Cutera shares plunge on revised Q1 guidance
Cutera Inc. (Nasdaq:CUTR) , a provider of laser and other light-based aesthetic systems, said Thursday that lower-than-expected sales are forcing it to lower its earnings and revenue guidance for the first quarter.
Brisbane, Calif.-based Cutera now expects earnings per share in the range of $0.11 to $0.13 on revenue of about $23 million for the quarter ended March 31. On Jan. 31, the company had provided a guidance of earnings per share of $0.21 on revenue of $26 million. Six analysts polled by Thomson First Call were estimating earnings per share of $0.29 on revenue of $26.3 million.
In 2006, Cutera posted net income of $2.1 million on revenue of $100.7 million.
Just one day after reaching its 52-week-high of $38.80, Cutera saw its shares plummet this morning by $11.39, or nearly 30 percent, to $27.01 on extremely high volume of 4.3 million shares on the news of the revised outlook. The firm’s average three-month trading volume is about 238,000 shares.
Its 52-week-low of $16.35 was reached on
Cutera President and CEO Kevin Connors blamed the anticipated first quarter shortfall on “lower than expected productivity levels” of the company’s recent sales expansion.
Founded in 1998, Cutera launched its first commercial product, the CoolGlideCV, in March 2000. Every year since, it says it has introduced at least one new product to the marketplace.
Most recently, Cutera received Food and Drug Administration clearance for
