BRISBANE, Calif. - Cutera , Inc. (NASDAQ:CUTR), a provider of aesthetic and dermatology solutions, has announced the addition of Jeryl "Jeri" Hilleman to its Board of Directors, effective July 12, 2024. Hilleman's appointment brings over three decades of healthcare industry experience to the board, particularly in financial leadership and corporate governance.
Hilleman's career includes nearly 20 years as a CFO of public companies in the life sciences sector, such as Intersect ENT (NASDAQ:XENT), Inc., Ocera Therapeutics, Inc., Amyris (OTC:AMRSQ), Inc., and Symyx Technologies. Her leadership roles have been critical in various capital-raising endeavors and mergers and acquisitions. She also has notable experience in corporate governance, having served as the Chair of the Board for Omada Health and the Audit Committee Chair for several companies, including NovoCure (NASDAQ:NVCR) Limited and Minerva Neurosciences (NASDAQ:NERV).
Taylor Harris, CEO of Cutera, expressed confidence that Hilleman's extensive background would be instrumental in guiding the company's growth and enhancing shareholder value. Cutera is known for its flagship products like AviClear, and Hilleman's expertise is expected to support the company's expansion and profitability goals.
Hilleman herself voiced enthusiasm for joining Cutera's Board during a dynamic period for the company, citing its innovative products and strong market position as key factors for potential growth and investor value creation.
In other recent news, Cutera Inc. has disclosed its financial outcomes for the first quarter of 2024, underscoring the global introduction of its AviClear device and the debut of the xeo+ product in North America. Despite a drop in total revenue compared to the same period last year, Cutera noted positive feedback from physicians and a commitment to operational excellence, with a gross margin improvement to 40% and a reduction in operating expenses both sequentially and year-over-year. The company is fine-tuning its business model for AviClear in North America and has initiated the Cutera Academy training program to bolster practice development.
Cutera reiterated its annual revenue guidance of $160 million to $170 million, forecasting a year-end cash balance of $55 million to $60 million. The company reported Q1 revenue of $38.8 million, down from $54.5 million in Q1 2023, and a non-GAAP loss from operations of $20.4 million. Despite the decrease in revenue, the company is focusing on building a robust AviClear franchise and operational excellence. The company also highlighted the positive feedback received for its new Cutera Academy training program. These are the latest developments in the company's strategy.
InvestingPro Insights
As Cutera, Inc. (NASDAQ:CUTR) welcomes Jeryl Hilleman to its Board of Directors, the company's financial health and market performance remain critical for investors. According to InvestingPro data, Cutera currently has a market capitalization of 39.69 million USD, reflecting its valuation in the market. However, the company's P/E ratio stands at -0.25, indicating that it may not be generating positive earnings compared to its share price. Additionally, the company has experienced a significant revenue decline over the last twelve months as of Q1 2024, with a drop of 21.0%.
InvestingPro Tips highlight several challenges Cutera is facing. Analysts have revised their earnings downwards for the upcoming period, signaling potential concerns about the company's future profitability. Moreover, the stock has taken a notable hit over the last week, with a 13.9% decrease in price total return. This performance is part of a broader trend, as the company's stock has declined by 89.26% over the past year, emphasizing the volatility and risk associated with this investment.
Despite these challenges, Cutera's liquid assets exceed its short-term obligations, which may provide some financial stability and flexibility. Investors looking to delve deeper into Cutera's financials and market performance can find additional insights and tips on InvestingPro, including 10 more InvestingPro Tips that could guide investment decisions. To access these insights, use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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