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.
加利福尼亞州布里斯班--(美國商業資訊)--2024年5月9日--美容和皮膚病學解決方案的領先提供商Cutera, Inc.(納斯達克股票代碼:CUTR)(“Cutera” 或 “公司”)今天公佈了截至2024年3月31日的第一季度財務業績。
- 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年第一季度的合併收入爲3,880萬美元。
- 受北美商業模式轉變和國際限量商業發行的成功推動,AviClear收入在2024年第一季度連續強勁增長。
- 最近的亮點包括xeo+的推出和Cutera Academy的首屆會議,重點是爲客戶提供建立成功的AviClear實踐的工具。
"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.首席執行官泰勒·哈里斯評論說:“我對我們在2024年第一季度的進展感到滿意,這突顯了我們的AviClear收入連續強勁增長,以及與2023年下半年相比毛利率的改善,這反映了我們明確將重點放在建立卓越運營文化上,” Cutera, Inc.首席執行官泰勒·哈里斯評論道。“我們很高興在2024年到來之際增強AviClear的勢頭,Cutera Academy等新項目的幫助我們會通過擴大在國際市場的上市來優化對客戶的支持。”
First Quarter 2024 Financial Highlights
2024 年第一季度財務亮點
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年第一季度的合併收入爲3,880萬美元,與2023年第一季度相比下降了29%,其中包括截至2月分銷協議終止之日記錄的420萬美元護膚收入。與資本設備系統相關的收入下降了30%,而經常性收入來源下降了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年第一季度的毛利爲1,240萬美元,佔收入的32.0%,而2023年第一季度的毛利爲2,160萬美元,佔收入的39.7%。按非公認會計准則計算,2024年第一季度的毛利爲1,480萬美元,佔收入的38.2%,而2023年第一季度的毛利爲2370萬美元,佔收入的43.5%。按公認會計原則和非公認會計准則計算,第一季度的毛利受到與過剩和過時庫存相關的約70萬美元(佔收入的1.8%)的負面影響。
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年第一季度的運營支出爲3190萬美元,其中扣除因提前終止護膚品分銷協議而產生的970萬美元收益,而去年同期爲4,820萬美元。按非公認會計准則計算,2024年第一季度的運營支出爲3520萬美元,而去年同期爲4,130萬美元。
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年第一季度的非公認會計准則營業虧損爲2,040萬美元,而2023年第一季度的虧損爲1,760萬美元。
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,現金及現金等價物爲1.054億美元,而截至2023年12月31日爲1.436億美元。
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.
管理層重申了其2024年1.6億美元至1.7億美元的年度收入預期,其中包括截至2月過渡日的400萬美元護膚收入,到2024年底,現金和現金等價物約爲5,500萬美元至6000萬美元。
Conference Call
電話會議
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.
公司管理層將於今天太平洋時間下午 1:30(美國東部時間下午 4:30)召開電話會議,討論這些業績和相關事項。首席執行官泰勒·哈里斯、臨時首席財務官斯圖爾特·德拉蒙德和財務分析與投資者關係副總裁格雷格·巴克將參加電話會議。
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.
參與者可以通過以下地址註冊電話會議 註冊鏈接。註冊後,將通過電子郵件提供日曆預訂,包括撥入詳細信息和訪問通話的唯一 PIN。使用此過程將繞過接線員並避開呼叫隊列。註冊將保持開放狀態,直到電話會議結束爲止。
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.
如果參與者更願意撥入並與接線員通話,請撥打加拿大/美國免費電話:1-844-763-8274或+1-647-484-8814。如果您使用的是這些由接線員協助的電話號碼之一,建議您在預定開始時間前 10 分鐘撥打電話。
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.
電話會議還將進行網絡直播,可從Cutera網站的投資者關係部分進行訪問 http://www.cutera.com/。電話會議結束大約一小時後,電話會議的網絡直播重播將在同一站點上播出。
About Cutera, Inc.
關於 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是爲全球從業者提供美容和皮膚病學解決方案的領先提供商。在過去的25年中,Cutera一直致力於通過醫學美容技術改善生活,這些技術由科學驅動,通過合作伙伴關係提供動力。欲了解更多信息,請致電 +1-415-657-5500 或 1-888-4CUTERA 或訪問 www.cutera.com。
*Use of Non-GAAP Financial Measures
*使用非公認會計准則財務指標
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.
