0001162461FALSE00011624612024-03-052024-03-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
August 8, 2024
Date of Report (date of earliest event reported)
Cutera-Logo_CMYK-Navy.jpg
Cutera, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 000-50644 77-0492262
(State or other jurisdiction of
incorporation)		 (Commission File Number) (I.R.S. Employer
Identification Number)
3240 Bayshore Blvd.
Brisbane, California 94005
(Address of principal executive offices)
(415) 657-5500
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.001 par value)CUTRThe NASDAQ Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company   ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition.
On August 8, 2024, Cutera, Inc. (“Cutera” or the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2024. Cutera hereby incorporates by reference herein the information set forth in its press release dated August 8, 2024, a copy of which is attached hereto as Exhibit 99.1. Except as otherwise provided in the press release, the press release speaks only as of the date of such press release and it shall not create any implication that the affairs of Cutera have continued unchanged since such date.
The information provided pursuant to this Item 2.02 is to be considered “furnished” pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, nor shall it be deemed incorporated by reference into any of Cutera’s reports or filings with the Securities and Exchange Commission, whether made before or after the date hereof, except as expressly set forth by specific reference in such report or filing.
Except for the historical information contained in this report, the statements made by Cutera are forward-looking statements that involve risks and uncertainties. All such statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Cutera’s future financial performance could differ significantly from the expectations of management and from results expressed or implied in the press release. Please refer to the text portion of the press release for further discussion about forward-looking statements. For further information on risk factors, please refer to “Risk Factors” contained in Cutera’s most recently filed Form 10-K and its subsequent filings with the Securities and Exchange Commission, as well as in the press release attached as Exhibit 99.1 hereto. Cutera disclaims any obligation or duty to update or modify these forward-looking statements.

Item 9.01.    Financial Statements and Exhibits. 
(d)Exhibits.
Exhibit No.
 Description
99.1 
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 CUTERA, INC.
 
Date: August 8, 2024
 /s/ Stuart Drummond
 Stuart Drummond
 Interim Chief Financial Officer



Exhibit 99.1
cutera-logo_cmykxnavy.jpg

Cutera® Announces Second Quarter 2024 Financial Results


Brisbane, California, August 8, 2024 – CUTERA, INC. (Nasdaq: CUTR), a leading provider of aesthetic and dermatology solutions, today reported financial results for the second quarter ended June 30, 2024.

•Consolidated revenue for the second quarter of 2024 of $34.4 million
•Cash, cash equivalents, and restricted cash of $84.3 million
•AviClear growth of 41% vs prior year period driven by international capital system sales
•Service growth of 7% vs prior year period, highlighting improvements in field service and overall customer support
•Completion of the Q4 2023 corporate restructuring program, and announcement of additional cost reduction initiatives, allowing for both improved cost structure and better organization alignment

“The second quarter was challenging for Cutera and for the aesthetics industry in general. While AviClear experienced continued momentum internationally, and our launch of Xeo+ is off to a promising start, our overall performance did not meet expectations, particularly in North America,” commented Taylor Harris, Chief Executive Officer of Cutera, Inc. “We are responding to the challenging market environment with new commercial leadership in North America, additional cost reductions, and continued focus on building the AviClear franchise through training and education, cooperative marketing, launches in new international markets, and clinical indication expansion.”

Steve Kreider Promoted to Senior Vice President, North America

In July 2024, Steve Kreider was promoted to Senior Vice President (SVP), North America, with leadership responsibility for the combined North American commercial organization, including sales, marketing and customer excellence. Mr. Kreider joined Cutera in 2022 as SVP, Global Marketing, and brings close to 20 years of experience in dermatology and aesthetics, having served in prior commercial and business development leadership roles at Ortho Dermatologics, Merz Aesthetics, and Medicis.

Taylor Harris commented “I am thrilled to appoint Steve to this role, and I’m confident that he is the right leader to unify our commercial efforts to best serve our customers. Steve brings tremendous passion for building great teams and culture, as well as deep experience in our space, all of which will serve Cutera well.”

Second Quarter 2024 Financial Highlights

Consolidated revenue for the second quarter of 2024 was $34.4 million, a decrease of 44% compared to the second quarter 2023. Revenue in the second quarter of 2023 included skincare revenue of $9.4 million and as the skincare distribution agreement was terminated in February 2024, the second quarter of 2024 did not have skincare revenue. Revenue related to capital systems sales declined 39%, while recurring sources of revenue, excluding skincare, declined 20%.

