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
October 11, 2016
Date of Report (date of earliest event reported)
Cutera, Inc.
(Exact name of Registrant as specified in its charter)
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Delaware |
000-50644 |
77-0492262 |
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(State or other jurisdiction of incorporation or organization) |
(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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On October 11, 2016, Cutera, Inc. issued a press release regarding its preliminary selected financial results for the quarter ended September 30, 2016. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
This information is intended to be furnished under Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Description | |
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99.1. |
Press Release of Cutera, Inc. dated October 11, 2016. |
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.
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CUTERA, INC. | |
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Date: October 11, 2016 |
/s/ Ronald J. Santilli |
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Ronald J. Santilli | |
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Interim Chief Executive Officer and Chief Financial Officer |
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EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
CONTACTS:
Cutera, Inc.
Ron Santilli
Chief Financial Officer
415-657-5500
Investor Relations
John Mills
ICR, Inc.
646-277-1254
john.mills@icrinc.com
Cutera Announces Preliminary Record Third Quarter 2016 Revenue
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Approximately $30 million of revenue, representing 30% growth year-over-year |
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Revenue achievement represents record third quarter, and among the highest quarters, in Company history |
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Nine consecutive quarters of double-digit revenue growth |
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GAAP net income in the range of $1.3 million to $1.5 million |
BRISBANE, California, October 11, 2016 – Cutera, Inc. (NASDAQ: CUTR) (“Cutera” or the “Company”), a leading provider of laser and energy-based aesthetic systems for practitioners worldwide, today announced the following preliminary, unaudited, financial results for the quarter ended September 30, 2016:
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Revenue of approximately $30.0 million, an increase of 30% over the same period in the prior year; |
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Record third quarter revenue, and among the highest quarterly revenue overall, in Company history; |
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Result marks the ninth consecutive quarter of double-digit revenue growth; |
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Gross Margin of approximately 59%; and |
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GAAP Net Income is expected to be in the $1.3 million to $1.5 million range. |
Ron Santilli, Interim Chief Executive Officer and Chief Financial Officer stated, “We are pleased that revenue for the third quarter has substantially exceeded our prior guidance. The preliminary revenue represents the strongest third quarter, and among the highest quarters overall, in Cutera’s history – a remarkable achievement for what is typically a seasonally weaker quarter of the year. We achieved revenue growth in both the North American and Rest of World (“ROW”) markets and saw strength across all of our platforms, reflecting the continued execution of our growth strategies. We are also pleased to have achieved GAAP profitability, indicating the leverage in our business model as we continue to grow. We believe the market for aesthetic equipment remains strong and our continued high rate of growth indicates to us that we are taking market share. We believe that we are well positioned with our products, pipeline, and commercial channels to continue this momentum.”
The Company plans to release actual third quarter 2016 financial results on Monday, November 7, 2016 after market close.
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 been developing 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.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. The forward-looking statements include preliminary, unaudited, financial performance for the third quarter ended September 30, 2016 and our ability to continue to grow. 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. Potential risks and uncertainties that could affect Cutera's business and cause its financial results to differ materially from those contained in the forward-looking statements include review of our financial results for the third quarter of 2016, including consultation with our independent auditors, and others that are described in the section entitled, “Risk Factors” in its most recent Form 10-Q as filed with the Securities and Exchange Commission on August 1, 2016. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. 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.