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Cutera Announces Second Quarter 2023 Financial Results along with 2023 Outlook

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, 2023.

Second Quarter 2023 Financial and Operational Highlights

  • Consolidated revenue of $61.2 million, a decrease of 5% as reported and a decrease of 2% in constant currency from the prior-year period, primarily driven by a decline in capital equipment revenue, partially offset by AviClear revenue.
  • AviClear Q2 2023 new bookings of just under 200 units, vs. over 350 in Q1 2023, in line with our strategy to drive a more measured pace of new bookings.
  • GAAP Gross margin of 45.8% in the quarter, compared to 54.6% in the prior-year period.
  • Non-GAAP Gross margin of 50.3% in the quarter, compared to 55.6% in the prior-year period.
  • GAAP Operating expenses were $57.6 million in the quarter, compared to $45.1 million in the prior-year period. Operating expenses during the period included $10.6 million in AviClear spending, up $3.6 million from the prior-year period.
  • GAAP Net loss was $31.6 million, compared to a GAAP Net loss of $47.3 million in the prior-year period.
  • Adjusted EBITDA was a loss of $11.6 million, compared to a loss of $1.6 million in the prior-year period.
    • Core adjusted EBITDA was a loss of $4.3 million.
    • AviClear adjusted EBITDA was a loss of $7.3 million.

 

Three Months

Ended June 30,

2023

% Change vs Three Months

Ended June 30, 2022

 

 

Three Months

Ended June 30,

2023

Key Revenue Metrics

Reported

Constant

Currency

 

Key Profit Metrics

Capital Equipment

$37.9

-13%

-11%

 

GAAP Margin %

45.8%

Skincare

$9.4

-2%

5%

 

Non-GAAP Margin %

50.3%

Consumables

$4.3

-18%

-16%

 

Adjusted EBITDA - Core

($4.3)

Service

$5.7

0%

2%

 

Adjusted EBITDA - AviClear

($7.3)

AviClear

$4.0

nm

nm

 

Adjusted EBITDA - Total

($11.6)

Recurring

$23.3

13%

18%

 

Adjusted EBITDA Margin %

-19.0%

Total Revenue

$61.2

-5%

-2%

 

 

 

 

 

 

 

 

 

 

 

Six Months

Ended June 30,

2023

% Change vs Six Months

Ended June 30, 2022

 

 

Six Months

Ended June 30,

2023

Key Revenue Metrics

Reported

Constant

Currency

 

Key Profit Metrics

Capital Equipment

$71.2

-11%

-9%

 

GAAP Margin %

45.6%

Skincare

$17.6

-18%

-8%

 

Non-GAAP Margin %

49.7%

Consumables

$8.0

-12%

-9%

 

Adjusted EBITDA - Core

($12.9)

Service

$11.1

-5%

-2%

 

Adjusted EBITDA - AviClear

($13.3)

AviClear

$8.4

nm

nm

 

Adjusted EBITDA - Total

($26.1)

Recurring

$45.0

7%

13%

 

Adjusted EBITDA Margin %

-22.5%

Total Revenue

$116.2

-5%

-1%

 

 

 

“Second quarter results reflect that our business faces more operational and market challenges than were apparent when I stepped in as interim CEO. While we succeeded in refocusing our selling organization on Core Capital, business performance in this area has been negatively impacted by continued parts-driven service delays, and a tightening credit environment which have made deal closing more difficult, and placed pressure on our ASP’s. Addressing these challenges is a top priority for the company and we are working diligently to get Core Capital back on track,” commented Sheila Hopkins, former interim Chief Executive Officer of Cutera Inc.

Hopkins continued, “On AviClear we have more work to do to increase utilization and the percent of installed offices that are contributing. We are working expeditiously on the playbook for that. This will be a process; however, I am encouraged by progress made in the quarter on AviClear. We moved forward with a more measured pace of device bookings, and drove treatment volume that was in-line with our expectations. Finally, AviClear became the first acne therapy to obtain FDA clearance as a long-term treatment for mild to severe acne vulgaris.”

“I continue to believe in the potential of Cutera, fueled by excellent technologies, and a dedicated and talented team. The challenges before us can and will be addressed, particularly with Taylor at the helm given his deep industry experience. This will place the Company firmly on the path to unlock inherent upside value not only on AviClear, but also Core Capital. Cutera’s future remains bright,” concluded Hopkins.

