Cutera Announces Fourth Quarter and Full-Year 2022 Financial Results along with 2023 Outlook

Full-year 2022 revenue of $252.4 million, growing 16% in constant currency

Placed greater than 600 AviClear devices during 2022, and generated $4.5M in AviClear revenue in 2022

Full-year 2023 revenue outlook of $277 million to $292 million, implying 10% to 16% constant currency growth

BRISBANE, Calif.–(BUSINESS WIRE)–Cutera, Inc. (Nasdaq: CUTR) (“Cutera” or the “Company”), a leading provider of aesthetic and dermatology solutions, today reported financial results for the fourth quarter and full-year ended December 31, 2022.

Fourth Quarter 2022 Financial and Operational Highlights

Consolidated revenue of $67.4 million driven by AviClear treatment revenue and strength in Skincare, an increase of 3% as reported and 10% in constant currency from the prior-year period.

During Q4 2022, the Company generated $3.2 million in AviClear revenue, consisting of treatment revenue and device license fees.

Strong Skincare revenue of $11.8 million in the quarter, an increase of 10% as reported and 37% in constant currency over 4Q 2021.

During Q4 2022, the company had consumable product revenues of $4.2 million, a drop off of nearly 18% in constant currency over the prior year, as Key Account Managers (KAMs) were engaged with the account onboarding activities associated with the over-performance of AviClear placements.

GAAP Gross margin of 57.5% in the quarter, compared to 58.2% in the prior-year period.

In constant currency terms, Q4 2022 GAAP Gross Margin was 59.8% and non-GAAP Gross Margin was 61.5%

GAAP Operating expenses were $44.3 million in the quarter, compared to $40.2 million in the prior-year period. Operating expenses during the period included $7.6 million in AviClear spending and $1.5 million in ERP implementation expenses.

GAAP Net loss was $7.8 million, compared to a Net loss of $3.9 million in the prior-year period.

Adjusted EBITDA was $0.2 million, compared to $4.3 million in the prior-year period.

Core adjusted EBITDA was $4.7 million as reported and $8.2 million in constant currency.

AviClear adjusted EBITDA was a loss of $4.4 million and a loss of $4.5 million in constant currency.

Full-Year 2022 Financial and Operational Highlights

Consolidated revenue of $252.4 million, an increase of 9% as reported and 16% in constant currency from the prior year period, driven by capital equipment, consumable product demand, and the launch of AviClear.

Cumulative AviClear placements exceeded 600 units exiting 2022

Despite device installation, staff training, and account onboarding backlogs, AviClear generated $4.5M in revenue for the full-year 2022

GAAP Gross margin of 55.4%, compared to 57.6% in the prior-year period.

In constant currency terms, GAAP Gross Margin was 57.4% for the full year.

GAAP Operating expenses were $178.0 million, compared to $131.3 million in the prior year period. Full-year operating expenses included $30.0 million in AviClear spending and $9.2 million in ERP implementation expenses.

GAAP Net loss was $82.3 million, inclusive of a non-recurring charge of $34.4 million for the extinguishment of 50% of the 2026 convertible notes, compared to a Net profit of $2.1 million in the prior-year period.

Adjusted EBITDA was a loss of $7.2 million, compared to income of $20.7 million in the prior-year period.

Core adjusted EBITDA was a gain of $20.9 million as reported and $31.5 million in constant currency.

AviClear adjusted EBITDA was a loss of $28.0 million and a loss of $28.1 million in constant currency.

