Record second-quarter revenue driven by ongoing
momentum in Capital Equipment and Consumable Product segments
Over one hundred new patients treated during
the first quarter of AviClear’s availability
Management reiterates full-year revenue
guidance despite $15 million of annual foreign exchange
headwinds
Cutera, Inc. (Nasdaq: CUTR) (“Cutera” or the “Company”), a
leading provider of aesthetic and dermatology solutions, today
reported financial results for the second quarter ended June 30,
2022.
Second Quarter 2022 Financial and Operational
Highlights
- Consolidated revenue of $64.2 million driven by strength in
capital equipment and consumable product demand.
- Over 50 AviClear devices were placed and activated during the
first quarter of the product’s limited commercial release.
- Gross margin of 54.6% in the quarter, compared to 57.7% in the
prior-year period.
- Excluding the 190 basis point impact from the AviClear program
and foreign exchange headwinds of approximately 180 basis points,
the gross margin would have been 58.3%.
- Operating expenses were $45.1 million in the quarter, compared
to $31.7 million in the prior-year period. Operating expenses
during the period included $7.0 million in AviClear program
spending in addition to $2.4 million of ERP implementation
expenses.
- GAAP Net loss was $47.3M, inclusive of a non-recurring charge
of $34.4 million for the extinguishment of 50% of the 2026
convertible notes.
- Adjusted EBITDA was a loss of $1.6 million, compared to a gain
of $6.8 million in the prior-year period.
- Excluding AviClear program impacts of $7.5 million in the
quarter and foreign exchange headwinds of $2.4 million over the
prior year period, comparable adjusted EBITDA would have been $8.3
million.
- Completed $240 million in convertible debt financing, ending
the quarter with $278.2 million in cash, cash equivalents, and
marketable securities on the balance sheet after retiring $69.1
million in convertible notes due 2026.
Key Revenue Metrics
Three Months Ended June
30, 2022
% Change 2022
Vs 2021
Constant
Currency
Key Profit Metrics
Three Months
Ended June 30,
2022
Constant
Currency
Capital Equipment
$43.7
23
%
27
%
GAAP Margin %
54.6
%
56.4
%
Skincare
$9.6
-18
%
-6
%
Non-GAAP Margin %
55.6
%
57.4
%
Consumables
$5.3
20
%
23
%
Adjusted EBITDA
($1.6
)
$0.7
Service
$5.6
-17
%
-13
%
Adjusted EBITDA Margin %
-2.5
%
1.2
%
Recurring
$20.6
-11
%
-2
%
Total Revenue
$64.2
10
%
15
%
Key Revenue Metrics
Six Months Ended June
30, 2022
% Change 2022
Vs 2021
Constant
Currency
Key Profit Metrics
Six Months
Ended June 30,
2022
Constant
Currency
Capital Equipment
$80.2
25
%
29
%
GAAP Margin %
54.7
%
56.3
%
Skincare
$21.3
-12
%
-1
%
Non-GAAP Margin %
55.7
%
57.2
%
Consumables
$9.2
25
%
28
%
Adjusted EBITDA
($5.4
)
($1.5
)
Service
$11.6
-10
%
-7
%
Adjusted EBITDA Margin %
-4.5
%
-1.2
%
Recurring
$42.1
-5
%
2
%
Total Revenue
$122.2
13
%
18
%
“I am excited by the momentum we continue to see in our core
business, as prior investments in our sales force drove strong
results in capital and consumables product segments in North
America, Europe, and Australia/New Zealand in particular. Our team
is further encouraged by the resiliency and strength of underlying
demand trends in the marketplace,” commented Dave Mowry, Chief
Executive Officer of Cutera, Inc. “During the quarter, our team
achieved the successful launch of AviClear, our first-mover product
for the treatment of acne. In the first three months of our limited
commercial release of AviClear, we were able to validate successful
clinical outcomes in the hands of our customers, verify patient
satisfaction with AviClear post-treatment patient survey data, and
onboard dozens of practices in the use of the AviClear Laser as
they look to provide their patients with a drug-free solution for
acne while enhancing the profitability of their practices. We are
looking forward to expanding the footprint of new AviClear
practices during the next phase of the limited commercial release
and significantly ramping the utilization of the device.”
2022 Outlook
Management is reiterating its 2022 revenue guidance of $255
million to $260 million, entirely absorbing the impact of the
unprecedented foreign exchange headwinds of $15 million, implying
constant currency growth of 17% to 19%. This guidance does not
include revenue from our AviClear device as we continue with its
limited commercial release. The company plans to add over 100 new
AviClear devices into the market during the course of the third
quarter of 2022. Based on current AviClear trends, management
expects to move into a full commercial launch by the end of the
current calendar year.