“I am very excited about the platform, the team, and the opportunity ahead at Cutera. While we face a set of near-term challenges, which our team will address, we have significant potential to drive growth and profitability over time, not only with our AviClear, our revolutionary solution for acne, but across our entire portfolio,” commented Taylor Harris, Chief Executive Officer of Cutera, Inc.

2023 Outlook

The company expects full-year 2023 revenue in the range of $220 million to $230 million.

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 in the call will be Taylor Harris, Chief Executive Officer; Sheila Hopkins, former Interim Chief Executive Officer; Stuart Drummond, Interim Chief Financial Officer; and Greg Barker, Vice President of FP&A and Investor Relations.

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, to supplement the Companys condensed consolidated financial statements presented in accordance with Generally Accepted Accounting Principles, or GAAP, management has disclosed certain non-GAAP financial measures for gross margin, gross margin rate, and operating income. Non-GAAP adjustments include depreciation and amortization including contract acquisition costs, stock-based compensation, enterprise resource planning (ERP) implementation costs, certain legal and litigation costs, executive and other non-recurring severance costs, costs related to a retention plan, and legal and advisory fees related to litigation and shareholder activism. From time to time in the future, there may be other items that the Company 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 defines adjusted EBITDA as operating income before depreciation and amortization, stock-based compensation, ERP implementation costs, costs related to certain litigation, executive and non-recurring severance costs, retention plan costs, and legal and advisory fees related to litigation and shareholder activism.

Company management uses non-GAAP measures as aids in monitoring the Companys ongoing financial performance from quarter to quarter, and year to year, 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 share exclude the following:

Depreciation and amortization, including contract acquisition costs. 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.

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.

ERP implementation costs. The Company has excluded ERP system costs related to direct and incremental costs incurred in connection with its multi-phase implementation of a new ERP solution and the related technology infrastructure costs. The Company excludes these costs because it believes 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 the Company’s operating performance.

Certain legal and litigation costs. The Company has excluded costs incurred related to its litigation against Lutronic Aesthetics, which is not part of the Company’s ordinary course of business. The Company’s complaint against Lutronic alleges misappropriation of trade secrets, violation of the Racketeer Influenced and Corrupt Organizations Act (RICO), interference with contractual relations and other claims. The Company excludes these costs because this litigation is a result of a discrete event that was not part of the Company’s business strategy, but has a significant effect on the results of operations. Its costs are incidental to and do not reflect the efficiencies and effectiveness of the Company’s core operations.

Executive and other non-recurring severance costs. The Company has excluded costs associated with restructuring activities and the separation of its officers and other executives in calculating its non-GAAP operating expenses and non-GAAP Operating Income. The Company has excluded restructuring costs because a restructuring represents a discrete event that signifies a change in the Company’s strategy, but its costs are not indicative of the ongoing financial performance of the business. The Company excludes executive separation costs because executive separations are unpredictable and not part of the Company’s business strategy but could have a significant impact on the results of operation.

Retention plan costs. The Company has excluded the expense related to a retention plan implemented in April 2023. Approximately $11 million was made available to sales personnel and key employees and will be paid in quarterly installments through October 2024. The Company has excluded expense related to this retention plan as such costs are not considered part of ongoing operations.

Board of Director legal and advisory fees. The Company has excluded costs associated with the litigation and shareholder activism related to its 2023 annual meeting of shareholders. The Company has excluded these costs as the costs do not relate to ongoing operations.

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, Cuteras 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 Companys 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 Companys 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, 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 concerning those or other forward-looking statements. Cutera's financial performance for the second quarter ended June 30, 2023, 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,

 

2023

 

 

2022

 

Assets
Current assets:
Cash and cash equivalents

$

180,654

 

$

145,924

 

Marketable investments

 

41,949

 

 

171,390

 

Accounts receivable, net

 

53,079

 

 

45,562

 

Inventories, net

 

68,668

 

 

63,628

 

Other current assets and prepaid expenses

 

24,900

 

 

24,036

 

Restricted cash

 

700

 

 

700

 

Total current assets

 

369,950

 

 

451,240

 

 
Property and equipment, net

 

65,511

 

 

40,368

 

Deferred tax asset

 

547

 

 

590

 

Goodwill

 

1,339

 

 

1,339

 

Operating lease right-of-use assets

 

11,370

 

 

12,831

 

Other long-term assets

 

15,113

 

 

