Cutera Announces First Quarter 2024 Financial Results
Cutera Announces First Quarter 2024 Financial Results
BRISBANE, Calif.--(BUSINESS WIRE)--May 9, 2024-- Cutera, Inc. (Nasdaq: CUTR) ("Cutera" or the "Company"), a leading provider of aesthetic and dermatology solutions, today reported financial results for the first quarter ended March 31, 2024.
加利福尼亚州布里斯班--(美国商业资讯)--2024年5月9日--美容和皮肤病学解决方案的领先提供商Cutera, Inc.(纳斯达克股票代码:CUTR)(“Cutera” 或 “公司”)今天公布了截至2024年3月31日的第一季度财务业绩。
- Consolidated revenue for the first quarter of 2024 of $38.8 million.
- Strong sequential increase in AviClear revenue, driven by a business model shift in North America and a successful initiation of the International limited commercial release, during the first quarter of 2024.
- Recent highlights include the launch of xeo+ and the inaugural session of Cutera Academy, focused on equipping customers with the tools to build successful AviClear practices.
- 2024年第一季度的合并收入为3,880万美元。
- 受北美商业模式转变和国际限量商业发行的成功推动,AviClear收入在2024年第一季度连续强劲增长。
- 最近的亮点包括xeo+的推出和Cutera Academy的首届会议,重点是为客户提供建立成功的AviClear实践的工具。
"I am pleased with our progress in the first quarter of 2024, highlighted by a strong sequential gain in our AviClear revenue, as well as improvement in our gross margin relative to the second half of 2023, reflecting our clear focus on building a culture of operational excellence," commented Taylor Harris, Chief Executive Officer of Cutera, Inc. "We're excited to build momentum in AviClear as we move through 2024, with new programs such as Cutera Academy helping us optimize our support for customers and through expansion of our launch in international markets."
Cutera, Inc.首席执行官泰勒·哈里斯评论说:“我对我们在2024年第一季度的进展感到满意,这突显了我们的AviClear收入连续强劲增长,以及与2023年下半年相比毛利率的改善,这反映了我们明确将重点放在建立卓越运营文化上,” Cutera, Inc.首席执行官泰勒·哈里斯评论道。“我们很高兴在2024年到来之际增强AviClear的势头,Cutera Academy等新项目的帮助我们会通过扩大在国际市场的上市来优化对客户的支持。”
First Quarter 2024 Financial Highlights
2024 年第一季度财务亮点
Consolidated revenue for the first quarter of 2024 was $38.8 million, a decrease of 29% compared to the first quarter of 2023, and included $4.2 million of Skincare revenue recorded through the February distribution agreement termination date. Revenue related to capital equipment systems declined 30%, while recurring sources of revenue declined 27%.
2024年第一季度的合并收入为3,880万美元,与2023年第一季度相比下降了29%,其中包括截至2月分销协议终止之日记录的420万美元护肤收入。与资本设备系统相关的收入下降了30%,而经常性收入来源下降了27%。
Gross profit was $12.4 million, or 32.0% of revenue, for the first quarter of 2024, compared to a gross profit of $21.6 million, or 39.7% of revenue, for the first quarter of 2023. On a non-GAAP basis, gross profit was $14.8 million, or 38.2% of revenue, for the first quarter of 2024, compared to $23.7 million, or 43.5% of revenue, for the first quarter of 2023. Gross profit in the first quarter, on both a GAAP and a non-GAAP basis, was negatively affected by approximately $0.7 million, or 1.8% of revenue, of non-cash expense related to excess and obsolete inventory.
2024年第一季度的毛利为1,240万美元,占收入的32.0%,而2023年第一季度的毛利为2,160万美元,占收入的39.7%。按非公认会计准则计算,2024年第一季度的毛利为1,480万美元,占收入的38.2%,而2023年第一季度的毛利为2370万美元,占收入的43.5%。按公认会计原则和非公认会计准则计算,第一季度的毛利受到与过剩和过时库存相关的约70万美元(占收入的1.8%)的负面影响。
Operating expenses were $31.9 million for the first quarter of 2024, net of a $9.7 million gain on early termination of the skincare distribution agreement, compared to $48.2 million in the prior year period. On a non-GAAP basis, operating expenses were $35.2 million for the first quarter of 2024, compared to $41.3 million for the prior year period.
2024年第一季度的运营支出为3190万美元,其中扣除因提前终止护肤品分销协议而产生的970万美元收益,而去年同期为4,820万美元。按非公认会计准则计算,2024年第一季度的运营支出为3520万美元,而去年同期为4,130万美元。
Non-GAAP operating loss was $20.4 million for the first quarter of 2024, compared to a loss of $17.6 million in the first quarter of 2023.