Gross profit was $7.6 million, or 22.2% of revenue for the second quarter of 2024, compared to a gross profit of $26.1 million, or 42.2% of revenue, for the second quarter of 2023. On a non-GAAP basis, gross profit was $9.6 million, or 28.0% of revenue, for the second quarter of 2024, compared to $28.8 million, or 46.6%, for the second quarter of 2023. Gross profit in the second quarter, on a GAAP and a non-GAAP basis, was negatively affected by approximately $2.4 million, or 6.9% of revenue, of expense related to excess and obsolete inventory.

Operating expenses were $29.4 million for the second quarter of 2024, compared to $57.2 million in the prior year period. On a non-GAAP basis, operating expenses were $30.9 million for the second quarter of 2024, compared to $42.1 million for the prior year period.

GAAP operating loss was $21.8 million and $31.2 million for the second quarters of 2024 and 2023, respectively. Non-GAAP operating loss was $21.3 million for the second quarter of 2024, compared to a loss of $13.2 million for the second quarter of 2024.

Cash, cash equivalents, and restricted cash, were $84.3 million as of June 30, 2024, compared to $105.4 million as of March 31, 2024.





Cost Restructuring

During the second quarter, the company completed the global restructuring program that was initiated in the fourth quarter of 2023, which resulted in expense savings of approximately $20 million on an annualized basis. In addition to that program, the company has identified an additional $10 million cost reduction opportunity, which should be fully realized in 2025.

2024 Outlook

Management is revising full year revenue guidance to $140 million to $145 million, compared to previous revenue guidance of $160 million to $170 million. Cash, cash equivalents, and restricted cash guidance is updated to approximately $40 million at December 31, 2024, from the Company’s previous guidance of a range from $55 million to $60 million.

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 in the call will be Taylor Harris, Chief Executive Officer, Stuart Drummond, Interim Chief Financial Officer, and Shelby Eckerman, Vice President, Finance.

Participants can register for the conference call by following registration link. Upon registering, a calendar booking will be provided by email including the dial-in details and a unique PIN to access the call. Using this process will by-pass the operator and avoid the call queue. Registration will remain open until the end of the live conference call.

If participants prefer to dial in and speak with an operator, dial Canada/USA Toll Free: 1-844-763-8274 or +1-647-484-8814. It is recommended that you call in 10 minutes prior to the scheduled start time if you are using one of these operator-assisted phone numbers.

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.
Cutera is a leading provider of aesthetic and dermatology solutions for practitioners worldwide. For over 25 years, Cutera has strived to improve lives through medical aesthetic technologies that are driven by science and powered through partnerships. For more information, call 1-888-4-CUTERA or visit Cutera.com.



*Use of Non-GAAP Financial Measures

In this press release, to supplement the Company’s condensed consolidated financial statements presented in accordance with Generally Accepted Accounting Principles, or GAAP, management has disclosed certain non-GAAP financial measures for gross margin, gross margin rate, and income or loss from operations. Non-GAAP adjustments include depreciation and amortization including contract acquisition costs, stock-based compensation, enterprise resource planning (“ERP”) implementation costs, certain legal and litigation costs, certain executive and non-recurring severance costs, retention plan costs, gain on termination of a distribution agreement, and certain other adjustments. From time to time in the future, there may be other items that the Company 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 defines non-GAAP financial measure, also commonly known as adjusted EBITDA, as operating income before depreciation and amortization, stock-based compensation, ERP implementation costs, certain legal and litigation costs, severance, retention plan costs, gain on early termination of distribution agreement, and other adjustments.

