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Date Announced: 07 Nov 2011
Revenue Grew 26% year-over-year to $15.2 Million.
BRISBANE, Calif., Nov. 7, 2011 (GLOBE NEWSWIRE) -- Cutera, Inc. (Nasdaq:CUTR - News), a leading provider of laser and other light-based aesthetic systems for practitioners worldwide, today reported financial results for the third quarter ended September 30, 2011.
Third quarter 2011 revenue was $15.2 million, or 26% higher, when compared to $12.1 million in the same period last year. Net loss for the third quarter of 2011 was $2.9 million or $0.21 per diluted share, compared to a net loss of $3.5 million or $0.25 per diluted share in the third quarter of 2010.
Kevin Connors, president and CEO of Cutera, stated, "This is our second consecutive quarter of revenue growth in excess of 20%, compared to the same periods in 2010. In the third quarter of 2011, our US revenue grew 43%, compared to the same period in 2010. This success was driven primarily by our recent new product introductions; GenesisPlus for onychomycosis (toenail fungus) and the Excel V premium vascular laser, and effective execution by our US sales team. In addition, in the third quarter of 2011, our International revenue grew by 17%, compared to the same period in 2010. This growth was also favorably impacted by the new product introductions primarily from sales in Canada and many Pacific Rim countries."
"We are pleased with the customer acceptance and the revenue impact to-date of our GenesisPlus and Excel V products, which represented a significant amount of our third quarter of 2011 revenue. We are continuing to expand the presence of these products globally and are excited about the long-term potential they can have on our future global revenue. Additionally, we are in the process of launching our recently announced myQ Q-switched laser in Japan to address deep dermal pigmentation and melasma. We have been investing significant resources in our Research and Development activities and plan to continue doing so in order to bring additional new products to market."
Mr. Connors concluded, "We remain focused on key initiatives to increase future revenue levels and leverage our business model, which we expect will result in improved margins and cash flows in the fourth quarter of 2011, compared to 2010. We believe that our worldwide distribution network, strong balance sheet with over $90 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."
Source: Cutera
E-mail: via web site
Web Site: www.cutera.com
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