2024年第一季度的非公认会计准则营业亏损为2,040万美元,而2023年第一季度的亏损为1,760万美元。
Cash and cash equivalents were $105.4 million as of March 31, 2024, compared to $143.6 million as of December 31, 2023.
截至2024年3月31日,现金及现金等价物为1.054亿美元,而截至2023年12月31日为1.436亿美元。
2024 Outlook
2024 年展望
Management is reiterating its 2024 annual revenue guidance of $160 million to $170 million, including $4 million of Skincare revenue recorded through the February transition date, and ending 2024 with cash and cash equivalents of approximately $55 million to $60 million.
管理层重申了其2024年1.6亿美元至1.7亿美元的年度收入预期,其中包括截至2月过渡日的400万美元护肤收入,到2024年底,现金和现金等价物约为5,500万美元至6000万美元。
Conference Call
电话会议
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 Taylor Harris, Chief Executive Officer, Stuart Drummond, Interim Chief Financial Officer, and Greg Barker, Vice President of FP&A and Investor Relations.
公司管理层将于今天太平洋时间下午 1:30(美国东部时间下午 4:30)召开电话会议,讨论这些业绩和相关事项。首席执行官泰勒·哈里斯、临时首席财务官斯图尔特·德拉蒙德和财务分析与投资者关系副总裁格雷格·巴克将参加电话会议。
Participants can register for the conference call at the following registration link. Upon registering, a calendar booking will be provided by email including the dial-in details and a unique PIN to access the call. Using this process will by-pass the operator and avoid the call queue. Registration will remain open until the end of the live conference call.
参与者可以通过以下地址注册电话会议 注册链接。注册后,将通过电子邮件提供日历预订,包括拨入详细信息和访问通话的唯一 PIN。使用此过程将绕过接线员并避开呼叫队列。注册将保持开放状态,直到电话会议结束为止。
If participants prefer to dial in and speak with an operator, dial Canada/USA Toll Free: 1-844-763-8274 or +1-647-484-8814. It is recommended that you call in 10 minutes prior to the scheduled start time if you are using one of these operator-assisted phone numbers.
如果参与者更愿意拨入并与接线员通话,请拨打加拿大/美国免费电话:1-844-763-8274或+1-647-484-8814。如果您使用的是这些由接线员协助的电话号码之一,建议您在预定开始时间前 10 分钟拨打电话。
The call will also be 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.
电话会议还将进行网络直播,可从Cutera网站的投资者关系部分进行访问 http://www.cutera.com/。电话会议结束大约一小时后,电话会议的网络直播重播将在同一站点上播出。
About Cutera, Inc.
关于 Cutera, Inc.
Cutera is a leading provider of aesthetic and dermatology solutions for practitioners worldwide. For over 25 years, Cutera has strived to improve lives through medical aesthetic technologies that are driven by science and powered through partnerships. For more information, call +1-415-657-5500 or 1-888-4CUTERA or visit www.cutera.com.
Cutera是为全球从业者提供美容和皮肤病学解决方案的领先提供商。在过去的25年中,Cutera一直致力于通过医学美容技术改善生活,这些技术由科学驱动,通过合作伙伴关系提供动力。欲了解更多信息,请致电 +1-415-657-5500 或 1-888-4CUTERA 或访问 www.cutera.com。
*Use of Non-GAAP Financial Measures
*使用非公认会计准则财务指标
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 income or loss from operations. Non-GAAP adjustments include depreciation and amortization including contract acquisition costs, stock-based compensation, enterprise resource planning ("ERP") implementation costs, certain legal and litigation costs, certain executive and non-recurring severance costs, retention plan costs, gain on termination of a distribution agreement, and certain other adjustments. From time to time in the future, there may be other items that the Company 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.
在本新闻稿中,为了补充公司根据公认会计原则(GAAP)列报的简明合并财务报表,管理层披露了某些针对毛利率、毛利率和运营收入或亏损的非公认会计准则财务指标。非公认会计准则调整包括折旧和摊销,包括合同收购成本、股票薪酬、企业资源规划(“ERP”)实施成本、某些法律和诉讼成本、某些高管和非经常性遣散费、保留计划成本, 终止存款所得收益补贴协议和某些其他调整。将来,如果公司认为这样做符合向投资者和管理层提供有用信息的目标,则公司可能会不时排除其他项目。公司提供了本财报中使用的每项非公认会计准则财务指标与最直接可比的GAAP财务指标的对账表。
The Company defines non-GAAP financial measure, also commonly known as adjusted EBITDA, as operating income before depreciation and amortization, stock-based compensation, ERP implementation costs, certain legal and litigation costs, severance, retention plan costs, gain on early termination of distribution agreement, and other adjustments.
