Full Press Release Details
Revised Fourth Quarter and Full-Year 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 fourth quarter and full-year ended December 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 December 31, 2023 | |||||||||||||||||||
| Gross Profit | Gross Margin | Operating Income | |||||||||||||||||
| Reported | $ | (12,678) | (25.6) | % | $ | (57,519) | |||||||||||||
| Adjustments | |||||||||||||||||||
| Depreciation and amortization including contract acquisition costs | 3,237 | 6.5 | % | 5,112 | |||||||||||||||
| Stock-based compensation | 45 | 0.1 | % | 1,512 | |||||||||||||||
| ERP implementation costs | - | - | 780 | ||||||||||||||||
| Legal | - | - | 864 | ||||||||||||||||
| Severance | 337 | 0.7 | % | 1,132 | |||||||||||||||
| Retention plan costs | 34 | 0.1 | % | 1,029 | |||||||||||||||
| Expenses related to manufacturing agreement termination | 5,724 | 11.6 | % | 5,724 | |||||||||||||||
| Board of Director legal and advisory fees | - | - | 1,827 | ||||||||||||||||
| Other adjustments | - | - | 227 | ||||||||||||||||
| Total adjustments | 9,377 | 19.0 | % | 18,207 | |||||||||||||||
| Adjusted | $ | (3,301) | (6.6) | % | $ | (39,312) |
| Three Months Ended December 31, 2022 | ||||||||||
| Gross Profit | Gross Margin | Operating Income | ||||||||
| Reported | $ | 38,749 | 57.5 | % | $ | (5,536) | ||||
| Adjustments | ||||||||||
| Depreciation and amortization including contract acquisition costs | 997 | 1.5 | % | 2,479 | ||||||
| Stock-based compensation | 235 | 0.3 | % | 1,379 | ||||||
| ERP implementation costs | - | - | 1,498 | |||||||
| Legal | - | - | 222 | |||||||
| Severance | - | - | 200 | |||||||
| Other adjustments | - | - | - | |||||||
| Total adjustments | 1,232 | 1.8 | % | 5,778 | ||||||
| Adjusted | $ | 39,981 | 59.3 | % | $ | 242 |
RECONCILIATION OF GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
TO NON-GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
(in thousands, except percentages)
| Twelve Months Ended December 31, 2023 | |||||||||||||||||||
| Gross Profit | Gross Margin | Operating Income | |||||||||||||||||
| Reported | $ | 41,494 | 19.5 | % | $ | (156,230) | |||||||||||||
| Adjustments | |||||||||||||||||||
| Depreciation and amortization including contract acquisition costs | 9,205 | 4.3 | % | 17,422 | |||||||||||||||
| Stock-based compensation | 751 | 0.4 | % | 8,064 | |||||||||||||||
| ERP implementation costs | - | - | 3,525 | ||||||||||||||||
| Legal | - | - | 2,472 | ||||||||||||||||
| Severance | 607 | 0.3 | % | 2,023 | |||||||||||||||
| Retention plan costs | 129 | 0.1 | % | 5,367 | |||||||||||||||
| Expenses related to manufacturing agreement termination | 5,724 | 2.7 | % | 5,724 | |||||||||||||||
| Board of Director legal and advisory fees | - | - | 11,566 | ||||||||||||||||
| Other adjustments | 307 | 0.1 | % | 1,213 | |||||||||||||||
| Total adjustments | 16,723 | 7.9 | % | 57,376 | |||||||||||||||
| Adjusted | $ | 58,217 | 27.4 | % | $ | (98,854) |
| Twelve Months Ended December 31, 2022 | ||||||||||
| Gross Profit | Gross Margin | Operating Income | ||||||||
| Reported | $ | 139,829 | 55.4 | % | $ | (38,190) | ||||
| Adjustments | ||||||||||
| Depreciation and amortization including contract acquisition costs | 1,593 | 0.6 | % | 5,821 | ||||||
| Stock-based compensation | 1,665 | 0.7 | % | 14,400 | ||||||
| ERP implementation costs | - | - | 9,210 | |||||||
| Legal | - | - | 1,284 | |||||||
| Severance | 26 | - | % | 615 | ||||||
| Other adjustments | (290) | (0.1) | % | (290) | ||||||
| Total adjustments | 2,994 | 1.2 | % | 31,040 | ||||||
| Adjusted | $ | 142,823 | 56.6 | % | $ | (7,150) |