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Cutera (CUTR) investor relations material

Cutera Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary7 Nov, 2024

Executive summary

  • Q3 2024 revenue was $32.5M, down 30% year-over-year, mainly due to lower system sales, macroeconomic headwinds, and the end of a skincare distribution agreement.

  • AviClear sales grew 16% year-over-year, driven by international launches and strong global performance.

  • Gross margin and operating expenses improved on a non-GAAP basis, reflecting operational efficiencies and cost containment, but GAAP gross margin fell due to a $10.1M inventory charge.

  • The company ended Q3 with $59.0M in cash, down from $84.3M at June 2024 and $143.6M at year-end 2023.

  • Substantial doubt exists about the company’s ability to continue as a going concern over the next year.

Financial highlights

  • Q3 2024 net revenue: $32.5M (down 30% year-over-year); net loss: $39.0M; gross margin: 5.6% (GAAP), 11.5% (non-GAAP).

  • Operating expenses for Q3 2024: $38.0M (GAAP), $34.7M (non-GAAP), reflecting cost reductions and a $5.4M charge for doubtful accounts.

  • Cash used in operations for nine months: $82.6M; cash and equivalents at September 30, 2024: $59.0M.

  • Convertible notes outstanding: $420.4M–$429.1M principal across 2026, 2028, and 2029 maturities.

  • International revenue comprised 54.9% of total revenue, up from 46.5% a year ago.

Outlook and guidance

  • Full-year 2024 revenue guidance maintained at $140M–$145M; year-end cash expected to be ~$40M.

  • Anticipates over $50M year-over-year improvement in cash burn from 2024 to 2025, mainly from working capital reductions.

  • Management expects continued losses and negative cash flow, with ongoing cost-saving initiatives and a focus on transitioning AviClear to a direct sales model.

  • The company is evaluating additional funding options and may need to raise capital to support operations.

  • No near-term improvement expected in credit availability or patient demand; macroeconomic headwinds persist.

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Frequently asked questions

Cutera Inc designs, develops, and markets aesthetic and dermatology treatment systems. The company’s product portfolio includes laser and energy-based devices for hair removal, skin revitalization, tattoo removal, and body contouring. It serves medical professionals and aesthetic clinics worldwide. The company is headquartered in Brisbane, California, and its shares are listed on the NASDAQ.

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