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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cutera Inc | NASDAQ:CUTR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.39% | 2.58 | 2.57 | 2.59 | 2.70 | 2.575 | 2.62 | 79,327 | 14:40:50 |
Total truSculpt® Body Sculpting Revenue Grows 29%; Surpasses 1,000 Systems Sold-To-Date
Total International Sales Grows 20%
Cutera, Inc. (NASDAQ: CUTR) (“Cutera” or the “Company”), a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide, today reports financial results for the first quarter ended March 31, 2019.
Key financial and operational highlights for the first quarter include:
“Overall, I am pleased with many aspects of our first quarter performance,” stated Chief Operating Officer and Interim CEO, Jason Richey. “Several positive trends and the team’s continued execution all contributed to driving strong revenue. We continue to see robust demand for, and utilization of, truSculpt iD, our body sculpting solution. In addition, we successfully launched our excel V+ at the American Academy of Dermatology annual meeting where our enhanced North American sales team generated significant interest. Likewise, our International sales group grew revenue 20%, executing on initiatives introduced at year-end. We continue to make progress in our operational and infrastructure improvement activities, reflected in lower inventory levels and average system assembly times. We recognize, however, that we still have significant work to do.”
2019 Financial Outlook
Conference Call
The Company will host a live audio webcast for interested parties commencing today at 1:30 p.m. PDT (4:30 p.m. EDT). Participating in the call will be Jason Richey, Chief Operating Officer and Interim Chief Executive Officer and Sandra Gardiner, Executive Vice President and Chief Financial Officer. The call will be broadcast live over the Internet, hosted at the Investor Relations section of Cutera's website at http://www.cutera.com/, and will be available online within 24 hours of its completion through June 9, 2019. In addition, you may call 1-877-705-6003 to listen to the live broadcast.
About Cutera, Inc.
Brisbane, California-based Cutera is a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide. Since 1998, Cutera has developed innovative, easy-to-use products that enable physicians and other qualified practitioners to offer safe and effective aesthetic treatments to their patients. For more information, call 1-888-4CUTERA or visit www.cutera.com.
*Use of Non-GAAP Financial Measures
In this press release, in order to supplement our condensed consolidated financial statements presented in accordance with Generally Accepted Accounting Principles, or GAAP, management has disclosed certain non-GAAP financial measures for the statement of operations and net income (loss) per diluted share. Non-GAAP adjustments include stock-based compensation, depreciation, amortization, executive separation costs, customer relationship management (“CRM”) and enterprise resource planning (“ERP”) system implementation 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 we believe that doing so is consistent with the goal of providing useful information to investors and management. We have provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential significant variability, limited visibility, unpredictability, or unique non-recurring nature of the items. Forward-looking non-GAAP measures include adjusted EBITDA. We define adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation, executive separation costs, and charges related to CRM and ERP software implementation 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. We have excluded the effect of stock-based compensation expenses in calculating our non-GAAP operating expenses and net income measures. Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We record stock-based compensation expense related to grants of options, 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. We believe that excluding stock-based compensation better allows for comparisons to our peer companies;
Depreciation and amortization. We have excluded depreciation and amortization expense in calculating our non-GAAP operating expenses and net income measures. Depreciation and amortization are non-cash charges to current operations;
Executive separation. We have excluded costs associated with the resignation of our former Chief Executive Officer in calculating our non-GAAP operating expenses and net income measures. We exclude these non-recurring 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; and
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.
We believe that excluding all of the items above allows users of our financial statements to better review and assess both current and historical results of operations.
Safe Harbor Statement
Certain statements in this press release, other than purely historical information, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, but are not limited to, Cutera’s plans, objectives, strategies, financial performance and outlook, product launches and performance, trends, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “should,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” “foresee” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause Cutera's actual results to differ materially from the statements contained herein. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this press release, including those described in the “Risk Factors” section of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, the Registration Statement on Form S-8 and other documents filed from time to time with the United States Securities and Exchange Commission by Cutera.
All information in this press release is as of the date of its release. Accordingly, undue reliance should not be placed on forward-looking statements. Cutera undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Cutera's financial performance for the first quarter ended March 31, 2019, as discussed in this release, is preliminary and unaudited, and subject to adjustment.
