Cutera, Inc. CUTR shares are trading lower on Friday.
Yesterday, the company released fourth-quarter results. The company reported adjusted earnings per share of $(1.36), wider than then the analyst consensus estimate of a loss of 94 cents.
Consolidated revenue for the fourth quarter of 2023 of $49.5 million, beating the street view of $47.47 million.
Quarterly revenue related to capital equipment systems declined 32%, while recurring sources of revenue declined 16%. AviClear revenue for the fourth quarter of 2023 was $3.9 million.
Non-GAAP gross profit was $9.9 million, lower than $40.0 million in the year-ago period. Non-GAAP gross margin was 20%, significantly lower than 59.4% a year ago.
Margins were drastically affected by a non-cash expense related to excess and obsolete inventory.
Cash and marketable securities were $143.6 million as of December 31, 2023.
Cutera expects 2024 annual revenue in the range of $160 million to $170 million (estimate: $168.26 million).
Price Action: CUTR shares are trading lower by 28.2% to $1.65 on the last check Friday.
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