Try our mobile app

Published: 2024-03-05 16:34:05 ET
<<<  go to CUTR company page
EX-99.1 2 exhibit991revised080823q2pr.htm EX-99.1 Document

Exhibit 99.1
cutera-logo_cmykxnavy.jpg

Revised Second Quarter 2023 Non-GAAP Financial Measures

Cutera, Inc. (Nasdaq: CUTR) (“Cutera” or the “Company”) hereby provides an update of its Non-GAAP financial measures for the second quarter ended June 30, 2023.

CUTERA, INC. 
RECONCILIATION OF GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
TO NON-GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
(in thousands, except percentages)
(unaudited) 

 Three Months Ended June 30, 2023
 Gross ProfitGross MarginOperating Income
Reported$26,083 42.2 %$(31,163)
Adjustments:
Depreciation and amortization including contract acquisition costs1,998 3.2 %3,991 
Stock-based compensation361 0.6 %1,550 
ERP implementation costs— — 770 
   Legal — — 394 
Severance— — %234 
Retention plan costs65 0.1 %2,972 
Board of Director legal and advisory fees— — 7,709 
Other adjustments307 0.5 %307 
     Total adjustments2,731 4.4 %17,927 
Adjusted$28,814 46.6 %$(13,236)

 Three Months Ended June 30, 2022
 Gross ProfitGross MarginOperating Income
Reported$35,044 54.6 %$(10,064)
Adjustments:
Depreciation and amortization including contract acquisition costs161 0.3 %1,068 
Stock-based compensation500 0.8 %4,733 
ERP implementation costs— — 2,385 
Legal— — 242 
     Total adjustments661 1.1 %8,428 
Adjusted$35,705 55.7 %$(1,636)


CUTERA, INC. 
RECONCILIATION OF GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
TO NON-GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
(in thousands, except percentages)
(unaudited) 

 Six Months Ended June 30, 2023
 Gross ProfitGross MarginOperating Income
Reported$47,715 41.0 %$(57,764)
Adjustments:
Depreciation and amortization including contract acquisition costs3,597 3.1 %7,578 
Stock-based compensation725 0.6 %4,936 
ERP implementation costs— — 1,288 
   Legal — — 1,046 
Severance119 0.1 %549 
Retention plan costs65 0.1 %2,972 
Board of Director legal and advisory fees— — 7,709 
Other adjustments307 0.3 %892 
     Total adjustments4,813 4.2 %26,970 
Adjusted$52,528 45.2 %$(30,794)

 Six Months Ended June 30, 2022
 Gross ProfitGross MarginOperating Income
Reported$66,832 54.7 %$(23,221)
Adjustments:
Depreciation and amortization including contract acquisition costs237 0.2 %2,147 
Stock-based compensation959 0.8 %8,776 
ERP implementation costs— — 6,361 
Legal— — 496 
     Total adjustments1,196 1.0 %17,780 
Adjusted$68,028 55.7 %$(5,441)