Key Revenue Metrics
Three Months Ended Dec 31, 2022
% Change 2022 Vs 2021
Constant Currency

Key Profit Metrics
Three Months Ended Dec 31, 2022
Constant Currency

Capital Equipment

$

42.5

-2

%

1

%

GAAP Margin %

 

57.5

%

 

59.8

%

Skincare

$

11.8

10

%

37

%

Non-GAAP Margin %

 

59.4

%

 

61.5

%

Consumables

$

4.2

-22

%

-18

%

Adjusted EBITDA – Core

$

4.7

 

$

8.2

 

Service

$

5.8

-4

%

2

%

Adjusted EBITDA – AviClear

($

4.4

)

($

4.5

)

AviClear

$

3.2

N/A

N/A

Adjusted EBITDA – Total

$

0.2

 

$

3.7

 

Recurring

$

24.9

13

%

29

%

Adjusted EBITDA Gross Margin %

 

0.4

%

 

5.1

%

Total Revenue

$

67.4

3

%

10

%

 

Key Revenue Metrics
Twelve Months Ended Dec 31, 2022
% Change 2022 Vs 2021
Constant Currency

Key Profit Metrics
Twelve Months Ended Dec 31, 2022
Constant Currency

Capital Equipment

$

163.6

17

%

21

%

GAAP Margin %

 

55.4

%

 

57.4

%

Skincare

$

42.5

-14

%

1

%

Non-GAAP Margin %

 

56.6

%

 

58.5

%

Consumables

$

18.2

11

%

16

%

Adjusted EBITDA – Core

$

20.9

 

$

31.5

 

Service

$

23.6

-8

%

-3

%

Adjusted EBITDA – AviClear

($

28.0

)

($

28.1

)

AviClear

$

4.5

N/A

N/A

Adjusted EBITDA – Total

($

7.2

)

$

3.4

 

Recurring

$

88.8

-3

%

8

%

Adjusted EBITDA Gross Margin %

 

-2.8

%

 

1.3

%

Total Revenue

$

252.4

9

%

16

%

“2022 was a year to be remembered for Cutera, as the sales teams delivered mid-teens full-year growth on a constant currency basis in the face of global macro-economic pressures. Meanwhile, we successfully launched and scaled operations for AviClear, our first-to-market revolutionary laser device for the treatment of acne. In just three quarters since our North American introduction we have begun to see green shoots of the financial profile transformation we envision with the application of our novel AviClear business model,” commented Dave Mowry, Chief Executive Officer of Cutera, Inc.

Mowry continued, “Looking back over fourth quarter 2022 AviClear results, I was especially pleased to see the broad acceptance and significant ramp of AviClear bookings in the period. Our focus on leading with clinical results; supporting practice expansion; and delivering improved patient outcomes with reduced patient risk profile is resonating with the dermatologists as market demand outpaced expectations and our ability to fulfill it, at least in the short-term. We intend to continue our efforts to place the customer at the center of our partnership approach, as illustrated by the recent introduction of the AviClear Rewards customer loyalty program which tightly aligns our interests with those of our customers. This program will unlock even greater practice profitability with increased treatments. Additionally, practices owners will be able to leverage their AviClear patient volumes to access cooperative marketing dollars to promote their practice as well as our AviClear procedure.”

2023 Outlook

The company expects full-year 2023 revenue in the range of $277 million to $292 million, implying 10% to 16% constant currency growth over the prior year. The company also expects adjusted EBITDA to be in the low single-digit millions of dollars with consistent, sequential improvement as we progress through the year. Finally, the company anticipates steady placements of the AviClear device each quarter at a rate between 200 – 300 units per quarter over the course of 2023.

Conference Call

The Company’s management will host a conference call to discuss these results and related matters today at 1:30 p.m. PT (4:30 p.m. ET). Participating in the call will be Dave Mowry, Chief Executive Officer, and Rohan Seth, Chief Financial Officer.

To participate in the conference call, dial 1-800-319-4610 (domestic) or + 1-631-891-4304 (international).

The call will also be a webcast and can be accessed from the Investor Relations section of Cutera’s website at http://www.cutera.com/. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

About Cutera, Inc.

Brisbane, California-based 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.