公司将非公认会计准则财务指标(通常称为调整后的息税折旧摊销前利润)定义为折旧和摊销前的营业收入、股票薪酬、ERP实施成本、某些法律和诉讼成本、遣散费、保留计划成本、提前终止分销协议的收益以及其他调整。
Company management uses non-GAAP measures as aids in monitoring the Company's ongoing financial performance from quarter to quarter, and year to year, 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:
公司管理层使用非公认会计准则指标作为辅助手段来监控公司每季度、每年的持续财务业绩,并与其他类似公司进行基准比较。公司使用的非公认会计准则财务指标的计算方法可能不同于其他公司使用的类似标题的指标,因此可能无法进行比较。这些非公认会计准则财务指标应与GAAP规定的经营业绩指标一起考虑,但不能作为其替代方案。运营报表和每股净收益的非公认会计准则财务指标不包括以下内容:
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;
折旧和摊销,包括合同收购成本。 该公司在计算其非公认会计准则运营费用和净收益指标时排除了折旧和摊销费用。折旧和摊销是当前业务的非现金费用;
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;
股票补偿。 该公司在计算其非公认会计准则运营费用和净收益指标时排除了股票薪酬支出的影响。尽管股票薪酬是向公司员工提供的关键激励措施,但公司继续评估其业务业绩,不包括股票薪酬支出。公司记录与期权授予、员工股票购买计划以及业绩和限制性股票相关的股票薪酬支出。根据补助金的规模、时间和条款,这笔费用可能会有很大差异,但将在未来时期再次出现。该公司认为,排除股票薪酬可以更好地与同行公司进行比较;
ERP implementation costs. The Company has excluded ERP system costs related to direct and incremental costs incurred in connection with its multi-phase implementation of a new ERP solution and the related technology infrastructure costs. The Company excludes these costs because it believes 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 the Company's operating performance;
ERP 的实施成本。 该公司不包括与多阶段实施新的ERP解决方案相关的直接和增量成本相关的ERP系统成本以及相关的技术基础设施成本。公司之所以将这些成本排除在外,是因为它认为这些项目并不能反映未来的运营费用,而且金额和频率将不一致,因此很难对公司的经营业绩进行有意义的评估;
Certain legal and litigation costs. The Company has excluded costs incurred related to its litigation against Lutronic Aesthetics, which is not part of the Company's ordinary course of business. The Company's 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. The Company excludes these costs because this litigation is a result of a discrete event that was not part of the Company's 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 the Company's core operations;
某些法律和诉讼费用。 该公司排除了与针对路创美学的诉讼相关的费用,这不是公司正常业务过程的一部分。该公司对路创力的投诉指控盗用商业秘密、违反《受敲诈者影响和腐败组织法》(RICO)、干扰合同关系和其他索赔。公司不包括这些费用,因为该诉讼是由一个离散事件造成的,该事件不是公司业务战略的一部分,但对经营业绩有重大影响。其成本是附带成本,不能反映公司核心业务的效率和有效性;
Severance. The Company has excluded costs associated with restructuring activities and the separation of its officers and other executives in calculating its non-GAAP operating expenses and non-GAAP Operating Income. The Company has excluded restructuring costs because a restructuring represents a discrete event that signifies a change in the Company's strategy, but its costs are not indicative of the ongoing financial performance of the business. The Company excludes executive separation costs because executive separations are unpredictable and not part of the Company's business strategy but could have a significant impact on the results of operation;
遣散费。 该公司在计算非公认会计准则运营费用和非公认会计准则营业收入时排除了与重组活动以及高管和其他高管离职相关的成本。公司之所以排除了重组成本,是因为重组是一个离散事件,标志着公司战略的变化,但其成本并不能代表业务的持续财务业绩。公司不包括高管离职费用,因为高管离职是不可预测的,不是公司业务战略的一部分,但可能会对经营业绩产生重大影响;
Retention plan costs. The Company has excluded the expense related to a retention plan implemented in April 2023. Approximately $11 million was made available to sales personnel and key employees and will be paid in quarterly installments through October 2024. The Company has excluded expense related to this retention plan as such costs are not considered part of ongoing operations; and
保留计划成本。 该公司排除了与2023年4月实施的保留计划相关的费用。向销售人员和关键员工提供了约1100万美元,并将按季度分期支付,直至2024年10月。公司排除了与本保留计划相关的费用,因为此类费用不被视为持续运营的一部分;以及
Gain on early termination of distribution agreement. The Company has excluded a gain recorded in connection with the early termination of a distribution agreement with ZO USA in calculating its non-GAAP operating expenses and non-GAAP operating income. The Company recorded the net gain of $9.7 million in the Company's condensed consolidated statement of operations for the three months ended March 31, 2024. The Company has excluded this gain as it is not indicative of the ongoing financial performance of the business, and not part of the Company's business strategy.
