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Cutera, Inc. Announces Fourth Quarter and Full-Year 2021 Financial Results Along With 2022 Outlook

Achieved Record Revenue in Fourth Quarter and Full-Year 2021

Cutera, Inc. (NASDAQ: CUTR) (“Cutera” or the “Company”), a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide, today reported financial results for the fourth quarter and full-year ended December 31, 2021.

Fourth Quarter 2021 Financial and Operational Highlights

  • Revenue was $65.6 million, an increase of 31% from the prior-year period, driven by strong performance across the business, with particular strength in North American Capital Equipment;
    • Capital Equipment revenue of $43.6 million increased 44% over the prior-year period;
    • Recurring revenue, defined as the combination of Skincare, Consumable Products, and Service, was $22.1 million, an increase of 12% over the prior-year period;
      • Skincare revenue of $10.7 million increased 2% over the prior-year period, impacted by 3Q21 pre-buying in advance of the planned price increase;
      • Consumable Product revenue of $5.4 million grew 77% over prior-year period; and
      • Service revenue of $6.0 million decreased 4% over the prior-year period;
  • Gross Margin was 58.2%, compared to 56.2% in the prior-year period, driven by better sales mix and continued leverage, partially offset by modest inflationary pressures;
  • Operating Expenses were $40.2 million in the quarter, as compared to $26.6 million in the prior-year period, driven by variable costs from increased sales and by investments in our Acne program;
  • Net loss was $3.9 million, or ($0.22) per fully diluted share, compared to a net income of $2.2 million, or $0.12 per fully diluted share, in the prior-year period; and
  • Adjusted EBITDA was $4.3 million in the period, as compared to $4.7 million in the prior-year period. Excluding Acne program spend of $4.6 million in the quarter, our adjusted EBITDA would have been $8.9 million.

Full-Year 2021 Financial and Operational Highlights

  • Revenue was $231.3 million, an increase of 57% from the prior-year period;
    • Capital Equipment revenue of $139.6 million increased 54% over the prior-year period;
    • Recurring revenue, defined as the combination of Skincare, Consumable Products, and Service, was $91.6 million, an increase of 61% over the prior-year period;
      • Skincare revenue of $49.7 million increased 98% over the prior-year period;
      • Consumable Product revenue of $16.4 million increased 77% over the prior-year period; and
      • Service revenue of $25.6 million increased 13% over the prior-year period;
  • Gross Margin was 57.6%, compared to 51.3% in the prior-year period;
  • Operating Expenses were $131.3 million as compared to $98.6 million in the prior-year period;
  • Net Income was $2.1 million, or $0.11 per fully diluted share, compared to a net loss of $23.9 million, or ($1.43) per fully diluted share, a year ago; and
  • Adjusted EBITDA was $20.7 million, as compared to a loss of $4.8 million a year ago. Excluding full-year Acne program spend of $9.5 million, our adjusted EBITDA would have been $30.2 million, a seven-fold improvement.

“I am pleased with our strong fourth-quarter performance, which was driven by our team’s outstanding commercial execution and supported by robust underlying patient demand. I am particularly encouraged that our North American Capital business eclipsed Pre-Covid levels and delivered 56% growth in the quarter,” commented Dave Mowry, Chief Executive Officer of Cutera, Inc. “We anticipate that this top-line momentum will continue as we move through the year, driven by our growing capital equipment pipeline and the strong ongoing patient demand. In light of our business strength, in combination with future product launches, we are tremendously excited for the year ahead.”

2022 Outlook

The Company expects full-year 2022 constant currency revenue in the range of $255 million to $260 million, based on our current product portfolio. For the sake of clarity, this guidance does not include any revenue from our Acne device program.

Conference Call

The Company’s management will host a conference call to discuss these results and related matters today at 1:30 p.m. PT (4:30 p.m. ET). Participating on the call will be Dave Mowry, Chief Executive Officer and Rohan Seth, Chief Financial Officer.

To participate in the conference call, dial 1-877-705-6003 (domestic) or +1-201-493-6725 (international) and refer to the Conference Code: 13726648.