Conference Call
The Company’s management will host a conference call to discuss
these results and related matters today at 1:15 p.m. PT (4:15 p.m.
ET). Participating in the call will be Dave Mowry, Chief Executive
Officer, and Rohan Seth, Chief Financial Officer.
To participate in the conference call, dial 1-800-319-4610
(domestic) or + 1-631-891-4304 (international).
The call will also be a 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
aesthetic and dermatology solutions for practitioners worldwide.
Since 1998, Cutera has been developing innovative, easy-to-use
products that harness the power of science and nature to enable
medical practitioners to offer safe and effective treatments to
their patients. For more information, call +1-415-657-5500 or
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 severance costs,
customer relationship management (“CRM”) and enterprise resource
planning (“ERP”) system costs, non-recurring legal and litigation
costs, and the loss on extinguishment of convertible notes. 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,
non-recurring legal and litigation costs, and losses on the
extinguishment of convertible notes.
Company management uses these measurements as aids in monitoring
the Company’s ongoing financial performance from quarter to
quarter, and year to year, regularly 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
expenses related to grants of options, employee stock purchase
plans, and performance and restricted stock. Depending upon the
size, timing, and 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 severance 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;
Non-recurring legal and litigation costs. We have
excluded costs incurred related to third-party litigation and
disputes, that are non-recurring; and
Loss on extinguishment of convertible notes. We have
excluded the loss on extinguishment of convertible notes. We
excluded this loss because we believe it is non-recurring.
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 several 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 second quarter ended June 30, 2022,
as discussed in this release, is preliminary and unaudited, and
subject to adjustment.
CUTERA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) (unaudited)
June 30,
December 31,
2022
2021
Assets Current assets: Cash and cash equivalents
$
75,050
$
164,164
Marketable investments
203,126
-
Accounts receivable, net
32,148
31,449
Inventories, net
45,410
39,503
Other current assets and prepaid expenses
17,579
14,545
Total current assets
373,313
249,661
Property and equipment, net
24,470
3,019
Deferred tax asset
698
778
Goodwill
1,339
1,339
Operating lease right-of-use assets
13,771
14,627
Other long-term assets
9,801
10,169
Restricted cash
700
700
Total assets
$
424,092
$
280,293
Liabilities and Stockholders' Equity Current
liabilities: Accounts payable
$
25,365
$
7,891
Accrued liabilities
47,539
54,100
Operating leases liabilities
2,714
2,419
Deferred revenue
10,098
9,490
Total current liabilities
85,716
73,900
Deferred revenue, net of current portion
1,429
1,335
Operating lease liabilities, net of current portion
12,368
13,483
Convertible notes, net of unamortized debt issuance costs
299,856
134,243
Other long-term liabilities
849
763
Total liabilities
400,218
223,724
Stockholders’ equity: Common stock
20
18
Additional paid-in capital
144,628
114,724
Accumulated other comprehensive loss
(183
)
-
Accumulated deficit
(120,591
)
(58,173
)
Total stockholders' equity
23,874
56,569
Total liabilities and stockholders' equity
$
424,092
$
280,293
CUTERA, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
2022
2021
2022
2021
Products $
58,589
$
51,812
$
110,655
$
95,363
Service
5,635
6,777
