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Cutera Announces Fourth Quarter and Full-Year 2023 Financial Results Along with 2024 Outlook

Cutera, Inc. (Nasdaq: CUTR) (“Cutera” or the “Company”), a leading provider of aesthetic and dermatology solutions, today reported financial results for the fourth quarter and full-year ended December 31, 2023.

  • Consolidated revenue for the fourth quarter of 2023 of $49.5 million
  • Full-year 2023 revenue of $212.4 million, ahead of guidance of approximately $205 million
  • Cash and marketable securities of $143.6 million as of December 31, 2023, ahead of guidance of approximately $135 million
  • Completion of corporate restructuring program, allowing for both an improved cost structure and better organizational alignment
  • Successful execution of the North American limited commercial release of the enhanced AviClear product and business model offering during the fourth quarter of 2023

“Thanks to the hard work of the team, Cutera finished a challenging year with fourth quarter financial performance ahead of our guidance range, and we have also completed the key elements of our corporate restructuring, including a reduction in force, bringing critical manufacturing operations in-house, and a transition of our Skincare business,” commented Taylor Harris, Chief Executive Officer of Cutera, Inc. “We are now squarely focused on our most important priorities, which are operational excellence and building a successful AviClear franchise across the globe.”

Fourth Quarter 2023 Financial Highlights

Consolidated revenue for the fourth quarter of 2023 was $49.5 million, a decrease of 26% compared to the fourth quarter of 2022. Revenue related to capital equipment systems declined 32%, while recurring sources of revenue declined 16%. AviClear revenue for the fourth quarter of 2023 was $3.9 million.

Gross profit was $6.2 million, or 12.6% of revenue, for the fourth quarter of 2023, compared to a gross profit of $38.7 million, or 57.5% of revenue, for the fourth quarter of 2022. On a non-GAAP basis, gross profit was $9.9 million, or 20.0% of revenue, for the fourth quarter of 2023, compared to $40.0 million, or 59.4% of revenue, for the fourth quarter of 2022. Gross profit in the fourth quarter, on both a GAAP and a non-GAAP basis, was negatively affected by approximately $8.4 million, or 16.9% of revenue, of non-cash expense related to excess and obsolete inventory.

Operating expenses were $50.6 million for the fourth quarter of 2023, compared to $44.3 million in the prior year period. On a non-GAAP basis, operating expenses were $36.0 million for the fourth quarter of 2023, compared to $39.7 million for the prior year period.

Non-GAAP operating income was a loss of $26.1 million for the fourth quarter of 2023, compared to a gain of $0.2 million in the fourth quarter of 2022.

Cash and marketable securities were $143.6 million as of December 31, 2023, compared to $317.3 million as of December 31, 2022, and $179.5 million as of September 30, 2023.

Full-Year 2023 Financial Highlights

Consolidated revenue for the full-year 2023 was $212.4 million, a decrease of 16% compared to the full-year 2022. Revenue related to capital equipment systems declined 21%, while recurring sources of revenue declined 7%. Revenue excluding Skincare was $178.4 million and decreased 15% versus the prior year period.

Gross profit was $60.4 million or 28.4% of revenue, for the full-year 2023, compared to a gross profit of $139.8 million, or 55.4% of revenue, for the full-year 2022. On a non-GAAP basis, gross profit was $71.4 million, or 33.6% of revenue, for the full-year 2023, compared to $142.8 million, or 56.6% of revenue, for the full-year 2022.

Operating expenses were $203.4 million for the full-year 2023, compared to $178.0 million in the prior year period. On a non-GAAP basis, operating expenses were $157.1 million for the full-year 2023, compared to $150.0 million for the prior year period.

Non-GAAP operating income was a loss of $85.7 million for the full-year 2023, compared to a loss of $7.2 million in the full-year 2022.

2024 Outlook

The Company expects 2024 annual revenue in the range of $160 million to $170 million, including $4 million of Skincare revenue recorded through the February transition date, and ending 2024 with cash and marketable securities of approximately $55 million to $60 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, Stuart Drummond, Interim Chief Financial Officer, and Greg Barker, Vice President of FP&A and Investor Relations.

