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.
- 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.
- 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.
- 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."