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Cutera Reports Second Quarter 2013 Results

Stocks in this article: CUTR

BRISBANE, Calif., Aug. 5, 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 second quarter ended June 30, 2013.

Key financial highlights for the second quarter of 2013 were as follows:

  • Revenue was $19.6 million, which remained flat compared to the second quarter in 2012.
  • Gross margin improved to 57%, compared to 53% in the second quarter of 2012, due primarily to a favorable product mix shift and the realization of several cost reduction initiatives.
  • Net loss was $0.6 million, or $0.04 per diluted share. Non-cash items including stock-based compensation, intangible, and depreciable items totaled $1.1 million for the quarter.  
  • Cash generated from operations was $1.9 million.
  • Balance sheet remains strong with $89.6 million in cash and investments, an increase of over $8.2 million during the past year.

Kevin Connors, President and CEO of Cutera, stated, "The revenue growth experienced in many segments of our global markets, was offset by the negative impact of the devalued Japanese Yen versus the US Dollar and the softening of our Canadian business. The Japanese Yen devalued by approximately 24% against the US dollar from 80 at June 30, 2012, to 99 at June 30, 2013.

During the quarter, we made certain sales management and structural changes in our North American sales organization. We are currently in the midst of a sales force expansion in North America, which includes some sales specialists focused on increasing our market penetration into the core market with our high-performance vascular workstation − Excel-V. Our success with this product has been exceptional in certain regions and we see even broader opportunities if we provide additional structural focus. With these changes, coupled with other expansion initiatives, we believe we are well-positioned to improve our performance in this region."

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