Cutera Inc CUTR reported Q1 revenue of $54.99 million, a decrease of 5% Y/Y as reported, and a decrease of 1% in constant currency. The Wall Street estimates stood at $59.80 million.
During Q1 2023, the company generated $4.4 million in AviClear revenue.
AviClear placements exceeded 350 during Q1 2023, bringing cumulative placements to over 950 units.
"First quarter performance was below expectations due to execution challenges in the business and certain operational events including an undue focus on AviClear placements that diverted attention from North America core capital sales, as well as an extended plant shutdown that affected sales and margin," commented Sheila Hopkins, Interim CEO.
Cutera also appointed Stuart Drummond as Interim Chief Financial Officer, succeeding Rohan Seth, who has stepped down from the company.
The company reported an adjusted EBITDA loss of $14.5 million, compared to $3.8 million in the prior year.
William Blair writes that overall, the miss on most revenue segments, lack of visibility into revenue or cash burn moving forward, operational challenges, and ongoing management changes make the potential range of outcomes in the short term. The analyst maintains Market Perform on the stock.
Post Cutera's Q1 earnings results, Cantor reiterates its Neutral rating and lowers the price target from $33 to $21. The analyst says it remains on the sidelines until the company's path forward becomes more clear.
Price Action: CUTR shares are down 13.10% at $17.56 on the last check Wednesday.
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