*Use of Non-GAAP Financial Measures

In this press release, to supplement the Company’s condensed consolidated financial statements presented in accordance with Generally Accepted Accounting Principles, or GAAP, management has disclosed certain non-GAAP financial measures for gross margin, gross margin rate, and operating income. Non-GAAP adjustments include stock-based compensation, depreciation and amortization including contract acquisition costs, executive and other non-recurring severance costs, enterprise resource planning (“ERP”) implementation costs, and certain legal and litigation costs. From time to time in the future, there may be other items that we may exclude if the Company believes that doing so is consistent with the goal of providing useful information to investors and management. The Company has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure.

The Company defines adjusted EBITDA as operating income before depreciation and amortization, stock-based compensation, executive and non-recurring severance costs, ERP implementataion costs, and costs related to a specific litigation.

Company management uses non-GAAP measurements as aids in monitoring the Company’s ongoing financial performance from quarter to quarter, and year to year, regularly and for benchmarking against other similar 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. Non-GAAP financial measures for the statement of operations and net income per share exclude the following:

Stock-based compensation. The Company has excluded the effect of stock-based compensation expenses in calculating its non-GAAP operating expenses and net income measures. Although stock-based compensation is a key incentive offered to the Company’s employees, the Company continues to evaluate its business performance excluding stock-based compensation expenses. The Company records stock-based compensation expenses related to grants of options, employee stock purchase plans, and performance and restricted stock. Depending upon the size, timing, and terms of the grants, this expense may vary significantly but will recur in future periods. The Company believes that excluding stock-based compensation better allows for comparisons to its peer companies;

Depreciation and amortization, including contract acquisition costs. The Company has excluded depreciation and amortization expense in calculating its non-GAAP operating expenses and net income measures. Depreciation and amortization are non-cash charges to current operations;

Executive and other non-recurring severance costs. We have excluded costs associated with restructuring activities and the separation of our officers and other executives in calculating our non-GAAP operating expenses and non-GAAP Operating Income. We have excluded restructuring costs because a restructuring represents a discrete event that signifies a change in our strategy, but its costs are not indicative of the ongoing financial performance of our business. We exclude executive separation costs because executive separations are unpredictable and not part of our business strategy but could have a significant impact on the results of operation;;

ERP implementation costs. We have excluded ERP system costs related to direct and incremental costs incurred in connection with our multi-phase implementation of a new ERP solution and the related technology infrastructure costs. We exclude these costs because we believe that these items do not reflect future operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance; and

Certain legal and litigation costs. We have excluded costs incurred related to our litigation against Lutronic Aesthetics, which is not part of our ordinary course of business. Our complaint against Lutronic alleges misappropriation of trade secrets, violation of the Racketeer Influenced and Corrupt Organizations Act (RICO), interference with contractual relations and other claims. We exclude these costs because this litigation is a result of a discrete event that was not part of our business strategy but has a significant effect on the results of operations. Its costs are incidental to and do not reflect the efficiencies and effectiveness of our core operations.

The Company believes that excluding all of the items above allows users of its financial statements to better review and assess both current and historical results of operations.

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, 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, 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.

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. Cutera’s financial performance for the fourth quarter and full-year ended December 31, 2022, as discussed in this release, is preliminary and unaudited, and subject to adjustment.

CUTERA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

December 31,

 

December 31,

2022

 

2021

Assets

Current assets:

Cash and cash equivalents

$

145,924

 

$

164,164

 

Marketable investments

 

171,390

 

 

 

Accounts receivable, net

 

45,562

 

 

31,449

 

Inventories, net

 

63,628

 

 

39,503

 

Other current assets and prepaid expenses

 

24,036

 

 

14,545

 

Restricted cash

 

700

 

 

 

Total current assets

 

451,240

 

 

249,661

 

 

Property and equipment, net

 

40,368

 

 

3,019

 

Deferred tax assets

 

590

 

 

778

 

Goodwill

 

1,339

 

 

1,339

 

Operating lease right-of-use assets

 

12,831

 

 

14,627

 

Other long-term assets

 

14,620

 

 

10,169

 

Restricted cash

 

 

 

700

 

