Cutera, Inc. Announces Fourth Quarter and Full-Year 2020 Financial Results


first_img 35.7 ) 98,163 2020 – $ (301) 75,772 % Change (2,214 – 2,134 2,828 42% 6,202 December 31, 2,092 (3,627 2019 Assets 3,987 ) 45,942 (747) (201 1,925 RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (275 2019 December 31, 181,712 21,556 Inventories 16,691 December 31, 2019 (324 – – 106,296 – December 31, Sales and marketing – $ ) 423 Research and development ) Accrued liabilities 26,623 Cash and cash equivalents 1,406 Basic 12,246 Net Income (loss) GAAPDepreciationandAmortizationStock-BasedCompensationCRM and ERPImplementation/write-offSeverance (RIF)Legal -Former CFO Settlement/LutronicTaxes andOther AdjustmentsNon-GAAPGAAPDepreciationandAmortizationStock-BasedCompensationCRM and ERPImplementation/ write-offTaxes andOther AdjustmentsNon-GAAP 45,593 Liabilities and Stockholders’ Equity $ 106,243 158,638 Current liabilities: 56% 14,261 Facebook (505 110,227 $ 28,526 $ 2020 2,260 2,800 (20) 2,052 27,303 $ (3,233) 26,316 Total current liabilities – Twelve Months Ended (20 1,748 $ Income tax liability – 93 30,719 7,185 139 CUTERA, INC. December 31, Diluted 2019 242 ) 51% Diluted 14,096 (22,828 (62 (in thousands, except percentage data) (220) Twelve Months Ended December 31, 2020Twelve Months Ended December 31, 2019 – 82,346 2019 (60,235) ) (767 $ 2,052 – 60 Cash flows from investing activities: 5,648 19,911 – % 45,593 17,653 – (in thousands, except per share data) -21% Extended warranty liabilities CRM and ERP implementation costs $ $ 4,703 56,880 ) 2019 Basic 23,074 5,648 72 Extended warranty liabilities (587) 13,586 $ (130 Total operating expenses % – 643 22,570 (505) Non-GAAP Products 39.1 147,683 $ 47,047 15,085 18,415 $ ) ) 20,323 Twelve Months Ended 4,590 5,080 654 – – -2% Diluted % 2,052 3,803 45,972 98,163 $ 113,738 $ ) Disposal of property and equipment Gross Margin was 51.3% for full-year 2020, as compared to 54.0% in 2019.Operating Expenses decreased $11.6 million to $98.6 million, a decline of 11% over 2019.Net loss was $23.9 million, or ($1.43) per fully diluted share, as compared to a net loss of $12.3 million, or ($0.88) per fully diluted share, in 2019. “I am pleased with our overall results for the fourth quarter and by the efforts our team put forth over the entirety of 2020. Our team’s commitment to execution drove steady improvement during the second half of 2020, posting solid results despite the difficult operating environment,” commented Dave Mowry, Chief Executive Officer of Cutera, Inc. “Our focus and resiliency enabled us to make steady progress on our vital commercial and operational initiatives during 2020. As a result of these efforts, we enter 2021 well-positioned to accelerate growth and expand profitability as the impact of COVID-19 continues to wane. I am particularly excited about what lies ahead for Cutera, as we work to bring truly innovative products to market and continue to fortify our business with greater discipline to sustain our financial performance.” 2021 Outlook Given the continued uncertainty surrounding the magnitude and duration of the COVID-19 pandemic, the wide range of outcomes for its impact on capital sales, and its potential to delay procedure volumes over the course of the year, the Company will not be providing formal guidance at this time. Conference Call The Company’s management will host a conference call to the discuss these results and related matters today at 1:30 p.m. PT (4:30 p.m. ET). Participating on the call will be Dave Mowry, Chief Executive Officer, Rohan Seth, Chief Financial Officer, and, Jason Richey, President. To participate in the conference call, dial 1-877-705-6003 (domestic) or + 1-201-493-6725 (international) and refer to the Conference Code: 13715746. The call will also be webcast and can be accessed from the Investor Relations section of Cutera’s website at http://www.cutera.com/. The