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Date Announced: 01 Nov 2010
US revenues decline in flat quarter for medical laser specialist.
BRISBANE, Calif., Nov. 1, 2010 (GLOBE NEWSWIRE) -- Cutera, Inc. (Nasdaq:CUTR - News), a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide, today reported financial results for the third quarter ended September 30, 2010.
Third quarter 2010 revenue was $12.1 million, compared to $12.2 million in the same period last year. Net loss for the third quarter of 2010 was $3.5 million, or $0.25 per diluted share.
Kevin Connors, President and CEO of Cutera, stated, "Our quarterly and year-to-date revenue through the third quarter in 2010, has remained flat, compared to the same periods in 2009. We believe this may indicate that our overall revenue decline has stabilized. During the third quarter of 2010, international revenue increased by 7%, which was offset by a 13% decrease in our U.S. revenue, when compared to the third quarter of 2009. We are pleased with the growth in our international revenue, which was sourced primarily from our operations in Japan. In Japan, revenue from products and upgrades, as well as our recently expanded product offering of cosmeceuticals and dermal fillers, increased year over year."
"We are not pleased with the decrease in our U.S. revenue but believe our new and expected product introductions will position us for better future results. We are encouraged with the significant progress made to date on our new product development efforts. In the third quarter of 2010, we received CE mark approval and launched our Genesis Plus product -- a standalone product for the treatment of toenail fungus as well as rejuvenation applications. We are on target to introduce our "top of class" vascular laser, which has an FDA clearance for broad vascular applications, at the American Academy of Dermatology meeting in February 2011. In addition, we plan to release a third product in the second half of 2011."
Mr. Connors added, "We remain focused on key initiatives to increase future revenue levels and leverage our business model, which we expect will result in improved profitability. While the near-term prospects for our industry are difficult to predict, we believe that our worldwide distribution network, strong balance sheet with approximately $98 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: john.mills@icrinc.com
Web Site: www.cutera.com
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