提前终止分销协议的收益。 该公司在计算其非公认会计准则运营费用和非公认会计准则营业收入时排除了与ZO USA提前终止分销协议相关的收益。该公司在截至2024年3月31日的三个月的简明合并运营报表中记录了970万美元的净收益。公司将该收益排除在外,因为这并不表示该业务的持续财务业绩,也不是公司业务战略的一部分。
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.
公司认为,排除上述所有项目可以让其财务报表的用户更好地审查和评估当前和历史的经营业绩。
Safe Harbor Statement
安全港声明
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, guidance 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, but not limited to, "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.
本新闻稿中的某些声明,除纯粹的历史信息外,均为1995年《私人证券诉讼改革法》、《证券法》第27A条和经修订的1934年《证券交易法》(“交易法”)第21E条所指的 “前瞻性陈述”。这些陈述包括但不限于Cutera的计划、目标、战略、财务业绩、指导和展望、产品发布和业绩、趋势、前景或未来事件,并涉及难以预测的已知和未知风险。因此,公司的实际财务业绩、业绩、成就或前景可能与这些前瞻性陈述所表达或暗示的财务业绩、业绩、成就或前景存在重大差异。在某些情况下,您可以使用但不限于 “可能”、“可能”、“寻求”、“指导”、“预测”、“潜在”、“可能”、“相信”、“将”、“应该”、“预期”、“估计”、“计划”、“打算”、“预测”、“预见” 或这些术语的变体等词语来识别前瞻性陈述以及相似的表述或这些术语的否定词或类似表达。前瞻性陈述基于管理层当前的初步预期,受风险和不确定性的影响,这可能导致Cutera的实际业绩与本文所包含的陈述存在重大差异。这些陈述不能保证未来的表现,股东不应过分依赖前瞻性陈述。有多种风险、不确定性和其他重要因素,其中许多是公司无法控制的,可能导致其实际业绩与本新闻稿中包含的前瞻性陈述存在重大差异,包括10-K表年度报告、10-Q表季度报告、8-K表最新报告以及Cutera不时向美国证券交易委员会提交的其他文件中 “风险因素” 部分描述的内容。
All statements made in this release are made only as of the date set forth at the beginning of this 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 first quarter ended March 31, 2024, as discussed in this release, is preliminary and unaudited, and subject to adjustment.
本新闻稿中的所有声明仅在本新闻稿开始时规定的日期作出。因此,不应过分依赖前瞻性陈述。Cutera没有义务公开更新任何前瞻性陈述以反映其发表之日后的新信息、事件或情况,也没有义务反映意外事件的发生。如果公司更新了一项或多项前瞻性陈述,则不应推断其将对这些陈述或其他前瞻性陈述进行更多更新。如本新闻稿所述,Cutera截至2024年3月31日的第一季度财务业绩是初步的,未经审计,可能会进行调整。
CUTERA, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
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March 31, | December 31, | |||||||
2024 | 2023 | |||||||
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Current assets: | ||||||||
Cash and cash equivalents | $ | 105,444 | $ | 143,612 | ||||
Accounts receivable, net | 37,019 | 43,121 | ||||||
Inventories | 73,469 | 62,600 | ||||||
Other current assets and prepaid expenses | 19,294 | 19,852 | ||||||
Total current assets | 235,226 | 269,185 | ||||||
Long-term inventories | 20,582 | 16,283 | ||||||
Property and equipment, net | 31,964 | 37,275 | ||||||
Deferred tax asset | 534 | 579 | ||||||
Goodwill | 1,339 | 1,339 | ||||||
Operating lease right-of-use assets | 12,034 | 10,055 | ||||||
Other long-term assets | 10,313 | 11,575 | ||||||
Total assets | $ | 311,992 | $ | 346,291 | ||||
Liabilities and Stockholders' Deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 13,316 | $ | 19,829 | ||||
Accrued liabilities | 47,119 | 55,055 | ||||||
Operating leases liabilities | 3,231 | 2,441 | ||||||
Deferred revenue | 9,038 | 10,422 | ||||||
Total current liabilities | 72,704 | 87,747 | ||||||
Deferred revenue, net of current portion | 1,417 | 1,494 | ||||||
Operating lease liabilities, net of current portion | 10,046 | 8,887 | ||||||
Convertible notes, net of unamortized debt issuance costs | 419,266 | 418,695 | ||||||
Other long-term liabilities | 1,122 | 1,298 | ||||||
Total liabilities | 504,555 | 518,121 | ||||||
Stockholders' deficit: | ||||||||
Common stock | 20 | 20 | ||||||
Additional paid-in capital | 133,541 | 131,496 | ||||||
