Cutera Reports First Quarter 2013 Results

BRISBANE, Calif., May 6, 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 first quarter ended March 31, 2013.

Key financial highlights for the first quarter of 2013 were as follows:
  • Revenue grew 2% to $16.0 million, compared to the first quarter of 2012 in what is historically the seasonally lowest quarter of the year.
  • Gross margin was 54%, compared to the 50% in the first quarter of 2012, due primarily to the elimination of non-recurring acquisition start-up expenses associated with the Iridex asset purchase that were included in the first quarter of 2012.
  • Net loss was $2.2 million, or $0.15 per diluted share. Stock-based compensation, intangible, and depreciable items totaled $1.1 million for the quarter.
  • Cash and marketable securities increased $2.5 million in the quarter, resulting in $88.1 million at the end of the quarter.

Kevin Connors, President and CEO of Cutera, stated, "Our U.S. and international revenue increased by 3% and 1%, respectively, when compared to the same period one year ago. While our U.S. and international revenue modestly expanded, we are targeting higher growth rates in the future. As we believe that market conditions remain sound, we are planning to expand the size of our North American sales team in the second half of 2013. Our growth this quarter was driven primarily by ExcelV and truSculpt products and the growth of our Service revenue. The international growth was propelled primarily by our operations in France and our distributor network in Asia Pacific. 

Our engineering team continues to make great advances in new product development activities and applications that include:
  1. Launching a new disposable applicator for the truSculpt system to treat the smaller cosmetic areas of the body. truSculpt has the commercial advantage of being a platform where we are able to launch new applicators to better treat different parts of the body, as well as the potential to pursue other aesthetic applications.
  2. Introducing a new high performance laser system that is planned to be launched near the end of the year. More details on this project will be forthcoming with the release of our second quarter 2013 results.
  3. Our Picosecond research program for the tattoo and pigmented lesion removal market continues to make progress. We have built a working prototype, have started conducting clinical trials, and are now in the process of working on a 510(k) submission for this product. We recently met with the FDA to discuss our regulatory path and are encouraged with the direction from the Agency."

Mr. Connors concluded, "We believe the market outlook for the aesthetic laser and other energy-based equipment continues to expand and we are well positioned to capitalize on the improving market and to take advantage of our business model. We remain focused on many initiatives in order to expand revenue growth, improved gross and operating margins, as well as cash generation in 2013 and beyond."

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