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Cutera CEO Discusses Q4 2010 Results - Earnings Call Transcript

Additionally, we recognized record revenue in Japan in the fourth quarter of 2010. Our Japanese operations experienced growth in all the product categories, including the recently added filler in the cosmeceutical business. during the fourth quarter 2010, approximately 67% of our North American orders came from the core market of podiatrists. The podiatry specialty is a new perfect market for us, an opportunity to sell our Genesis Plus and other products. We are continuing to target the core market segments, as well as other established medical offices because we believe they offer the best growth opportunities in the current market environment.

Titan annuity revenue for the fourth quarter 2010 was in line with our expectations at $934,000, a decrease of $590,000 from the same quarter in the prior year. This decrease was primarily due to the voluntary recall of certain Titan XL hand pieces. We provided our eligible customers with a fully refilled Titan XL hand pieces, which resulted in lower than normal Titan refill revenue. We are pleased with the sequential increase of approximately $300,000 of annuity revenue from the third quarter, which we believe will continue to increase until the return to a normalized quarterly revenue of $1.5 million in the second half of 2011.

Turning to the cosmeceutical and filler products, in the fourth quarter of 2010 we had record revenue of $1.2 million from these products. as a reminder, in Japan we started distributing Obagi physician dispensed cosmeceutical products from February 2010, and has been distributing BioForm's Radiesse products since late 2008. These products augment our Cutera laser and light-based products. We are pleased with the recurrent revenue model and profit contributions, as well as the cross selling opportunities that these products provide. Currently, the cosmeceutical filler business and Cutera laser and light-based installed base overlaps by approximately only 10%.

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