The call will also be webcast and can be accessed from the Investor Relations section of Cutera’s website at http://www.cutera.com/. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

About Cutera, Inc.

Brisbane, California-based Cutera is a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide. Since 1998, Cutera has developed innovative, easy-to-use products that enable physicians and other qualified practitioners to offer safe and effective aesthetic treatments to their patients. For more information, call 1-888-4CUTERA or visit www.cutera.com.

*Use of Non-GAAP Financial Measures

In this press release, in order to supplement the Companys condensed consolidated financial statements presented in accordance with Generally Accepted Accounting Principles, or GAAP, management has disclosed certain non-GAAP financial measures for the statement of operations and net income (loss) per diluted share. Non-GAAP adjustments include stock-based compensation, depreciation, amortization, executive and other non-recurring separation costs, customer relationship management (CRM) and enterprise resource planning (ERP) system costs, non-recurring legal and litigation costs, as well as the net tax impact of excluding these items. From time to time in the future, there may be other items that we may exclude if the Company believes that doing so is consistent with the goal of providing useful information to investors and management. The Company has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. The Company has not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential significant variability, limited visibility, unpredictability, or unique non-recurring nature of the items. Forward-looking non-GAAP measures include adjusted EBITDA. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation, executive and other non-recurring separation costs, customer relationship management and enterprise resource planning system costs, and non-recurring legal and litigation costs.

Company management uses these measurements as aids in monitoring the Companys ongoing financial performance from quarter to quarter, and year to year, on a regular basis and for benchmarking against other similar companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, the operating performance measure as prescribed by GAAP. Non-GAAP financial measures for the statement of operations and net income per diluted share exclude the following:

Non-cash expenses for stock-based compensation. The Company has excluded the effect of stock-based compensation expenses in calculating its non-GAAP operating expenses and net income measures. Although stock-based compensation is a key incentive offered to the Company's employees, the Company continues to evaluate its business performance excluding stock-based compensation expenses. The Company records stock-based compensation expense related to grants of options, employee stock purchase plan, and performance and restricted stock. Depending upon the size, timing and the terms of the grants, this expense may vary significantly but will recur in future periods. The Company believes that excluding stock-based compensation better allows for comparisons to its peer companies;

Depreciation and amortization. The Company has excluded depreciation and amortization expense in calculating its non-GAAP operating expenses and net income measures. Depreciation and amortization are non-cash charges to current operations;

Executive and other non-recurring separation costs. We have excluded costs associated with the resignation of our former Executive Officers in calculating our non-GAAP operating expenses and net income measures. We exclude these and other non-recurring employee separation costs because we believe that these items do not reflect future operating expenses;

Customer Relationship Management. We have excluded CRM system costs related to direct and incremental costs incurred in connection with our multi-phase implementation of a new CRM solution and the related technology infrastructure costs. We exclude these costs because we believe that these items do not reflect future operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance;

Enterprise Resource Planning. We have excluded ERP system costs related to direct and incremental costs incurred in connection with our multi-phase implementation of a new ERP solution and the related technology infrastructure costs. We exclude these costs because we believe that these items do not reflect future operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance; and

Non-recurring legal and litigation costs. We have excluded costs incurred related to third party litigation and disputes, that are of a non-recurring nature.

The Company believes that excluding all of the items above allows users of its financial statements to better review and assess both current and historical results of operations.

Safe Harbor Statement

Certain statements in this press release, other than purely historical information, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). These statements include, but are not limited to, Cuteras plans, objectives, strategies, financial performance and outlook, product launches and performance, trends, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, the Companys actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as may, could, seek, guidance, predict, potential, likely, believe, will, should, expect, anticipate, estimate, plan, intend, forecast, foresee or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause Cutera's actual results to differ materially from the statements contained herein. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties and other important factors, many of which are beyond the Companys control, that could cause its actual results to differ materially from the forward-looking statements contained in this press release, including those described in the Risk Factors section of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, the Registration Statement on Form S-,8 and other documents filed from time to time with the United States Securities and Exchange Commission by Cutera.