webcast replay of the call will be available at the same site approximately one hour after the end of the call. About Cutera, Inc. Brisbane, California-based Cutera is a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide. Since 1998, Cutera has developed innovative, easy-to-use products that enable physicians and other qualified practitioners to offer safe and effective aesthetic treatments to their patients. For more information, call 1-888-4CUTERA or visit www.cutera.com. *Use of Non-GAAP Financial Measures In this press release, in order to supplement the Company’s condensed consolidated financial statements presented in accordance with Generally Accepted Accounting Principles, or GAAP, management has disclosed certain non-GAAP financial measures for the statement of operations and net income (loss) per diluted share. Non-GAAP adjustments include stock-based compensation, depreciation, amortization, executive and other non-recurring separation costs, customer relationship management (“CRM”) and enterprise resource planning (“ERP”) system costs, and non-recurring legal and litigation costs, as well as the net tax impact of excluding these items. From time to time in the future, there may be other items that we may exclude if the Company believes that doing so is consistent with the goal of providing useful information to investors and management. The Company has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Forward-looking non-GAAP measures include adjusted EBITDA. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation, executive and other non-recurring separation costs, CRM and ERP system costs, and non-recurring legal and litigation costs. Company management uses these measurements as aids in monitoring the Company’s ongoing financial performance from quarter to quarter, and year to year, on a regular basis and for benchmarking against other similar companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, the operating performance measure as prescribed by GAAP. Non-GAAP financial measures for the statement of operations and net income per diluted share exclude the following: Non-cash expenses for stock-based compensation.The Company has excluded the effect of stock-based compensation expenses in calculating its non-GAAP operating expenses and net income measures. Although stock-based compensation is a key incentive offered to its employees, the Company continues to evaluate its business performance excluding stock-based compensation expenses. The Company records stock-based compensation expense related to grants of options, employee stock purchase plan, and performance and restricted stock. Depending upon the size, timing and the terms of the grants, this expense may vary significantly but will recur in future periods. The Company believes that excluding stock-based compensation better allows for comparisons to its peer companies; Depreciation and amortization.The Company has excluded depreciation and amortization expense in calculating its non-GAAP operating expenses and net income measures. Depreciation and amortization are non-cash charges to current operations; Executive and other non-recurring separation costs.We have excluded costs associated with the resignation of our former Executive Officers in calculating our non-GAAP operating expenses and net income measures. We exclude these and other non-recurring employee separation costs because we believe that these items do not reflect future operating expenses; Customer Relationship Management.We have excluded CRM system costs related to direct and incremental costs incurred in connection with our multi-phase implementation of a new CRM solution and the related technology infrastructure costs. We exclude these costs because we believe that these items do not reflect future operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance; Enterprise Resource Planning.We have excluded