Participants can register for the conference call at the following registration link. Upon registering, a calendar booking will be provided by email including the dial-in details and a unique PIN to access the call. Using this process will by-pass the operator and avoid the call queue. Registration will remain open until the end of the live conference call.

If participants prefer to dial in and speak with an operator, dial Canada/USA Toll Free: 1-800-319-4610 or +1-631-891-4304. It’s recommended that you call in 10 minutes prior to the scheduled start time if you are using one of these operator-assisted phone numbers.

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 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 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 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, retention plan costs, expenses related to manufacturing agreement termination, and Board of Director legal and advisory fees. 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 non-GAAP financial measure, also commonly known as 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, expenses related to manufacturing agreement termination, and legal and advisory fees related to litigation and shareholder activism.

Company management uses non-GAAP measures as aids in monitoring the Company’s 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;

Expenses related to manufacturing agreement termination. The Company has excluded expenses related to a manufacturing agreement termination incurred as part of a settlement agreement related to the non-renewal of a manufacturing service agreement with Jabil Inc., a third-party manufacturing provider that manufactured excel V+ and AviClear devices for the Company. The Company excluded 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; and

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 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, Cutera’s plans, objectives, strategies, financial performance, guidance 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, and other documents filed from time to time with the United States Securities and Exchange Commission by Cutera.

All statements made in this release are made only as of the date set forth at the beginning of this release. We undertake no obligation to update the information made in this release in the event facts or circumstances subsequently change after the date of this release. Our audited consolidated financial statements for the year ended December 31, 2023 are not yet available. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file our Form 10-K.

CUTERA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
 
 
 

December 31,

December 31,

2023

2022

 
Assets
Current assets:
Cash and cash equivalents

$

143,612

 

$

145,924

 

Marketable securities

 

-

 

 

171,390

 

Accounts receivable, net

 

43,371

 

 

45,562

 

Inventories, net

 

61,725

 

 

63,628

 

Other current assets and prepaid expenses

 

19,627

 

 

24,036

 

Restricted cash

 

-

 

 

700

 

Total current assets

 

268,335

 

 

451,240

 

 
Long-term inventories, net

 

26,011

 

 

-

 

Property and equipment, net

 

37,275

 

 

40,368

 

Deferred tax asset

 

579

 

 

590

 

Goodwill

 

1,339

 

 

1,339

 

Operating lease right-of-use assets

 

10,055

 

 

12,831

 

Other long-term assets

 

11,575

 

 

14,620

 

Total assets

$

355,169

 

$

520,988

 

 
Liabilities and Stockholders' Deficit
Current liabilities:
Accounts payable

$

19,829

 

$

33,736

 

Accrued liabilities

 

51,930

 

 

57,452

 

Operating leases liabilities

 

2,441

 

 

2,810

 

Deferred revenue

 

10,422

 

 

11,841

 

Total current liabilities

 

84,622

 

 

105,839

 

 
Deferred revenue, net of current portion

 

1,494

 

 

1,657

 

Operating lease liabilities, net of current portion

 

8,887

 

 

11,352

 

Convertible notes, net of unamortized debt issuance costs

 

418,695

 

 

416,459

 

Other long-term liabilities

 

1,298

 

 

862

 

Total liabilities

 

514,996

 

 

536,169

 

 
Stockholders’ deficit:
Common stock

 

20

 

 

20

 

Additional paid-in capital

 

131,496

 

 

125,406

 

Accumulated other comprehensive loss

 

-

 

 

(94

)

Accumulated deficit

 

(291,343

)

 

(140,513

)

Total stockholders' deficit

 

(159,827

)

 

(15,181

)

Total liabilities and stockholders' deficit

$

355,169

 

$

520,988

 

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,

2023

2022

2023

2022

 
 
Products

$

43,528

 

$

61,601

 

$

189,813

 

$

228,796

 

Service

 

6,012

 

 

5,752

 

 

22,556

 

 

23,603

 

Total net revenue

 

49,540

 

 

67,353

 

 

212,369

 

 

252,399

 