All information in this press release is as of the date of its release. Accordingly, undue reliance should not be placed on forward-looking statements. Cutera undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Cutera's financial performance for the fourth quarter and full-year ended Dec 31, 2021, as discussed in this release, is preliminary and unaudited, and subject to adjustment.

CUTERA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
 
 

December 31,

 

December 31,

2021

 

2020

Assets
Current assets:
Cash and cash equivalents

$

164,164

 

$

47,047

 

Accounts receivable, net

 

31,449

 

 

21,962

 

Inventories

 

39,503

 

 

28,508

 

Other current assets and prepaid expenses

 

14,545

 

 

8,779

 

Total current assets

 

249,661

 

 

106,296

 

 
Property and equipment, net

 

3,019

 

 

2,299

 

Deferred tax asset

 

778

 

 

643

 

Goodwill

 

1,339

 

 

1,339

 

Operating lease right-of-use assets

 

14,627

 

 

17,076

 

Other long-term assets

 

10,169

 

 

5,080

 

Restricted cash

 

700

 

 

-

 

Total assets

$

280,293

 

$

132,733

 

 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable

$

7,891

 

$

6,684

 

Accrued liabilities

 

54,100

 

 

32,295

 

Operating leases liabilities

 

2,419

 

 

2,260

 

PPP loan payable

 

-

 

 

3,630

 

Deferred revenue

 

9,490

 

 

9,489

 

Total current liabilities

 

73,900

 

 

54,358

 

 
Deferred revenue, net of current portion

 

1,335

 

 

1,748

 

PPP loan payable, net of current portion

 

-

 

 

3,555

 

Operating lease liabilities, net of current portion

 

13,483

 

 

15,950

 

Convertible notes, net of unamortized debt issuance costs

 

134,243

 

 

-

 

Other long-term liabilities

 

763

 

 

242

 

Total liabilities

 

223,724

 

 

75,853

 

 
Stockholders’ equity:
Common stock

 

18

 

 

18

 

Additional paid-in capital

 

114,724

 

 

117,097

 

Accumulated deficit

 

(58,173

)

 

(60,235

)

Total stockholders' equity

 

56,569

 

 

56,880

 

Total liabilities and stockholders' equity

$

280,293

 

$

132,733

 

CUTERA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
 

Three Months Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2021

2020

2021

2020

 
Products

$

59,647

 

 

$

43,723

 

 

$

205,703

 

 

$

125,113

 

Service

 

5,982

 

 

 

6,220

 

 

 

25,567

 

 

 

22,570

 

Total net revenue

 

65,629

 

 

 

49,943

 

 

 

231,270

 

 

 

147,683

 

 

 

 

 

 

 

 

Products

 

23,565

 

 

 

17,999

 

 

 

83,048

 

 

 

58,325

 

Service

 

3,883

 

 

 

3,878

 

 

 

15,117

 

 

 

13,586

 

Total cost of revenue

 

27,448

 

 

 

21,877

 

 

 

98,165

 

 

 

71,911

 

Gross margin

 

38,181

 

 

 

28,066

 

 

 

133,105

 

 

 

75,772

 

Gross margin %

 

58.2

%

 

 

56.2

%

 

 

57.6

%

 

 

51.3

%

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

24,094

 

 

 

14,656

 

 

 

76,762

 

 

 

52,766

 

Research and development

 

6,804

 

 

 

4,029

 

 

 

21,568

 

 

 

14,322

 

General and administrative

 

9,312

 

 

 

7,938

 

 

 

32,945

 

 

 

31,512

 

Total operating expenses

 

40,210

 

 

 

26,623

 

 

 

131,275

 

 

 

98,600

 

Income (loss) from operations

 

(2,029

)

 

 

1,443

 

 

 

1,830

 

 

 

(22,828

)

Interest and other income (expense), net

 

 

 

 

 

 

 

Amortization of debt issuance costs

 

(218

)

 

 

-

 

 

 

(710

)

 

 

-

 

Interest on convertible notes

 

