Cutera (NSDQ:CUTR) this week parted ways with president & CEO James Reinstein after the aesthetic device maker missed expectations for its 2018 top line, naming COO Jason Richey as interim chief executive.
Brisbane, Calif.-based Cutera said Jan. 7 that it expects to post sales of $161 million to $163 million for last year, short of the consensus Wall Street outlook for revenues of $164.5 million and well shy of the low end of its prior guidance for sales of $165 million to $170 million – itself a cut that pared 26% for CUTR share prices in a single day last October.
“Cutera’s board takes seriously its responsibility to act on behalf of, and in the best interests of, the company’s stockholders. We are dissatisfied with the company’s operational results and stock price performance in 2018. While we appreciate Mr. Reinstein’s efforts over the past two years, it’s time to seek new leadership at Cutera,” chairman Daniel Plants said in prepared remarks.
Cutera said board member Gregory Barrett will lead the CEO search committee, which in turn plans to tap an external recruiting firm.
Richey has been with Cutera since July 2018, after a stint as North America president and neuromodulation GM at LivaNova (NSDQ:LIVN), the company said.
Cutera plans to release its full fourth-quarter and 2018 results Feb. 20.
CUTR shares were up 2.4% to $14.11 apiece today in early trading.