Cutera Reports Third Quarter 2017 Financial Results

Generates Record Quarterly Revenue of $38.2 Million; Increase of 26% North America System Revenue Grows by 57% truSculpt(R) Leads North American Product Platform Revenue; Initial International Introduction in 3rd Quarter 2017 with Further Geographic Expansion Expected in 4th Quarter 2017 Achieves 13th Consecutive Quarter of Year-over-Year Double-Digit Revenue Growth

ID: 1527644
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(businesspress24) - BRISBANE, CA -- (Marketwired) -- 11/07/17 -- 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 third quarter and nine months ended September 30, 2017.

James Reinstein, President and Chief Executive Officer stated, "We are pleased with our third quarter financial and operational performance and the continued progress of our commercial teams. Our 26% revenue growth in the third quarter was again driven primarily by North American product sales. In addition, our International team produced systems revenue of $10 million - a single quarter record for this team. Much of our growth was fueled by recent product launches, including enlighten III and truSculpt 3D, however we continue to see growth in some of our legacy platforms such as xeo. We expect this momentum to continue throughout the fourth quarter."

increased 26%, to a record $38.2 million, primarily due to 57% growth in North America Systems revenue;

13th consecutive quarter of year-over-year double-digit revenue growth;

of 58%, consistent with previous guidance;

increased 19% as we continue to invest in our product portfolio;

was $6.2 million, including a one-time $4 million benefit from our facility lease cancellation;

Excluding the one-time $4 million benefit, operating income was $2.2 million, an increase of 44% over the third quarter 2016;

was $3.7 million, including the one-time $4 million benefit from our facility lease cancellation;

Excluding the one-time $4 million benefit, cash used by operations was $300,000 due primarily to increased working capital investment to support higher revenue levels;

was $6.2 million, or $0.42 per fully diluted share (including the $4 million income benefit from our previously announced facility lease cancellation);

(non-GAAP*) was $3.5 million, or $0.24 per fully diluted share excluding non-cash stock based compensation, depreciation and the facility lease cancellation benefit (refer to the GAAP to Non-GAAP reconciliation provided).

Market acceptance for the Company''s truSculpt 3D system continues to be robust in North America as many practitioners believe it is the best-in-class system for body sculpting. The Company introduced truSculpt 3D in select International markets in September 2017, and plans to continue to execute regional expansion of the launch throughout the fourth quarter. This latest version of the truSculpt family includes a consumable product enabling the Company to participate in the procedure income with its customers. Although only launched in mid-May of this year, truSculpt leads all platforms in revenue generation during the quarter and year-to-date periods ended September 30, 2017, highlighting the importance of new products and new markets.

Sandra Gardiner, Consultant Chief Financial Officer, commented, "Our continued quarterly success allows us to invest in new product platform opportunities, as reflected in our increased research and development investments. We also continue to purchase our stock in the open market and have now repurchased $13.8 million of stock through the nine months ended September 30, 2017. We ended the third quarter with over $50 million in cash, cash equivalents and investments. Based on our strong third quarter results, we are reiterating our guidance ranges for the full year."

We expect to be at the upper end of our previously announced revenue guidance range of $144 - $147 million;

Gross margin is expected to be in the range of 58% - 59%;

GAAP earnings per share is expected to be in the range of $0.77 - $0.81. This includes the benefit from the $4 million facility cancellation income received.

The conference call to discuss these results is scheduled to begin today at 1:30 p.m. PST (4:30 p.m. EST). Participating in the call will be James Reinstein, President and Chief Executive Officer and Sandra Gardiner, Consultant Chief Financial Officer. The call will be broadcast live over the Internet, hosted at the Investor Relations section of Cutera''s website at , and will be archived online within one hour of its completion through November 21, 2017. In addition, you may call 1-877-705-6003 to listen to the live broadcast.

Brisbane, California-based Cutera is a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide. Since 1998, Cutera has been developing 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 .

Use of Non-GAAP Financial Measures


* To supplement our 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 per diluted share, which exclude non-cash expenses for stock-based compensation, depreciation and a non-recurring lease termination income. 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 medical technology 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.

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, product launches and performance, trends, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our 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 our control, that could cause our 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.

Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. 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. Cutera''s financial performance for the third quarter ended September 30, 2017, as discussed in this release, is preliminary and unaudited, and subject to adjustment.

CONTACTS:

Cutera, Inc.
Sandra Gardiner
Consultant Chief Financial Officer
415-657-5500

Investor Relations
John Mills
Partner, ICR, Inc.
646-277-1254



More information:
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Date: 11/07/2017 - 15:05
Language: English
News-ID 1527644
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