11,583
12,894
Total net revenue
64,224
58,589
122,238
108,257
Products
25,899
20,892
48,811
39,224
Service
3,281
3,908
6,595
7,534
Total cost of revenue
29,180
24,800
55,406
46,758
Gross profit
35,044
33,789
66,832
61,499
Gross margin %
54.6
%
57.7
%
54.7
%
56.8
%
Operating expenses: Sales and marketing
27,001
18,410
51,945
33,478
Research and development
6,859
4,850
13,358
8,962
General and administrative
11,248
8,461
24,750
15,826
Total operating expenses
45,108
31,721
90,053
58,266
(Loss) income from operations
(10,064
)
2,068
(23,221
)
3,233
Interest and other (expense) income, net Amortization of debt
issuance costs
(298
)
(215
)
(517
)
(267
)
Interest on convertible notes
(1,149
)
(778
)
(1,927
)
(969
)
Loss on extinguishment of convertible notes
(34,423
)
-
(34,423
)
-
Gain on extinguishment of PPP loan
-
7,185
-
7,185
Other expense, net
(1,528
)
(392
)
(2,283
)
(1,415
)
(Loss) income before income taxes
(47,462
)
7,868
(62,371
)
7,767
Income tax (benefit) expense
(186
)
122
47
380
Net (loss) income $
(47,276
)
$
7,746
$
(62,418
)
$
7,387
Net (loss) income per share: Basic $
(2.53
)
$
0.43
$
(3.39
)
$
0.41
Diluted $
(2.53
)
$
0.39
$
(3.39
)
$
0.40
Weighted-average number of shares used in per share
calculations: Basic
18,700
17,862
18,392
17,815
Diluted
18,700
22,453
18,392
20,855
CUTERA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands) (unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
2022
2021
2022
2021
Cash flows from operating activities: Net (loss) income
$
(47,276
)
$
7,746
$
(62,418
)
$
7,387
Adjustments to reconcile net (loss) income to net cash (used in)
provided by operating activities: Stock-based compensation
4,733
2,919
8,776
4,765
Depreciation and amortization
502
346
929
707
Amortization of contract acquisition costs
567
458
1,219
1,003
Amortization of debt issuance costs
298
215
517
267
Impairment of capitalized cloud computing costs
-
-
-
182
Change in deferred tax asset
39
6
80
51
Provision for excess and obsolete inventories
200
506
558
699
Provision for credit losses
217
274
409
492
Loss (gain) on sale of property and equipment
49
(23
)
63
(82
)
PPP loan forgiveness
-
(7,185
)
-
(7,185
)
Change in right-of-use asset
670
-
1,308
604
Loss on extinguishment of convertible notes
34,423
-
34,423
-
Changes in assets and liabilities: Accounts receivable, net
804
(2,026
)
(1,108
)
(4,433
)
Inventories, net
(5,524
)
(443
)
(18,059
)
(6,657
)
Other current assets and prepaid expenses
2,577
1,483
(3,034
)
(77
)
Other long-term assets
(686
)
(1,220
)
(1,071
)
(1,720
)
Accounts payable
9,016
1,179
14,771
(474
)
Accrued liabilities
(889
)
(369
)
(6,878
)
9,653
Operating lease liabilities
(664
)
33
(1,272
)
(530
)
Deferred revenue
463
(334
)
702
166
Net cash provided by (used in) operating activities
(481
)
3,565
(30,085
)
4,818
Cash flows from investing activities: Acquisition of
property and equipment
(7,917
)
(269
)
(8,238
)
(370
)
Disposal of property and equipment
-
19
-
71
Purchase of marketable securities and long-term investments
(129,251
)
-
(203,309
)
-
Net cash used in investing activities
(137,168
)
(250
)
(211,547
)
(299
)
Cash flows from financing activities: Proceeds from
exercise of stock options and employee stock purchase plan
1,288
1,501
1,439
1,897
Purchase of capped call
(31,671
)
-
(31,671
)
(16,134
)
Proceeds from issuance of convertible notes
240,000
-
240,000
138,250
Payment of issuance costs of convertible notes
(6,956
)
-
(6,956
)
(4,717
)
Extinguishment of convertible notes
(45,777
)
-
(45,777
)
-
Taxes paid related to net share settlement of equity awards
(1,784
)
(452
)
(4,234
)
(1,451
)
Payments on capital lease obligation
(133
)
(96
)
(283
)
(211
)
Net cash provided by financing activities
154,967
953
152,518
117,634
