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
Date of Report (date of earliest event reported)
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of principal executive offices)
(415 ) 657-5500
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N/A
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Item 2.02. Results of Operations and Financial Condition.
On January 9, 2024, Cutera, Inc. (“Cutera” or the “Company”) issued a press release announcing certain unaudited preliminary financial results for the three months and fiscal year ended December 31, 2023, a copy of which is attached hereto as Exhibit 99.1.
The information in the press release and this Item 2.02 is unaudited and preliminary and does not present all information necessary for an understanding of the Company’s financial condition as of December 31, 2023 and its results of operations for the three months and fiscal year ended December 31, 2023. The audit of the Company’s financial statements for the year ended December 31, 2023 is ongoing and could result in changes to the information in the press release and this Item 2.02.
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.
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: January 9, 2024 | By: | /s/ TAYLOR C. HARRIS | ||||||
| Taylor C. Harris | ||||||||
| Chief Executive Officer | ||||||||
Exhibit 99.1
Cutera, Inc. Announces Preliminary Unaudited Financial Results for Full-Year 2023
BRISBANE, California, January 9, 2024 ─ Cutera, Inc. (Nasdaq: CUTR) (“Cutera” or the “Company”), a leading provider of aesthetic and dermatology solutions, today announced certain preliminary, unaudited financial results for the year ended December 31, 2023. These results are unaudited, subject to the completion of the Company’s year-end financial reporting processes, reviews, audit, and potential adjustments that might result.
Based on these preliminary results, the Company expects:
•Revenue in the range of $211.5 million to $212.5 million for full-year 2023, vs. prior guidance of approximately $205 million.
•Cash and marketable securities of approximately $143 million as of the end of the fourth quarter, vs. prior guidance of approximately $135 million.
“I am pleased with the progress made by our team in stabilizing our business during the fourth quarter, allowing us to exceed our prior guidance for both revenue and cash. Relative to the third quarter, we delivered an uptick in skincare, an improvement in core business performance in international markets, and a similar level of AviClear revenue, offsetting softness in North America,” commented Taylor Harris, Chief Executive Officer of Cutera, Inc. “During the fourth quarter, our team made strong strides in targeted areas of operational improvement, including a significant reduction in open field service cases. Additionally, we completed our corporate restructuring, allowing for both an improved cost structure and better alignment of the team, and we successfully executed a limited commercial release of our optimized AviClear product and business model offering, laying the foundation for a broader launch as we move into 2024.”
Cutera management will host a series of individual investor meetings over the course of January 9 - 10, 2024 at the Nasdaq Offices at 505 Howard St, in downtown San Francisco.
About Cutera, Inc.
Cutera is a leading provider of aesthetic and dermatology solutions for practitioners worldwide. Since 1998, Cutera has been developing innovative, easy-to-use products that harness the power of science and nature to enable medical practitioners to offer safe and effective treatments to their patients. For more information, call +1-415-657-5500 or 1-888-4CUTERA or visit www.cutera.com.
Cutera, Inc. has not completed the preparation of its financial statements for the fourth quarter or full year of 2023. The financial ranges presented in this news release for the year ended Dec. 31, 2023, are preliminary and unaudited and are subject to change as the Company completes its financial results for the fourth quarter of 2023. The Company is in the process of completing its customary year-end close and review procedures as of and for the year ended Dec. 31, 2023, and there can be no assurance that the final results for this period will not differ from these estimates. During the course of the preparation of the consolidated financial statements and related notes as of and for the year ended Dec. 31, 2023, the Company or its independent registered public accountants may identify items that could cause the final reported results to be materially different from the preliminary financial estimates presented herein.
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”). 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 “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 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 concerning those or other forward-looking statements.
Cutera, Inc.
Greg Barker
VP, Corporate FP&A, and Investor Relations
415-657-5500
IR@cutera.com
Source: Cutera, Inc.