BRISBANE, Calif., Nov. 1, 2010 (GLOBE NEWSWIRE) -- Cutera, Inc. (Nasdaq:CUTR), a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide, today reported financial results for the third quarter ended September 30, 2010.
Third quarter 2010 revenue was $12.1 million, compared to $12.2 million in the same period last year. Net loss for the third quarter of 2010 was $3.5 million, or $0.25 per diluted share.
Kevin Connors, President and CEO of Cutera, stated, "Our quarterly and year-to-date revenue through the third quarter in 2010, has remained flat, compared to the same periods in 2009. We believe this may indicate that our overall revenue decline has stabilized. During the third quarter of 2010, international revenue increased by 7%, which was offset by a 13% decrease in our U.S. revenue, when compared to the third quarter of 2009. We are pleased with the growth in our international revenue, which was sourced primarily from our operations in Japan. In Japan, revenue from products and upgrades, as well as our recently expanded product offering of cosmeceuticals and dermal fillers, increased year over year."
"We are not pleased with the decrease in our U.S. revenue but believe our new and expected product introductions will position us for better future results. We are encouraged with the significant progress made to date on our new product development efforts. In the third quarter of 2010, we received CE mark approval and launched our Genesis Plus product – a standalone product for the treatment of toenail fungus as well as rejuvenation applications. We are on target to introduce our "top of class" vascular laser, which has an FDA clearance for broad vascular applications, at the American Academy of Dermatology meeting in February 2011. In addition, we plan to release a third product in the second half of 2011."
Mr. Connors added, "We remain focused on key initiatives to increase future revenue levels and leverage our business model, which we expect will result in improved profitability. While the near-term prospects for our industry are difficult to predict, we believe that our worldwide distribution network, strong balance sheet with approximately $98 million in cash and investments – with no debt – a broad portfolio of products, and various research and development projects underway, offer continuing, long-term opportunities for our company."
Conference Call:
The conference call to discuss these results is scheduled to begin at 2:00 p.m. PT (5:00 p.m. ET) on November 1, 2010. The call will be broadcast live over the Internet hosted at the Investor Relations section of Cutera's website at , and will be archived online within one hour of its completion through 8:59 p.m. PT (11:59 p.m. ET) on November 15, 2010. In addition, you may call (877) 407-0784 to listen to the live broadcast. Participating in the call will be Kevin Connors, President and Chief Executive Officer, and Ron Santilli, Executive Vice President and Chief Financial Officer.
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 .
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning Cutera's ability to leverage its business model, increase revenue, manage costs and expenses, generate additional cash, increase profitability, develop and commercialize existing and new products and applications, and statements regarding long-term prospects and opportunities are forward-looking statements within the meaning of the Safe Harbor. 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 the current economic uncertainty, which may reduce consumer demand for its products, cause potential customers to delay their purchase decisions and make it more difficult for some potential customers to obtain credit financing; its ability to increase revenue, manage costs and expenses and improve sales productivity and performance worldwide; its ability to successfully develop and acquire new products and applications and market them to both its installed base and new customers; the length of the sales cycle process; unforeseen events and circumstances relating to its operations; government regulatory actions; and those other factors described in the section entitled, "Risk Factors," in its most recent Form 10-Q as filed with the Securities and Exchange Commission on November 1, 2010. 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. Cutera's third quarter ended September 30, 2010 financial performance, as discussed in this release, is preliminary and unaudited, and subject to adjustment.
CONTACT: Cutera, Inc. Ron Santilli, Chief Financial Officer 415-657-5500 Integrated Corporate Relations, Inc. Investor Relations John Mills 310-954-1100 john.mills@icrinc.com