 
Products

 

40,684

 

 

26,188

 

 

139,380

 

 

100,254

 

Service

 

2,615

 

 

2,416

 

 

12,576

 

 

12,316

 

Total cost of revenue

 

43,299

 

 

28,604

 

 

151,956

 

 

112,570

 

Gross margin

 

6,241

 

 

38,749

 

 

60,413

 

 

139,829

 

Gross margin %

 

12.6

%

 

57.5

%

 

28.4

%

 

55.4

%

 
Operating expenses:
Sales and marketing

 

24,412

 

 

28,514

 

 

113,003

 

 

106,947

 

Research and development

 

4,564

 

 

5,408

 

 

21,408

 

 

25,155

 

General and administrative

 

21,581

 

 

10,363

 

 

69,029

 

 

45,917

 

Total operating expenses

 

50,557

 

 

44,285

 

 

203,440

 

 

178,019

 

Loss from operations

 

(44,316

)

 

(5,536

)

 

(143,027

)

 

(38,190

)

Interest and other income (expense), net

Interest on convertible notes

 

(2,944

)

 

(1,992

)

 

(11,780

)

 

(5,658

)

Loss on extinguishment of convertible notes

 

-

 

 

-

 

 

-

 

 

(34,423

)

Amortization of debt issuance costs

 

(566

)

 

(438

)

 

(2,236

)

 

(1,355

)

Interest income, net

 

1,761

 

 

1,535

 

 

8,707

 

 

2,914

 

Other income (expense), net

 

1,604

 

 

(593

)

 

(960

)

 

(3,990

)

Loss before income taxes

 

(44,461

)

 

(7,024

)

 

(149,296

)

 

(80,702

)

Income tax expense

 

769

 

 

764

 

 

1,534

 

 

1,638

 

Net loss

$

(45,230

)

$

(7,788

)

$

(150,830

)

$

(82,340

)

 
Net loss per share:
Basic

$

(2.27

)

$

(0.40

)

$

(7.59

)

$

(4.39

)

Diluted

$

(2.27

)

$

(0.40

)

$

(7.59

)

$

(4.39

)

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

 

19,958

 

 

19,642

 

 

19,885

 

 

18,747

 

Diluted

 

19,958

 

 

19,642

 

 

19,885

 

 

18,747

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,

2023

2022

2023

2022

 
Cash flows from operating activities:
Net loss

$

(45,230

)

$

(7,788

)

$

(150,830

)

$

(82,340

)

Adjustments to reconcile net loss to net cash provided used in operating activities:
Stock-based compensation

 

1,512

 

 

1,379

 

 

8,064

 

 

14,400

 

Depreciation and amortization

 

3,350

 

 

1,018

 

 

8,575

 

 

2,621

 

Amortization of contract acquisition costs

 

1,762

 

 

1,385

 

 

8,847

 

 

3,200

 

Amortization of debt issuance costs

 

566

 

 

438

 

 

2,236

 

 

1,355

 

Deferred tax assets

 

(51

)

 

36

 

 

11

 

 

188

 

Provision for credit losses

 

1,893

 

 

1,110

 

 

7,381

 

 

1,787

 

Loss on sale of property and equipment

 

-

 

 

82

 

 

-

 

 

168

 

Accretion of discount on investment securities and investment income, net

 

-

 

 

-

 

 

1,048

 

 

-

 

Loss on extinguishment of convertible notes

 

-

 

 

-

 

 

-

 

 

34,423

 

Changes in assets and liabilities:
Accounts receivable

 

4,565

 

 

(10,796

)

 

(5,190

)

 

(15,900

)

Inventories, net

 

5,171

 

 

(7,690

)

 

6,952

 

 

(36,305

)

Other current assets and prepaid expenses

 

10

 

 

(364

)

 

4,362

 

 

(9,491

)

Other long-term assets

 

(601

)

 

(4,447

)

 

(6,243

)

 

(8,091

)

Accounts payable

 

(10,131

)

 

537

 

 

(14,866

)

 

20,979

 

Accrued liabilities

 

4,617

 

 

6,966

 

 

