Cutera, Inc. (NASDAQ:CUTR) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 08, 2018 • 04:30 pm ET


Cutera, Inc. (NASDAQ:CUTR) Q1 2018 Earnings Conference Call - Preliminary Transcript


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Greetings, and welcome to the Cutera Incorporated First Quarter 2018 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Matthew Scalo, Head of Investor Relations & Corporate Development. Thank you, you may begin.

Matthew Scalo

Thanks, operator. Welcome to Cutera's first quarter 2018 Earnings Conference Call. My name is Matt Scalo and I recently joined Cutera as Head of Investor Relations & Corporate Development. On the call today are Cutera's President and Chief Executive Officer, James Reinstein and Chief Financial Officer, Sandra Gardiner. After the prepared comments, there will be a question-and-answer session. The discussion today will include forward-looking statements, these forward-looking statements reflect management's current forecast or expectations of certain aspects of the company's future business, including but not limited to any financial guidance provided for modeling purposes. Forward-looking statements are based as of current information that is, by its nature, dynamic and subject to change.

The forward-looking statements include, among others, statements regarding financial guidance, plans to introduce new products and productivity improvements. For words that may identify forward-looking statements, we encourage you to refer to the Safe Harbor statement in our press release earlier today. All forward-looking statements are subject to risks and uncertainties, including those risk factors described in the section entitled Risk Factors in our Form 10-K as filed with the SEC on March 26, 2018 and updated in our Form 10-Qs subsequently filed. Cutera also cautions you not to place undue reliance on forward-looking statements, which speak only as of the date they are made.

Cutera undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances or to reflect the occurrence of unanticipated events. Future results may differ materially from management's current expectations. In addition, we will discuss non-GAAP financial measures, including results on an adjusted basis. We believe these financial measures can facilitate a more complete analysis and greater transparency into Cutera's ongoing results of operations, particularly when comparing underlying results from period to period.

Please refer to the reconciliation from GAAP to non-GAAP measures in our earnings release. These non-GAAP financial measures should be considered along with, but not as an alternative to, operating performance measured prescribed by GAAP.

With that, I will turn the call over to our CEO, James Reinstein.

James Reinstein

Thank you, Matt. Good afternoon, everyone, and thanks for joining us today to discuss our 2018 first quarter results. From a revenue perspective, the company performed well in what is normally a seasonally slow quarter, generating sales of $34.1 million or growth of 16% over first quarter 2017. North American sales, system sales continue to be vibrant, growing 31% over Q1, 2017. The drivers of this growth are a combination of elevated ASPs across most of our platforms as well as the contribution of newly launched systems which bring with them a