(777

)

 

 

-

 

 

 

(2,514

)

 

 

-

 

Gain on extinguishment of PPP loan

 

-

 

 

 

-

 

 

 

7,185

 

 

 

-

 

Other income (expense), net

 

(430

)

 

 

7

 

 

 

(2,406

)

 

 

(579

)

Income (loss) before income taxes

 

(3,454

)

 

 

1,450

 

 

 

3,385

 

 

 

(23,407

)

Income tax expense (benefit)

 

481

 

 

 

(738

)

 

 

1,323

 

 

 

470

 

Net income (loss)

$

(3,935

)

 

$

2,188

 

 

$

2,062

 

 

$

(23,877

)

 

 

 

 

 

 

 

Net Income (loss) per share:

 

 

 

 

 

 

 

Basic

$

(0.22

)

 

$

0.12

 

 

$

0.12

 

 

$

(1.43

)

Diluted

$

(0.22

)

 

$

0.12

 

 

$

0.11

 

 

$

(1.43

)

 
Weighted-average number of shares used in per share calculations:
Basic

 

17,980

 

 

 

17,653

 

 

 

17,891

 

 

 

16,691

 

Diluted

 

17,980

 

 

 

17,840

 

 

 

18,362

 

 

 

16,691

 

CUTERA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
Three Months Ended Twelve Months Ended

December 31,

 

December 31,

 

December 31,

 

December 31,

2021

 

2020

 

2021

 

2020

Cash flows from operating activities:
Net income (loss)

$

(3,935

)

$

2,188

 

$

2,062

 

$

(23,877

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation

 

4,665

 

 

2,052

 

 

13,172

 

 

10,109

 

Depreciation and amortization

 

330

 

 

338

 

 

1,344

 

 

1,394

 

Amortization of contract acquisition costs

 

427

 

 

579

 

 

1,857

 

 

2,593

 

Amortization of debt issuance costs

 

218

 

 

-

 

 

710

 

 

-

 

Impairment of capitalized cloud computing costs

 

-

 

 

-

 

 

182

 

 

805

 

Change in deferred tax asset

 

(189

)

 

(143

)

 

(135

)

 

(220

)

Provision for credit losses

 

(14

)

 

394

 

 

87

 

 

2,144

 

Gain on extinguishment of PPP loan

 

-

 

 

-

 

 

(7,185

)

 

-

 

Change in right-of-use asset

 

611

 

 

705

 

 

2,292

 

 

2,522

 

Other

 

46

 

 

183

 

 

1

 

 

513

 

Changes in assets and liabilities:
Accounts receivable

 

(675

)

 

(4,759

)

 

(9,574

)

 

(2,550

)

Inventories

 

(4,010

)

 

825

 

 

(10,936

)

 

5,413

 

Other current assets and prepaid expenses

 

(1,195

)

 

(1,891

)

 

(5,766

)

 

(3,164

)

Other long-term assets

 

(3,641

)

 

(366

)

 

(7,128

)

 

(2,067

)

Accounts payable

 

632

 

 

(148

)

 

1,207

 

 

(6,034

)

Accrued liabilities

 

9,826

 

 

5,169

 

 

21,608

 

 

161

 

Operating lease liabilities

 

(578

)

 

-

 

 

(2,151

)

 

(1,598

)

Deferred revenue

 

145

 

 

(587

)

 

(412

)

 

(2,985

)

Income tax liability

 

-

 

 

(93

)

 

-

 

 

(93

)

Net cash provided by (used in) operating activities

 

2,663

 

 

4,446

 

 

1,235

 

 

(16,934

)

 
Cash flows from investing activities:
Acquisition of property, equipment and software

 

(633

)

 

(505

)

 

(1,015

)

 

(1,279

)

Disposal of property and equipment

 

-

 

 

30

 

 

71

 

 

30

 

Proceeds from sales of marketable investments

 

-

 

 

5,648

 

 

-

 

 

5,648

 

Proceeds from maturities of marketable investments

 

-

 

 

9,050

 

 

-

 

 