ERP system costs related to direct and incremental costs incurred in connection with our multi-phase implementation of a new ERP solution and the related technology infrastructure costs. We exclude these costs because we believe that these items do not reflect future operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance; and Non-recurring legal and litigation costs. We have excluded costs incurred related to third party litigation and disputes, that are of a non-recurring nature. The Company believes that excluding all of the items above allows users of its financial statements to better review and assess both current and historical results of operations. Safe Harbor Statement Certain statements in this press release, other than purely historical information, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, but are not limited to, Cutera’s plans, objectives, strategies, financial performance and outlook, CFO and other senior leadership searches, product launches and performance, trends, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, the Company’s actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “should,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” “foresee” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements are based on management’s current, preliminary expectations and are subject to risks and uncertainties, which may cause Cutera’s actual results to differ materially from the statements contained herein. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties and other important factors, many of which are beyond the Company’s control, that could cause its actual results to differ materially from the forward-looking statements contained in this press release, including those described in the “Risk Factors” section of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, the Registration Statement on Form S-8 and other documents filed from time to time with the United States Securities and Exchange Commission by Cutera. All information in this press release is as of the date of its release. Accordingly, undue reliance should not be placed on forward-looking statements. Cutera undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Cutera’s financial performance for the fourth quarter and full year ended December 31, 2020, as discussed in this release, is preliminary and unaudited, and subject to adjustment. The financial data presented for the year ended December 31, 2020 should be considered preliminary and could be subject to change, as the Company’s independent auditor has not completed their audit. 83 ) $ $ 5,933 Research and development $ 23,074 $ 24,522 General and administrative 6,220 $ $ 14,096 746 805 Changes in assets and liabilities: 98,600 147,683 2,257 1,443 2,894 22,879 (12,064) Interest and other income (expense), net 18,032 (0.88) $ ) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 1,450 Gross profit (324 Operating expenses: Payments on finance lease obligations (738) 50,728 14,261 90,766 25,061 5,476 $ Offering costs on the equity offering 2,817 – (23,877) $ $ -35% % December 31, 0.12 (111 0.15 – (1.43) $ ) 1,414 49,943 823 $ 5,450 54 (0.35 2019 (1,949) 52.8 Gross profit 306 December 31, 16,691 (3,136 Diluted 325 20,731 2,214 15,085 81,455 53 ) ) 1,925 2020 Vs 31,512 Other long-term assets $ 23,407 2020 12,685 Gross margin % 2019 ) Net income (loss) (7 11.0 Products (2,088) 31,271 % 125,113 (136 +363% Amortization of contract acquisition costs 18 (5,854 2,515 Basic (274 338 % % 28,271 49 Total operating expenses 14,656 Sales and marketing (8,444 Income (loss) from operations Other long-term assets (23,407) 6,202 Other adjustments 1,656 – $ 10,109 51,795 Provision for credit losses ) ) Net income (loss) per share: ) % Non-GAAP 4,463 83,549 $ (1,089 – 955 117,097 Other ) % 453 17,999 30,719 December 31, $ (8,260 5,448 (153) 86,481 825 (199) (1,455) (57) December 31, Facebook 470 $ – (5,442) ) CONSOLIDATED FINANCIAL HIGHLIGHTS Accounts payable $ (460 (148) December 31, 8,096 $ 43,723 23,568 58,622 – Rest of World $ 47.2 31,079 Accounts receivable – – Other long-term liabilities Reporting Unit Balance Sheet ) Stock-based compensation (140) International $ – 2,188 823 (12,348) (325 – (275 20,323 (2,985) Provision (benefit) for income taxes 181,712 (515) 318 (1,572 Basic – 0.31 (1,279) (991) (1,536 December 31, – -4% 14,096 3,385 1,999 10,109 5,648 18,856 14,261 9,050 3,250 Cash and cash equivalents at beginning of period 14,700 Total adjustments (1,925 6,220 43,723 (12,687) Net cash provided by (used in) investing activities 12,574 (1,600) ) Sales and marketing Cash flows from financing activities: 13,207 $ 1,294 83 749 64,693 – – 7,167 $ Gross proceeds from equity offering – $ 69,612 Service ) 67,796 7,938 % Total stockholders’ equity 4,703 Severance (RIF) (81) (3,428) 17,840 (12,064 Income tax liability ) Depreciation and amortization (649) 10,109 Total Net Revenue 8.1 ) Accumulated other comprehensive loss $ – (1,925 51,795 – 2,539 29,394 (174 – 26,052 Cash and cash equivalents at end of period $ $ – 26,316 8.6 2,282 917 0.28 $ (23,877 590 – Three Months Ended $ Total current assets (5,375 28,050 December 31, 7.7 17,653 ) – $ 2019 (275 17,840 24,033 Service Deferred revenue United States 30,145 (783) 16,691 95,998 9,286 -19% – ) 113,738 ) ) 14,096 % 9,489 (2) ) 917 13,440 Income (loss) before income taxes (0.15) – (1,762) 14,096 – Sales and marketing 2019 Operating expenses as a % of net revenueGAAP -4% $ (0.88 7,938 (unaudited) ) (27 Systems 17,840 $ $ (12,348) (2,509) Net Income (loss) per share: 16,691 50,721 ) 96,718 -48% Three Months Ended December 31, 2020Three Months Ended December 31, 2019 Adjustments: Previous articleCockburn, Dosunmu lead No. 5 Illini past Northwestern 73-66Next articlePandemic politicking: Israel’s election sprint echoes US’s Digital AIM Web Support – 40,045 3,878 Net income (loss) 1,110 364 $ -19% ) 140,478 -35% Consumables +19% Diluted Three Months Ended (1,649) +41% 30 60.7 (1,160) Weighted-average number of shares used in per share calculations: -26% (1,139 275 8.3 1,110 127 2020 132,733 % 158,638 51 ) 46,404 – % ) 4,463 71,911 62,647 1,060 49,943 85 51,795 3,023 125,113 Adjustments to reconcile net loss to net cash used in operating activities: 9.6 % $ Operating expenses: 2019 16,691 $ $ Proceeds from exercise of stock options and employee stock purchase plan 33,921 Accounts payable 15.9 47,047 Non-GAAPGAAP CUTERA, INC. 59% $ Gross margin % – Research and development ) ) 2,593 – 767 % Interest and other expense, net ) – Operating lease right-of-use assets 460 – 1,536 General and administrative Net cash provided by (used in) operating activities 61,202 WhatsApp $ (1,139 2,052 Other long-term liabilities $ $ 306 $ (12,263) CUTERA, INC. ) 29,395 Interest and other expense, net 3,391 ) 5,413 (4,383) 723 2,188 – North America (281) 2020 – – % $ $ 23,005 Net revenue $ $ % International as a percentage of total revenue Cost of revenue $ 10,831 1,723 (23,407 71,109 – –center_img 3,987 23,005 – Weighted-average number of shares used in per share calculations: – 85 2,188 4,463 22,400 Gross profit Twelve Months Ended +15% (23,877 Depreciation of tangible assets – ) 83,549 28,790 – 469 11.5 1,414 -42% 2,144 56 – ) 18,426 26,316 % 34 Other current assets and prepaid expenses 3,987 (34 14,656 (682 Proceeds from maturities of marketable investments 7.4 $ $ ) – 100,257 0.14 1,430 ) 2,052 Purchase of marketable investments ) – 10,109 56.1 4,029 578 ) – (36,358) December 31, 2020 % 31,512 Weighted-average number of shares used in per share calculations: % % Income (loss) before income taxes 10,555 0.12 66.8 3,968 Twitter 2020 Revenue By Product Category: ) – 30,307 181,712 Non-GAAPGAAP – December 31, 5,933 ) ) $ 95,046 (325 – 45 Total operating expenses (143) ) (579) Interest and other expense, net 469 591 $ % 30 PPP