Cutera(US:CUTR)2024-11-07 21:08Revenue Performance - Consolidated revenue for Q3 2024 was $32.5 million, a decrease of 30% compared to Q3 2023[3] - Total net revenue for Q3 2024 was $32,500,000, a decrease of 30.1% compared to $46,478,000 in Q3 2023[22] - For the nine months ended September 30, 2024, total net revenue was $105.7 million, down 35.1% from $162.8 million in the same period of 2023[24] - North America revenue dropped by 41.1% year-over-year to $14.7 million, while Japan saw a significant decline of 70.3% to $3.4 million[24] - Revenue from the Rest of the World increased by 42.9% to $14.4 million, contributing to 54.9% of total revenue[24] - Revenue from capital systems sales declined by 17% year-over-year[3] - Recurring revenue sources, excluding skincare, declined by 19%[3] - Total systems revenue decreased by 16.6% to $23.0 million, with North America down 45.5% and Rest of World up 29.7%[25] Profitability and Loss - Gross profit for Q3 2024 was $1.8 million, or 6% of revenue, down from $6.5 million, or 14% of revenue, in Q3 2023[4] - Gross profit for Q3 2024 was reported at $1.8 million, with a gross margin of 5.6%[26] - Non-GAAP gross profit for Q3 2024 was $3.7 million, reflecting a gross margin of 11.6%[26] - Net loss for Q3 2024 was $39,018,000, compared to a net loss of $44,274,000 in Q3 2023, indicating an improvement[22] - GAAP operating loss was $36.2 million for Q3 2024, compared to a loss of $40.9 million in Q3 2023[6] - The company reported a significant operating loss of $77.5 million for the nine months ended September 30, 2024[28] Operating Expenses - Operating expenses decreased to $38.0 million in Q3 2024 from $47.4 million in the prior year period[5] - Operating expenses for Q3 2024 totaled $38,030,000, a reduction from $47,404,000 in Q3 2023[22] - Cash used in operating activities for Q3 2024 was $24,742,000, an improvement from $36,877,000 in Q3 2023[23] Cash and Assets - Cash, cash equivalents, and restricted cash totaled $59.0 million as of September 30, 2024, down from $84.3 million as of June 30, 2024[6] - Cash and cash equivalents decreased to $57,614,000 as of September 30, 2024, down from $143,612,000 at the end of 2023[21] - Total current assets fell to $160,514,000 from $269,185,000 at the end of 2023, reflecting a significant decline[21] - Total liabilities decreased to $487,292,000 from $518,121,000 at the end of 2023, showing a reduction in financial obligations[21] Guidance and Future Focus - Full-year revenue guidance is maintained at $140 million to $145 million[7] - The company remains focused on expanding access to AviClear through training and education initiatives[2] - The weighted-average number of shares used in the basic net loss per share calculation was 20,154,000 for Q3 2024, compared to 19,932,000 for Q3 2023[22] - The company reported a provision for credit losses of $4,931,000 in Q3 2024, up from $3,574,000 in Q3 2023[23]