Financial Performance - Total net revenue for Q3 2024 was $32.5 million, a decrease of 30.1% compared to $46.5 million in Q3 2023[11] - Product revenue was $27.2 million, down 33.5% from $41.0 million in the same quarter last year[11] - Gross profit for Q3 2024 was $1.8 million, representing a gross margin of 5.6%, compared to $6.5 million and 13.9% in Q3 2023[11] - The net loss for Q3 2024 was $39.0 million, compared to a net loss of $44.3 million in Q3 2023, reflecting a 12.9% improvement[11] - For the nine months ended September 30, 2024, the company reported a net loss of $86.5 million, compared to a net loss of $105.6 million for the same period in 2023[21] - The company reported a basic net loss per share of $1.94 for Q3 2024, compared to $2.22 for Q3 2023[11] - The Company reported net losses of $86.5 million for the nine months ended September 30, 2024, and $162.8 million for the year ended December 31, 2023[26] - The Company’s comprehensive loss for the nine months ended September 30, 2024, was $86,477 thousand, down from $105,600 thousand in the same period of 2023, indicating an 18.1% reduction[13] Cash and Liquidity - Cash and cash equivalents decreased to $57.6 million as of September 30, 2024, down from $143.6 million at the end of 2023[8] - The company experienced a decrease in cash, cash equivalents, and restricted cash, ending the period at $58.98 million, down from $180.22 million[21] - As of September 30, 2024, cash, cash equivalents, and restricted cash totaled $59.0 million, down from $143.6 million as of December 31, 2023[53] - The Company’s liquidity assessment includes evaluating current funds and forecasted future cash flows[26] - The Company has a historic trend of operating losses, impacting overall liquidity and raising doubts about its ability to continue as a going concern[27] Assets and Liabilities - Total current assets were $160.5 million, a decline of 40.4% from $269.2 million at the end of 2023[8] - Total liabilities amounted to $487.3 million, a slight decrease from $518.1 million at the end of 2023[8] - The accumulated deficit increased to $389.8 million as of September 30, 2024, compared to $303.3 million at the end of 2023[8] - The total stockholders' deficit increased to $(252.9) million as of September 30, 2024, from $(171.8) million at December 31, 2023[16] - Total assets decreased to $234,418 as of September 30, 2024, from $346,291 as of December 31, 2023[8] Revenue Sources and Changes - Revenue from the distribution of skincare products was $4.2 million for the nine months ended September 30, 2024, compared to $24.7 million for the same period in 2023, representing a decline of 83.0%[43] - Revenue from performance obligations satisfied over time accounted for approximately 11% and 13% of total revenue for the three and nine months ended September 30, 2024, compared to 13% and 10% for the same periods in 2023[77] - Revenue from the United States for the three months ended September 30, 2024, was $12,043, down 44.6% from $21,526 in 2023[174] - The Company generates revenue from Products, which include Systems and Consumables, as well as Service revenue from post-warranty contracts[24] Operational Changes and Strategies - The Company is transitioning from a lease model to a direct sales model for AviClear, which is critical for revenue growth[28] - The Company terminated its distribution agreement for skincare products with ZO Skin Health, Inc. on February 28, 2024[24] - The Company is implementing cost savings initiatives due to workforce reductions in Q4 2023 and Q2 2024[28] - The Company is focusing on improving inventory and receivables management as part of its restructuring efforts[28] - The Company has developed and marketed multiple energy-based product platforms, including AviClear and truSculpt, for various medical treatments[23] Stock and Equity - The balance of common shares increased to 20,177,717 as of September 30, 2024, from 19,960,622 at December 31, 2023[16] - The Company’s stock options outstanding as of September 30, 2024, were 2,231,124, with a weighted average exercise price of $2.42[99] - The Company’s equity incentive plans had 3,009,733 shares available for grant as of September 30, 2024[96] Legal and Settlement Matters - The Company reached a settlement agreement with Lutronic, where Lutronic agreed to pay $5.75 million within thirty days of the Settlement Date[125] - The Company had accrued $2.6 million related to various pending commercial and product liability lawsuits[126] - All pending actions against both parties in the Lutronic case were dismissed with prejudice as of July 3, 2024[125] Debt and Financing - The outstanding principal amount of the Company's Convertible Notes as of September 30, 2024, was $420.4 million[128] - The 2026 Notes bear an interest rate of 2.25% per year, with a principal amount of $69.1 million remaining outstanding after exchanges[129][130] - The 2028 Notes, issued in May 2022, have a principal amount of $240 million and an interest rate of 2.25% per year[132][133] - The 2029 Notes, issued in December 2022, have a principal amount of $120 million and an interest rate of 4.00% per year[134][135] - The Company entered into capped call transactions for the 2028 Notes, with an initial cap price of $82.62, representing a 100% premium over the last reported sale price of $41.31 per share[166]

