Full Press Release Details
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.
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 June 30, 2023 | |||||||||||||||||||
| Gross Profit | Gross Margin | Operating Income | |||||||||||||||||
| Reported | $ | 26,083 | 42.2 | % | $ | (31,163) | |||||||||||||
| Adjustments | |||||||||||||||||||
| Depreciation and amortization including contract acquisition costs | 1,998 | 3.2 | % | 3,991 | |||||||||||||||
| Stock-based compensation | 361 | 0.6 | % | 1,550 | |||||||||||||||
| ERP implementation costs | - | - | 770 | ||||||||||||||||
| Legal | - | - | 394 | ||||||||||||||||
| Severance | - | - | % | 234 | |||||||||||||||
| Retention plan costs | 65 | 0.1 | % | 2,972 | |||||||||||||||
| Board of Director legal and advisory fees | - | - | 7,709 | ||||||||||||||||
| Other adjustments | 307 | 0.5 | % | 307 | |||||||||||||||
| Total adjustments | 2,731 | 4.4 | % | 17,927 | |||||||||||||||
| Adjusted | $ | 28,814 | 46.6 | % | $ | (13,236) |
| Three Months Ended June 30, 2022 | ||||||||||
| Gross Profit | Gross Margin | Operating Income | ||||||||
| Reported | $ | 35,044 | 54.6 | % | $ | (10,064) | ||||
| Adjustments | ||||||||||
| Depreciation and amortization including contract acquisition costs | 161 | 0.3 | % | 1,068 | ||||||
| Stock-based compensation | 500 | 0.8 | % | 4,733 | ||||||
| ERP implementation costs | - | - | 2,385 | |||||||
| Legal | - | - | 242 | |||||||
| Total adjustments | 661 | 1.1 | % | 8,428 | ||||||
| Adjusted | $ | 35,705 | 55.7 | % | $ | (1,636) |
RECONCILIATION OF GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
TO NON-GAAP GROSS PROFIT, GROSS MARGIN AND OPERATING INCOME
(in thousands, except percentages)
| Six Months Ended June 30, 2023 | |||||||||||||||||||
| Gross Profit | Gross Margin | Operating Income | |||||||||||||||||
| Reported | $ | 47,715 | 41.0 | % | $ | (57,764) | |||||||||||||
| Adjustments | |||||||||||||||||||
| Depreciation and amortization including contract acquisition costs | 3,597 | 3.1 | % | 7,578 | |||||||||||||||
| Stock-based compensation | 725 | 0.6 | % | 4,936 | |||||||||||||||
| ERP implementation costs | - | - | 1,288 | ||||||||||||||||
| Legal | - | - | 1,046 | ||||||||||||||||
| Severance | 119 | 0.1 | % | 549 | |||||||||||||||
| Retention plan costs | 65 | 0.1 | % | 2,972 | |||||||||||||||
| Board of Director legal and advisory fees | - | - | 7,709 | ||||||||||||||||
| Other adjustments | 307 | 0.3 | % | 892 | |||||||||||||||
| Total adjustments | 4,813 | 4.2 | % | 26,970 | |||||||||||||||
| Adjusted | $ | 52,528 | 45.2 | % | $ | (30,794) |
| Six Months Ended June 30, 2022 | ||||||||||
| Gross Profit | Gross Margin | Operating Income | ||||||||
| Reported | $ | 66,832 | 54.7 | % | $ | (23,221) | ||||
| Adjustments | ||||||||||
| Depreciation and amortization including contract acquisition costs | 237 | 0.2 | % | 2,147 | ||||||
| Stock-based compensation | 959 | 0.8 | % | 8,776 | ||||||
| ERP implementation costs | - | - | 6,361 | |||||||
| Legal | - | - | 496 | |||||||
| Total adjustments | 1,196 | 1.0 | % | 17,780 | ||||||
| Adjusted | $ | 68,028 | 55.7 | % | $ | (5,441) |