CUTERA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) March 31, December 31, 2019 2018 Assets Current assets: Cash and cash equivalents $ 19,158 $ 26,052 Marketable investments 7,939 9,523 Accounts receivable, net 19,136 19,637 Inventories 26,659 28,014 Other current assets and prepaid expenses 4,864 3,972 Total current assets 77,756 87,198 Property and equipment, net 2,407 2,672 Deferred tax asset 451 457 Goodwill 1,339 1,339 Operating lease right-of-use assets 9,442 - Other long-term assets 5,960 5,971 Total assets $ 97,355 $ 97,637 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 10,337 $ 11,279 Accrued liabilities 21,788 23,300 Operating leases liabilities 1,840 - Extended warranty liabilities 2,667 3,159 Deferred revenue 10,263 9,882 Total current liabilities 46,895 47,620 Deferred revenue, net of current portion 2,828 2,684 Income tax liability 399 394 Operating lease liabilities, net of current portion 7,759 - Other long-term liabilities 354 553 Total liabilities 58,235 51,251 Stockholders’ equity: Common stock 14 14 Additional paid-in capital 71,399 70,451 Accumulated deficit (32,230 ) (24,010 ) Accumulated other comprehensive loss (63 ) (69 ) Total stockholders' equity 39,120 46,386 Total liabilities and stockholders' equity $ 97,355 $ 97,637 CUTERA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, March 31, 2019 2018 Products $ 30,762 $ 29,264 Service 5,264 4,861 Total net revenue 36,026 34,125 Products 15,541 13,922 Service 3,176 2,869 Total cost of revenue 18,717 16,791 Gross profit 17,309 17,334 Gross margin % 48 % 51 % Operating expenses: Sales and marketing 16,104 13,088 Research and development 3,706 3,556 General and administrative 5,525 5,439 Total operating expenses 25,335 22,083 Loss from operations (8,026 ) (4,749 ) Interest and other income (expense), net (79 ) 98 Loss before income taxes (8,105 ) (4,651 ) Income tax expense (benefit) 115 (2,619 ) Net loss $ (8,220 ) $ (2,032 ) Net loss per share: Basic and Diluted $ (0.59 ) $ (0.15 ) Weighted-average number of shares used in per share calculations: Basic and Diluted 14,017 13,587CUTERA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (in thousands, except percentage data) (unaudited) Three Months Ended % Change March 31, March 31, 2019 Vs 2019 2018 2018 Revenue By Geography: United States $ 20,400 $ 21,136 -3 % International 15,626 12,989 +20 % Total Net Revenue $ 36,026 $ 34,125 +6 % International as a percentage of total revenue 43% 38% Revenue By Product Category: Systems - North America $ 17,580 $ 18,944 -7 % - Rest of World 9,629 8,295 +16 % Total Systems27,209
27,239 0 % Consumables 1,945 769 +153 % Skincare 1,608 1,256 +28 % Total Products 30,762 29,264 +5 % Service 5,264 4,861 +8 % Total Net Revenue $ 36,026 $ 34,125 +6 % Three Months Ended March 31, March 31, 2019 2018 Pre-tax Stock-Based Compensation Expense: Cost of revenue $ 269 $ 154 Sales and marketing 718 489 Research and development 263 191 General and administrative 57 854 $ 1,307 $ 1,688 CUTERA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended March 31, March 31, 2019 2018 Cash flows from operating activities: Net loss $ (8,220 ) $ (2,032 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Stock-based compensation 1,307 1,688 Depreciation of tangible assets 411 254 Amortization of contract acquisition costs 690 373 Change in deferred tax asset 6 (2,737 ) Provision for doubtful accounts receivable 98 187 Other 103 (162 ) Changes in assets and liabilities: Accounts receivable 403 915 Inventories 1,355 (2,197 ) Other current assets and prepaid expenses (916 ) 1,753 Other long-term assets (679 ) (2,150 ) Accounts