Dublin, April 25, 2025 (GLOBE NEWSWIRE) -- The "Cellulite Treatment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.The Global Cellulite Treatment Market was valued at USD 1.57 billion in 2024 and is expected to reach USD 2.47 billion by 2030 with a CAGR of 7.84% during the forecast period. The global cellulite treatment market is a dynamic and rapidly growing segment within the broader healthcare and wellness i ...

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 ...