Cutera Reports Fourth Quarter 2010 Results
BRISBANE, Calif., Feb. 2, 2011 (GLOBE NEWSWIRE) -- Cutera, Inc. (Nasdaq:CUTR), a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide, today reported financial results for the fourth quarter ended December 31, 2010.
Fourth quarter 2010 revenue was $15.2 million, compared to $15.4 million in the same period last year. Net loss for the fourth quarter of 2010 was $1.3 million, or $0.09 per diluted share.
Kevin Connors, President and CEO of Cutera, stated, "Our fourth quarter and annual 2010 revenue remained flat, compared to the same periods in 2009. During the fourth quarter of 2010, US revenue increased by 9%, compared to the fourth quarter of 2009, due primarily to the sales productivity initiatives recently implemented and the launch of our Genesis Plus product. Although our international revenue declined by 7% during the fourth quarter of 2010, compared to the fourth quarter of 2009, we generated record revenue in Japan as a result of the strong performance of all products, including our recently added Filler and Cosmeceutical products."We are encouraged with the significant progress made to date on our new product development efforts. In the fourth quarter of 2010, we continued our launch of our Genesis Plus product and we are pleased with the initial market response. This is a standalone product for the treatment of toenail fungus (CE mark approved and FDA clearance pending) as well as a rejuvenation application. We are on target to introduce at the American Academy of Dermatology meeting this weekend our "top of class" vascular laser- Excel V- which already has an FDA clearance for broad vascular applications. In addition, we plan to release an additional new product in the second half of 2011. "We are excited about Len DeBenedictis joining our management team as Chief Technical Officer and believe he will bring an increased focus to the critical role of leading our research and product development efforts. Further, we are pleased with the strengthening of our sales management team through the addition of Michael Poole as Vice President of North American Sales, who will focus on this historically significant geographical market. This management change will allow Chris West to dedicate his time to further develop our Japan and Asia Pacific markets. We believe these strategic changes significantly strengthen our executive management team and position us for growth in 2011 and beyond."
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