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    CUTR   US2321091082

CUTERA, INC.

(CUTR)
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Cutera : Announces Second Quarter 2021 Financial Results with Record Revenue and Issues 2021 Guidance (Form 8-K)

08/04/2021 | 05:50pm EST
Cutera, Inc. Announces Second Quarter 2021 Financial Results with Record Revenue and Issues 2021 Guidance
BRISBANE, California, August 4, 2021 ─ Cutera, Inc. (NASDAQ: CUTR) ('Cutera' or the 'Company'), a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide, today reported financial results for the second quarter ended June 30, 2021.
Second Quarter 2021 Financial and Operational Highlights

•Revenue was $58.6 million, an increase of 122% from the prior-year period, driven by robust performance across the business, with strength in both capital equipment and recurring revenue segments.

◦Capital Equipment revenue of $35.6 million increased 129% over the prior-year period.
◦Recurring revenue was $23.0 million, an increase of 113% over the prior-year period:

▪Skin Care revenue of $11.8 million increased 147% over prior-year period;
▪Consumable Product revenue of $4.4 million grew 211% over prior-year period, and
▪Service revenue of $6.8 million increased 47% over prior-year period.

•Gross Margin was 57.7% for the quarter, an improvement of 13.6 points versus prior-year period, driven by further leverage of manufacturing volumes over a reduced fixed overhead expense base, resulting in the natural progression of our margin expansion efforts.
•Adjusted EBITDA was $6.8 million in the period as compared to ($3.5) million in the prior-year period, a $10.3 million improvement over FY2020.

'I am proud of our team's performance during the second quarter, as our focus on our Vital Few initiatives and operational execution aligned with improving trends in our end markets, resulting in solid financial performance across the board,' commented Dave Mowry, Chief Executive Officer of Cutera, Inc. 'During the quarter, we saw steady global procedure volume growth, and we began to benefit from the early stages of increasing appetite for capital equipment purchases. We expect to deliver strong revenue performance in the latter half of the year, despite some slight and temporary deceleration from patient and practitioner vacations in 3Q21. We view a resumption of the historical practitioner vacation patterns in the third quarter favorably, as it reflects both restored customer confidence in the sustainability of patient traffic and proof of renewed financial health of the practice. Based upon the continuing recovery in our end markets, positive capital trends, and continued execution of our strategic priorities, we anticipate delivering steady performance in second half of 2021, with normal seasonal acceleration in the fourth quarter of 2021.'

2021 Outlook
Given improved volumes through the first half of the year and better visibility into the second half of the year, management is issuing full-year 2021 revenue guidance. Full-year 2021 revenue is expected to be in the range of $215 million to $221 million, an increase of 46% to 50% over 2020 and 18% to 22% over pre-COVID 2019 levels.

Conference Call
The Company's management will host a conference call to discuss these results and related matters today at 1:30 p.m. PT (4:30 p.m. ET). Participating on the call will be Dave Mowry, Chief Executive Officer and Rohan Seth, Chief Financial Officer.

To participate in the conference call, dial 1-877-705-6003 (domestic) or + 1-201-493-6725 (international) and refer to the Conference Code: 13721584.

The call will also be webcast and can be accessed from the Investor Relations section of Cutera's website at http://www.cutera.com/. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.



About Cutera, Inc.

