$CUTR
CUTERA INC

2019 Q3 Form 10-Q Financial Statement

#000143774919022435 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $46.12M $40.57M $42.55M
YoY Change 13.66% 6.29% 16.94%
Cost Of Revenue $19.88M $18.69M $20.18M
YoY Change 6.4% 17.07% 31.5%
Gross Profit $26.23M $21.89M $22.38M
YoY Change 19.87% -1.46% 6.32%
Gross Profit Margin 56.88% 53.94% 52.59%
Selling, General & Admin $25.00M $19.64M $20.44M
YoY Change 27.29% 18.83% 25.11%
% of Gross Profit 95.3% 89.74% 91.33%
Research & Development $3.643M $3.244M $4.095M
YoY Change 12.3% -6.43% 37.37%
% of Gross Profit 13.89% 14.82% 18.3%
Depreciation & Amortization $360.0K $310.0K $290.0K
YoY Change 16.13% 19.23% 20.83%
% of Gross Profit 1.37% 1.42% 1.3%
Operating Expenses $28.64M $22.88M $24.53M
YoY Change 25.17% 43.07% 27.0%
Operating Profit -$2.409M -$998.0K -$2.155M
YoY Change 141.38% -116.06% -224.57%
Interest Expense -$150.0K -$50.00K -$130.0K
YoY Change 200.0% -133.33% -208.33%
% of Operating Profit
Other Income/Expense, Net -$146.0K -$49.00K -$129.0K
YoY Change 197.96% -124.87% -146.74%
Pretax Income -$2.555M -$1.047M -$2.284M
YoY Change 144.03% -116.33% -213.86%
Income Tax $73.00K -$174.0K -$712.0K
% Of Pretax Income
Net Earnings -$2.628M -$873.0K -$1.572M
YoY Change 201.03% -114.11% -180.74%
Net Earnings / Revenue -5.7% -2.15% -3.69%
Basic Earnings Per Share -$0.19 -$0.06 -$0.11
Diluted Earnings Per Share -$0.19 -$0.06 -$0.11
COMMON SHARES
Basic Shares Outstanding 14.18M 13.85M 13.71M
Diluted Shares Outstanding 14.18M 13.85M 13.71M

