Piper Jaffray Comments on Cutera Inc

Piper Jaffray has published a report on Cutera Inc CUTR reviewing the second quarter at the medical device company. In the report, Piper Jaffray wrote, "CUTR grew revenues 22% and beat ours and consensus estimates reporting $14.9 million. The "above expectations" number is a key milestone—aesthetic laser sales have been pummeled in the worldwide economic morass, and while patients started returning to their dermatologists and plastic surgeons last year, physician purchases of the $100k equipment have lagged. We see CUTR's dual-phased new product launch as a turning point. Toe-nail fungus lasers represented roughly $2 million in new product sales in the quarter. The highly rated Excel V vascular laser is, in our opinion, still in launch mode and will contribute more significantly later in 2011. We continue to rate CUTR at Overweight with a $12/share price target." Piper Jaffray rated Cutera an Overweight with a price target of $12.00. Cutera closed Monday at $8.22.