Total assets

$

520,988

 

$

280,293

 

 

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities:

Accounts payable

$

33,736

 

$

7,891

 

Accrued liabilities

 

57,452

 

 

54,100

 

Operating leases liabilities

 

2,810

 

 

2,419

 

Deferred revenue

 

11,841

 

 

9,490

 

Total current liabilities

 

105,839

 

 

73,900

 

 

Deferred revenue, net of current portion

 

1,657

 

 

1,335

 

Operating lease liabilities, net of current portion

 

11,352

 

 

13,483

 

Convertible notes, net of unamortized debt issuance costs

 

416,459

 

 

134,243

 

Other long-term liabilities

 

862

 

 

763

 

Total liabilities

 

536,169

 

 

223,724

 

 

Stockholders’ equity (deficit):

Common stock

 

20

 

 

18

 

Additional paid-in capital

 

125,406

 

 

114,724

 

Accumulated other comprehensive loss

 

(94

)

 

 

Accumulated deficit

 

(140,513

)

 

(58,173

)

Total stockholders’ equity (deficit)

 

(15,181

)

 

56,569

 

Total liabilities and stockholders’ equity (deficit)

$

520,988

 

$

280,293

 

CUTERA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

 

December 31,

 

December 31,

 

December 31,

2022

 

2021

 

2022

 

2021

 

Products

$

61,601

 

 

$

59,647

 

 

$

228,796

 

 

$

205,703

 

Service

 

5,752

 

 

 

5,982

 

 

 

23,603

 

 

 

25,567

 

Total net revenue

 

67,353

 

 

 

65,629

 

 

 

252,399

 

 

 

231,270

 

 

 

 

 

 

 

 

Products

 

26,188

 

 

 

23,565

 

 

 

100,254

 

 

 

83,048

 

Service

 

2,416

 

 

 

3,883

 

 

 

12,316

 

 

 

15,117

 

Total cost of revenue

 

28,604

 

 

 

27,448

 

 

 

112,570

 

 

 

98,165

 

Gross profit

 

38,749

 

 

 

38,181

 

 

 

139,829

 

 

 

133,105

 

Gross margin %

 

57.5

%

 

 

58.2

%

 

 

55.4

%

 

 

57.6

%

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

28,514

 

 

 

24,094

 

 

 

106,947

 

 

 

76,762

 

Research and development

 

5,408

 

 

 

6,804

 

 

 

25,155

 

 

 

21,568

 

General and administrative

 

10,363

 

 

 

9,312

 

 

 

45,917

 

 

 

32,945

 

Total operating expenses

 

44,285

 

 

 

40,210

 

 

 

178,019

 

 

 

131,275

 

Income (loss) from operations

 

(5,536

)

 

 

(2,029

)

 

 

(38,190

)

 

 

1,830

 

Interest and other income (expense), net

 

 

 

 

 

 

 

Amortization of debt issuance costs

 

(438

)

 

 

(218

)

 

 

(1,355

)

 

 

(710

)

Interest on convertible notes

 

(1,992

)

 

 

(777

)

 

 

(5,658

)

 

 

(2,514

)

Loss on extinguishment of convertible notes

 

 

 

 

 

 

 

(34,423

)

 

 

 

Gain on extinguishment of PPP loan

 

 

 

 

 

 

 

 

 

 

7,185

 

Interest income (expense), net

 

1,535

 

 

 

(57

)

 

 

2,600

 

 

 

(561

)

Other expense, net

 

(593

)

 

 

(373

)

 

 

(3,676

)

 

 

(1,845

)

Income (loss) before income taxes

 

(7,024

)

 

 

(3,454

)

 

 

(80,702

)

 

 

3,385

 

Income tax provision

 

764

 

 

 

481

 

 

 

1,638

 

 

 

1,323

 

Net income (loss)

$

(7,788

)

 

$

(3,935

)

 

$

(82,340

)

 

$

2,062

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

Basic

$

(0.40

)