14,620

 

Total assets

$

463,830

 

$

520,988

 

 
Liabilities and Stockholders' Deficit
Current liabilities:
Accounts payable

$

34,240

 

$

33,736

 

Accrued liabilities

 

53,764

 

 

57,452

 

Operating leases liabilities

 

2,602

 

 

2,810

 

Deferred revenue

 

12,457

 

 

11,841

 

Total current liabilities

 

103,063

 

 

105,839

 

 
Deferred revenue, net of current portion

 

1,690

 

 

1,657

 

Operating lease liabilities, net of current portion

 

10,069

 

 

11,352

 

Convertible notes, net of unamortized debt issuance costs

 

417,568

 

 

416,459

 

Other long-term liabilities

 

575

 

 

862

 

Total liabilities

 

532,965

 

 

536,169

 

 
Stockholders’ deficit:
Common stock

 

20

 

 

20

 

Additional paid-in capital

 

128,014

 

 

125,406

 

Accumulated other comprehensive income (loss)

 

4

 

 

(94

)

Accumulated deficit

 

(197,173

)

 

(140,513

)

Total stockholders' deficit

 

(69,135

)

 

(15,181

)

Total liabilities and stockholders' deficit

$

463,830

 

$

520,988

 

 
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,

2023

2022

2023

2022

 
Products $

55,568

 

$

58,589

 

$

105,156

 

$

110,655

 

Service

5,650

 

5,635

 

 

11,055

 

11,583

 

Total net revenue

61,218

 

64,224

 

 

116,211

 

122,238

 

 
Products

29,473

 

25,899

 

 

56,704

 

48,811

 

Service

3,691

 

3,281

 

 

6,526

 

6,595

 

Total cost of revenue

33,164

 

29,180

 

 

63,230

 

55,406

 

Gross profit

28,054

 

35,044

 

 

52,981

 

66,832

 

Gross margin %

45.8

%

54.6

%

 

45.6

%

54.7

%

 
Operating expenses:
Sales and marketing

33,271

 

27,001

 

 

62,783

 

51,945

 

Research and development

5,784

 

6,859

 

 

12,252

 

13,358

 

General and administrative

18,528

 

11,248

 

 

31,044

 

24,750

 

Total operating expenses

57,583

 

45,108

 

 

106,079

 

90,053

 

Loss from operations

(29,529

)

(10,064

)

 

(53,098

)

(23,221

)

Amortization of debt issuance costs

(557

)

(298

)

 

(1,109

)

(517

)

Interest on convertible notes

(2,958

)

(1,149

)

 

(5,897

)

(1,927

)

Loss on extinguishment of convertible notes

-

 

(34,423

)

 

-

 

(34,423

)

Interest income

2,179

 

382

 

 

4,658

 

395

 

Other expense, net

(453

)

(1,910

)

 

(616

)

(2,678

)

Loss before income taxes

(31,318

)

(47,462

)

 

(56,062

)

(62,371

)

Income tax expense (benefit)

326

 

(186

)

 

598

 

47

 

Net loss $

(31,644

)

$

(47,276

)

 

(56,660

)

$

(62,418

)

 
Net loss per share:
Basic $

(1.59

)

$

(2.53

)

 

(2.86

)

$

(3.39

)

Diluted $

(1.59

)

$

(2.53

)

 

(2.86

)

$

(3.39

)

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

19,858

 

18,700

 

 

19,819

 

18,392

 

Diluted

19,858

 

18,700

 

 

19,819

 

18,392

 

 
CUTERA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in thousands, except percentage data)
(unaudited)
 
Three Months Ended % Change Six Months Ended % Change
June 30, June 30, 2023 Vs June 30, June 30, 2023 Vs

2023

2022

2022

2023

2022

2022

Revenue By Geography:
North America $

31,830

 

$

32,239

 

-1.3

%

$

59,499

 

$

61,092

 

-2.6

%

Japan

12,810

 

15,174

 

-15.6

%

25,718

 

32,677

 

-21.3

%

Rest of World

16,578

 

16,811

 

-1.4

%

30,994

 

28,469

 

+8.9%
Total Net Revenue $

61,218

 

$

64,224

 

-4.7

%

$

116,211

 

$

122,238

 

-4.9

%

International as a percentage of total revenue

48.0

%

49.8

%

48.8

%

50.0

%

 
Revenue By Product Category:
Systems
- North America $

22,243

 