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.30M $26.90M $29.00M
YoY Change 8.92% -46.73% -43.03%
Cash & Equivalents $22.88M $21.87M $18.43M
Short-Term Investments $6.400M $5.000M $10.60M
Other Short-Term Assets $5.300M $3.700M $3.500M
YoY Change 43.24% 27.59% -31.37%
Inventory $34.04M $31.32M $30.14M
Prepaid Expenses
Receivables $23.22M $25.44M $22.12M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $91.93M $87.37M $84.73M
YoY Change 5.22% -9.65% -7.07%
LONG-TERM ASSETS
Property, Plant & Equipment $2.771M $2.784M $2.632M
YoY Change -0.47% 51.14% 40.97%
Goodwill $1.339M $1.339M $1.339M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.410M $6.048M $5.807M
YoY Change 5.99% 1487.4% 1424.15%
Total Long-Term Assets $19.31M $31.57M $31.00M
YoY Change -38.84% 700.13% 681.17%
TOTAL ASSETS
Total Short-Term Assets $91.93M $87.37M $84.73M
Total Long-Term Assets $19.31M $31.57M $31.00M
Total Assets $111.2M $118.9M $115.7M
YoY Change -6.48% 18.17% 21.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.14M $13.32M $10.74M
YoY Change 6.15% 129.47% 150.24%
Accrued Expenses $28.10M $22.90M $22.76M
YoY Change 22.67% 3.16% 19.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K
YoY Change
Total Short-Term Liabilities $55.27M $45.16M $42.79M
YoY Change 22.37% 22.7% 33.02%
LONG-TERM LIABILITIES
Long-Term Debt $700.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $690.0K $640.0K $665.0K
YoY Change 7.81% 26.73% 10.1%
Total Long-Term Liabilities $690.0K $640.0K $665.0K
YoY Change 7.81% 26.73% 10.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.27M $45.16M $42.79M
Total Long-Term Liabilities $690.0K $640.0K $665.0K
Total Liabilities $67.25M $48.54M $46.36M
YoY Change 38.55% 23.08% 32.74%
SHAREHOLDERS EQUITY
Retained Earnings -$34.27M $2.283M $3.156M
YoY Change -1601.1% -111.45% -112.08%
Common Stock $78.32M $68.19M $66.31M
YoY Change 14.85% -16.03% -23.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.99M $70.40M $69.37M
YoY Change
Total Liabilities & Shareholders Equity $111.2M $118.9M $115.7M
YoY Change -6.48% 18.17% 21.63%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$2.628M -$873.0K -$1.572M
YoY Change 201.03% -114.11% -180.74%
Depreciation, Depletion And Amortization $360.0K $310.0K $290.0K
YoY Change 16.13% 19.23% 20.83%
Cash From Operating Activities -$2.270M -$1.620M $3.550M
YoY Change 40.12% -143.55% -53.78%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$630.0K -$480.0K
YoY Change -68.25% 173.91% 242.86%
Acquisitions
YoY Change
Other Investing Activities -$2.410M $5.560M $2.540M
YoY Change -143.35% -614.81% 5.83%
Cash From Investing Activities -$2.610M $4.920M $2.060M
YoY Change -153.05% -475.57% -8.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 130.0K 1.920M
YoY Change -23.08% -102.06% -171.11%
NET CHANGE
Cash From Operating Activities -2.270M -1.620M 3.550M
Cash From Investing Activities -2.610M 4.920M 2.060M
Cash From Financing Activities 100.0K 130.0K 1.920M
Net Change In Cash -4.780M 3.430M 7.530M
YoY Change -239.36% -188.17% 4.01%
FREE CASH FLOW
Cash From Operating Activities -$2.270M -$1.620M $3.550M
Capital Expenditures -$200.0K -$630.0K -$480.0K
Free Cash Flow -$2.070M -$990.0K $4.030M
YoY Change 109.09% -125.06% -48.47%

Facts In Submission

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us-gaap Use Of Estimates
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<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="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="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="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires the Company&#x2019;s management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. Actual results could differ materially from those estimates.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">On an ongoing basis, management evaluates its estimates, including those related to warranty obligations, sales commission, accounts receivable and sales allowances, valuation of inventories, fair value of goodwill, useful lives of property and equipment, incremental borrowing rates related to the Company&#x2019;s leases, assumptions regarding variables used in calculating the fair value of the Company's equity awards, expected achievement of performance based vesting criteria, management performance bonuses, fair value of investments, the standalone selling price of the Company's products and services, the period of benefit used to capitalize and amortize contracts acquisition costs, variable consideration, contingent liabilities, recoverability of deferred tax assets, and effective income tax rates. Management bases 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></div></div></div></div></div></div></div></div></div></div></div>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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dei Document Fiscal Period Focus
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Q3
dei Document Fiscal Year Focus
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2019
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0001162461
CY2019Q4 dei Entity Common Stock Shares Outstanding
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dei Entity Current Reporting Status
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dei Entity Emerging Growth Company
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false
dei Entity Filer Category
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Accelerated Filer
dei Entity Registrant Name
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CUTERA INC
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dei Entity Small Business
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dei Security12b Title
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Common Stock ($0.001 par value)
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2379000
CY2019Q3 cutr Available For Sale Securities Debt Maturities Year Two Through Three Fair Value
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cutr Deferred Revenue Costs Incurred
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cutr Increase Decrease In Extended Product Warranty Accrual
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cutr Share Based Compensation Arrangement By Based Payment Restricted Share Available For Grant Award Options Forfeitures And Expirations In Period
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2019-09-30
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CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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0
CY2019Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2019Q3 us-gaap Available For Sale Securities Debt Securities
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us-gaap Capital Lease Obligations Incurred
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CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Current
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CY2019Q3 us-gaap Commitments And Contingencies
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CY2019Q3 us-gaap Common Stock Shares Authorized
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7759000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7888000
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
708000
us-gaap Operating Lease Payments
OperatingLeasePayments
2112000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10049000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8332000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.044
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
3011000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2495000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2564000

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