Brisbane, California-based Cutera is a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide. Since 1998, Cutera has developed innovative, easy-to-use products that enable physicians and other qualified practitioners to offer safe and effective aesthetic treatments to their patients. For more information, call 1-888-4CUTERA or visit www.cutera.com.
*Use of Non-GAAP Financial Measures
In this press release, in order to supplement the Company's condensed consolidated financial statements presented in accordance with Generally Accepted Accounting Principles, or GAAP, management has disclosed certain non-GAAP financial measures for the statement of operations and net income (loss) per diluted share. Non-GAAP adjustments include stock-based compensation, depreciation, amortization, executive and other non-recurring separation costs, customer relationship management ('CRM') and enterprise resource planning ('ERP') system costs, non-recurring legal and litigation costs, as well as the net tax impact of excluding these items. From time to time in the future, there may be other items that we may exclude if the Company believes that doing so is consistent with the goal of providing useful information to investors and management. The Company has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. The Company has not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential significant variability, limited visibility, unpredictability, or unique non-recurring nature of the items. Forward-looking non-GAAP measures include adjusted EBITDA. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation, executive and other non-recurring separation costs, Gain on extinguishment of PPP loan, customer relationship management and enterprise resource planning system costs, and non-recurring legal and litigation costs.
Company management uses these measurements as aids in monitoring the Company's ongoing financial performance from quarter to quarter, and year to year, on a regular basis and for benchmarking against other similar companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, the operating performance measure as prescribed by GAAP. Non-GAAP financial measures for the statement of operations and net income per diluted share exclude the following:
Non-cash expenses for stock-based compensation. The Company has excluded the effect of stock-based compensation expenses in calculating its non-GAAP operating expenses and net income measures. Although stock-based compensation is a key incentive offered to the Company's employees, the Company continues to evaluate its business performance excluding stock-based compensation expenses. The Company records stock-based compensation expense related to grants of options, employee stock purchase plan, and performance and restricted stock. Depending upon the size, timing and the terms of the grants, this expense may vary significantly but will recur in future periods. The Company believes that excluding stock-based compensation better allows for comparisons to its peer companies;
Depreciation and amortization. The Company has excluded depreciation and amortization expense in calculating its non-GAAP operating expenses and net income measures. Depreciation and amortization are non-cash charges to current operations;
Executive and other non-recurring separation costs. We have excluded costs associated with the resignation of 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 of a non-recurring nature; and

Other Adjustments. We have excluded certain other amounts that we believe are non-recurring in nature. In the three months ended June 30, 2021, we recorded a gain on the extinguishment of our PPP loan. This gain has been excluded from the calculation of our non-GAAP operating net income.

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, CFO and other senior leadership searches, product launches and performance, trends, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, the Company's actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as 'may,''could,''seek,''guidance,''predict,''potential,''likely,''believe,''will,''should,''expect,''anticipate,''estimate,''plan,''intend,''forecast,''foresee' or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause Cutera's actual results to differ materially from the statements contained herein. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties and other important factors, many of which are beyond the Company's control, that could cause its actual results to differ materially from the forward-looking statements contained in this press release, including those described in the 'Risk Factors' section of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, the Registration Statement on Form S-,8 and other documents filed from time to time with the United States Securities and Exchange Commission by Cutera.

All information in this press release is as of the date of its release. Accordingly, undue reliance should not be placed on forward-looking statements. Cutera undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Cutera's financial performance for the second quarter ended June 30, 2021, as discussed in this release, is preliminary and unaudited, and subject to adjustment.
Cutera, Inc.
Anne Werdan
Director, Corporate Communications
415-657-5500
awerdan@cutera.com


CUTERA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30,
2021
March 31,
2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents $ 169,200 $ 164,932 $ 47,047
Accounts receivable, net 25,903 24,151 21,962
Inventories 34,591 34,578 28,508
Other current assets and prepaid expenses 8,856 10,339 8,779
Total current assets $ 238,550 $ 234,000 $ 106,296
Property and equipment, net 2,148 2,373 2,299
Deferred tax asset 592 598 643
Goodwill 1,339 1,339 1,339
Operating lease right-of-use assets 15,919 16,570 17,076
Other long-term assets 5,615 4,853 5,080
Total assets $ 264,163 $ 259,733 $ 132,733
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 6,210 $ 5,031 $ 6,684
Accrued liabilities 41,346 41,329 31,079
Operating leases liabilities 2,422 2,351 2,260
PPP loan payable - 6,352 3,630
Extended warranty liabilities 649 1,039 1,216
Deferred revenue 9,695 10,019 9,489
Total current liabilities 60,322 66,121 54,358
Deferred revenue, net of current portion 1,708 1,718 1,748
PPP loan payable, net of current portion - 851 3,555
Operating lease liabilities, net of current portion 14,705 15,394 15,950
Convertible notes, net of unamortized debt issuance costs 133,800 133,585 -
Other long-term liabilities 285 434 242
Total liabilities 210,820 218,103 75,853
Stockholders' equity:
Common stock 18 18 18
Additional paid-in capital 106,173 102,206 117,097
Accumulated deficit (52,848) (60,594) (60,235)
Total stockholders' equity 53,343 41,630 56,880
Total liabilities and stockholders' equity $ 264,163 $ 259,733 $ 132,733



