The Brisbane, Calif.-based company reported losses of -$8.2 million, or -59¢ per share, on sales of $36 million for the three months ended March 31, increasing its losses by 304.5% on sales growth of 5.6% compared with Q1 2018.
Adjusted to exclude one-time items, losses per share were -35¢, 38¢ behind the Wall Street consensus, where analysts were looking for sales of $42.3 million.
“Overall, I am pleased with many aspects of our first quarter performance,” interim CEO & COO Jason Richey said in prepared remarks. “Several positive trends and the team’s continued execution all contributed to driving strong revenue. We continue to see robust demand for, and utilization of, truSculpt iD, our body sculpting solution. In addition, we successfully launched our excel V+ at the American Academy of Dermatology annual meeting where our enhanced North American sales team generated significant interest. Likewise, our international sales group grew revenue 20%, executing on initiatives introduced at year-end. We continue to make progress in our operational and infrastructure improvement activities, reflected in lower inventory levels and average system assembly times. We recognize, however, that we still have significant work to do.”
Cutera reiterated its full-year revenue forecast of $165 million to $175 million.
CUTR shares were up 2.3% to $19.42 apiece today in early-morning trading.
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