Full Press Release Details
Revised First 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 first quarter ended March 31, 2023.
RECONCILIATION OF GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
TO NON-GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
(in thousands, except percentages)
| Three Months Ended March 31, 2023 | |||||||||||||||||||
| Gross Profit | Gross Margin | Operating Income | |||||||||||||||||
| Reported | $ | 21,632 | 39.7 | % | $ | (26,601) | |||||||||||||
| Adjustments | |||||||||||||||||||
| Depreciation and amortization including contract acquisition costs | 1,599 | 2.9 | % | 3,587 | |||||||||||||||
| Stock-based compensation | 364 | 0.7 | % | 3,386 | |||||||||||||||
| ERP implementation costs | - | - | 518 | ||||||||||||||||
| Legal | - | - | 652 | ||||||||||||||||
| Severance | 119 | 0.2 | % | 315 | |||||||||||||||
| Other adjustments | - | - | 585 | ||||||||||||||||
| Total adjustments | 2,082 | 3.8 | % | 9,043 | |||||||||||||||
| Adjusted | $ | 23,714 | 43.5 | % | $ | (17,558) |
| Three Months Ended March 31, 2022 | ||||||||||
| Gross Profit | Gross Margin | Operating Income | ||||||||
| Reported | $ | 31,788 | 54.8 | % | $ | (13,157) | ||||
| Adjustments | ||||||||||
| Depreciation and amortization including contract acquisition costs | 76 | 0.1 | % | 1,079 | ||||||
| Stock-based compensation | 459 | 0.8 | % | 4,043 | ||||||
| ERP implementation costs | - | - | 3,976 | |||||||
| Legal | - | - | 254 | |||||||
| Total adjustments | 535 | 0.9 | % | 9,352 | ||||||
| Adjusted | $ | 32,323 | 55.7 | % | $ | (3,805) |