在本新聞稿中,爲了補充公司根據公認會計原則(GAAP)列報的簡明合併財務報表,管理層披露了某些針對毛利率、毛利率和運營收入或虧損的非公認會計准則財務指標。非公認會計准則調整包括折舊和攤銷,包括合同收購成本、股票薪酬、企業資源規劃(“ERP”)實施成本、某些法律和訴訟成本、某些高管和非經常性遣散費、保留計劃成本, 終止存款所得收益補貼協議和某些其他調整。將來,如果公司認爲這樣做符合向投資者和管理層提供有用信息的目標,則公司可能會不時排除其他項目。公司提供了本業績中使用的每項非公認會計准則財務指標與最直接可比的GAAP財務指標的對賬表。
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.
公司將非公認會計准則財務指標(通常稱爲調整後的息稅折舊攤銷前利潤)定義爲折舊和攤銷前的營業收入、股票薪酬、ERP實施成本、某些法律和訴訟成本、遣散費、保留計劃成本、提前終止分銷協議的收益以及其他調整。
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:
公司管理層使用非公認會計准則指標作爲輔助手段來監控公司每季度、每年的持續財務業績,並與其他類似公司進行基準比較。公司使用的非公認會計准則財務指標的計算方法可能不同於其他公司使用的類似標題的指標,因此可能無法進行比較。這些非公認會計准則財務指標應與GAAP規定的經營業績指標一起考慮,但不能作爲其替代方案。運營報表和每股淨收益的非公認會計准則財務指標不包括以下內容:
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;
折舊和攤銷,包括合同收購成本。 該公司在計算其非公認會計准則運營費用和淨收益指標時排除了折舊和攤銷費用。折舊和攤銷是當前業務的非現金費用;
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;
股票補償。 該公司在計算其非公認會計准則運營費用和淨收益指標時排除了股票薪酬支出的影響。儘管股票薪酬是向公司員工提供的關鍵激勵措施,但公司繼續評估其業務業績,不包括股票薪酬支出。公司記錄與期權授予、員工股票購買計劃以及業績和限制性股票相關的股票薪酬支出。根據補助金的規模、時間和條款,這筆費用可能會有很大差異,但將在未來時期再次出現。該公司認爲,排除股票薪酬可以更好地與同行公司進行比較;
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 的實施成本。 該公司不包括與多階段實施新的ERP解決方案相關的直接和增量成本相關的ERP系統成本以及相關的技術基礎設施成本。公司之所以將這些成本排除在外,是因爲它認爲這些項目並不能反映未來的運營費用,而且金額和頻率將不一致,因此很難對公司的經營業績進行有意義的評估;
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;
某些法律和訴訟費用。 該公司排除了與針對路創美學的訴訟相關的費用,這不是公司正常業務過程的一部分。該公司對路創力的投訴指控盜用商業祕密、違反《受敲詐者影響和腐敗組織法》(RICO)、干擾合同關係和其他索賠。公司不包括這些費用,因爲該訴訟是由一個離散事件造成的,該事件不是公司業務戰略的一部分,但對經營業績有重大影響。其成本是附帶成本,不能反映公司核心業務的效率和有效性;
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;
遣散費。 該公司在計算非公認會計准則運營費用和非公認會計准則營業收入時排除了與重組活動以及高管和其他高管離職相關的成本。公司之所以排除了重組成本,是因爲重組是一個離散事件,標誌着公司戰略的變化,但其成本並不能代表業務的持續財務業績。公司不包括高管離職費用,因爲高管離職是不可預測的,不是公司業務戰略的一部分,但可能會對經營業績產生重大影響;
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
保留計劃成本。 該公司排除了與2023年4月實施的保留計劃相關的費用。向銷售人員和關鍵員工提供了約1100萬美元,並將按季度分期支付,直至2024年10月。公司排除了與本保留計劃相關的費用,因爲此類費用不被視爲持續運營的一部分;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.
提前終止分銷協議的收益。 該公司在計算其非公認會計准則運營費用和非公認會計准則營業收入時排除了與ZO USA提前終止分銷協議相關的收益。該公司在截至2024年3月31日的三個月的簡明合併運營報表中記錄了970萬美元的淨收益。公司將該收益排除在外,因爲這並不表示該業務的持續財務業績,也不是公司業務戰略的一部分。
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.