CUTERA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30,
2021
June 30,
2020
June 30,
2021
June 30,
2020
Products $ 51,811 $ 21,745 $ 95,362 $ 48,136
Service 6,778 4,624 12,895 10,472
Total net revenue 58,589 26,369 108,257 58,608
Products 20,892 12,206 39,224 26,309
Service 3,908 2,539 7,534 6,339
Total cost of revenue 24,800 14,745 46,758 32,648
Gross profit 33,789 11,624 61,499 25,960
Gross margin % 57.7 % 44.1 % 56.8 % 44.3 %
Operating expenses:
Sales and marketing 18,410 11,035 33,478 25,823
Research and development 4,850 2,991 8,962 6,862
General and administrative 8,461 8,529 15,826 16,336
Total operating expenses 31,721 22,555 58,266 49,021
Income (loss) from operations 2,068 (10,931) 3,233 (23,061)
Interest and other income (expense), net
Amortization of debt issuance costs (215) - (267) -
Interest on convertible notes (778) - (969) -
Gain on extinguishment of PPP loan 7,185 - 7,185 -
Other income (expense), net (392) 3 (1,415) (204)
Income (loss) before income taxes 7,868 (10,928) 7,767 (23,265)
Income tax expense 122 466 380 543
Net income (loss) $ 7,746 $ (11,394) $ 7,387 $ (23,808)
Net income (loss) per share:
Basic $ 0.43 $ (0.67) $ 0.41 $ (1.51)
Diluted $ 0.39 $ (0.67) $ 0.40 $ (1.51)
Weighted-average number of shares used in per share calculations:
Basic 17,862 17,055 17,815 15,744
Diluted 22,453 17,055 20,855 15,744



CUTERA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
June 30
Six Months Ended
June 30
2021 2020 2021 2020
Cash flows from operating activities:
Net income (loss) $ 7,746 $ (11,394) $ 7,387 $ (23,808)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation 2,919 4,095 4,765 6,075
Depreciation and amortization 346 355 707 715
Amortization of contract acquisition costs 458 675 1,003 1,392
Amortization of debt issuance costs 215 - 267 -
Impairment of capitalized cloud computing costs - 805 182 805
Change in deferred tax asset 6 (11) 51 4
Provision for credit losses 274 1,106 492 1,696
Loss on sale of Property and Equipment (23) - (82) -
PPP loan forgiveness (7,185) - (7,185) -
Change in right-of-use asset - - 604 -
Other - 163 - 198
Changes in assets and liabilities:
Accounts receivable (2,026) 728 (4,433) 6,034
Inventories 63 5,701 (5,958) 2,681
Other current assets and prepaid expenses 1,483 (491) (77) 316
Other long-term assets (1,220) (312) (1,720) (519)
Accounts payable 1,179 (2,923) (474) (1,004)
Accrued liabilities 21 (3,187) 10,220 (9,754)
Extended warranty liabilities (390) (105) (567) (339)
Operating lease liabilities 33 - (530) -
Deferred revenue (334) (1,190) 166 (2,443)
Net cash provided by (used in) operating activities 3,565 (5,985) 4,818 (17,951)
Cash flows from investing activities:
Acquisition of property, equipment and software (269) (205) (370) (435)
Disposal of property and equipment 19 - 71 -
Proceeds from sales of marketable investments - 4,100 - 10,900
Purchase of marketable investments - (12,237) - (16,167)
Net cash used in investing activities (250) (250) (8,342) (299) (5,702)
Cash flows from financing activities:
Proceeds from exercise of stock options and employee stock purchase plan 1,501 647 1,897 848
Proceeds from PPP loan - 7,149 - 7,149
Proceeds from equity offering - 26,496 - 26,496
Purchase of capped call - - (16,134) -
Proceeds from issuance of convertible notes - - 138,250 -
Payment of issuance costs of convertible notes - - (4,717) -
Taxes paid related to net share settlement of equity awards (452) (883) (1,451) (3,117)
Payments on finance lease obligations (96) (197) (211) (380)
Net cash provided by financing activities 953 33,212 117,634 30,996
Net increase in cash and cash equivalents 4,268 18,885 122,153 7,343
Cash and cash equivalents at beginning of period 164,932 14,774 47,047 26,316
Cash and cash equivalents at end of period $ 169,200 $ 33,659 $ 169,200 $ 33,659