Accumulated deficit | (326,124) | (303,346) | ||||||
Total stockholders' deficit | (192,563) | (171,830) | ||||||
Total liabilities and stockholders' deficit | $ | 311,992 | $ | 346,291 |
CUTERA, INC. | ||||||||
简明的合并资产负债表 | ||||||||
(以千计) | ||||||||
(未经审计) | ||||||||
3月31日 | 十二月三十一日 | |||||||
2024 | 2023 | |||||||
资产 | ||||||||
流动资产: | ||||||||
现金和现金等价物 | $ | 105,444 | $ | 143,612 | ||||
应收账款,净额 | 37,019 | 43,121 | ||||||
库存 | 73,469 | 62,600 | ||||||
其他流动资产和预付费用 | 19,294 | 19,852 | ||||||
流动资产总额 | 235,226 | 269,185 | ||||||
长期库存 | 20,582 | 16,283 | ||||||
财产和设备,净额 | 31,964 | 37,275 | ||||||
递延所得税资产 | 534 | 579 | ||||||
善意 | 1,339 | 1,339 | ||||||
经营租赁使用权资产 | 12,034 | 10,055 | ||||||
其他长期资产 | 10,313 | 11,575 | ||||||
总资产 | $ | 311,992 | $ | 346,291 | ||||
负债和股东赤字 | ||||||||
流动负债: | ||||||||
应付账款 | $ | 13,316 | $ | 19,829 | ||||
应计负债 | 47,119 | 55,055 | ||||||
经营租赁负债 | 3,231 | 2,441 | ||||||
递延收入 | 9,038 | 10,422 | ||||||
流动负债总额 | 72,704 | 87,747 | ||||||
递延收入,扣除流动部分 | 1,417 | 1,494 | ||||||
经营租赁负债,扣除流动部分 | 10,046 | 8,887 | ||||||
可转换票据,扣除未摊销的债务发行成本 | 419,266 | 418,695 | ||||||
其他长期负债 | 1,122 | 1,298 | ||||||
负债总额 | 504,555 | 518,121 | ||||||
股东赤字: | ||||||||
普通股 | 20 | 20 | ||||||
额外的实收资本 | 133,541 | 131,496 | ||||||
累计赤字 | (326,124) | (303,346) | ||||||
股东赤字总额 | (192,563) | (171,830) | ||||||
负债总额和股东赤字 | $ | 311,992 | $ | 346,291 |
CUTERA, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(in thousands, except per share data) | ||||||||
(unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2024 | 2023 | |||||||
Products | $ | 33,115 | $ | 49,121 | ||||
Service | 5,678 | 5,405 | ||||||
Total net revenue | 38,793 | 54,526 | ||||||
Products | 23,289 | 30,059 | ||||||
Service | 3,085 | 2,835 | ||||||
Total cost of revenue | 26,374 | 32,894 | ||||||
Gross margin | 12,419 | 21,632 | ||||||
Gross margin % | 32.0 | 39.7 | ||||||
Operating expenses: | ||||||||
Sales and marketing | 23,677 | 29,512 | ||||||
Research and development | 5,001 | 6,468 | ||||||
General and administrative | 12,881 | 12,253 | ||||||
Gain on early termination of distribution agreement | (9,708) | - | ||||||
Total operating expenses | 31,851 | 48,233 | ||||||
Loss from operations | (19,432) | (26,601) | ||||||
Interest and other expense, net | ||||||||
Interest on convertible notes | (2,939) | (2,939) | ||||||
Amortization of debt issuance costs | (571) | (552) | ||||||
Interest income | 1,455 | 2,636 | ||||||
Other expense, net | (1,316) | (320) | ||||||
Loss before income taxes | (22,803) | (27,776) | ||||||
Income tax expense | (25) | 272 | ||||||
Net loss | $ | (22,778) | $ | (28,048) | ||||
Net loss per share: | ||||||||
Basic | $ | (1.14) | $ | (1.42) | ||||
Diluted | $ | (1.14) | $ | (1.42) | ||||
Weighted-average number of shares used in per share calculations: | ||||||||
Basic | 19,991 | 19,776 | ||||||
Diluted | 19,991 | 19,776 |
CUTERA, INC. | ||||||||
简明合并运营报表 | ||||||||
(以千计,每股数据除外) | ||||||||
(未经审计) | ||||||||
三个月已结束 | ||||||||
3月31日 | 3月31日 | |||||||
2024 | 2023 | |||||||
产品 | $ | 33,115 | $ | 49,121 | ||||
服务 | 5,678 | 5,405 | ||||||
净收入总额 | 38,793 | 54,526 | ||||||
产品 | 23,289 | 30,059 | ||||||
服务 | 3,085 | 2,835 | ||||||
总收入成本 | 26,374 | 32,894 | ||||||
