CUTR - Cutera surges 12% as FY22 revenue outlook maintained despite forex impact

Cutera ( NASDAQ: CUTR ) stock rose ~ 12% on Friday after Q3 revenue beat estimates and the company reaffirmed its FY22 outlook despite foreign exchange headwinds.

GAAP net loss widened to -$12.13M, compared to -$1.39M in Q3 2021.

Total revenue grew +9.45% Y/Y to $62.80M, driven by capital equipment and consumable product demand.

Products revenue increased +11.53% Y/Y to $56.54M.

The company said Consumable Product Revenue, was up 66% as reported and 74% on a constant currency basis, reflecting robust underlying treatment volumes and the inclusion of AviClear patient procedure revenue.

Adjusted EBITDA was a loss of -$2M, compared to a gain of $5.1M in Q3 2021.

Cutera noted that excluding AviClear impacts of $7.9M in the quarter and foreign exchange headwinds of $3.1M over the prior year period, comparable adjusted EBITDA would have been $9.1M.

"During the quarter, in addition to setting an all-time high for 3Q capital sales in North America, our sales team executed the second phase of our Limited Commercial Release, placing over 100 additional active AviClear devices into the field. These efforts enabled us to validate several new processes and as a result in November we will move to a full launch of this revolutionary product and procedure in North America, slightly ahead of our previous plans," said Cutera CEO Dave Mowry.

Outlook :

The company said that despite foreign exchange volatility it expects to finish 2022 at the upper end of its revenue outlook of $255M to $260M ( consensus $257.60M). Cutera noted that this fully absorbs the impact of ~$17M of currency headwinds, and implies a constant currency growth of about 18% to 20% Y/Y.

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