 

$

(0.22

)

 

$

(4.39

)

 

$

0.12

 

Diluted

$

(0.40

)

 

$

(0.22

)

 

$

(4.39

)

 

$

0.11

 

 

 

 

 

 

 

 

Weighted-average number of shares used in per share calculations:

 

 

 

 

 

 

 

Basic

 

19,642

 

 

 

17,980

 

 

 

18,747

 

 

 

17,891

 

Diluted

 

19,642

 

 

 

17,980

 

 

 

18,747

 

 

 

18,362

 

CUTERA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Three Months Ended

 

Twelve Months Ended

 

 

 

 

 

 

 

December 31,

 

December 31,

 

December 31,

 

December 31,

2022

 

2021

 

2022

 

2021

Cash flows from operating activities:

Net income (loss)

$

(7,788

)

$

(3,935

)

$

(82,340

)

$

2,062

 

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Stock-based compensation

 

1,379

 

 

4,665

 

 

14,400

 

 

13,172

 

Depreciation and amortization

 

1,018

 

 

330

 

 

2,621

 

 

1,344

 

Amortization of contract acquisition costs

 

1,385

 

 

427

 

 

3,200

 

 

1,857

 

Amortization of debt issuance costs

 

438

 

 

218

 

 

1,355

 

 

710

 

Unrealized loss on foreign exchange forward

 

850

 

 

 

 

558

 

 

 

Impairment of capitalized cloud computing costs

 

 

 

 

 

 

 

182

 

Change in deferred tax assets

 

36

 

 

(189

)

 

188

 

 

(135

)

Provision for excess and obsolete inventories

 

(1,416

)

 

298

 

 

(1,306

)

 

1,037

 

Provision for credit losses

 

1,110

 

 

(14

)

 

1,787

 

 

87

 

Loss on sale of property and equipment

 

82

 

 

 

 

168

 

 

 

PPP loan forgiveness

 

 

 

 

 

 

 

(7,185

)

Change in right-of-use asset

 

677

 

 

611

 

 

2,653

 

 

2,292

 

Loss on extinguishment of convertible notes

 

 

 

 

 

34,423

 

 

 

Other

 

 

 

46

 

 

 

 

1

 

Changes in assets and liabilities:

Accounts receivable

 

(10,796

)

 

(675

)

 

(15,900

)

 

(9,574

)

Inventories

 

(6,274

)

 

(4,308

)

 

(34,999

)

 

(11,973

)

Other current assets and prepaid expenses

 

(1,214

)

 

(1,195

)

 

(10,049

)

 

(5,766

)

Other long-term assets

 

(4,447

)

 

(3,641

)

 

(8,091

)

 

(7,128

)

Accounts payable

 

537

 

 

632

 

 

20,979

 

 

1,207

 

Accrued liabilities

 

6,966

 

 

9,826

 

 

3,282

 

 

21,608

 

Operating lease liabilities

 

(667

)

 

(578

)

 

(2,597

)

 

(2,151

)

Deferred revenue

 

1,097

 

 

145

 

 

2,673

 

 

(412

)

Net cash provided by (used in) operating activities

 

(17,027

)

 

2,663

 

 

(66,995

)

 

1,235

 

 

Cash flows from investing activities:

Acquisition of property and equipment

 

(8,591

)

 

(633

)

 

(22,698

)

 

(1,015

)

Disposal of property and equipment

 

 

 

 

 

 

 

71

 

Proceeds from maturities of marketable investments

 

111,000

 

 

 

 

158,000

 

 

 

Purchase of marketable securities and long-term investments

 

(77,202

)

 

 

 

(329,484

)

 

 

Net cash provided by (used in) investing activities

 

25,207

 

 

(633

)

 

(194,182

)

 

(944

)

 

Cash flows from financing activities:

Proceeds from exercise of stock options and employee stock purchase plan

 

1,036

 

 

709

 

 

2,723

 

 

2,765

 

