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CUTERA - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

CUTERA INC. (ISIN: US2321091082, WKN: A0B9QG) Kursdatum: 21.07.2017 Kurs: 26,900 USD
Beschreibung Daten
Symbol CUTR
Marktkapitalisierung 369.955.712,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Gesundheitswesen
Rohdaten nach US GAAP in Millionen USD
Letztes Bilanz Update 15.03.2017


Fundamental Verhältnisse errechnet am: 21.07.2017
254,27 185,72 0,00% 2,84 66,42 141,58 3,13 6,06


SUPPLEMENTARY FINANCIAL DATA (UNAUDITED) (In thousands, except per share amounts)   Quarter ended:   Dec. 31, 2015     Sept. 30, 2015     June 30, 2015     March 31, 2015     Dec. 31, 2014     Sept. 30, 2014     June 30, 2014     March 31, 2014   Net revenue   $ 30,042     $ 23,085     $ 22,563     $ 19,071     $ 25,499     $ 18,726     $ 17,724     $ 16,189   Cost of revenue     12,145       9,594       9,687       9,052       11,679       7,935       7,848       7,303   Gross profit     17,897       13,491       12,876       10,019       13,820       10,791       9,876       8,886   Operating expenses:                                                                 Sales and marketing     9,899       8,790       9,066       8,187       9,356       7,805       7,754       7,331   Research and development     2,812       2,748       2,728       2,445       2,649       2,628       2,622       2,644   General and administrative     3,189       2,937       3,014       2,989       3,407       2,897       2,335       2,564   Total operating expenses     15,900       14,475       14,808       13,621       15,412       13,330       12,711       12,539   Income (loss) from operations     1,997       (984 )     (1,932 )     (3,602 )     (1,592 )     (2,539 )     (2,835 )     (3,653 ) Interest and other income, net



Revenue Recognition


Products revenue is recognized when title and risk of ownership has been transferred, provided that:


Persuasive evidence of an arrangement exists;
The price is fixed or determinable;
Delivery has occurred or services have been rendered; and
Collectability is reasonably assured.


Transfer of title and risk of ownership occurs when the product is shipped to the customer or when the customer receives the product, depending on the nature of the arrangement. Revenue is recorded net of customer and distributor discounts. When collectability is not reasonably assured, the Company recognizes revenue upon receipt of cash payment. Sales to customers and distributors do not include any return or exchange rights. In addition, the Company’s distributor agreements obligate the distributor to pay the Company for the sale regardless of whether the distributor is able to resell the product. Shipping and handling charges are invoiced to customers based on the amount of products sold. Shipping and handling fees are recorded as revenue and the related expense as a component of Products cost of revenue.


Multiple-element arrangements


A multiple-element arrangement includes the sale of one or more tangible product offerings with one or more associated services offerings, each of which are individually considered separate units of accounting. The Company determined that its multiple-element arrangements are generally comprised of the following elements that are recognized as separate units of accounting: Product and service contracts.


For multiple-element arrangements revenue is allocated to each element based on their relative selling prices. Relative selling prices are based on vendor specified objective evidence (“VSOE”), if available, third-party evidence of selling price (“TPE”) when VSOE does not exist, and on best estimate of selling price (“BESP”) if VSOE and TPE do not exist. Because the Company has neither VSOE nor TPE for its systems and service contracts, the allocation of revenue is based on the Company’s BESPs for each element. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service was sold on a stand-alone basis. The Company determines BESP for its products or services by considering multiple factors including, prices charged for stand-alone sales, features and functionality of the products and services, geographies, type of customer, and market conditions. Revenue allocated to each element is then recognized when the other revenue recognition criteria are met for the element.


In the first and second quarter of 2013, with respect to the sale of its truSculpt product, the Company provided promotions that included an unlimited number of “free” hand piece replacements during a stated trial period of 3 months or 12 months. These free refills were treated as an undelivered element under FASB ASC 605-25 in the original revenue transaction. The Company deferred the relative fair value related to the estimated number of hand piece replacements to be delivered during the promotional period and recognized that deferred revenue over the free refills promotion period. Commencing in the third quarter of 2013, the Company now includes unlimited refills as part of the truSculpt standard warranty and the Company no longer accounts for the


warranty as a separate deliverable under the multiple-element arrangement revenue guidance. Upon a


sale, the Company recognizes the estimated costs which will be incurred under the warranty obligation in Products cost of revenue.


The Company also offers customers extended service contracts. Revenue under service contracts is recognized on a straight-line basis over the period of the applicable service contract. Service revenue billed on a time and material basis, from customers whose systems are not under a service contact, is recognized as the services are provided. Service revenue for the years ended December 31, 2015, 2014, and 2013 was $17.7 million, $17.8 million, and $17.7 million, respectively.











Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. The Company’s chief decision maker, as defined under the FASB’s ASC 280 guidance, is a combination of the Chief Executive Officer and the Executive Vice President and Chief Financial Officer. To date, the Company’s chief decision maker has viewed its operations, managed its business, and used one measurement of profitability for the one operating segment – which sells aesthetic medical equipment and services, and distributes skincare products, to qualified medical practitioners. Substantially all of the Company’s long-lived assets are located in the U.S.




The following table summarizes revenue by geographic region, based on the location of the customer, and by product category (in thousands):





Year Ended December 31,
Revenue mix by geography:
United States
  $ 48,916     $ 35,494     $ 31,487  
    11,504       13,328       14,205  
Asia, excluding Japan
    15,596       11,023       11,263  
    7,728       7,792       7,358  
Rest of the world
    11,017       10,501       10,281  
Consolidated total
  $ 94,761     $ 78,138     $ 74,594  
Revenue mix by product category:
  $ 71,223     $ 53,106     $ 48,374  
Hand Piece Refills
    2,910       3,714       4,267  
    2,889       3,479       4,264  
Total product revenue
    77,022       60,299       56,905  
    17,739       17,839       17,689  
Consolidated total
  $ 94,761     $ 78,138     $ 74,594  



Computation of Net


per Share


Basic net income per share is computed using the weighted-average number of shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of shares and dilutive potential shares outstanding during the period. Dilutive potential shares primarily consist of employee stock options. Diluted earnings per share is the same as basic earnings per share for the periods presented because the inclusion of outstanding common stock equivalents would be anti-dilutive.


U.S. GAAP requires that employee equity share options, non-vested shares and similar equity instruments granted by the Company be treated as potential common shares outstanding in computing diluted earnings per share. In periods of net income, diluted shares outstanding include the dilutive effect of in-the-money options, which is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax benefits that would be recorded in additional-paid-in-capital when the award becomes deductible are all assumed to be used to repurchase shares.