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Home » Cutera narrows losses but misses expectations in Q2

Cutera narrows losses but misses expectations in Q2

August 8, 2013 By Sony Salzman

Cutera narrows losses but misses expectations in Q2

California-based laser devices maker Cutera (NSDQ:CUTR) narrowed losses but missed analysts’ expectations in Q2, sending shares shares down 9 points in the days following the company’s 2nd-quarter earnings release.

The company reported Q2 diluted losses of 4¢ per share for the 3 months ended June 30, a penny below analysts’ 3¢-loss estimate. However, Cutera was able lift its bottom line, narrowing its losses 56% over the same quarter last year.

Shares took an almost 9% hit after the company released earnings, with prices sliding from a close of $10.05 on Monday to $9.16 by Tuesday night. Stocks continued to slide, opening at 9:14 today and dropping another 1.5% by early Wednesday afternoon.

In a conference call with analysts, company CEO Kevin Connors blamed a devalued Japanese Yen and a slimming-down of the company’s Canadian business for flat sales compared to Q2 of 2012.

"In the quarter, Japan represented just under 20% of our business volume, down from roughly 25%, largely due to unfavorable foreign exchange impact … We have some specific initiatives in place to improve on this revenue category," he said. "Turning to North America, we experienced a slight decline in our business in the quarter. The 2 primary areas of weakness were tied to our Canadian business and our podiatry business. We believe we can address improved performance in these 2 categories as we believe both continue to represent healthy opportunities," he continued.

Overall Cutera reported losses of $638,000, or 4¢ per share, on sales of $19.6 million during the 3 months ended June 30, 2013. That compared with losses of $1.5 million, or 10¢ per share, on sales of $19.6 million during the same period last year.

Filed Under: MassDevice Earnings Roundup, News Well, Wall Street Beat Tagged With: 2013, Cutera Inc., Q2

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