公司認爲,排除上述所有項目可以讓其財務報表的用戶更好地審查和評估當前和歷史的經營業績。
Safe Harbor Statement
安全港聲明
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.
本新聞稿中的某些聲明,除純粹的歷史信息外,均爲1995年《私人證券訴訟改革法》、《證券法》第27A條和經修訂的1934年《證券交易法》(“交易法”)第21E條所指的 “前瞻性陳述”。這些陳述包括但不限於Cutera的計劃、目標、戰略、財務業績、指導和展望、產品發佈和業績、趨勢、前景或未來事件,並涉及難以預測的已知和未知風險。因此,公司的實際財務業績、業績、成就或前景可能與這些前瞻性陳述所表達或暗示的財務業績、業績、成就或前景存在重大差異。在某些情況下,您可以使用但不限於 “可能”、“可能”、“尋求”、“指導”、“預測”、“潛在”、“可能”、“相信”、“將”、“應該”、“預期”、“估計”、“計劃”、“打算”、“預測”、“預見” 或這些術語的變體等詞語來識別前瞻性陳述以及相似的表述或這些術語的否定詞或類似表達。前瞻性陳述基於管理層當前的初步預期,受風險和不確定性的影響,這可能導致Cutera的實際業績與本文所包含的陳述存在重大差異。這些陳述不能保證未來的表現,股東不應過分依賴前瞻性陳述。有多種風險、不確定性和其他重要因素,其中許多是公司無法控制的,可能導致其實際業績與本新聞稿中包含的前瞻性陳述存在重大差異,包括10-K表年度報告、10-Q表季度報告、8-K表最新報告以及Cutera不時向美國證券交易委員會提交的其他文件中 “風險因素” 部分描述的內容。
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.
本新聞稿中的所有聲明僅在本新聞稿開始時規定的日期作出。因此,不應過分依賴前瞻性陳述。Cutera沒有義務公開更新任何前瞻性陳述以反映其發表之日後的新信息、事件或情況,也沒有義務反映意外事件的發生。如果公司更新了一項或多項前瞻性陳述,則不應推斷其將對這些陳述或其他前瞻性陳述進行更多更新。如本新聞稿所述,Cutera截至2024年3月31日的第一季度財務業績是初步的,未經審計,可能會進行調整。
CUTERA, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
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. | ||||||||
簡明的合併資產負債表 | ||||||||
(以千計) | ||||||||
(未經審計) | ||||||||
3月31日 | 十二月三十一日 | |||||||
2024 | 2023 | |||||||
資產 | ||||||||
流動資產: | ||||||||
現金和現金等價物 | $ | 105,444 | $ | 143,612 | ||||
應收賬款,淨額 | 37,019 | 43,121 | ||||||
庫存 | 73,469 | 62,600 | ||||||
其他流動資產和預付費用 | 19,294 | 19,852 | ||||||
流動資產總額 | 235,226 | 269,185 | ||||||
長期庫存 | 20,582 | 16,283 | ||||||
財產和設備,淨額 | 31,964 | 37,275 | ||||||
遞延所得稅資產 | 534 | 579 | ||||||
善意 | 1,339 | 1,339 | ||||||
經營租賃使用權資產 | 12,034 | 10,055 | ||||||
其他長期資產 | 10,313 | 11,575 | ||||||
總資產 | $ | 311,992 | $ | 346,291 | ||||
負債和股東赤字 | ||||||||
流動負債: | ||||||||
應付賬款 | $ | 13,316 | $ | 19,829 | ||||
應計負債 | 47,119 | 55,055 | ||||||
經營租賃負債 | 3,231 | 2,441 | ||||||
遞延收入 | 9,038 | 10,422 | ||||||
流動負債總額 | 72,704 | 87,747 | ||||||
遞延收入,扣除當期部分 | 1,417 | 1,494 | ||||||
經營租賃負債,扣除流動部分 | 10,046 | 8,887 | ||||||
可轉換票據,扣除未攤銷的債務發行成本 | 419,266 | 418,695 | ||||||
其他長期負債 | 1,122 | 1,298 | ||||||
負債總額 | 504,555 | 518,121 | ||||||
股東赤字: | ||||||||
普通股 | 20 | 20 | ||||||
額外的實收資本 | 133,541 | 131,496 | ||||||
累計赤字 | (326,124) | (303,346) | ||||||
股東赤字總額 | (192,563) | (171,830) | ||||||
負債總額和股東赤字 | $ | 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. | ||||||||
簡明合併運營報表 | ||||||||