Loan payable 1,139 2020 Provision (benefit) for income taxes 2,828 (83 – 21,672 (2,088) $ $ – $ ) (275 Proceeds from sales of marketable investments Adjusted EBITDA (1,929 – – $ 394 ) 0.27 75,853 51,795 82,867 – 566 $ (1.43 Deferred revenue, net of current portion – CUTERA, INC. ) $ 57 (12,263 $ Gross Margin was 56.2% for fourth quarter 2020 compared to 55.6% in the prior-year period. Impacts from lower capital equipment production volumes and product mix shift were offset by reductions in fixed overhead and manufacturing efficiencies.Operating Expense improvements provided a year-over-year reduction of $4.1 million in the quarter, driven by lower selling expenses, partially offset by legal expenses.Net income was $2.2 million, or $0.12 per fully diluted share, as compared to a net loss of ($2.1) million, or ($0.15) per fully diluted share, in the prior-year period. Full-Year 2020 Financial and Operational HighlightsRevenue was $147.7 million, compared to $181.7 million in 2019.Capital Equipment revenue of $90.8 million decreased 35% over 2019.Recurring Revenue of $56.9 million increased 38% over 2019, driven by Skincare increase of $16.5M over 2019. 1,450 (4,510 CUTERA, INC. 566 (unaudited) December 31, General and administrative (579 ) (in thousands) (12,348 Stock-based compensation $ 2,072 917 $ ) – ) 49,943 – Total assets ) Net income (loss) per share: Property and equipment, net 17,859 % 98,600 – 891 ) (4,796 1,139 % (6,034) 917 $ Three Months Ended 121 264 Other current assets and prepaid expenses (275 $ (29 4,463 – (2,088 Deferred tax asset $ – – 2,915 $ (1,414 % $ (124 15,950 6,389 $ 87 0.12 Stockholders’ equity: $ Change in right-of-use asset/liability due to modification $ $ 21,877 1,216 ) 12,373 9 4,060 0.31 49 6,411 1,067 (318 $ $ 1,579 17,653 (3,941 BRISBANE, Calif.–(BUSINESS WIRE)–Feb 17, 2021– Cutera, Inc. (NASDAQ: CUTR ) (“Cutera” or the “Company”), a leading provider of laser and other energy-based aesthetic systems for practitioners worldwide, today reported financial results for the fourth quarter and full year ended December 31, 2020. Fourth Quarter 2020 Financial and Operational HighlightsRevenue was $49.9 million in the fourth quarter, a decrease of 4% from the prior-year period and an increase of 28% sequentially. The year-over-year decline was solely attributed to lower levels of capital equipment purchases due to COVID-related disruptions, while patient traffic and energy-based treatment volumes were estimated to be at pre-COVID-19 levels during the quarter.Capital Equipment revenue of $30.1 million declined 26% over the prior-year period, while increasing 25% sequentially over the third quarter of 2020.Recurring revenue, defined as the combination of Service, Skincare and Consumable Product categories, was $19.8 million during the fourth quarter, growing 80% over the prior-year period and 32% sequentially over the third quarter of 2020.Skincare revenue was $10.6 million during the quarter, compared to $2.3 million in the prior-year period, growth of 363%.Consumable Product revenue was $3.0 million, growing 19% over the prior-year period and 31% sequentially from the third quarter of 2020, reflecting the continued recovery of energy-based treatment volumes.Service revenue of $6.2 million was flat versus the prior-year period, despite decreased access to practices from COVID-related restrictions. (60) CONDENSED CONSOLIDATED BALANCE SHEETS $ 17,010 (738 $ – (469 $ (1,208) 1,665 1,139 (in thousands, except per share data) $ 566 $ % 20,524 ) (199 Operating leases liabilities 1,414 49,943 7.2 % 1,110 Legal -Former CFO Settlement/Lutronic 7 % – 13.4 36 Total net revenue $ ) % -4% (910 58% Sales and marketing 59.3 (35 Research and development By Digital AIM Web Support – February 17, 2021 3,977 RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 633 172 $ 14,261 Net revenue 1,548 1,669 – December 31, – 53.3 522 147,683 16,691 705 (22,828) 14,512 $ 10.6 $ ) (654 8.3 General and administrative 181,712 % 7 ) 29.2 28,066 28,790 ) ) ) ) 275 136 View source version on businesswire.com:https://www.businesswire.com/news/home/20210217005757/en/ CONTACT: Cutera, Inc. Anne Werdan Director, Investor Relations 415-657-5500 [email protected] KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: GENERAL HEALTH HEALTH OTHER HEALTH MEDICAL DEVICES SOURCE: Cutera, Inc. Copyright Business Wire 2021. PUB: 02/17/2021 04:01 PM/DISC: 02/17/2021 04:01 PM http://www.businesswire.com/news/home/20210217005757/en (522 ) % Change ) % Operating expenses: WhatsApp Basic (1,929) – Research and development 7,157 14,322 2,299 Taxes paid related to net share settlement of equity awards (unaudited) (23,407 9,648 3,670 56% ) (275 December 31, Total Net Revenue 3,987 % – 9,832 ) 139 55 +194% 34.5 (2,303) $ (0.88) (in thousands, except per share data) 9,832 ) 2,828 $ 16.6 39.2 43,760 Total Systems $ 41 49,943 Diluted (0.15 Deferred revenue 174 Proceeds from long-term debt 57 22,570 28,798 – (149 % 28,883 4,510 – % – CUTERA, INC. – (591 Provision (benefit) for income taxes 2,828 3,437 $ Net increase in cash and cash equivalents Goodwill -4% 21,877 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 1,665 183 $ 75,772 (205 22,645 614 (5,907) – General and administrative (1.43) $ – 201 24,033 7,702 1,339 (306 – Marketable investments ) (614 – (in thousands) ) % (3,396 +0% (2,481) TAGS  (2,359 – – – (16,956) ) 26,623 56 14 (101 34.5 (3,384 (1,009) (88) $ (109 (614 (20 $ Income (loss) from operations 9,832 (566 40,772 (1,665 Research and development Change in deferred tax asset 51,795 21,060 527 – 1,394 % 181,712 9,832 40% Impairment of capitalized cloud computing costs 4,259 ) Total liabilities and stockholders’ equity Cost of revenue – – (738 ) – (743 ) (199 ) ) – Income (Loss) before income taxes – $ 1,339 4,463 $ 8,512 $ % 1,572 ) 566 $ – – 6,684 (0.15 1,925 469 40 614 (566 GAAPDepreciationandAmortizationStock-BasedCompensationLegal – Former CFOSettlement/LutronicTaxes andOther AdjustmentsNon-GAAPGAAPDepreciationandAmortizationStock-BasedCompensationCRM and ERPImplementation/write-offTaxes andOther AdjustmentsNon-GAAP – Operating lease liabilities, net of current portion – $ ) (93) 0.12 479 Three Months Ended 10,109 (in thousands) 2020 (831) Twitter Net income (loss) 9,832 Accrued liabilities – Revenue By Geography: – (unaudited) (unaudited) $ 1,139 52,766 (unaudited) 14,322 % (467) 52,766 (1,430 Total liabilities ) $ Income (Loss) from operations Pinterest ) 147,683 Income tax expense (benefit) $ Gross margin % 1,414 Acquisition of property, equipment and software 52.7 – 83 $ 2020 – ) 17,076 1,443 26.4 Cash flows from operating activities: 823 (0.88 14,904 1,572 (0.15) ) -33% 7 ) 26,316 (0.35 ) General and administrative $ Local NewsBusiness Skincare ) December 31, Current assets: 2,828 (339) (5,845 Cutera, Inc. Announces Fourth Quarter and Full-Year 2020 Financial Results 28,508 75,469 (974 (unaudited) – Operating expenses as a % of net revenueGAAP (1,670 Loss on sale of marketable investments, net 21.3 (233) 28,066 31.1 823 (1,746 49 31,298 2020 Vs Accounts receivable, net 10,109 ) Basic Cost of revenue 3,888 – ) (2,067) – Sales and marketing Net income (loss) 54% (469 Total Products (1.43 71,911 Three Months EndedTwelve Months Ended ) 6,691 (26,060) 2,188 14,261 2,052 ) % 470 RECONCILIATION OF LOSS TO ADJUSTED EBITDA 3,390 -4% 4,029 – $ 7,605 58,325 Total cost of revenue (1,949 Common stock 11,719 Accumulated deficit 147,683 (2,217) – (579 – Net cash provided by financing activities Service CUTERA, INC. 110,227 (23,877) 13.2 $ 1,925 ) Twelve Months Ended – ) -8% ) 5,112 132,733 – ) (738 (3,390 78,071 ) TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Inventories – (93) ) $ – 71,109 Additional paid-in capital 4,710 ) % December 31, – Pre-tax Stock-Based Compensation Expense: Pinterest 579 (3,355)last_img