28,050

 

Purchase of marketable investments

 

-

 

 

(1,649

)

 

-

 

 

(26,060

)

Net cash provided by (used in) investing activities

 

(633

)

 

12,574

 

 

(944

)

 

6,389

 

 
Cash flows from financing activities:
Proceeds from exercise of stock options and employee stock purchase plan

 

709

 

 

723

 

 

2,765

 

 

1,579

 

Proceeds from PPP loan

 

-

 

 

-

 

 

-

 

 

7,167

 

Gross proceeds from equity offering

 

-

 

 

-

 

 

-

 

 

28,798

 

Issuance costs on the public offering

 

-

 

 

-

 

 

-

 

 

(2,303

)

Purchase of capped call

 

-

 

 

-

 

 

(16,134

)

 

-

 

Proceeds from issuance of convertible notes

 

-

 

 

-

 

 

138,250

 

 

-

 

Payment of issuance costs of convertible notes

 

-

 

 

-

 

 

(4,717

)

 

-

 

Taxes paid related to net share settlement of equity awards

 

(213

)

 

(88

)

 

(2,176

)

 

(3,428

)

Payments on capital lease obligation

 

(148

)

 

(2

)

 

(462

)

 

(537

)

Net cash provided by financing activities

 

348

 

 

633

 

 

117,526

 

 

31,276

 

 
Net increase in cash, cash equivalents and restricted cash

 

2,378

 

 

17,653

 

 

117,817

 

 

20,731

 

Cash, cash equivalents, and restricted cash at beginning of period

 

162,486

 

 

29,394

 

 

47,047

 

 

26,316

 

Cash, cash equivalents, and restricted cash at end of period

$

164,864

 

$

47,047

 

$

164,864

 

$

47,047

 

CUTERA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in thousands, except percentage data)
(unaudited)
 

Three Months Ended

 

% Change

 

Twelve Months Ended

 

% Change

December 31,

 

December 31,

 

2021 Vs

 

December 31,

 

December 31,

 

2021 Vs

2021

 

2020

 

2020

 

2021

 

2020

 

2020

Revenue By Geography:
North America

$

35,827

 

 

$

23,966

 

 

+49.5%

 

$

111,621

 

 

$

69,455

 

+60.7%
Japan

 

16,924

 

 

 

16,089

 

 

+5.2%

 

 

70,235

 

 

 

43,265

 

+62.3%
Rest of World

 

12,878

 

 

 

9,888

 

 

+30.2%

 

 

49,414

 

 

 

34,963

 

+41.3%
Total Net Revenue

$

65,629

 

 

$

49,943

 

 

+31.4%

 

$

231,270

 

 

$

147,683

 

+56.6%

International as a percentage of total revenue

 

45.4

%

 

 

52.0

%

 

 

 

 

51.7

%

 

 

53.0

%

 

 

 

 

 

 

 

 

 

Revenue By Product Category:

 

 

 

 

 

 

 

 

 

Systems

 

 

 

 

 

 

 

 

 

- North America

$

28,747

 

 

$

18,426

 

 

+56.0%

 

$

86,100

 

 

$

50,721

 

+69.8%
- Rest of World (including Japan)

 

14,807

 

 

 

11,719

 

 

+26.4%

 

 

53,533

 

 

 

40,045

 

+33.7%
Total Systems

 

43,554

 

 

 

30,145

 

 

+44.5%

 

 

139,633

 

 

 

90,766

 

+53.8%
Consumables

 

5,361

 

 

 

3,023

 

 

+77.3%

 

 

16,401

 

 

 

9,286

 

+76.6%
Skincare

 

10,732

 

 

 

10,555

 

 

+1.7%

 

 

49,669

 

 

 

25,061

 

+98.2%
Total Products

 

59,647

 

 

 

43,723

 

 

+36.4%

 

 

205,703

 

 

 

125,113

 

+64.4%

 

 

 

 

 

 

 

 

 

Service

 

5,982

 

 

 

6,220

 

 

-3.8%

 

 

25,567

 

 

 

22,570

 