毛利率 | 12,419 | 21,632 | ||||||
毛利率% | 32.0 | 39.7 | ||||||
运营费用: | ||||||||
销售和营销 | 23,677 | 29,512 | ||||||
研究和开发 | 5,001 | 6,468 | ||||||
一般和行政 | 12,881 | 12,253 | ||||||
提前终止分销协议的收益 | (9,708) | - | ||||||
运营费用总额 | 31,851 | 48,233 | ||||||
运营损失 | (19,432) | (26,601) | ||||||
利息和其他费用,净额 | ||||||||
可转换票据的利息 | (2,939) | (2,939) | ||||||
债务发行成本的摊销 | (571) | (552) | ||||||
利息收入 | 1,455 | 2,636 | ||||||
其他费用,净额 | (1,316) | (320) | ||||||
所得税前亏损 | (22,803) | (27,776) | ||||||
所得税支出 | (25) | 272 | ||||||
净亏损 | $ | (22,778) | $ | (28,048) | ||||
每股净亏损: | ||||||||
基本 | $ | (1.14) | $ | (1.42) | ||||
稀释 | $ | (1.14) | $ | (1.42) | ||||
每股计算中使用的加权平均股票数量: | ||||||||
基本 | 19,991 | 19,776 | ||||||
稀释 | 19,991 | 19,776 |
CUTERA, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (22,778) | $ | (28,048) | ||||
Adjustments to reconcile net loss to net cash provided used in operating activities: | ||||||||
Stock-based compensation | 2,109 | 3,386 | ||||||
Depreciation and amortization | 1,991 | 1,409 | ||||||
Amortization of contract acquisition costs | 1,391 | 2,178 | ||||||
Amortization of debt issuance costs | 571 | 552 | ||||||
Deferred tax assets | 45 | 13 | ||||||
Provision for credit losses | 2,181 | 225 | ||||||
Accretion of discount on investment securities and investment income, net | - | (34) | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | 3,921 | (6,410) | ||||||
Inventories | (2,461) | (6,163) | ||||||
Other current assets and prepaid expenses | 560 | (2,676) | ||||||
Other long-term assets | (240) | (2,011) | ||||||
Accounts payable | (6,513) | (1,330) | ||||||
Accrued liabilities | (16,916) | 1,706 | ||||||
Operating leases ,net | (30) | (16) | ||||||
Deferred revenue | (1,461) | 201 | ||||||
Net cash used in operating activities | (37,630) | (37,018) | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of property and equipment | (335) | (10,353) | ||||||
Proceeds from disposal of property and equipment | 57 | - | ||||||
Purchase of marketable investments | - | (23,467) | ||||||
Proceeds from maturities of marketable investments | - | 94,154 | ||||||
Net cash provided by (used in) investing activities | (278) | 60,334 | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options and employee stock purchase plan | - | 109 | ||||||
Taxes paid related to net share settlement of equity awards | (64) | (2,397) | ||||||
Payments on capital lease obligations | (196) | (124) | ||||||
Net cash used in financing activities | (260) | (2,412) | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (38,168) | 20,904 | ||||||
Cash, cash equivalents, and restricted cash at beginning of period | 143,612 | 146,624 | ||||||
Cash and cash equivalents at end of period | $ | 105,444 | $ | 167,528 |
CUTERA, INC. | ||||||||
简明的合并现金流量表 | ||||||||
(以千计) | ||||||||
(未经审计) | ||||||||
三个月已结束 | ||||||||
3月31日 | 3月31日 | |||||||
2024 | 2023 | |||||||
来自经营活动的现金流: | ||||||||
净亏损 | $ | (22,778) | $ | (28,048) | ||||
为调节净亏损与经营活动中使用的净现金而进行的调整: | ||||||||
基于股票的薪酬 | 2,109 | 3,386 | ||||||
折旧和摊销 | 1,991 | 1,409 | ||||||
合同收购成本的摊销 | 1,391 | 2,178 | ||||||
债务发行成本的摊销 | 571 | 552 | ||||||
递延所得税资产 | 45 | 13 | ||||||
信贷损失准备金 | 2,181 | 225 | ||||||