(6,346

)

 

3,282

 

Operating leases, net

 

(14

)

 

10

 

 

(58

)

 

56

 

Deferred revenue

 

(1,192

)

 

1,097

 

 

(1,582

)

 

2,673

 

Net cash used in operating activities

 

(33,773

)

 

(17,027

)

 

(137,639

)

 

(66,995

)

 
Cash flows from investing activities:
Acquisition of property and equipment

 

(2,599

)

 

(8,591

)

 

(33,241

)

 

(22,698

)

Purchase of marketable investments

 

-

 

 

(77,202

)

 

(23,467

)

 

(233,511

)

Proceeds from maturities of marketable investments

 

-

 

 

111,000

 

 

193,903

 

 

62,027

 

Net cash provided by (used in) investing activities

 

(2,599

)

 

25,207

 

 

137,195

 

 

(194,182

)

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

 

-

 

 

1,036

 

 

1,323

 

 

2,723

 

Proceeds from issuance of convertible notes

 

-

 

 

120,000

 

 

-

 

 

360,000

 

Purchase of capped call

 

-

 

 

-

 

 

-

 

 

(31,671

)

Payment of issuance costs of capped call

 

-

 

 

(25,009

)

 

-

 

 

(25,362

)

Payment of issuance costs of convertible notes

 

-

 

 

(3,600

)

 

-

 

 

(11,202

)

Extinguishment of convertible notes

 

-

 

 

-

 

 

-

 

 

(45,777

)

Taxes paid related to net share settlement of equity awards

 

(24

)

 

(436

)

 

(3,297

)

 

(5,256

)

Payments on capital lease obligations

 

(208

)

 

(127

)

 

(594

)

 

(518

)

Net cash provided by (used in) financing activities

 

(232

)

 

91,864

 

 

(2,568

)

 

242,937

 

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

 

(36,604

)

 

100,044

 

 

(3,012

)

 

(18,240

)

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

 

180,216

 

 

46,580

 

 

146,624

 

 

164,864

 

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

$

143,612

 

$

146,624

 

$

143,612

 

$

146,624

 

CUTERA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in thousands, except percentage data)
(unaudited)

Three Months Ended

% Change

Twelve Months Ended

% Change

December 31,

December 31,

2023 Vs

December 31,

December 31,

2023 Vs

2023

2022

2022

2023

2022

2022

 
Revenue By Geography:
North America

$

22,292

 

$

34,076

 

-34.6

%

$

106,786

 

$

128,426

 

-16.9

%

Japan

 

14,887

 

 

16,980

 

-12.3

%

 

52,134

 

 

64,920

 

-19.7

%

Rest of World

 

12,361

 

 

16,297

 

-24.2

%

 

53,449

 

 

59,053

 

-9.5

%

Total Net Revenue

$

49,540

 

$

67,353

 

-26.4

%

$

212,369

 

$

252,399

 

-15.9

%

International as a percentage of total revenue

 

55.0

%

 

49.4

%

 

49.7

%

 

49.1

%

 
Revenue By Product Category:
Systems
- North America

$

15,456

 

$

25,684

 

-39.8

%

$

75,206

 

$

99,267

 

-24.2

%

- Rest of World (including Japan)

 

13,668

 

 

17,438

 

-21.6

%

 

55,322

 

 

65,292

 

-15.3

%

Total Systems

 

29,124

 

 

43,122

 

-32.5

%

 

130,528

 

 

164,559

 

-20.7

%

Consumables

 

5,116

 

 

6,702

 

-23.7

%

 

25,302

 

 

21,737

 

+16.4%
Skincare

 

9,288

 

 

11,777

 

-21.1

%

 

33,983

 

 

42,500

 

-20.0

%

Total Products

 

43,528

 

 

61,601

 

-29.3

%

 

189,813

 

 

228,796

 

-17.0

%

Service

 

6,012

 

 

5,752

 

+4.5%

 

22,556

 

 

23,603

 

-4.4

%

Total Net Revenue

$

49,540

 

$

67,353

 

-26.4

%

$

212,369

 

$

252,399

 