Financial Data and Key Metrics - Total revenue for Q3 2024 was $32.5 million, down from $46.5 million in Q3 2023, primarily due to decreases in North American capital equipment and consumables revenue [32] - Non-GAAP gross profit for Q3 2024 was $3.7 million with a gross margin rate of 11.5%, compared to 19.3% in Q3 2023, driven by a $10.1 million charge for excess and obsolete inventory [33] - Non-GAAP operating expenses for Q3 2024 were $34.7 million, down $5.1 million YoY, reflecting personnel savings and lower sales commissions, partially offset by higher bad debt expense [34] - Cash, cash equivalents, and restricted cash at the end of Q3 2024 were $59.0 million, down from $84.3 million in June 2024 [36] Business Line Performance - AviClear revenue grew YoY, driven by international launch, with over 100 systems sold outside North America and expansion into approximately 25 countries [11] - Core capital sales increased modestly sequentially but were down YoY, with North America showing relative stability in Q3 compared to Q2 [8] - The Secret portfolio of RF microneedling devices and truFlex saw sequential sales growth, while the truBody platform was highlighted for potential indication expansion [16] Market Performance - International markets showed strong AviClear utilization, averaging over nine treatments per device per month, with positive feedback from customers [11] - North America experienced typical seasonality, with core capital revenue stable QoQ but broader revenue contribution across the field team [13] - The company began selling under a distribution partnership with L'Oreal's SkinCeuticals in Japan, with potential for long-term growth [30] Strategic Direction and Industry Competition - The company is focused on operational excellence, fully developing AviClear opportunities, and improving financial health through cost structure efficiency and working capital reduction [17] - Progress in product reliability, field service, supply-demand planning, and inventory control has been made, with service response times improving to industry-leading levels [18][19] - The company is exploring indication expansion for AviClear and truFlex, potentially targeting functional strength and physical rehabilitation [16] Management Commentary on Operating Environment and Future Outlook - The company reaffirmed its full-year revenue guidance range of $140 million to $145 million, with an expected cash balance of approximately $40 million at year-end [36] - Management noted challenging macroeconomic conditions, including limited credit availability and dampened demand for capital equipment, which are expected to persist in the near term [37] - The company is focused on improving service, cleaning up inventory, rebuilding the North America field organization, and driving international launches [38] Other Important Information - The company terminated its skin care distribution agreement in March 2024, contributing to the revenue decline [32] - AviClear systems under the lease model decreased by approximately 140 in Q3, with around 200 more expected to be returned in the coming quarters [22] - The company anticipates a 50% reduction in cash burn in 2025, driven by working capital improvements and cost-saving initiatives [29][56] Q&A Session Summary Question: North American Sales Force Update - The company made leadership changes in the North American sales force, with Steve Kreider taking over commercial leadership, resulting in improved productivity and culture [41][42] Question: Gross Margin Improvement - Gross margin improvement will depend on volume, product mix, and operational efficiencies, with AviClear consumables and body contouring products being key drivers [46][47] Question: Inventory Adjustment - The $10.1 million inventory charge in Q3 included a reserve for refurbished AviClear units, with future charges expected to be significantly reduced [52] Question: R&D Pipeline and Innovation - The company is exploring indication expansion for AviClear, including sebaceous hyperplasia and hidradenitis suppurativa, with potential for further studies [53][54] Question: Cash Burn Reduction - The company expects at least a 50% reduction in cash burn in 2025, primarily driven by working capital improvements [56] Question: Geographic Opportunities - Key opportunities include further penetration of AviClear in existing markets, with significant potential in Korea, Japan, and China [58][59] Question: AviClear Device Returns - Approximately 785 AviClear systems remain under the lease model, with around 200 expected to be returned in the coming quarters [60][61] Question: Macro Environment and Growth Drivers - The company is adapting to a challenging macro environment, with growth expected from international markets and improved productivity in North America [66][68]