payable (942 ) 1,204 Accrued liabilities (1,467 ) (6,727 ) Extended warranty liabilities (492 ) - Other long-term liabilities (140 ) 35 Deferred revenue 525 (456 ) Income tax liability 5 5 Net cash used in operating activities (7,953 ) (10,047 ) Cash flows from investing activities: Acquisition of property, equipment and software (65 ) (104 ) Proceeds from sales of marketable investments - 13,044 Proceeds from maturities of marketable investments 3,200 - Purchase of marketable investments (1,586 ) (4,390 ) Net cash provided by investing activities 1,549 8,550 Cash flows from financing activities: Proceeds from exercise of stock options and employee stock purchase plan 131 633 Taxes paid related to net share settlement of equity awards (490 ) (2,288 ) Payments on finance lease obligations (131 ) (122 ) Net cash used in financing activities (490 ) (1,777 ) Net decrease in cash and cash equivalents (6,894 ) (3,274 ) Cash and cash equivalents at beginning of period 26,052 14,184 Cash and cash equivalents at end of period $ 19,158 $ 10,910 CUTERA, INC. RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 GAAP Depreciationand
Amortization
Stock-BasedCompensation
CRM and ERPImplementation
Costs
Taxes and
OtherAdjustments
Non-GAAP GAAP Depreciationand
Amortization
Stock-BasedCompensation
Taxes and
OtherAdjustments
Non-GAAP Net revenue $ 36,026 - - - - $ 36,026 $ 34,125 - - - $ 34,125 Cost of revenue 18,717 (129 ) (269 ) - - 18,319 16,791 (85 ) (154 ) - 16,552 Gross profit 17,309 129 269 - - 17,707 17,334 85 154 - 17,573 Gross margin % 48 % 49 % 51 % 51 % Operating expenses: Sales and marketing 16,104 (868 ) (718 ) (85 ) - 14,433 13,088 (523 ) (489 ) - 12,076 Research and development 3,706 (21 ) (263 ) - - 3,422 3,556 (15 ) (191 ) - 3,350 General and administrative 5,525 (83 ) (57 ) (239 ) (614 ) (a) 4,531 5,439 (4 ) (854 ) - 4,581 Total operating expenses 25,335 (972 ) (1,038 ) (324 ) (614 ) 22,387 22,083 (542 ) (1,534 ) - 20,007 Income (loss) from operations (8,026 ) 1,101 1,307 324 614 (4,680 ) (4,749 ) 627 1,688 - (2,434 ) Interest and other income (expense), net (79 ) - - - - (79 ) 98 - - - 98 Loss before income taxes (8,105 ) 1,101 1,307 324 614 (4,759 ) (4,651 ) 627 1,688 - (2,336 ) Provision (benefit) for income taxes 115 - - - 3 118 (2,619 ) - - 566 (2,053 ) Net loss $ (8,220 ) 1,101 1,307 324 611 $ (4,877 ) $ (2,032 ) 627 1,688 (566 ) $ (283 ) Net loss per share: Basic and diluted $ (0.59 ) $ (0.35 ) $ (0.15 ) $ (0.02 ) Weighted-average number of shares used in per share calculations: Basic and diluted 14,017 14,017 13,587 13,587 a)Other adjustment of $614 related to Executive separation costs. Operating expenses as a % of net revenue GAAP Non-GAAP GAAP Non-GAAP Sales and marketing 44.7 % 40.1 % 38.4 % 35.4 % Research and development 10.3 % 9.5 % 10.4 % 9.8 % General and administrative 15.3 % 12.6 % 15.9 % 13.4 % 70.3 % 62.1 % 64.7 % 58.6 % CUTERA, INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (in thousands, except per share data) (unaudited)Three MonthsEnded
March 31, 2019 Net loss $ (8,220 ) Adjustments: Stock-based compensation 1,307 Depreciation and amortization 1,101 CRM and ERP implementation costs 324 Other adjustments 614(a)
Interest and other (income) expense, net 79 Provision (benefit) for income taxes 115 Total adjustments $ 3,540 Adjusted EBITDA $ (4,680 ) a)Other adjustment of $614 related to Executive separation costs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190509005865/en/
Cutera, Inc.Matthew ScaloVice President, Investor Relations & Corporate Development415-657-5500mscalo@cutera.com
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