-15.9

%

 
 

Three Months Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2023

2022

2023

2022

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

$

45

 

$

235

 

$

751

 

$

1,665

 

Sales and marketing

 

363

 

 

1,143

 

 

3,388

 

 

4,998

 

Research and development

 

152

 

 

(108

)

 

1,082

 

 

2,405

 

General and administrative

 

952

 

 

109

 

 

2,843

 

 

5,332

 

$

1,512

 

$

1,379

 

$

8,064

 

$

14,400

 

CUTERA, INC.
RECONCILIATION OF GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME TO NON-GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
(in thousands)
(unaudited)
 
Three Months Ended December 31, 2023

Gross Profit

Gross Margin

Operating Income

Twelve Months Ended December 31, 2023

Gross Profit

Gross Margin

Operating Income

Reported

$

6,241

12.6

%

$

(44,316

)

Reported

$

60,413

 

28.4

%

$

(143,027

)

Adjustments: Adjustments:
Depreciation and amortization including contract acquisition costs

 

3,237

6.5

%

 

5,112

 

Depreciation and amortization including contract acquisition costs

 

9,205

 

4.3

%

 

17,422

 

Stock-based compensation

 

45

0.1

%

 

1,512

 

Stock-based compensation

 

751

 

0.4

%

 

8,064

 

ERP implementation costs

 

-

-

 

 

780

 

ERP implementation costs

 

-

 

-

 

 

3,525

 

Legal

 

-

-

 

 

864

 

Legal

 

-

 

-

 

 

2,472

 

Severance

 

337

0.7

%

 

1,132

 

Severance

 

607

 

0.3

%

 

2,023

 

Retention plan costs

 

34

0.1

%

 

1,029

 

Retention plan costs

 

129

 

0.1

%

 

5,367

 

Expenses related to manufacturing agreement termination

 

-

-

 

 

5,724

 

Expenses related to manufacturing agreement termination

 

-

 

-

 

 

5,724

 

Board of Directors legal and advisory fees

 

-

-

 

 

1,827

 

Board of Directors legal and advisory fees

 

-

 

-

 

 

11,566

 

Other adjustments

 

-

-

 

 

227

 

Other adjustments

 

307

 

0.1

%

 

1,213

 

Total adjustments

 

3,653

7.4

%

 

18,207

 

Total adjustments

 

10,999

 

5.2

%

 

57,376

 

Adjusted

$

9,894

20.0

%

$

(26,109

)

Adjusted

$

71,412

 

33.6

%

$

(85,651

)

 
Three Months Ended December 31, 2022

Gross Profit

Gross Margin

Operating Income

Twelve Months Ended December 31, 2022

Gross Profit

Gross Margin

Operating Income

Reported

$

38,749

57.5

%

$

(5,536

)

Reported

$

139,829

 

55.4

%

$

(38,190

)

Adjustments: Adjustments:
Depreciation and amortization including contract acquisition costs

 

997

1.5

%

 

2,479

 

Depreciation and amortization including contract acquisition costs

 

1,593

 

0.6

%

 

5,821

 

Stock-based compensation

 

235

0.3

%

 

1,379

 

Stock-based compensation

 

1,665

 

0.7

%

 

14,400

 

ERP implementation costs

 

-

-

 

 

1,498

 

ERP implementation costs

 

-

 

-

 

 

9,210

 

Legal

 

-

-

 

 

222

 

Legal

 

-

 

-

 

 

1,284

 

Severance

 

-

-

 

 

200

 

Severance

 

26

 

0.0

%

 

615

 

Other adjustments

 

-

-

 

 

-

 

Other adjustments

 

(290

)

-0.1

%

 

(290

)

Total adjustments

 

1,232

1.8

%

 

5,778

 

Total adjustments

 

2,994

 

1.2

%

 

31,040

 

Adjusted

$

39,981

59.4

%

$

242

 

Adjusted

$

142,823

 

56.6

%

$

(7,150

)

 

Contacts

Cutera, Inc.

Greg Barker

VP, Corporate FP&A and Investor Relations

415-657-5500

IR@cutera.com

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