Company management uses non-GAAP measures as aids in monitoring the Company’s ongoing financial performance from quarter to quarter, and year to year, 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 share exclude the following:





Depreciation and amortization, including contract acquisition costs. 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;

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 expenses related to grants of options, employee stock purchase plans, and performance and restricted stock. Depending upon the size, timing, and 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;

ERP implementation costs. The Company has excluded ERP system costs related to direct and incremental costs incurred in connection with its multi-phase implementation of a new ERP solution and the related technology infrastructure costs. The Company excludes these costs because it believes 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 the Company’s operating performance;

Certain legal and litigation costs. The Company has excluded costs incurred related to its litigation against Lutronic Aesthetics as well as the settlement of $5.8 million, which is not part of the Company’s ordinary course of business. The Company’s complaint against Lutronic alleges misappropriation of trade secrets, violation of the Racketeer Influenced and Corrupt Organizations Act (RICO), interference with contractual relations and other claims. The Company excludes these costs as well as the settlement because this litigation is a result of a discrete event that was not part of the Company’s business strategy, but has a significant effect on the results of operations. Its costs are incidental to and do not reflect the efficiencies and effectiveness of the Company’s core operations;

Severance. The Company has excluded costs associated with restructuring activities and the separation of its officers and other executives in calculating its non-GAAP operating expenses and non-GAAP Operating Income. The Company has excluded restructuring costs because a restructuring represents a discrete event that signifies a change in the Company’s strategy, but its costs are not indicative of the ongoing financial performance of the business. The Company excludes executive separation costs because executive separations are unpredictable and not part of the Company’s business strategy but could have a significant impact on the results of operation;

Retention plan costs. The Company has excluded the expense related to a retention plan implemented in April 2023. Approximately $11 million was made available to sales personnel and key employees and was scheduled to be paid in quarterly installments through October 2024. The Company expects that the final aggregate payments under the retention plan will be approximately $7 million. The Company has excluded expense related to this retention plan as such costs are not considered part of ongoing operations; and

Gain on early termination of distribution agreement. The Company has excluded a gain recorded in connection with the early termination of a distribution agreement with ZO USA in calculating its non-GAAP operating expenses and non-GAAP operating income. The Company recorded the net gain of $9.7 million in the Company's condensed consolidated statement of operations for the three months ended March 31, 2024. The Company has excluded this gain as it is not indicative of the ongoing financial performance of the business, and not part of the Company’s business strategy.

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, Cutera’s plans, objectives, strategies, financial performance, guidance 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 Company’s 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, but not limited to, “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 several risks, uncertainties, and other important factors, many of which are beyond the Company’s 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, and other documents filed from time to time with the United States Securities and Exchange Commission by Cutera.

All statements made in this release are made only as of the date set forth at the beginning of this 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 concerning those or other forward-looking statements. Cutera's financial performance for the second quarter ended June 30, 2024, as discussed in this release, is preliminary and unaudited, and subject to adjustment.

Cutera Investor Relations Contact:
Shelby Eckerman, VP, Finance
IR@Cutera.com


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

June 30,
2024		December 31,
2023
Assets
Current assets:
Cash and cash equivalents$83,115 $143,612 
Accounts receivable, net34,554 43,121 
Inventories80,353 62,600 
Other current assets and prepaid expenses12,961 19,852 
Total current assets210,983 269,185 
Long-term inventories13,825 16,283 
Property and equipment, net28,140 37,275 
Deferred tax assets508 579 
Restricted Cash1,196 — 
Goodwill1,339 1,339 
Operating lease right-of-use assets11,388 10,055 
Other long-term assets8,916 11,575 
Total assets$276,295 $346,291 
Liabilities and Stockholders' Deficit
Current liabilities:
Accounts payable$17,617 $19,829 
Accrued liabilities30,356 55,055 
Operating leases liabilities3,382 2,441 
Deferred revenue8,798 10,422 
Total current liabilities60,153 87,747 
Deferred revenue, net of current portion1,507 1,494 
Operating lease liabilities, net of current portion9,223 8,887 
Convertible notes, net of unamortized debt issuance costs 419,841 418,695 
Other long-term liabilities1,242 1,298 
Total liabilities491,966 518,121 
Stockholders’ deficit:
Common stock20 20 
Additional paid-in capital135,114 131,496 
Accumulated deficit(350,805)(303,346)
Total stockholders' deficit(215,671)(171,830)
Total liabilities and stockholders' deficit$276,295 $346,291 



CUTERA, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited) 
 