$

25,232

 

-11.8

%

$

40,203

 

$

47,939

 

-16.1

%

- Rest of World (including Japan)

15,652

 

18,421

 

-15.0

%

31,010

 

32,228

 

-3.8

%

Total Systems

37,895

 

43,653

 

-13.2

%

71,213

 

80,167

 

-11.2

%

AviClear

3,996

 

136

 

nm

8,391

 

136

 

nm

Consumables

4,255

 

5,162

 

-17.6

%

7,998

 

9,065

 

-11.8

%

Skincare

9,422

 

9,638

 

-2.2

%

17,554

 

21,287

 

-17.5

%

Total Products

55,568

 

58,589

 

-5.2

%

105,156

 

110,655

 

-5.0

%

Service

5,650

 

5,635

 

+0.3%

11,055

 

11,583

 

-4.6

%

Total Net Revenue $

61,218

 

$

64,224

 

-4.7

%

$

116,211

 

$

122,238

 

-4.9

%

 
 
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,

2023

2022

2023

2022

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

361

 

$

500

$

725

$

959

Sales and marketing

1,283

 

1,638

 

2,431

 

2,214

 

Research and development

415

 

1,067

 

1,108

 

2,047

 

General and administrative

(509

)

1,528

 

672

 

3,556

 

$

1,550

 

$

4,733

 

$

4,936

 

$

8,776

 

 
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,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Cash flows from operating activities:
Net loss

$

(31,644

)

$

(47,276

)

$

(56,660

)

$

(62,418

)

Adjustments to reconcile net loss to net cash provided used in operating activities:

 

-

 

Stock-based compensation

 

1,550

 

 

4,733

 

 

4,936

 

 

8,776

 

Depreciation and amortization

 

1,829

 

 

502

 

 

3,238

 

 

929

 

Amortization of contract acquisition costs

 

1,891

 

 

567

 

 

4,069

 

 

1,219

 

Amortization of debt issuance costs

 

557

 

 

298

 

 

1,109

 

 

517

 

Deferred tax assets

 

30

 

 

39

 

 

43

 

 

80

 

Provision for credit losses

 

2,026

 

 

217

 

 

2,514

 

 

409

 

Loss on sale of property and equipment

 

-

 

 

49

 

 

-

 

 

63

 

Loss on extinguishment of convertible notes

 

-

 

 

34,423

 

 

-

 

 

34,423

 

Unrealized gain on foreign exchange forward

 

623

 

 

-

 

 

-

 

 

-

 

Non-cash interest income

 

(1,115

)

 

-

 

 

(1,995

)

 

-

 

Changes in assets and liabilities:

 

-

 

Accounts receivable

 

(2,967

)

 

804

 

 

(10,031

)

 

(1,108

)

Inventories, net

 

3,151

 

 

(5,324

)

 

(5,040

)

 

(17,501

)

Other current assets and prepaid expenses

 

1,175

 

 

2,577

 

 

(878

)

 

(3,034

)

Other long-term assets

 

(2,771

)

 

(686

)

 

(4,782

)

 

(1,071

)

Accounts payable

 

(336

)

 

9,016

 

 

(1,666

)

 

14,771

 

Accrued liabilities

 

(5,512

)

 

(889

)

 

(3,806

)

 

(6,878

)

Operating leases ,net

 

(14

)

 

6

 

 

(30

)

 

36

 

Deferred revenue

 

261

 

 

463

 

 

649

 

 

702

 

Net cash used in operating activities

 

(31,266

)

 

(481

)

 

(68,330

)

 

(30,085

)

 
Cash flows from investing activities:
Acquisition of property and equipment

 

(14,755

)

 

(7,917

)

 

(25,908

)

 

(8,238

)

Purchase of marketable investments

 

-

 

 

(129,251

)

 

(23,467

)

 

(203,309

)

Proceeds from maturities of marketable investments

 

60,000

 

 

-

 

 

155,000

 

 

-

 

Net provided by (used in) cash used in investing activities

 

45,245

 

 

(137,168

)

 

105,625

 

 

(211,547

)

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

 

749

 

 

1,288

 

 

858

 

 

1,440

 

Purchase of capped call

 

-

 

 

(31,671

)

-

 

(31,671

)

Proceeds from issuance of convertible notes

 

-

 

 

240,000

 

-

 

240,000

 

Payment of issuance costs of convertible notes

 