Net increase (decrease) in cash, cash equivalents and
restricted cash
17,318
4,268
(89,114
)
122,153
Cash, cash equivalents, and restricted cash at beginning of period
58,432
164,932
164,864
47,047
Cash, cash equivalents, and restricted cash at end of period
$
75,750
$
169,200
$
75,750
$
169,200
CUTERA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS
(in thousands, except percentage data) (unaudited)
Three Months Ended
% Change
Six Months Ended
% Change
June 30,
June 30,
2022 Vs
June 30,
June 30,
2022 Vs
2022
2021
2021
2022
2021
2021
Revenue By Geography: North America $
32,239
$
26,786
+20.4% $
61,092
$
49,084
+24.5% Japan
15,174
17,421
-12.9%
32,677
33,976
-3.8%
Rest of World
16,811
14,382
+16.9%
28,469
25,197
+13.0% Total Net Revenue $
64,224
$
58,589
+9.6% $
122,238
$
108,257
+12.9% International as a percentage of total revenue
49.8
%
54.3
%
50.0
%
54.7
%
Revenue By Product Category: Systems - North America
$
25,232
$
19,888
+26.9% $
47,939
$
36,673
+30.7% - Rest of World (including Japan)
18,421
15,680
+17.5%
32,228
27,215
+18.4% Total Systems
43,653
35,568
+22.7%
80,167
63,888
+25.5% Consumables
5,298
4,432
+19.5%
9,201
7,357
+25.1% Skincare
9,638
11,812
-18.4%
21,287
24,118
-11.7%
Total Products
58,589
51,812
+13.1%
110,655
95,363
+16.0% Service
5,635
6,777
-16.9%
11,583
12,894
-10.2%
Total Net Revenue $
64,224
$
58,589
+9.6% $
122,238
$
108,257
+12.9%
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
2022
2021
2022
2021
Pre-tax Stock-Based Compensation Expense: Cost of revenue $
500
$
434
$
959
$
578
Sales and marketing
1,638
522
2,214
1,243
Research and development
1,067
307
2,047
608
General and administrative
1,528
1,656
3,556
2,336
$
4,733
$
2,919
$
8,776
$
4,765
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 June 30, 2022 Three Months Ended June 30,
2021 GAAP DepreciationandAmortization
Stock-BasedCompensation ERPImplementation Legal -
Lutronic Loss on Extinguishment of Convertible Notes
Non-GAAP GAAP DepreciationandAmortization
Stock-BasedCompensation CRM and ERPImplementation
Severance (RIF) Legal - Lutronic
OtherAdjustments Non-GAAP Net revenue
$
64,224
-
-
-
-
-
$
64,224
$
58,589
-
-
-
-
-
$
58,589
Cost of revenue
29,180
(161
)
(500
)
-
-
-
28,519
24,800
(138
)
(434
)
-
-
-
346
24,574
Gross profit
35,044
161
500
-
-
-
35,705
33,789
138
434
-
-
-
(346
)
34,015
Gross margin %
54.6
%
55.6
%
57.7
%
58.1
%
Operating expenses: Sales and marketing
27,001
(793
)
(1,638
)
-
-
-
24,570
18,410
(600
)
(522
)
-
(638
)
-
-
16,650
Research and development
6,859
(68
)
(1,067
)
-
-
-
5,724
4,850
(45
)
(307
)
-
-
-
-
4,498
General and administrative
11,248
(46
)
(1,528
)
(2,385
)
(242
)
-
7,047
8,461
(21
)
(1,656
)
(407
)
-
(290
)
-
6,087
Total operating expenses
45,108
(907
)
(4,233
)
(2,385
)
(242
)
-
37,341
31,721
(666
)
(2,485
)
(407
)
(638
)
(290
)
-
27,235
(Loss) income from operations
(10,064
)
1,068
4,733
2,385
242
-
(1,636
)
2,068
804
2,919
407
638
290
(346
)
6,780
Interest and other expense, net
-
Amortization of debt issuance costs
(298
)
-
-
-
-
-
(298
)
(215
)
-
-
-
-
-
-
(215
)
Interest on convertible notes
(1,149
)
-
-
-
-
-
(1,149
)
(778
)
-
-
-
-
-
-
(778
)
Loss on extinguishment of convertible notes
(34,423
)
-
-
-
-
34,423
-
-
-
-
-
-
-
-
-
Gain on extinguishment of PPP loan
-
-
-
-
-
-
-
7,185
-
-
-
-
-
(7,185
)
-
Other expense
(1,528
)
-
-
-
-
-
(1,528
)
(392
)
-
-
-
-
-
-
(392
)
Total interest and other (expense) income, net
(37,398
)
-
-
-
-
34,423
(2,975
)
5,800
-
-
-
-
-
(7,185
)
(1,385
)
(Loss) income before income taxes
(47,462
)
1,068
4,733
2,385
242
34,423
(4,611
)
7,868
804
2,919
407
638
290
(7,531
)
5,395
Income tax (benefit) expense
(186
)
-
-
-
-
-
(186
)
122
-
-
-
-
-
-
122
Net (loss) income
$
(47,276
)
$
1,068
$
4,733
$
2,385
$