CUTERA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in thousands, except percentage data)
(unaudited)
Three Months Ended June 30, % Change Six Months Ended June 30, % Change
2021 2020 2021 Vs
2020
2021 2020 2021 Vs
2020
Revenue By Geography:
North America $ 26,786 $ 11,622 +130.5 % $ 49,084 $ 26,995 +81.8 %
Japan 17,421 8,517 +104.5 % 33,976 15,679 +116.7 %
Rest of World 14,382 6,230 +130.9 % 25,197 15,934 +58.1 %
Total Net Revenue $ 58,589 $ 26,369 +122.2 % $ 108,257 $ 58,608 +84.7 %
Rest of World (including Japan) as a percentage of total revenue 54.3 % 55.9 % 54.7 % 53.9 %
Revenue By Product Category:
Systems
-North America
$ 19,888 $ 8,214 +142.1 % $ 36,673 $ 18,596 +97.2 %
-Rest of World (including Japan)
15,680 7,328 +114.0 % 27,215 17,904 +52.0 %
Total Systems 35,568 15,542 +128.9 % 63,888 36,500 +75.0 %
Consumables 4,432 1,425 +211.0 % 7,357 3,958 +85.9 %
Skincare 11,812 4,778 +147.2 % 24,118 7,678 +214.1 %
Total Products 51,812 21,745 +138.3 % 95,363 48,136 +98.1 %
Service 6,777 4,624 +46.6 % 12,894 10,472 +23.1 %
Total Net Revenue $ 58,589 $ 26,369 +122.2 % $ 108,257 $ 58,608 +84.7 %

Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Pre-tax Stock-Based Compensation Expense:
Cost of revenue $ 434 $ 743 $ 578 $ 1,033
Sales and marketing 522 1,251 1,243 1,970
Research and development 307 769 608 1,090
General and administrative 1,656 1,332 2,336 1,982
$ 2,919 $ 4,095 $ 4,765 $ 6,075