(以千計,每股數據除外) | ||||||||
(未經審計) | ||||||||
三個月已結束 | ||||||||
3月31日 | 3月31日 | |||||||
2024 | 2023 | |||||||
產品 | $ | 33,115 | $ | 49,121 | ||||
服務 | 5,678 | 5,405 | ||||||
淨收入總額 | 38,793 | 54,526 | ||||||
產品 | 23,289 | 30,059 | ||||||
服務 | 3,085 | 2,835 | ||||||
總收入成本 | 26,374 | 32,894 | ||||||
毛利率 | 12,419 | 21,632 | ||||||
毛利率% | 32.0 | 39.7 | ||||||
運營費用: | ||||||||
銷售和營銷 | 23,677 | 29,512 | ||||||
研究和開發 | 5,001 | 6,468 | ||||||
一般和行政 | 12,881 | 12,253 | ||||||
提前終止分銷協議的收益 | (9,708) | - | ||||||
運營費用總額 | 31,851 | 48,233 | ||||||
運營損失 | (19,432) | (26,601) | ||||||
利息和其他費用,淨額 | ||||||||
可轉換票據的利息 | (2,939) | (2,939) | ||||||
債務發行成本的攤銷 | (571) | (552) | ||||||
利息收入 | 1,455 | 2,636 | ||||||
其他費用,淨額 | (1,316) | (320) | ||||||
所得稅前虧損 | (22,803) | (27,776) | ||||||
所得稅支出 | (25) | 272 | ||||||
淨虧損 | $ | (22,778) | $ | (28,048) | ||||
每股淨虧損: | ||||||||
基本 | $ | (1.14) | $ | (1.42) | ||||
稀釋 | $ | (1.14) | $ | (1.42) | ||||
每股計算中使用的加權平均股票數量: | ||||||||
基本 | 19,991 | 19,776 | ||||||
稀釋 | 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. | ||||||||
簡明的合併現金流量表 | ||||||||
(以千計) | ||||||||
(未經審計) | ||||||||
三個月已結束 | ||||||||
3月31日 | 3月31日 | |||||||
2024 | 2023 | |||||||
來自經營活動的現金流: | ||||||||
淨虧損 | $ | (22,778) | $ | (28,048) | ||||
爲調節淨虧損與經營活動中使用的淨現金而進行的調整: | ||||||||
基於股票的薪酬 | 2,109 | 3,386 | ||||||
折舊和攤銷 | 1,991 | 1,409 | ||||||
合同收購成本的攤銷 | 1,391 | 2,178 | ||||||
債務發行成本的攤銷 | 571 | 552 | ||||||
遞延所得稅資產 | 45 | 13 | ||||||
信貸損失準備金 | 2,181 | 225 | ||||||
投資證券折扣和投資收益的增加,淨額 | - | (34) | ||||||
資產和負債的變化: | ||||||||
應收賬款 | 3,921 | (6,410) | ||||||
庫存 | (2,461) | (6,163) | ||||||
其他流動資產和預付費用 | 560 | (2,676) | ||||||
其他長期資產 | (240) | (2,011) | ||||||
應付賬款 | (6,513) | (1,330) | ||||||
應計負債 | (16,916) | 1,706 | ||||||
經營租約,淨額 | (30) | (16) | ||||||
遞延收入 | (1,461) | 201 | ||||||
用於經營活動的淨現金 | (37,630) | (37,018) | ||||||
來自投資活動的現金流: | ||||||||
購置財產和設備 | (335) | (10,353) | ||||||
處置財產和設備的收益 | 57 | - | ||||||
購買適銷對路的投資 | - | (23,467) | ||||||
有價投資到期的收益 | - | 94,154 | ||||||
由(用於)投資活動提供的淨現金 | (278) | 60,334 | ||||||
來自融資活動的現金流: | ||||||||
行使股票期權和員工股票購買計劃的收益 | - | 109 | ||||||
與股權獎勵淨股結算相關的已繳稅款 | (64) | (2,397) | ||||||
資本租賃債務的付款 | (196) | (124) | ||||||
用於融資活動的淨現金 | (260) | (2,412) | ||||||
現金、現金等價物和限制性現金的淨增加(減少) | (38,168) | 20,904 | ||||||
期初的現金、現金等價物和限制性現金 | 143,612 | 146,624 | ||||||