投资证券折扣和投资收益的增加,净额 | - | (34) | ||||||
资产和负债的变化: | ||||||||
应收账款 | 3,921 | (6,410) | ||||||
库存 | (2,461) | (6,163) | ||||||
其他流动资产和预付费用 | 560 | (2,676) | ||||||
其他长期资产 | (240) | (2,011) | ||||||
应付账款 | (6,513) | (1,330) | ||||||
应计负债 | (16,916) | 1,706 | ||||||
经营租约,净额 | (30) | (16) | ||||||
递延收入 | (1,461) | 201 | ||||||
用于经营活动的净现金 | (37,630) | (37,018) | ||||||
来自投资活动的现金流: | ||||||||
购置财产和设备 | (335) | (10,353) | ||||||
处置财产和设备的收益 | 57 | - | ||||||
购买适销对路的投资 | - | (23,467) | ||||||
有价投资到期的收益 | - | 94,154 | ||||||
由(用于)投资活动提供的净现金 | (278) | 60,334 | ||||||
来自融资活动的现金流: | ||||||||
行使股票期权和员工股票购买计划的收益 | - | 109 | ||||||
与股权奖励净股结算相关的已缴税款 | (64) | (2,397) | ||||||
资本租赁债务的付款 | (196) | (124) | ||||||
用于融资活动的净现金 | (260) | (2,412) | ||||||
现金、现金等价物和限制性现金的净增加(减少) | (38,168) | 20,904 | ||||||
期初的现金、现金等价物和限制性现金 | 143,612 | 146,624 | ||||||
期末的现金和现金等价物 | $ | 105,444 | $ | 167,528 |
CUTERA, INC. | ||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||||||
(in thousands, except percentage data) | ||||||||
(unaudited) | ||||||||
Three Months Ended | % Change | |||||||
March 31, | March 31, | 2024 vs. | ||||||
2024 | 2023 | 2023 | ||||||
Revenue By Geography: | ||||||||
North America | $ | 18,391 | $ | 27,202 | -32.4% | |||
Japan | 7,598 | 12,908 | -41.1% | |||||
Rest of World | 12,804 | 14,416 | -11.2% | |||||
Total Net Revenue | $ | 38,793 | $ | 54,526 | -28.9% | |||
International as a percentage of total revenue | 52.6% | 50.1% | ||||||
Revenue By Product Category: | ||||||||
Systems | ||||||||
- North America | $ | 11,859 | $ | 19,170 | -38.1% | |||
- Rest of World (including Japan) | 12,401 | 15,372 | -19.3% | |||||
Total Systems | 24,260 | 34,542 | -29.8% | |||||
Consumables | 4,655 | 6,447 | -27.8% | |||||
Skincare | 4,200 | 8,132 | -48.4% | |||||
Total Products | 33,115 | 49,121 | -32.6% | |||||
Service | 5,678 | 5,405 | +5.1% | |||||
Total Net Revenue | $ | 38,793 | $ | 54,526 | -28.9% | |||
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2024 | 2023 | |||||||
Pre-tax Stock-Based Compensation Expense: | ||||||||
Cost of revenue | $ | 149 | $ | 364 | ||||
Sales and marketing | 567 | 1,148 | ||||||
Research and development | 304 | 693 | ||||||
General and administrative | 1,089 | 1,181 | ||||||
$ | 2,109 | $ | 3,386 |
CUTERA, INC. | ||||||||
合并财务摘要 | ||||||||
(以千计,百分比数据除外) | ||||||||
(未经审计) | ||||||||
三个月已结束 | % 变化 | |||||||
3月31日 | 3月31日 | 2024 年对比 | ||||||
2024 | 2023 | 2023 | ||||||
按地域划分的收入: | ||||||||
北美 | $ | 18,391 | $ | 27,202 | -32.4% | |||
日本 | 7,598 | 12,908 | -41.1% | |||||
世界其他地区 | 12,804 | 14,416 | -11.2% | |||||
净收入总额 | $ | 38,793 | $ | 54,526 | -28.9% | |||
国际收入占总收入的百分比 | 52.6% | 50.1% | ||||||
按产品类别划分的收入: | ||||||||
系统 | ||||||||
-北美 | $ | 11,859 | $ | 19,170 | -38.1% | |||
-世界其他地区(包括日本) | 12,401 | 15,372 | -19.3% | |||||
系统总数 | 24,260 | 34,542 | -29.8% | |||||
消耗品 | 4,655 | 6,447 | -27.8% | |||||
护肤 | 4,200 | 8,132 | -48.4% | |||||
产品总数 | 33,115 | 49,121 | -32.6% | |||||
服务 | 5,678 | 5,405 | +5.1% | |||||
净收入总额 | $ | 38,793 | $ | 54,526 | -28.9% | |||
三个月已结束 | ||||||||
3月31日 | 3月31日 | |||||||
2024 | 2023 | |||||||
税前股票薪酬支出: | ||||||||
收入成本 | $ | 149 | $ | 364 | ||||
销售和营销 | 567 | 1,148 | ||||||
研究和开发 | 304 | 693 | ||||||