+13.3%
Total Net Revenue

$

65,629

 

 

$

49,943

 

 

+31.4%

 

$

231,270

 

 

$

147,683

 

+56.6%
 
 
 
 

Three Months Ended

 

 

 

Twelve Months Ended

December 31,

 

December 31,

 

 

 

December 31,

 

December 31,

2021

 

2020

 

 

 

2021

 

2020

Pre-tax Stock-Based Compensation Expense:
Cost of revenue

$

500

 

 

$

306

 

 

 

 

$

1,408

 

 

$

1,665

 

Sales and marketing

 

1,206

 

 

 

767

 

 

 

 

 

3,160

 

 

 

3,384

 

Research and development

 

1,156

 

 

 

325

 

 

 

 

 

2,784

 

 

 

1,670

 

General and administrative

 

1,803

 

 

 

654

 

 

 

 

 

5,820

 

 

 

3,390

 

$

4,665

 

 

$

2,052

 

 

 

 

$

13,172

 

 

$

10,109

 

CUTERA, INC.
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
 

Three Months Ended December 31, 2021

 

Three Months Ended December 31, 2020

GAAP

 

Depreciation

and

Amortization

Stock-Based

Compensation

CRM and ERP

Implementation/

write-off

Severance

(RIF)

Legal -

Lutronic

Other

Adjustments

 

Non-GAAP

 

GAAP

 

Depreciation

and

Amortization

Stock-Based

Compensation

CRM and ERP

Implementation/

write-off

Severance

(RIF)

Legal - Former

CFO

Settlement/Lutronic

Other

Adjustments

 

Non-GAAP

 
Net revenue

$

65,629

 

 

-

 

 

-

 

 

-

 

 

-

 

-

 

 

-

$

65,629

 

$

49,943

 

 

-

 

 

-

 

 

-

 

-

 

-

 

 

-

 

$

49,943

 

Cost of revenue

 

27,448

 

 

(94

)

 

(500

)

 

-

 

 

-

 

 

-

 

 

-

 

 

26,854

 

 

21,877

 

 

(174

)

 

(306

)

 

-

 

 

-

 

 

-

 

 

275

 

 

21,672

 

Gross margin

 

38,181

 

 

94

 

 

500

 

 

-

 

 

-

 

 

-

 

 

-

 

 

38,775

 

 

28,066

 

 

174

 

 

306

 

 

-

 

 

-

 

 

-

 

 

(275

)

 

28,271

 

Gross margin %

 

58.2

%

 

59.1

%

 

56.2

%

 

56.6

%

 
Operating expenses:
Sales and marketing

 

24,094

 

 

(593

)

 

(1,206

)

 

-

 

 

-

 

 

-

 

 

-

 

 

22,295

 

 

14,656

 

 

(682

)

 

(767

)

 

-

 

 

-

 

 

-

 

 

-

 

 

13,207

 

Research and development

 

6,804

 

 

(49

)

 

(1,156

)

 

-

 

 

-

 

 

-

 

 

-

 

 

5,599

 

 

4,029

 

 

(34

)

 

(325

)

 

-

 

 

-

 

 

-

 

 

-

 

 

3,670

 

General and administrative

 

9,312

 

 

(4

)

 

(1,803

)

 

(711

)

 

-

 

 

(222

)

 

-

 

 

6,572

 

 

7,938

 

 

(27

)

 

(654

)

 

-

 

 

-

 

 

(566

)

 

-

 

 

6,691

 

Total operating expenses

 

40,210

 

 

(646

)

 

(4,165

)

 

(711

)

 

-

 

 

(222

)

 

-

 

 

34,466

 

 

26,623

 

 

(743

)

 

(1,746

)

 

-

 

 

-

 

 

(566

)

 

-

 

 

23,568

 

Income (loss) from operations

 

(2,029

)

 

740

 

 

4,665

 

 

711

 

 

-

 

 

222

 

 

-

 

 

4,309

 

 

1,443

 

 

917

 

 

2,052

 

 

-

 

 

-

 

 

566

 

 