 Three Months EndedSix Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net revenue:
Products$28,357 $56,175 $61,472 $105,296 
Service6,020 5,650 11,698 11,055 
Total net revenue34,377 61,825 73,170 116,351 
Cost of revenue:
Products23,765 32,051 47,054 62,110 
Service2,968 3,691 6,053 6,526 
Total cost of revenue26,733 35,742 53,107 68,636 
Gross profit7,644 26,083 20,063 47,715 
Gross margin %22.2 %42.2 %27.4 %41.0 %
Operating expenses:
Sales and marketing20,664 33,271 44,341 62,783 
Research and development4,463 5,784 9,464 12,252 
General and administrative4,321 18,191 17,202 30,444 
Gain on early termination of distribution agreement— — (9,708)— 
Total operating expenses29,448 57,246 61,299 105,479 
Loss from operations(21,804)(31,163)(41,236)(57,764)
Amortization of debt issuance costs(575)(557)(1,146)(1,109)
Interest on convertible notes(2,959)(2,958)(5,898)(5,897)
Interest income1,025 2,179 2,480 4,658 
Other expense, net(387)(453)(1,703)(616)
Loss before income taxes(24,700)(32,952)(47,503)(60,728)
Income tax expense (benefit)(19)326 (44)598 
Net loss$(24,681)$(33,278)$(47,459)$(61,326)
Net loss per share:
Basic$(1.23)$(1.68)$(2.37)$(3.09)
Diluted$(1.23)$(1.68)$(2.37)$(3.09)
Weighted-average number of shares used in per share calculations:
Basic20,091 19,858 20,041 19,819 
Diluted20,091 19,858 20,041 19,819 
    




 CUTERA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(in thousands) 
(unaudited) 

Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Cash flows from operating activities:
Net loss$(24,681)$(33,278)$(47,459)$(61,326)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation1,593 1,550 3,702 4,936 
Depreciation and amortization1,804 1,829 3,795 3,238 
Amortization of contract acquisition costs1,378 1,891 2,769 4,069 
Amortization of debt issuance costs575 557 1,146 1,109 
Deferred tax assets26 30 71 43 
Provision for credit losses2,627 1,689 4,808 1,914 
Unrealized gain on foreign exchange forward— 623 — — 
Accretion of discount on investment securities and investment income, net— 180 — 146 
Changes in assets and liabilities:
Accounts receivable(287)(3,621)3,634 (10,031)
Inventories2,879 5,627 (8,582)(536)
Other current assets and prepaid expenses6,332 1,277 6,892 (776)
Other long-term assets(90)(2,771)(330)(4,782)
Accounts payable4,301 (336)(2,212)(1,666)
Accrued liabilities(16,525)(5,512)(24,441)(3,806)
Operating leases, net(26)(14)(56)(30)
Deferred revenue(150)308 (1,611)509 
Net cash used in operating activities(20,244)(29,971)(57,874)(66,989)
Cash flows from investing activities:
Acquisition of property and equipment(882)(14,755)(1,217)(25,108)
Proceeds from maturities of marketable investments6 58,705 63 152,859 
Purchases of marketable investments— — — (23,467)
Net cash provided by (used in) investing activities(876)43,950 (1,154)104,284 
Cash flows from financing activities:
Proceeds from exercise of stock options and employee stock purchase plan— 749 — 858 
Taxes paid related to net share settlement of equity awards(20)(789)(84)(3,186)
Payments on finance lease obligations7 (113)(189)(237)
Net cash used in financing activities(13)(153)(273)(2,565)
Net increase (decrease) in cash, cash equivalents and restricted cash(21,133)13,826 (59,301)34,730 
Cash, cash equivalents, and restricted cash at beginning of period105,444 167,528 143,612 146,624 
Cash and cash equivalents at end of period$84,311 $181,354 $84,311 $181,354 


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

 
 Three Months Ended% ChangeSix Months Ended% Change
June 30, 2024June 30, 20232023 Vs
2022		June 30, 2024June 30, 20232023 Vs
2022
Revenue By Geography:   
North America$15,980 $32,437 -50.7 %$34,371 $59,639 -42.4 %
Japan3,829 12,810 -70.1 %11,427 25,718 -55.6 %
Rest of World14,568 16,578 -12.1 %27,372 30,994 -11.7 %
Total Net Revenue$34,377 $61,825 -44.4 %$73,170 $116,351 -37.1 %
International as a percentage of total revenue53.5 %47.5 %53.0 %48.7 %
Revenue By Product Category:
Systems
–North America
$9,814 $23,598 -58.4 %$21,673 $42,768 -49.3 %
–Rest of World (including Japan)
14,086 15,664 -10.1 %26,487 31,036 -14.7 %
Total Systems23,900 39,262 -39.1 %48,160 73,804 -34.7 %
Consumables4,457 7,491 -40.5 %9,112 13,938 -34.6 %
Skincare— 9,422 -100.0 %4,200 17,554 -76.1 %
Total Products28,357 56,175 -49.5 %61,472 105,296 -41.6 %
Service6,020 5,650 +6.5 %11,698 11,055 +5.8 %
Total Net Revenue$34,377 $61,825 -44.4 %$73,170 $116,351 -37.1 %
 
 Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Pre-tax Stock-Based Compensation Expense:  
Cost of revenue$144 $361 $293 $725 
Sales and marketing404 1,283 970 2,431 
Research and development264 415 569 1,108 
General and administrative781 (509)1,870 672 
 $1,593 $1,550 $3,702 $4,936 

 


CUTERA, INC. 
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except percentages)
(unaudited) 
 Three Months Ended June 30, 2024
 Gross ProfitGross MarginOperating ExpensesOperating Loss
Reported$7,644 22.2 %$29,448 $(21,804)
Adjustments:
Depreciation and amortization including contract acquisition costs1,826 5.3 %1,357 3,183 
Stock-based compensation144 0.4 %1,449 1,593 
Legal - Lutronic settlement— %(5,750)(5,750)
Severance4 — %676 680 
Retention plan costs7— %821 828 
Gain on early termination of distribution agreement—— %— — 
Other adjustments— — %— — 
Total adjustments1,981 5.8 %(1,447)534 
Non-GAAP$9,625 28.0 %$30,895 $(21,270)

 Three Months Ended June 30, 2023
 Gross ProfitGross MarginOperating ExpensesOperating Loss
Reported$26,083 42.2 %$57,246 $(31,163)
Adjustments:
Depreciation and amortization including contract acquisition costs1,998 3.2 %1,993 3,991 
Stock-based compensation361 0.6 %1,189 1,550 
ERP implementation cost— — 770 770 
Legal - Lutronic settlement— — 394 394 
Severance— — 234 234 
Retention plan costs65 — 2,907 2,972 
Board of Directors legal and advisory fees— — %7,709 7,709 
Other adjustments307 0.5 — 307 
Total adjustments2,731 4.4 %15,196 17,927 
Non-GAAP$28,814 46.6 %$42,050 $(13,236)












CUTERA, INC. 
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except percentages)
(unaudited) 

 Six Months Ended June 30, 2024
 Gross ProfitGross MarginOperating ExpensesOperating Loss
Reported$20,063 27.4 %$61,299 $(41,236)
Adjustments:
Depreciation and amortization including contract acquisition costs3,921 5.4 %2,644 6,565 
Stock-based compensation293 0.4 %3,409 3,702 
Legal - Lutronic settlement— — %(5,750)(5,750)
Severance96 0.1 %803 899 
Retention plan costs550.1 %3,572 3,627 
Gain on early termination of distribution agreement—— %(9,708)(9,708)
Other adjustments— — %263 263 
Total adjustments4,365 6.0 %(4,767)(402)
Non-GAAP$24,428 33.4 %$66,066 $(41,638)


 Six Months Ended June 30, 2023
 Gross ProfitGross MarginOperating ExpensesOperating Loss
Reported$47,715 41.0 %$105,479 $(57,764)
Adjustments:
Depreciation and amortization including contract acquisition costs3,597 3.1 %3,981 7,578 
Stock-based compensation725 0.6 %4,211 4,936 
ERP implementation cost— — %1,288 1,288 
Legal - Lutronic settlement— — %1,046 1,046 
Severance119 0.1 %430 549 
Retention plan costs65 0.1 %2,907 2,972 
Board of Directors legal and advisory fees— — %7,709 7,709 
Other adjustments307 0.3 %585 892 
Total adjustments4,813 4 %22,157 26,970 
Non-GAAP$52,528 45.1 %$83,322 $(30,794)


v3.24.2.u1
Cover
Mar. 05, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 08, 2024
Entity Registrant Name Cutera, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 000-50644
Entity Tax Identification Number 77-0492262
Entity Address, Address Line One 3240 Bayshore Blvd.
Entity Address, City or Town Brisbane
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94005
City Area Code 415
Local Phone Number 657-5500
Title of 12(b) Security Common Stock ($0.001 par value)
Trading Symbol CUTR
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001162461
Amendment Flag false
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