Cutera (CUTR) came out with a quarterly loss of $1.85 per share versus the Zacks Consensus Estimate of a loss of $0.96. This compares to loss of $1.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -92.71%. A quarter ago, it was expected that this maker of laser skin treatments would post a loss of $0.90 per share when it actually produced a loss of $1.20, delivering a surprise of -33.33%.Over the last four quarters, the comp ...

Exhibit 99.1 Cutera® Announces Third Quarter 2024 Financial Results Brisbane, California, November 7, 2024 – CUTERA, INC. (Nasdaq: CUTR), a leading provider of aesthetic and dermatology solutions, today reported financial results for the third quarter ended September 30, 2024. • Consolidated revenue for the third quarter of 2024 of $32.5 million • Cash, cash equivalents, and restricted cash of $59.0 million • AviClear growth of 16% vs prior year period driven by international capital system sales • Global c ...

Cutera Inc. (CUTR, Financial) experienced a significant stock price decline of 5.14%, bringing its price to $0.751 per share. The trading volume reached 26,733 shares, with a turnover rate of 0.13% and a price fluctuation of 5.03%. According to the latest financial report, Cutera reported revenue of $34.38 million and a net loss of $24.68 million, resulting in an earnings per share (EPS) of -$1.23. The gross profit for the period was $6.27 million, with a price-to-earnings (P/E) ratio of -0.10. Analyst rati ...

Cutera, Inc (NASDAQ:CUTR) Q2 2024 Results Conference Call August 8, 2024 4:30 PM ET Company Participants Shelby Eckerman - Vice President of Finance Taylor Harris - Chief Executive Officer Stuart Drummond - Chief Financial Officer Conference Call Participants Jordan Bernstein - Stifel Harrison Parson - Stephens James Beer - William Blair Operator Thank you for standing by. This is the conference operator. Welcome to the Cutera, Inc. Second Quarter 2024 Results Conference Call. As a reminder, all participant ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to_____. Commission File Number: 000-50644 | --- | --- | --- | |----------------------------------------------------------------|------ ...

Cutera (CUTR) came out with a quarterly loss of $1.20 per share versus the Zacks Consensus Estimate of a loss of $0.90. This compares to loss of $0.69 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -33.33%. A quarter ago, it was expected that this maker of laser skin treatments would post a loss of $1.09 per share when it actually produced a loss of $1.02, delivering a surprise of 6.42%. Over the last four quarters, the comp ...

Exhibit 99.1 Cutera® Announces Second Quarter 2024 Financial Results Brisbane, California, August 8, 2024 – CUTERA, INC. (Nasdaq: CUTR), a leading provider of aesthetic and dermatology solutions, today reported financial results for the second quarter ended June 30, 2024. • Consolidated revenue for the second quarter of 2024 of $34.4 million • Cash, cash equivalents, and restricted cash of $84.3 million • AviClear growth of 41% vs prior year period driven by international capital system sales • Service grow ...

While the rampant speculation that underlines the meme-trading phenomenon may be viewed as problematic, this sector may also provide some hidden gems. The key is to consider fundamentally sound enterprises that happen to be trading below their intrinsic worth. Hence, we arrive at undervalued meme stocks. Of course, there will be some contrarianism involved and because of that, these ideas are super risky. If you can handle the heat, these are the undervalued meme stocks to consider. Western Alliance Bancorp ...