$CUTR
CUTERA INC

2016 Q2 Form 10-Q Financial Statement

#000143774916036089 Filed on August 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $27.48M $22.56M
YoY Change 21.78% 27.3%
Cost Of Revenue $11.47M $9.687M
YoY Change 18.43% 23.43%
Gross Profit $16.01M $12.88M
YoY Change 24.3% 30.38%
Gross Profit Margin 58.25% 57.07%
Selling, General & Admin $14.71M $12.08M
YoY Change 21.76% 19.73%
% of Gross Profit 91.9% 93.82%
Research & Development $2.712M $2.728M
YoY Change -0.59% 4.04%
% of Gross Profit 16.94% 21.19%
Depreciation & Amortization $240.0K $290.0K
YoY Change -17.24% -12.12%
% of Gross Profit 1.5% 2.25%
Operating Expenses $17.42M $14.81M
YoY Change 17.65% 16.5%
Operating Profit -$1.416M -$1.932M
YoY Change -26.71% -31.85%
Interest Expense $80.00K $90.00K
YoY Change -11.11% -10.0%
% of Operating Profit
Other Income/Expense, Net $217.0K $96.00K
YoY Change 126.04% -30.43%
Pretax Income -$1.199M -$1.836M
YoY Change -34.69% -31.92%
Income Tax $30.00K $53.00K
% Of Pretax Income
Net Earnings -$1.229M -$1.889M
YoY Change -34.94% -31.08%
Net Earnings / Revenue -4.47% -8.37%
Basic Earnings Per Share -$0.09 -$0.13
Diluted Earnings Per Share -$0.09 -$0.13
COMMON SHARES
Basic Shares Outstanding 13.13M 14.44M
Diluted Shares Outstanding 13.13M 14.44M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.30M $66.30M
YoY Change -34.69% -18.75%
Cash & Equivalents $7.420M $11.63M
Short-Term Investments $35.90M $54.70M
Other Short-Term Assets $2.600M $1.600M
YoY Change 62.5% -11.11%
Inventory $14.70M $13.52M
Prepaid Expenses
Receivables $11.18M $8.919M
Other Receivables $0.00 $0.00
Total Short-Term Assets $71.82M $90.43M
YoY Change -20.57% -10.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.577M $1.512M
YoY Change 4.3% 16.31%
Goodwill $1.339M $1.339M
YoY Change 0.0%
Intangibles $44.00K $332.0K
YoY Change -86.75%
Long-Term Investments
YoY Change
Other Assets $448.0K $351.0K
YoY Change 27.64% -12.25%
Total Long-Term Assets $3.809M $3.817M
YoY Change -0.21% -18.79%
TOTAL ASSETS
Total Short-Term Assets $71.82M $90.43M
Total Long-Term Assets $3.809M $3.817M
Total Assets $75.63M $94.24M
YoY Change -19.75% -10.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.752M $3.597M
YoY Change -23.49% 79.85%
Accrued Expenses $13.20M $10.31M
YoY Change 28.07% 37.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.87M $22.56M
YoY Change 10.23% 24.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $587.0K $699.0K
YoY Change -16.02% -87.74%
Total Long-Term Liabilities $587.0K $699.0K
YoY Change -16.02% -87.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.87M $22.56M
Total Long-Term Liabilities $587.0K $699.0K
Total Liabilities $27.30M $26.55M
YoY Change 2.83% 11.09%
SHAREHOLDERS EQUITY
Retained Earnings -$32.95M -$30.77M
YoY Change 7.11%
Common Stock $81.32M $98.44M
YoY Change -17.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $48.33M $67.69M
YoY Change
Total Liabilities & Shareholders Equity $75.63M $94.24M
YoY Change -19.75% -10.84%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$1.229M -$1.889M
YoY Change -34.94% -31.08%
Depreciation, Depletion And Amortization $240.0K $290.0K
YoY Change -17.24% -12.12%
Cash From Operating Activities -$310.0K $1.380M
YoY Change -122.46% -154.76%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$270.0K
YoY Change -85.19% 575.0%
Acquisitions
YoY Change
Other Investing Activities $2.260M $7.780M
YoY Change -70.95% 231.06%
Cash From Investing Activities $2.220M $7.510M
YoY Change -70.44% 226.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -760.0K -10.72M
YoY Change -92.91% -2921.05%
NET CHANGE
Cash From Operating Activities -310.0K 1.380M
Cash From Investing Activities 2.220M 7.510M
Cash From Financing Activities -760.0K -10.72M
Net Change In Cash 1.150M -1.830M
YoY Change -162.84% -1243.75%
FREE CASH FLOW
Cash From Operating Activities -$310.0K $1.380M
Capital Expenditures -$40.00K -$270.0K
Free Cash Flow -$270.0K $1.650M
YoY Change -116.36% -166.53%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Operating Expenses
OperatingExpenses
32066000
us-gaap Operating Expenses
OperatingExpenses
28429000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1416000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1932000
us-gaap Operating Income Loss
OperatingIncomeLoss
-3587000
us-gaap Operating Income Loss
OperatingIncomeLoss
-5534000
CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
11000
CY2015Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-14000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
80000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
18000
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-18000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-9000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
51000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
12000
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
1000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
2000
CY2016Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
29000
CY2015Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-5000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
29000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
6000
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
587000
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
584000
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-63000
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
245000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2865000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
17744000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
14003000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
12262000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
137000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
678000
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2619000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1675000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2394000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
8508000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
10585000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
21350000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
5051000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
7379000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
6000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1577000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1473000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
127000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
95000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2712000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2728000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5421000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5173000
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-32952000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-29672000
CY2016Q2 us-gaap Revenues
Revenues
27477000
CY2015Q2 us-gaap Revenues
Revenues
22563000
us-gaap Revenues
Revenues
49900000
us-gaap Revenues
Revenues
41634000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
22454000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
18042000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
40410000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
32745000
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5023000
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4521000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
9490000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
8889000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10712000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9066000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
19428000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
17253000
us-gaap Share Based Compensation
ShareBasedCompensation
2082000
us-gaap Share Based Compensation
ShareBasedCompensation
1943000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1263425
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
558911
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
107620
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
13.37
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
93000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2148797
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1841243
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.31
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.28
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.70
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.54
CY2016Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1819000
CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1203000
CY2015Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1819000
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1167000
CY2016Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2000000
CY2015Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1254000
CY2016Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
997000
CY2015Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
685000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2251000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1465000
CY2016Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1178000
CY2015Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
736000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2432000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1552000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
292934
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
48332000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
50034000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of interim Condensed Consolidated Financial Statements in conformity with GAAP requires the Company&#x2019;s management to make estimates and assumptions that affect the amounts reported and disclosed in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates these estimates, including those related to revenue elements, warranty obligations, sales commissions, accounts receivable and sales allowances, provision for excess and obsolete inventories, fair values of marketable investments, fair values of acquired intangible assets, useful lives of intangible assets and property and equipment, fair values of performance stock units and options to purchase the Company&#x2019;s stock, recoverability of deferred tax assets, legal matters and claims, and effective income tax rates, among others. Management bases these estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</div></div></div></div></div></div></div>
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13131000
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14441000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13071000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14758000

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