一般和行政 | 1,089 | 1,181 | ||||||
$ | 2,109 | $ | 3,386 |
CUTERA, INC. | ||||||||||||||
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
(in thousands) | ||||||||||||||
(unaudited) | ||||||||||||||
Three Months Ended March 31, 2024 | Gross Profit | Gross Margin | Operating Expenses | Operating Loss | ||||||||||
Reported | $ | 12,419 | 32.0% | $ | 31,851 | $ | (19,432) | |||||||
Adjustments: | ||||||||||||||
Depreciation and amortization including contract acquisition costs | 2,095 | 5.4% | 1,287 | 3,382 | ||||||||||
Stock-based compensation | 149 | 0.4% | 1,960 | 2,109 | ||||||||||
Severance | 92 | 0.2% | 127 | 219 | ||||||||||
Retention plan costs | 48 | 0.1% | 2,751 | 2,799 | ||||||||||
Gain on early termination of distribution agreement | - | - | (9,708) | (9,708) | ||||||||||
Other adjustments | - | - | 263 | 263 | ||||||||||
Total adjustments | 2,384 | 6.1% | (3,320) | (936) | ||||||||||
Non-GAAP | $ | 14,803 | 38.2% | $ | 35,171 | $ | (20,368) | |||||||
Three Months Ended March 31, 2023 | Gross Profit | Gross Margin | Operating Expenses | Operating Loss | ||||||||||
Reported | $ | 21,632 | 39.7% | $ | 48,233 | $ | (26,601) | |||||||
Adjustments: | ||||||||||||||
Depreciation and amortization including contract acquisition costs | 1,599 | 2.9% | 1,988 | 3,587 | ||||||||||
Stock-based compensation | 364 | 0.7% | 3,022 | 3,386 | ||||||||||
ERP implementation cost | - | - | 518 | 518 | ||||||||||
Legal - Lutronic | - | - | 652 | 652 | ||||||||||
Severance | 119 | 0.2% | 196 | 315 | ||||||||||
Other adjustments | - | - | 585 | 585 | ||||||||||
Total adjustments | 2,082 | 3.8% | 6,961 | 9,043 | ||||||||||
Non-GAAP | $ | 23,714 | 43.5% | $ | 41,272 | $ | (17,558) |
CUTERA, INC. | ||||||||||||||
GAAP财务指标与非GAAP财务指标的对账 | ||||||||||||||
(以千计) | ||||||||||||||
(未经审计) | ||||||||||||||
截至2024年3月31日的三个月 | 毛利 | 毛利率 | 正在运营 开支 | 正在运营 损失 | ||||||||||
已举报 | $ | 12,419 | 32.0% | $ | 31,851 | $ | (19,432) | |||||||
调整: | ||||||||||||||
折旧和摊销,包括合同购置成本 | 2,095 | 5.4% | 1,287 | 3,382 | ||||||||||
基于股票的薪酬 | 149 | 0.4% | 1,960 | 2,109 | ||||||||||
遣散费 | 92 | 0.2% | 127 | 219 | ||||||||||
留存计划费用 | 48 | 0.1% | 2,751 | 2,799 | ||||||||||
提前终止分销协议的收益 | - | - | (9,708) | (9,708) | ||||||||||
其他调整 | - | - | 263 | 263 | ||||||||||
调整总额 | 2,384 | 6.1% | (3,320) | (936) | ||||||||||
非公认会计准则 | $ | 14,803 | 38.2% | $ | 35,171 | $ | (20,368) | |||||||
截至2023年3月31日的三个月 | 毛利 | 毛利率 | 正在运营 开支 | 正在运营 损失 | ||||||||||
已举报 | $ | 21,632 | 39.7% | $ | 48,233 | $ | (26,601) | |||||||
调整: | ||||||||||||||
折旧和摊销,包括合同购置成本 | 1,599 | 2.9% | 1,988 | 3,587 | ||||||||||
基于股票的薪酬 | 364 | 0.7% | 3,022 | 3,386 | ||||||||||
ERP 的实施成本 | - | - | 518 | 518 | ||||||||||
法律-Lutronic | - | - | 652 | 652 | ||||||||||
遣散费 | 119 | 0.2% | 196 | 315 | ||||||||||
其他调整 | - | - | 585 | 585 | ||||||||||
调整总额 | 2,082 | 3.8% | 6,961 | 9,043 | ||||||||||
非公认会计准则 | $ | 23,714 | 43.5% | $ | 41,272 | $ | (17,558) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509427457/en/
Cutera, Inc.
Greg Barker
VP, Corporate FP&A and Investor Relations
415-657-5500
IR@cutera.com
Cutera, Inc.
格雷格·巴克
企业 FP&A 和投资者关系副总裁
415-657-5500
IR@cutera.com
Source: Cutera, Inc.
来源:Cutera, Inc.
译文内容由第三方软件翻译。