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TheStreet Open House

Cutera's CEO Discusses Q1 2012 Results - Earnings Call Transcript

The third, albeit smaller contributor, was the acquisition of Iridex's aesthetic business unit that was closed on February 2, 2012. During the first 2 months of the first quarter of 2012, we recognized $627,000 of revenue associated with this transaction, which represents a start-up revenue level. We are expecting to see significant growth from this revenue level in the second quarter when we experience the results of the fully integrated business.

The final contributor to our revenue growth was our legacy Cutera products with the primary contribution coming from our flagship Xeo product. We believe with our strength in sales management teams our new product offerings position us for continued revenue growth in the growing market for energy-based aesthetic equipment.

We concluded the quarter with 32 sales territories in the United States and Canada, and are planning to increase this team to approximately 39 by the end of 2012, or sooner. We believe our recent expansion into the podiatry market will continue to perform well, and as such, we are in the process of dedicating a group of sales specialists in the United States to the podiatry specialty to focus on the sale of our GenesisPlus product for the primary treatment of onychomycosis. Once our sales force's expansion is complete, we will have 29 aesthetic sales representatives and 10 podiatry sales representatives in North America. We'll continue to monitor the size of our sales force, and we'll consider additional expansion as our sales performance support it.

We closed the acquisition of Iridex's aesthetic business on February 2, 2012, and are pleased with the progress made in integrating this business with Cutera's. As a reminder, we believe the benefits of this acquisition are as follows: one, the VariLite product, a small, compact vascular product that complements our Excel V and other vascular products; two, a significant, existing customer service business that we are equipped to service and leverage with our existing team; three, cross-selling opportunities of Cutera products into the Iridex installed base of core physicians. Four, a strong, direct organization in France that will contribute to strengthening our European organization.

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