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, 2021
GAAP Depreciation
and
Amortization
Stock-Based
Compensation
CRM and ERP Implementation Cost Severance (RIF) Legal - Lutronic
Other Adjustments
Non-GAAP
Net revenue $ 58,589 - - - - - - $ 58,589
Cost of revenue 24,800 (138) (434) - - - 346 24,574
Gross profit 33,789 138 434 - - - (346) 34,015
Gross margin % 57.7 % 58.1 %
Operating expenses:
Sales and marketing 18,410 (600) (522) - (638) - - 16,650
Research and development 4,850 (45) (307) - - - - 4,498
General and administrative 8,461 (21) (1,656) (407) - (290) - 6,087
Total operating expenses 31,721 31721 (666) (2,485) (407) (638) (290) - 27,235
Income (loss) from operations 2,068 804 2,919 407 638 290 (346) 6,780
Interest and other income (expense), net
Amortization of debt issuance costs (215) - - - - - - (215)
Interest on convertible notes (778) - - - - - - (778)
Gain on extinguishment of PPP loan 7,185 - - - - - (7,185) -
Other expense (392) - - - - - - (392)
Total interest and other income (expense), net 5,800 - - - - - (7,185) (1,385)
Income (loss) before income taxes 7,868 804 2,919 407 638 290 (7,531) 5,395
Income tax expense 122 - - - - - - 122
Net income (loss) $ 7,746 $ 804 $ 2,919 $ 407 $ 638 $ 290 $ (7,531) $ 5,273
Net income (loss) per share:
Basic $ 0.43 $ 0.30
Diluted $ 0.39 $ 0.28
Weighted-average number of shares used in per share calculations:
Basic 17,862 17,862
Diluted 22,453 22,453
Operating expenses as a % of net revenue GAAP Non-GAAP
Sales and marketing 31.4 % 28.4 %
Research and development 8.3 % 7.7 %
General and administrative 14.4 % 10.4 %
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)
Three Months Ended June 30, 2020
GAAP Depreciation
and
Amortization
Stock-Based
Compensation
CRM and ERP
Implementation/
write-off
Severance (RIF) Legal/Former CFO Settlement/Lutronic
Other Adjustments
Non-GAAP
Net revenue $ 26,369 - - - - - - $ 26,369
Cost of revenue 14,745 (136) (743) - (132) - - 13,734
Gross profit 11,624 136 743 - 132 - - 12,635
Gross margin % 44.1 % 47.9 %
Operating expenses:
Sales and marketing 11,035 (827) (1,251) - (249) - - 8,708
Research and development 2,991 (38) (769) - (63) - - 2,121
General and administrative 8,529 (29) (1,332) (729) (74) (1,018) - 5,347
Total operating expenses 22,555 (894) (3,352) (729) (386) (1,018) - 16,176
Income (loss) from operations (10,931) 1,030 4,095 729 518 1,018 - (3,541)
Interest and other income, net
Other income 3 - - - - 3
Total interest and other income, net 3 - - - - - - 3
Income (loss) before income taxes (10,928) 1,030 4,095 729 518 1,018 - (3,538)
Income tax expense 466 - - - - - 2 468
Net income (loss) $ (11,394) $ 1,030 $ 4,095 $ 729 $ 518 $ 1,018 $ (2) $ (4,006)
Net income (loss) per share:
Basic $ (0.67) $ (0.23)
Diluted $ (0.67) $ (0.23)
Weighted-average number of shares used in per share calculations:
Basic 17,055 17,055
Diluted 17,055 17,055
Operating expenses as a % of net revenue GAAP Non-GAAP
Sales and marketing 41.8 % 33.0 %
Research and development 11.3 % 8.0 %
General and administrative 32.3 % 20.3 %
85.5 % 61.3 %


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, 2021
GAAP Depreciation
and
Amortization
Stock-Based
Compensation
CRM and ERP Implementation Cost Severance (RIF) Legal - Lutronic Other Adjustments Non-GAAP
Net revenue 108,257 - - - - - - $ 108,257
Cost of revenue 46,758 (300) (578) - - - 346 46,226
Gross profit 61,499 300 578 - - - (346) 62,031
Gross margin % 56.8 % 57.3 %
Operating expenses:
Sales and marketing 33,478 (1,278) (1,243) (182) (638) - - 30,137
Research and development 8,962 (84) (608) - - - - 8,270
General and administrative 15,826 (48) (2,336) (477) - (691) - 12,274
Total operating expenses 58,266 58266 (1,410) (4,187) (659) (638) (691) - 50,681
Income (loss) from operations 3,233 1,710 4,765 659 638 691 (346) 11,350
Interest and other income (expense), net
Amortization of debt issuance costs (267) - - - - - - (267)
Interest on convertible notes (969) - - - - - - (969)
Gain on extinguishment of PPP loan 7,185 - - - - - (7,185) -
Other expense (1,415) - - - - - - (1,415)
Total interest and other income (expense), net 4,534 - - - - - (7,185) (2,651)
Income (loss) before income taxes 7,767 1,710 4,765 659 638 691 (7,531) 8,699
Income tax expense 380 - - - - - - 380
Net income (loss) $ 7,387 $ 1,710 $ 4,765 $ 659 $ 638 $ 691 $ (7,531) $ 8,319
Net income (loss) per share:
Basic $ 0.41 $ 0.47
Diluted $ 0.40 $ 0.44
Weighted-average number of shares used in per share calculations:
Basic 17,815 17,815
Diluted 20,855 20,855
Operating expenses as a % of net revenue GAAP Non-GAAP
Sales and marketing 30.9 % 27.8 %
Research and development 8.3 % 7.6 %
General and administrative 14.6 % 11.3 %
53.8 % 46.8 %


