Cutera, Inc. Announces Preliminary Unaudited Financial Results for Full-Year 2023
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Insights
Examining Cutera, Inc.'s preliminary financial results for the year ended December 31, 2023, reveals a noteworthy positive variance against prior guidance. The anticipated revenue exceeding initial estimates by approximately $6.5 million suggests a robust business performance, particularly in the skincare segment and international markets. The increase in cash and marketable securities to $143 million, $8 million above forecasts, indicates a healthier liquidity position than expected. This financial health is critical for supporting ongoing operations and potential growth initiatives, such as the broader launch of the AviClear product.
It is important to examine the implications of the reported uptick in revenue on the company's valuation and stock performance. Investors may view the positive revenue and cash guidance as an indicator of strong management execution and a resilient product portfolio, potentially leading to a favorable market response. However, it is essential to monitor the final audited results for any adjustments that could affect investor sentiment. Furthermore, the mention of a corporate restructuring could imply future cost savings and streamlined operations, which are typically viewed positively by the market if executed effectively.
From a market perspective, Cutera's performance in the aesthetic and dermatology sector reflects broader industry trends towards non-invasive skincare treatments. The consistent AviClear revenue, despite North American softness, indicates a stable demand for their flagship product. This stability is crucial as it demonstrates Cutera's ability to maintain its market share in a competitive landscape. The successful limited commercial release of the optimized AviClear product suggests that the company is actively managing its product lifecycle, which is key to long-term success in the health and beauty industry.
Operational improvements, such as the reduction in open field service cases, are indicative of enhanced customer service capabilities which can lead to increased customer satisfaction and retention. The restructuring efforts to improve cost structures and team alignment may also result in more efficient operations that could enhance competitiveness and profitability in the long run.
Within the medical device sector, Cutera's preliminary financial results indicate a strong position in the aesthetic and dermatology market. The company's focus on operational improvements, such as reducing service cases, is a testament to their commitment to quality and customer service. This focus is particularly relevant in the medical device industry, where product reliability and post-sale support are critical for brand reputation.
The progress in international markets and skincare segments suggests that Cutera has effectively capitalized on the global demand for aesthetic treatments. The preparation for a broader launch of the AviClear product in 2024 demonstrates strategic planning in product rollout, which is essential for maintaining momentum and capturing market opportunities. The medical device industry is highly regulated and successful navigation of these waters can be a significant competitive advantage.
Based on these preliminary results, the Company expects:
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Revenue in the range of
$211.5 million $212.5 million $205 million
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Cash and marketable securities of approximately
$143 million $135 million
“I am pleased with the progress made by our team in stabilizing our business during the fourth quarter, allowing us to exceed our prior guidance for both revenue and cash. Relative to the third quarter, we delivered an uptick in skincare, an improvement in core business performance in international markets, and a similar level of AviClear revenue, offsetting softness in North America,” commented Taylor Harris, Chief Executive Officer of Cutera, Inc. “During the fourth quarter, our team made strong strides in targeted areas of operational improvement, including a significant reduction in open field service cases. Additionally, we completed our corporate restructuring, allowing for both an improved cost structure and better alignment of the team, and we successfully executed a limited commercial release of our optimized AviClear product and business model offering, laying the foundation for a broader launch as we move into 2024.”
Cutera management will host a series of individual investor meetings over the course of January 9 - 10, 2024 at the Nasdaq Offices at 505 Howard St, in downtown
About Cutera, Inc.
Cutera is a leading provider of aesthetic and dermatology solutions for practitioners worldwide. Since 1998, Cutera has been developing innovative, easy-to-use products that harness the power of science and nature to enable medical practitioners to offer safe and effective treatments to their patients. For more information, call +1-415-657-5500 or 1-888-4CUTERA or visit www.cutera.com.
Cutera, Inc. has not completed the preparation of its financial statements for the fourth quarter or full year of 2023. The financial ranges presented in this news release for the year ended Dec. 31, 2023, are preliminary and unaudited and are subject to change as the Company completes its financial results for the fourth quarter of 2023. The Company is in the process of completing its customary year-end close and review procedures as of and for the year ended Dec. 31, 2023, and there can be no assurance that the final results for this period will not differ from these estimates. During the course of the preparation of the consolidated financial statements and related notes as of and for the year ended Dec. 31, 2023, the Company or its independent registered public accountants may identify items that could cause the final reported results to be materially different from the preliminary financial estimates presented herein.
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”). As a result, the Company’s 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 several risks, uncertainties, and other important factors, many of which are beyond the Company’s control, that could cause its 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, and other documents filed from time to time with the United States Securities and Exchange Commission by Cutera.
All information in this press release is as of the date of its release. Accordingly, undue reliance should not be placed on forward-looking statements. 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. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates concerning those or other forward-looking statements.
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Cutera, Inc.
Greg Barker
VP, Corporate FP&A, and Investor Relations
415-657-5500
IR@cutera.com
Source: Cutera, Inc.
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