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Cutera Reports Fourth Quarter 2012 Results

Stocks in this article: CUTR

BRISBANE, Calif., Feb. 11, 2013 (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, 2012.

Key financial highlights for the fourth quarter of 2012 were as follows:

  • Revenue grew 22% to $22.5 million, compared to Q4'11, and was driven primarily by truSculpt and ExcelV products.
  • Gross margin improved sequentially from 55% in Q3'12 to 57% in Q4'12.
  • Company returned to profitability and generated net income of $1.1 million, or $0.08 per diluted share, which included $1.2 million of non-cash stock-based compensation, amortization of intangibles, and depreciation.
  • Cash and marketable securities increased $4.4 million in the quarter, to $85.6 million.

Kevin Connors, President and CEO of Cutera, stated, "I am pleased with the seventh consecutive quarter of revenue growth in excess of 22%, compared to the same period in the prior year, which resulted in improved gross margin, profit, and significant cash generation. This strong performance reflects the result of various initiatives that our management team implemented during the past few years and positions us to continue our revenue and profit growth in 2013."

"We experienced growth in most of our major geographical regions. In the fourth quarter of 2012, our domestic revenue increased by 36% and our international revenue expanded by 12%, when compared to the fourth quarter of 2011. We are pleased with the early customer response of our truSculpt product and look forward to continued revenue growth from this product as we are very early in penetrating the body contouring market. Further, we continued to experience growing demand for our premier vascular system, Excel V, and strong revenue contributions from our flagship multi-application Xeo platform and GenesisPlus product used for the treatment of onychomycosis (or toe nail fungus)."

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