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, 2020
GAAP Depreciation
and
Amortization
Stock-Based
Compensation
CRM and ERP
Implementation/
write-off
Severance (RIF) Legal/Former CFO Settlement/Lutronic
Other Adjustments
Non-GAAP
Net revenue $ 58,608 - - - - - - $ 58,608
Cost of revenue 32,648 (277) (1,033) - (132) - - 31,206
Gross profit 25,960 277 1,033 - 132 - - 27,402
Gross margin % 44.3 % 46.8 %
Operating expenses:
Sales and marketing 25,823 (1,698) (1,969) - (249) - - 21,908
Research and development 6,862 (76) (1,090) - (63) - - 5,632
General and administrative 16,336 (56) (1,982) (1,139) (74) (1,018) (324) 11,742
Total operating expenses 49,021 (1,830) (5,042) (1,139) (386) (1,018) (324) 39,282
Income (loss) from operations (23,061) 2,107 6,075 1,139 518 1,018 324 (11,880)
Interest and other expense, net
Other expense (204) - - - - (204)
Total interest and other expense, net (204) - - - - - - (204)
Income (loss) before income taxes (23,265) 2,107 6,075 1,139 518 1,018 324 (12,084)
Income tax expense 543 - - - - - 7 550
Net income (loss) $ (23,808) $ 2,107 $ 6,075 $ 1,139 $ 518 $ 1,018 $ 317 $ (12,634)
Net income (loss) per share:
Basic $ (1.51) $ (0.80)
Diluted $ (1.51) $ (0.80)
Weighted-average number of shares used in per share calculations:
Basic 15,744 15,744
Diluted 15,744 15,744
Operating expenses as a % of net revenue GAAP Non-GAAP
Sales and marketing 44.1 % 37.4 %
Research and development 11.7 % 9.6 %
General and administrative 27.9 % 20.0 %
83.6 % 67.0 %


CUTERA, INC.
RECONCILIATION OF LOSS TO ADJUSTED EBITDA
(in thousands)
(unaudited)
Three Months
Ended
Six Months Ended
June 30, 2021
Net Income $ 7,746 $ 7,387
Adjustments:
Stock-based compensation 2,919 4,765
Depreciation and amortization 804 1,710
ERP implementation cost 407 659
Severance 638 638
Legal - Lutronic 290 691
Other adjustments (346) (346)
Gain on extinguishment of PPP loan (7,185) (7,185)
Other expense 1,385 2,651
Income tax expense 122 380
Total adjustments (966) 3,963
Adjusted EBITDA $ 6,780 $ 11,350


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Cutera Inc. published this content on 04 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2021 21:47:50 UTC.


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Financials (USD)
Sales 2021 226 M - -
Net income 2021 6,69 M - -
Net Debt 2021 - - -
P/E ratio 2021 137x
Yield 2021 -
Capitalization 714 M 714 M -
Capi. / Sales 2021 3,16x
Capi. / Sales 2022 2,89x
Nbr of Employees 323
Free-Float 97,2%
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Technical analysis trends CUTERA, INC.
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Last Close Price 39,79 $
Average target price 63,40 $
Spread / Average Target 59,3%
EPS Revisions
Managers and Directors
David H. Mowry Chief Executive Officer & Director
Rohan Seth Chief Financial Officer
James Daniel Plants Executive Chairman
Michael Karavitis Chief Technology Officer & Executive VP
Timothy J. OĺShea Independent Director
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