Financial Performance - Consolidated revenue for the full-year 2023 was $212.4 million, a decrease of 16% compared to the full-year 2022[6] - Fourth quarter 2023 consolidated revenue was $49.5 million, a decrease of 26% compared to the fourth quarter of 2022[18] - Total net revenue for Q4 2023 was $49.54 million, a decrease of 26.4% compared to $67.35 million in Q4 2022[37] - Total net revenue for the twelve months ended December 31, 2023, was $212.37 million, down 15.9% from $252.40 million in 2022[39] - AviClear revenue for the fourth quarter of 2023 was $3.9 million[18] Profitability - 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[8] - Gross profit for the full-year 2023 was $60.4 million, or 28.4% of revenue, compared to $139.8 million, or 55.4% of revenue, for the full-year 2022[20] - Gross profit for Q4 2023 was $6.24 million, representing a gross margin of 12.6%, compared to a gross profit of $38.75 million and a margin of 57.5% in Q4 2022[37] - The operating income reported was $(44,316,000), with total adjustments resulting in an adjusted operating income of $(26,109,000)[40] Expenses - Operating expenses for the full-year 2023 were $203.4 million, compared to $178.0 million in the prior year period[7] - Operating expenses increased to $50.56 million in Q4 2023 from $44.29 million in Q4 2022, with significant increases in sales and marketing expenses[37] - Gross profit in the fourth quarter of 2023 was negatively affected by approximately $8.4 million, or 16.9% of revenue, of non-cash expense related to excess and obsolete inventory[22] - The company experienced a significant increase in depreciation and amortization expenses, which rose to $3.35 million for the three months ended December 31, 2023, compared to $1.02 million in the same period of 2022[24] Cash Flow and Liquidity - Cash and marketable securities were $143.6 million as of December 31, 2023, down from $317.3 million as of December 31, 2022[5] - Net cash used in operating activities for the twelve months ended December 31, 2023, was $137.64 million, compared to $66.99 million for the same period in 2022, indicating a worsening cash flow situation[24] - Cash flows from investing activities resulted in a net cash outflow of $2.60 million for the three months ended December 31, 2023, compared to a net inflow of $25.21 million in the same period of 2022[24] - Total cash, cash equivalents, and restricted cash at the end of the period was $143.61 million, a decrease from $146.62 million at the end of the previous year[24] - Cash and cash equivalents decreased to $143.61 million as of December 31, 2023, from $145.92 million a year earlier[35] Liabilities and Assets - Total current assets dropped significantly to $268.34 million from $451.24 million year-over-year[35] - Total liabilities decreased slightly to $514.99 million from $536.17 million in the previous year[35] - The company’s accumulated deficit increased to $291.34 million as of December 31, 2023, compared to $140.51 million a year prior[35] Future Outlook - The company expects 2024 annual revenue in the range of $160 million to $170 million[9] - Forward-looking statements indicate that the company anticipates potential risks and uncertainties that may affect future performance, including ongoing litigation and market conditions[33] - Future outlook for 2024 was discussed, suggesting strategic initiatives may be in place to improve financial performance[43] Corporate Actions - The company completed a corporate restructuring program to improve cost structure and organizational alignment[14] - The company has implemented a retention plan with approximately $11 million available to sales personnel and key employees, to be paid in quarterly installments through October 2024[31] Adjustments and Non-GAAP Metrics - Total adjustments to gross profit amounted to $3,653,000, leading to an adjusted gross profit of $9,894,000 and an adjusted gross margin of 20.0%[40] - Legal expenses accounted for $864,000 in adjustments, while severance costs were $337,000, contributing 0.7% to the gross margin[40] - The report highlights the importance of ongoing adjustments to better reflect the company's operational performance beyond GAAP metrics[40]

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 September 30, 2023 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, Inc. | | --- | | (Exact name of registrant as specified in its charter) | Del ...

The Zacks Laser Systems and Components industry is suffering from challenging macroeconomic conditions globally, weak economic conditions in Europe and a sluggish economic environment in China. Continued economic uncertainty with low PMI numbers in Europe, North America and Japan is impacting industrial demand and capital investments. However, industry participants like MicroVision (MVIS) , Cutera (CUTR) and IRIDEX Corporation (IRIX) benefit from upbeat demand from electric vehicles, electronics, semiconduc ...

AviClear® is now available in select practices in the United Kingdom, Europe, and Australia (Photo: Cutera)AviClear® is now available in select practices in the United Kingdom, Europe, and Australia (Photo: Cutera)BRISBANE, Calif.--(BUSINESS WIRE)--CUTERA, INC. (Nasdaq: CUTR), a leading provider of aesthetic and dermatology solutions, announced the international limited commercial release of AviClear, the first energy-based device FDA-cleared for the long-term treatment of mild, moderate, and severe acne. A ...

Cutera, Inc. (NASDAQ:CUTR) Q3 2023 Earnings Conference Call November 8, 2023 4:30 PM ET Company Participants Greg Barker - VP, Finance & IR Taylor Harris - CEO Stuart Drummond - Interim CFO Conference Call Participants George Sellers - Stephens Inc. Jonathan Block - Stifel Margaret Kaczor - William Blair Matthew O'Brien - Piper Sandler Operator Welcome to the Cutera Inc. Third Quarter 2023 Business Update Conference Call. As a reminder, all participants are in listen-only mode and the conference is being re ...

Cutera, Inc. (NASDAQ:CUTR) Q2 2023 Earnings Call Transcript August 8, 2023 4:30 PM ET Company Participants Sheila Hopkins - Former Interim Chief Executive Officer Stuart Drummond - Interim Chief Financial Officer Taylor Harris - Chief Executive Officer Greg Barker - Vice President of Financial Planning and Investor Relations Conference Call Participants George Sellers - Stephens Inc. Jon Block - Stifel Anthony Vendetti - Maxim Group Margaret Kaczor - William Blair Operator Thank you for standing by. This is ...

CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share, per share data and par value) (Unaudited) | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|---------------|-------|-------------------| | Assets | | June 30, 2023 | | December 31, 2022 | | Current assets: | | | | | | Cash and cash equivalents | $ | 180,654 | $ | 145,924 | | ...

Cutera, Inc. (NASDAQ:CUTR) Q1 2023 Earnings Conference Call May 9, 2023 4:30 PM ET Company Participants Sheila Hopkins - Interim Chief Executive Officer Stuart Drummond - Interim Chief Executive Officer Conference Call Participants George Sellers - Stephens Inc. Jon Block - Stifel Matthew O'Brien - Piper Sandler Margaret Kaczor - William Blair Anthony Vendetti - Maxim Group Operator Thank you for standing by. This is the conference operator. Welcome to the Cutera Inc. First Quarter 2023 Results Conference ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the quarterly period ended March 31, 2023 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, Inc. (Exact name of registrant as specified in its charter) | --- | --- | --- | |---------------------------------------------------------|---------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents FORM 10-K Acne – The Company's acne solution, AviClear, is a prescription-free, drug-free laser treatment that is safe for all skin types and tones and FDA-cleared for the treatment of mild to severe acne. The device can provide lasting clearance without significant side effects in three 30-minute treatment sessions. Acne forms when sebum, the oily substance on skin, combines with dead skin cells and clogs pores. The C ...