Purchase of capped call

 

(25,009

)

 

 

 

(56,680

)

 

(16,134

)

Payment of issuance costs of capped call

 

 

 

 

 

(352

)

 

 

Proceeds from issuance of convertible notes

 

120,000

 

 

 

 

360,000

 

 

138,250

 

Payment of issuance costs of convertible notes

 

(3,600

)

 

 

 

(11,202

)

 

(4,717

)

Extinguishment of convertible notes

 

 

 

 

 

(45,776

)

 

 

Taxes paid related to net share settlement of equity awards

 

(436

)

 

(213

)

 

(5,256

)

 

(2,176

)

Payments on capital lease obligation

 

(127

)

 

(148

)

 

(520

)

 

(462

)

Net cash provided by financing activities

 

91,864

 

 

348

 

 

242,937

 

 

117,526

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

100,044

 

 

2,378

 

 

(18,240

)

 

117,817

 

Cash, cash equivalents, and restricted cash at beginning of period

 

46,580

 

 

162,486

 

 

164,864

 

 

47,047

 

Cash, cash equivalents, and restricted cash at end of period

$

146,624

 

$

164,864

 

$

146,624

 

$

164,864

 

CUTERA, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(in thousands, except percentage data)

(unaudited)

 

Three Months Ended

 

% Change

 

Twelve Months Ended

 

% Change

December 31,

 

December 31,

 

2022 Vs

 

December 31,

 

December 31,

 

2022 Vs

2022

 

2021

 

2021

 

2022

 

2021

 

2021

Revenue By Geography:

North America

$

34,076

 

 

$

35,827

 

 

-4.9

%

 

$

128,426

 

 

$

111,621

 

 

+15.1

%

Japan

 

16,980

 

 

 

16,924

 

 

+0.3

%

 

 

64,920

 

 

 

70,235

 

 

-7.6

%

Rest of World

 

16,297

 

 

 

12,878

 

 

+26.5

%

 

 

59,053

 

 

 

49,414

 

 

+19.5

%

Total Net Revenue

$

67,353

 

 

$

65,629

 

 

+2.6

%

 

$

252,399

 

 

$

231,270

 

 

+9.1

%

International as a percentage of total revenue

 

49.4

%

 

 

45.4

%

 

 

 

 

49.1

%

 

 

51.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue By Product Category:

 

 

 

 

 

 

 

 

 

 

 

Systems

 

 

 

 

 

 

 

 

 

 

 

– North America

$

25,047

 

 

$

28,747

 

 

-12.9

%

 

$

98,345

 

 

$

86,100

 

 

+14.2

%

– Rest of World (including Japan)

 

17,438

 

 

 

14,807

 

 

+17.8

%

 

 

65,292

 

 

 

53,533

 

 

+22.0

%

Total Systems

 

42,485

 

 

 

43,554

 

 

-2.5

%

 

 

163,637

 

 

 

139,633

 

 

+17.2

%

AviClear

 

3,165

 

 

 

 

 

 

 

 

4,456

 

 

 

 

 

 

Consumables

 

4,174

 

 

 

5,361

 

 

-22.1

%

 

 

18,203

 

 

 

16,401

 

 

+11.0

%

Skincare

 

11,777

 

 

 

10,732

 

 

+9.7

%

 

 

42,500

 

 

 

49,669

 

 

-14.4

%

Total Products

 

61,601

 

 

 

59,647

 

 

+3.3

%

 

 

228,796

 

 

 

205,703

 

 

+11.2

%

Service

 

5,752

 

 

 

5,982

 

 

-3.8

%

 

 

23,603

 

 

 

25,567

 

 

-7.7

%

Total Net Revenue

$

67,353

 

 

$

65,629

 

 

+2.6

%

 

$

252,399

 

 

$

231,270

 

 

+9.1

%

 

 

Contacts

Cutera, Inc.
Greg Barker

VP, Corporate FP&A

415-657-5500

[email protected]

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