期末的現金和現金等價物 | $ | 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. | ||||||||
合併財務摘要 | ||||||||
(以千計,百分比數據除外) | ||||||||
(未經審計) | ||||||||
三個月已結束 | % 變化 | |||||||
3月31日 | 3月31日 | 2024 年對比 | ||||||
2024 | 2023 | 2023 | ||||||
按地域劃分的收入: | ||||||||
北美 | $ | 18,391 | $ | 27,202 | -32.4% | |||
日本 | 7,598 | 12,908 | -41.1% | |||||
世界其他地區 | 12,804 | 14,416 | -11.2% | |||||
淨收入總額 | $ | 38,793 | $ | 54,526 | -28.9% | |||
國際收入佔總收入的百分比 | 52.6% | 50.1% | ||||||
按產品類別劃分的收入: | ||||||||
系統 | ||||||||
-北美 | $ | 11,859 | $ | 19,170 | -38.1% | |||
-世界其他地區(包括日本) | 12,401 | 15,372 | -19.3% | |||||
系統總數 | 24,260 | 34,542 | -29.8% | |||||
消耗品 | 4,655 | 6,447 | -27.8% | |||||
護膚 | 4,200 | 8,132 | -48.4% | |||||
產品總數 | 33,115 | 49,121 | -32.6% | |||||
服務 | 5,678 | 5,405 | +5.1% | |||||
淨收入總額 | $ | 38,793 | $ | 54,526 | -28.9% | |||
三個月已結束 | ||||||||
3月31日 | 3月31日 | |||||||
2024 | 2023 | |||||||
稅前股票薪酬支出: | ||||||||
收入成本 | $ | 149 | $ | 364 | ||||
銷售和營銷 | 567 | 1,148 | ||||||
研究和開發 | 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財務指標與非GAAP財務指標的對賬 | ||||||||||||||
(以千計) | ||||||||||||||
(未經審計) | ||||||||||||||
截至2024年3月31日的三個月 | 毛利 | 毛利率 | 正在運營 開支 | 正在運營 損失 | ||||||||||
已報告 | $ | 12,419 | 32.0% | $ | 31,851 | $ | (19,432) | |||||||
調整: | ||||||||||||||
折舊和攤銷,包括合同購置成本 | 2,095 | 5.4% | 1,287 | 3,382 | ||||||||||
基於股票的薪酬 | 149 | 0.4% | 1,960 | 2,109 | ||||||||||
遣散費 | 92 | 0.2% | 127 | 219 | ||||||||||
留存計劃費用 | 48 | 0.1% | 2,751 | 2,799 | ||||||||||
提前終止分銷協議的收益 | - | - | (9,708) | (9,708) | ||||||||||
其他調整 | - | - | 263 | 263 | ||||||||||
調整總額 | 2,384 | 6.1% | (3,320) | (936) | ||||||||||
非公認會計准則 | $ | 14,803 | 38.2% | $ | 35,171 | $ | (20,368) | |||||||
截至2023年3月31日的三個月 | 毛利 | 毛利率 | 正在運營 開支 | 正在運營 損失 | ||||||||||
已報告 | $ | 21,632 | 39.7% | $ | 48,233 | $ | (26,601) | |||||||
調整: | ||||||||||||||
折舊和攤銷,包括合同購置成本 | 1,599 | 2.9% | 1,988 | 3,587 | ||||||||||
基於股票的薪酬 | 364 | 0.7% | 3,022 | 3,386 | ||||||||||
ERP 的實施成本 | - | - | 518 | 518 | ||||||||||
法律-Lutronic | - | - | 652 | 652 | ||||||||||
遣散費 | 119 | 0.2% | 196 | 315 | ||||||||||
其他調整 | - | - | 585 | 585 | ||||||||||
調整總額 | 2,082 | 3.8% | 6,961 | 9,043 | ||||||||||
非公認會計准則 | $ | 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
企業 FP&A 和投資者關係副總裁
415-657-5500
IR@cutera.com
Source: Cutera, Inc.
來源:Cutera, Inc.