(275

)

 

4,703

 

Interest and other income (expense), net
Amortization of debt issuance costs

 

(218

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(218

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Interest on convertible notes

 

(777

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(777

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Gain on extinguishment of PPP loan

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Other expense

 

(430

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(430

)

 

7

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

7

 

Total interest and other income (expense), net

 

(1,425

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(1,425

)

 

7

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

7

 

Income (loss) before income taxes

 

(3,454

)

 

740

 

 

4,665

 

 

711

 

 

-

 

 

222

 

 

-

 

 

2,884

 

 

1,450

 

 

917

 

 

2,052

 

 

-

 

 

-

 

 

566

 

 

(275

)

 

4,710

 

Provision for income taxes

 

481

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

481

 

 

(738

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(738

)

Net income (loss)

$

(3,935

)

$

740

 

$

4,665

 

$

711

 

$

-

 

$

222

 

$

-

 

$

2,403

 

$

2,188

 

$

917

 

$

2,052

 

$

-

 

$

-

 

$

566

 

$

(275

)

$

5,448

 

 
Net income (loss) per share:
Basic

$

(0.22

)

$

0.13

 

$

0.12

 

$

0.31

 

 
Weighted-average number of shares used in per share calculations:
Basic

 

17,980

 

 

17,980

 

 

17,653

 

 

17,653

 

 
 
 
 
Operating expenses as a % of net revenue GAAP Non-GAAP GAAP Non-GAAP
Sales and marketing

 

36.7

%

 

34.0

%

 

29.3

%

 

26.4

%

Research and development

 

10.4

%

 

8.5

%

 

8.1

%

 

7.3

%

General and administrative

 

14.2

%

 

10.0

%

 

15.9

%

 

13.4

%

 

61.3

%

 

52.5

%

 

53.3

%

 

47.1

%

 
CUTERA, INC.
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
 

Twelve Months Ended December 31, 2021

 

Twelve Months Ended December 31, 2020

GAAP

 

Depreciation

and

Amortization

Stock-Based

Compensation

CRM and ERP

Implementation/

write-off

Severance

(RIF)

Legal -

Lutronic

Other

Adjustments

 

Non-GAAP

 

GAAP

 

Depreciation

and

Amortization

Stock-Based

Compensation

CRM and ERP

Implementation/

write-off

Severance

(RIF)

Legal - Former

CFO

Settlement/Lutronic

Other

Adjustments

 

Non-GAAP

 
Net revenue

$

231,270

 

-

 

-

 

-

 

-

 

-

 

-

 

$

231,270

 

$

147,683

 

-

 

-

 

-

 

-

 

-

 

-

 

$

147,683

 

Cost of revenue

 

98,165

 

(526

)

(1,408

)

-

 

-

 

-

 

791

 

 

97,022

 

 

71,911

 

(591

)

(1,665

)

-

 

(318

)

-

 

275

 

 

69,612

 

Gross margin

 

133,105

 

526

 

1,408

 

-

 

-

 

-

 

(791

)

 

134,248

 

 

75,772

 

591

 

1,665

 

-

 

318

 

-

 

(275

)

 

78,071

 

Gross margin %

 

57.6

%

 

58.0

%

 

51.3

%

 

52.9

%

 
Operating expenses:
Sales and marketing

 

76,762

 

(2,420

)

(3,160

)

(182

)

(638

)

-

 

-

 

 

70,362

 

 

52,766

 

(3,136

)

(3,384

)

-

 

(274

)

-

 

-

 

 

45,972

 

Research and development

 

21,568

 

(182

)

(2,784

)

-

 

-

 

-

 

-

 

 

18,602

 

 

14,322

 

(149

)

(1,670

)

-

 

(130

)

-

 

-

 

 

12,373

 

General and administrative

 

32,945

 

(60

)

(5,820

)

(1,316

)

-

 

(1,201

)

-

 

 

24,548

 

 

31,512

 

(111

)

(3,390

)

(1,139

)

(101

)

(1,925

)

(324

)

 

24,522

 

Total operating expenses

 

