-GAAP
Sales and marketing
33.2
%
30.4
%
35.7
%
31.1
%
Research and development
9.3
%
8.0
%
9.7
%
8.4
%
General and administrative
14.2
%
10.6
%
21.3
%
16.6
%
56.7
%
49.0
%
66.7
%
56.1
%
CUTERA, INC. RECONCILIATION OF NET INCOME (LOSS)
TO ADJUSTED EBITDA (in thousands) (unaudited)
Three MonthsEnded Twelve MonthsEnded
December 31, 2021 Net income (loss)
$
(3,935
)
$
2,062
Adjustments: Stock-based compensation
4,665
13,172
Depreciation and amortization
740
3,188
ERP implementation cost
711
1,498
Severance (RIF)
-
638
Legal - Lutronic
222
1,201
Other adjustments
-
(791
)
Gain on extinguishment of PPP loan
-
(7,185
)
Interest and other expense, net
1,425
5,630
Provision for income taxes
481
1,323
Total adjustments
8,244
18,674
Adjusted EBITDA
$
4,309
$
20,736
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220222005464/en/
Cutera, Inc. Anne Werdan Director, Corporate
Communications 415-657-5500 awerdan@cutera.com
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