-

 

 

(6,956

)

-

 

(6,956

)

Extinguishment of convertible notes

 

-

 

 

(45,777

)

-

 

(45,777

)

Taxes paid related to net share settlement of equity awards

 

(789

)

 

(1,784

)

 

(3,186

)

 

(4,234

)

Payments on finance lease obligation

 

(113

)

 

(133

)

 

(237

)

 

(284

)

Net cash provided by (used in) financing activities

 

(153

)

 

154,967

 

 

(2,565

)

 

152,518

 

 
Net increase (decrease) in cash, cash equivalents and restricted cash

 

13,826

 

 

17,318

 

 

34,730

 

 

(89,114

)

Cash, cash equivalents, and restricted cash at beginning of period

 

167,528

 

 

58,432

 

 

146,624

 

 

164,864

 

Cash, cash equivalents, and restricted cash at end of period

$

181,354

 

$

75,750

 

$

181,354

 

$

75,750

 

 

CUTERA, INC.

Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure

(in thousands)

(unaudited)

 
Three Months Ended June 30, 2023

Gross Profit

Gross Margin

Operating

Income

Reported

$

28,054

45.8

%

$

(29,529

)

Adjustments:
Depreciation and amortization including contract acquisition costs

 

1,998

 

3.3

%

 

3,991

 

Stock-based compensation

 

361

 

0.6

%

 

1,550

 

ERP implementation costs

 

-

 

-

 

 

770

 

Legal

 

-

 

-

 

 

394

 

Severance

 

-

 

-

 

 

234

 

Retention plan costs

 

65

 

0.1

%

 

2,972

 

Board of Director legal and advisory fees

 

-

 

-

 

 

7,709

 

Other adjustments

 

307

 

0.5

%

 

307

 

Total adjustments

 

2,731

 

4.5

%

 

17,927

 

Adjusted

$

30,785

 

50.3

%

$

(11,602

)

 
Three Months Ended June 30, 2022

Gross Profit

Gross Margin

Operating

Income

Reported

$

35,044

 

54.6

%

$

(10,064

)

Adjustments:
Depreciation and amortization including contract acquisition costs

 

161

 

0.3

%

 

1,068

 

Stock-based compensation

 

500

 

0.8

%

 

4,733

 

ERP implementation costs

 

-

 

-

 

 

2,385

 

Legal

 

-

 

-

 

 

242

 

Severance

 

-

 

-

 

 

-

 

Other adjustments

 

-

 

-

 

 

-

 

Total adjustments

 

661

 

1.0

%

 

8,428

 

Adjusted

$

35,705

 

55.6

%

$

(1,636

)

 
Six Months Ended June 30, 2023

Gross Profit

Gross Margin

Operating

Income

Reported

$

52,981

45.6

%

$

(53,098

)

Adjustments:
Depreciation and amortization including contract acquisition costs

 

3,597

 

3.1

%

 

7,578

 

Stock-based compensation

 

725

 

0.6

%

 

4,936

 

ERP implementation costs

 

-

 

-

 

 

1,288

 

Legal

 

-

 

-

 

 

1,046

 

Severance

 

119

 

0.1

%

 

549

 

Retention plan costs

 

65

 

0.1

%

 

2,972

 

Board of Director legal and advisory fees

 

-

 

-

 

 

7,709

 

Other adjustments

 

307

 

0.3

%

 

892

 

Total adjustments

 

4,813

 

4.1

%

 

26,970

 

Adjusted

$

57,794

 

49.7

%

$

(26,128

)

 
Six Months Ended June 30, 2022

Gross Profit

Gross Margin

Operating

Income

Reported

$

66,832

 

54.7

%

$

(23,221

)

Adjustments:
Depreciation and amortization including contract acquisition costs

 

237

 

0.2

%

 

2,147

 

Stock-based compensation

 

959

 

0.8

%

 

8,776

 

ERP implementation costs

 

-

 

-

 

 

6,361

 

Legal

 

-

 

-

 

 

496

 

Severance

 

-

 

-

 

 

-

 

Other adjustments

 

-

 

-

 

 

-

 

Total adjustments

 

1,196

 

1.0

%

 

17,780

 

Adjusted

$

68,028

 

55.7

%

$

(5,441

)

 

Contacts

Cutera, Inc.

Greg Barker

VP, Corporate FP&A and Investor Relations

415-657-5500

IR@cutera.com

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