131,275

 

(2,662

)

(11,764

)

(1,498

)

(638

)

(1,201

)

-

 

 

113,512

 

 

98,600

 

(3,396

)

(8,444

)

(1,139

)

(505

)

(1,925

)

(324

)

 

82,867

 

Income (loss) from operations

 

1,830

 

3,188

 

13,172

 

1,498

 

638

 

1,201

 

(791

)

 

20,736

 

 

(22,828

)

3,987

 

10,109

 

1,139

 

823

 

1,925

 

49

 

 

(4,796

)

Interest and other income (expense), net
Amortization of debt issuance costs

 

(710

)

-

 

-

 

-

 

-

 

-

 

-

 

 

(710

)

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 

-

 

Interest on convertible notes

 

(2,514

)

-

 

-

 

-

 

-

 

-

 

-

 

 

(2,514

)

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 

-

 

Gain on extinguishment of PPP loan

 

7,185

 

-

 

-

 

-

 

-

 

-

 

(7,185

)

 

-

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 

-

 

Other expense

 

(2,406

)

-

 

-

 

-

 

-

 

-

 

-

 

 

(2,406

)

 

(579

)

-

 

-

 

-

 

-

 

-

 

-

 

 

(579

)

Total interest and other income (expense), net

 

1,555

 

-

 

-

 

-

 

-

 

-

 

(7,185

)

 

(5,630

)

 

(579

)

-

 

-

 

-

 

-

 

-

 

-

 

 

(579

)

Income (loss) before income taxes

 

3,385

 

3,188

 

13,172

 

1,498

 

638

 

1,201

 

(7,976

)

 

15,106

 

 

(23,407

)

3,987

 

10,109

 

1,139

 

823

 

1,925

 

49

 

 

(5,375

)

Provision for income taxes

 

1,323

 

-

 

-

 

-

 

-

 

-

 

-

 

 

1,323

 

 

470

 

-

 

-

 

-

 

-

 

-

 

9

 

 

479

 

Net income (loss)

$

2,062

 

3,188

 

13,172

 

1,498

 

638

 

1,201

 

(7,976

)

$

13,783

 

$

(23,877

)

3,987

 

10,109

 

1,139

 

823

 

1,925

 

40

 

$

(5,854

)

 
Net income (loss) per share:
Basic

$

0.12

 

$

0.77

 

$

(1.43

)

$

(0.35

)

 
Weighted-average number of shares used in per share calculations:
Basic

 

17,891

 

 

17,891

 

 

16,691

 

 

16,691

 

 
 
 
 
Operating expenses as a % of net revenue GAAP Non-GAAP GAAP Non-GAAP
Sales and marketing

 

33.2

%

 

30.4

%

 

35.7

%

 

31.1

%

Research and development

 

9.3

%

 

8.0

%

 

9.7

%

 

8.4

%

General and administrative

 

14.2

%

 

10.6

%

 

21.3

%

 

16.6

%

 

56.7

%

 

49.0

%

 

66.7

%

 

56.1

%

 
CUTERA, INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(in thousands)
(unaudited)
 
 
Three Months

Ended
Twelve Months

Ended
December 31, 2021
 
Net income (loss)

$

(3,935

)

$

2,062

 

Adjustments:
Stock-based compensation

 

4,665

 

 

13,172

 

Depreciation and amortization

 

740

 

 

3,188

 

ERP implementation cost

 

711

 

 

1,498

 

Severance (RIF)

 

-

 

 

638

 

Legal - Lutronic

 

222

 

 

1,201

 

Other adjustments

 

-

 

 

(791

)

Gain on extinguishment of PPP loan

 

-

 

 

(7,185

)

Interest and other expense, net

 

1,425

 

 

5,630

 

Provision for income taxes

 

481

 

 

1,323

 

Total adjustments

 

8,244

 

 

18,674

 

Adjusted EBITDA

$

4,309

 

$

20,736

 

 

Contacts

Cutera, Inc.

Anne Werdan

Director, Corporate Communications

415-657-5500

awerdan@cutera.com

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