242
$
34,423
$
(4,425
)
$
7,746
$
804
$
2,919
$
407
$
638
$
290
$
(7,531
)
$
5,273
Net (loss) income per share: Basic
$
(2.53
)
$
(0.24
)
$
0.43
$
0.30
Weighted-average number of shares used in per share
calculations: Basic
18,700
18,700
17,862
17,862
Operating expenses as a % of net
revenue GAAP Non-GAAP GAAP
Non-GAAP Sales and marketing
42.0
%
38.3
%
31.4
%
28.4
%
Research and development
10.7
%
8.9
%
8.3
%
7.7
%
General and administrative
17.5
%
11.0
%
14.4
%
10.4
%
70.2
%
58.2
%
54.1
%
46.5
%
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)
Six Months Ended June 30, 2022 Six Months Ended
June 30, 2021 GAAP DepreciationandAmortization
Stock-BasedCompensation ERPImplementation Legal -
Lutronic Loss on Extinguishment of Convertible Notes
Non-GAAP GAAP DepreciationandAmortization
Stock-BasedCompensation CRM and ERPImplementation
Severance (RIF) Legal - Lutronic
OtherAdjustments Non-GAAP Net revenue
$
122,238
-
-
-
-
-
$
122,238
$
108,257
-
-
-
-
$
108,257
Cost of revenue
55,406
(237
)
(959
)
-
-
-
54,210
46,758
(300
)
(578
)
-
-
-
346
46,226
Gross profit
66,832
237
959
-
-
-
68,028
61,499
300
578
-
-
-
(346
)
62,031
Gross margin %
54.7
%
55.7
%
56.8
%
57.3
%
Operating expenses: Sales and marketing
51,945
(1,613
)
(2,214
)
-
-
-
48,118
33,478
(1,278
)
(1,243
)
(182
)
(638
)
-
-
30,137
Research and development
13,358
(113
)
(2,047
)
-
-
-
11,198
8,962
(84
)
(608
)
-
-
-
-
8,270
General and administrative
24,750
(184
)
(3,556
)
(6,361
)
(496
)
-
14,153
15,826
(48
)
(2,336
)
(477
)
-
(691
)
-
12,274
Total operating expenses
90,053
(1,910
)
(7,817
)
(6,361
)
(496
)
-
73,469
58,266
(1,410
)
(4,187
)
(659
)
(638
)
(691
)
-
50,681
(Loss) income from operations
(23,221
)
2,147
8,776
6,361
496
-
(5,441
)
3,233
1,710
4,765
659
638
691
(346
)
11,350
Interest and other expense, net Amortization of debt issuance costs
(517
)
-
-
-
-
-
(517
)
(267
)
-
-
-
-
-
-
(267
)
Interest on convertible notes
(1,927
)
-
-
-
-
-
(1,927
)
(969
)
-
-
-
-
-
-
(969
)
Loss on extinguishment of convertible notes
(34,423
)
-
-
-
-
34,423
-
-
-
-
-
-
-
-
-
Gain on extinguishment of PPP loan
-
-
-
-
-
-
-
7,185
-
-
-
-
-
(7,185
)
-
Other expense
(2,283
)
-
-
-
-
-
(2,283
)
(1,415
)
-
-
-
-
-
-
(1,415
)
Total interest and other (expense) income, net
(39,150
)
-
-
-
-
34,423
(4,727
)
4,534
-
-
-
-
(7,185
)
(2,651
)
(Loss) income before income taxes
(62,371
)
2,147
8,776
6,361
496
34,423
(10,168
)
7,767
1,710
4,765
659
638
691
(7,531
)
8,699
Income tax expense
47
-
-
-
-
-
47
380
-
-
-
-
-
-
380
Net (loss) income
$
(62,418
)
$
2,147
$
8,776
$
6,361
$
496
$
34,423
$
(10,215
)
$
7,387
$
1,710
$
4,765
$
659
$
638
$
691
$
(7,531
)
$
8,319
Net (loss) income per share: Basic
$
(3.39
)
$
(0.56
)
$
0.41
$
0.47
Weighted-average number of shares used in per share
calculations: Basic
18,392
18,392
17,815
17,815
Operating expenses as a % of net
revenue GAAP Non-GAAP GAAP
Non-GAAP Sales and marketing
42.5
%
39.4
%
30.9
%
27.8
%
Research and development
10.9
%
9.2
%
8.3
%
7.6
%
General and administrative
20.2
%
11.6
%
14.6
%
11.3
%
73.6
%
60.2
%
53.8
%
46.7
%
CUTERA, INC. RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA (in thousands) (unaudited)
Three MonthsEnded Six MonthsEnded
June 30, 2022 Net loss
$
(47,276
)
$
(62,418
)
Adjustments: Stock-based compensation
4,733
8,776
ERP implementation cost
2,385
6,361
Interest and other expense, net
37,398
39,150
Depreciation and amortization
1,068
2,147
Legal - Lutronic
242
496
Income tax (benefit) expense
(186
)
47
Total adjustments
45,640
56,977
Adjusted EBITDA
$
(1,636
)
$
(5,441
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220804005393/en/
Cutera, Inc. Greg Barker VP, Corporate FP&A
415-657-5500 IR@cutera.com
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