CUTR - Earnings call transcript Q1 2021

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Operator

Thank you for joining Cutera’s First Quarter 2021 Earnings Conference Call. [Operator Instructions] The discussion today includes forward-looking statements. These forward-looking statements reflect management’s current forecast or expectation 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 on current information that is, by its nature, dynamic and subject to change.

Forward-looking statements include, among others, statements regarding financial guidance, regulatory approvals, productivity improvements and plans to introduce new products and expand into additional geographies.

identify safe we press harbor today. may refer you release that the to statement words forward-looking encourage statements, to earlier For in our forward-looking Exchange in filed. our uncertainties, XX-K as XX-Q risks in All subsequently the section updated Form subject Securities on with factors Form and the Factors those and described and Risk entitled filed are statements Commission including to our undue they reliance of also made. on statements, to cautions Cutera as date you which only place the are not speak forward-looking Cutera or undertakes update to events. publicly any new information, forward-looking reflect no obligation the unanticipated statements events to of to or occurrence circumstances reflect Future results may expectations. differ from current management’s materially

a non-GAAP Cutera’s should would underlying results performance our to by Mowry. will reconciliation we operations, GAAP turn the an Dave We financial measures addition, operating comparing With more adjusted ongoing These measures earnings along release. over In particularly and call the when basis. facilitate as these complete to transparency greater to to, CEO, not I results that, non-GAAP results analysis financial refer considered from but the of GAAP. be into measures, including believe from on can financial alternatives discuss our measures like Please period-to-period. prescribed in to non-GAAP with, measures

Dave Mowry

opening our will our of market you, will Today, to highlights call After today’s trends of the to our by XXXX details begin will Rohan over Rohan finishes, quarter few before some the from questions. I back our call operational the joined financial remainder aesthetic XXXX overview I Financial on am Chief then XXXX. our the performance. performance quarter a results business call for Thank comments of share and and Officer. for additional final around operator. high-level outlook me turn he provide first our first summary Seth, call by results, Rohan providing energy-based a a brief

am commercial XX% of I for internationally. delivered was business of quarter, an our North driven execution and in Turning the the first both first were quarter pleased prior which quarter our during results plans, with increase million, year revenue first $XX.X continued over results. to XXXX of results. first Total America the the by

year, quarter reflected across every the in with product geography broad-based performance equipment growth XXXX strong Zealand. follow first first Our were fourth from revenue WITH quarter North that sales XX% XX% New results energy-based category in in nearly to normally In XX% notable aesthetics, quarter. to Europe every business. our over positive a strength and America, and capital of and Australia prior sales Capital seasonality our period declined

capital sequentially interest had and fourth we a However, our equipment revenue by fourth revenue quarter of sculpting our into X% that just Digging in the supporting capital recovery treatments, patient year our quarter in a see line less XXX% to over we revenue strong period. distribute consumable respect growth recurring our in first growing resurgence quarter environments. sequentially of normalized of first million category. the were XXXX, focus bit of growth verticals quarter Japan, and during been certain respect our sequentially in XXXX body to particular, from products, deeper All body in pleased increased delivered customer quarter Zoom through of a meeting fourth was to X social revenue in year-over-year workplace grew the to revenue, XXXX, declined a belief With equipment skincare, sculpting including capital versus categories, and year. driven With prior In anticipation in XXXX, prior quarter to return XX% performance, likely XXXX we million some XXXX, the service over more $XX.X contribute and equipment over in stronger customers grew skincare routines. recurring XX% first $XX.X our of to representing our XXXX performance. work-from-home and

marketing into skincare anniversary growth. move efforts the heightened first we behind promotional crossing of second As and product quarter over XXXX, we the the of are the

skincare $X.X on disruption While growth strong bullish new of we quarter year. customer the and of continue long-term consumable XX% account opportunities the revenues be post-COVID on prospects to this our of a environment. cautious the with business XXXX, remain first also we over acquisition million, potential ahead, representing the rates product reorder In were low prior concentration, for very in

saw period. increased performance Our the North first revenue consumable this volumes America was we in during by driven treatment global in the XXXX quarter of

is The the third fees as year agreements revenue service recurring material associated million extended first for of from the time XXXX, prior maintenance over $X.X period. and both of with was our repair of representing revenue well quarter sale as revenue component X% service. service Global growth or

agreements proportionately. of grow will As into size calls we the service continues grow, market our the base service the active and to volume sell of installed

aesthetic Turning now to market trends.

seen geography localized regional have The having varies end continue We pace with recovery restrictions aesthetic by impact. extent energy-based and that customer still to markets improve. of

anticipated the and late of treatment the XXXX ‘XX. energy-based January of in virus due little with continuing in weeks quarter likely aesthetic and the into early first consistent were As fourth resurgence a few lower the to U.S. other volumes February, elective procedures, of

component both weeks With had respect COVID-XX will quarter their regional energy-based some plans. continue in optimistic continued continue direct are in in to these Additionally, expands. that In U.S. will attributed impact team’s we of as business, are recover any composite, were geographies that we significant to reflected cautiously of XXXX until these quickly enforce volumes markets. Despite vaccination customers and of they quarter execution throughout received In that generally are the expected of to closed absorbing in consumer vaccine. our resurgence but groups, improving COVID-XX regions some Asia bullish the we and portion by Pacific and our several of QX. there These of as second rebounded our volumes U.S. we several remain the throughout XXXX will out defer recovery volumes Canada, areas run XXXX. several social restrictions to results and continue indirect the of diminish to and encouraged procedures Nevertheless, steady the continue place coverage region early matching in the move of first COVID-XX as slow restrictions clinician to that observed events, in rest certain the are in vaccines and key a elected XXXX and through rates, quarter demand we headwinds between treatment Europe, North American pre-COVID geographies, patients international our rollout first pre-COVID pent-up March. other Canada, hesitation activities the stabilizing travel. through treatment regions the to some of February

commercial There the from several quarter. worth a Turning now from takeaways to positive execution. were operations highlighting team’s first

Our revenue efforts direct in growth. was type a during focus, performance combining This results. an strong quarter and balance turned area XX% pleased of the of growth year-over-year our sales teams geographical and system with these collective am to deliver I

North environment. despite the performance seasonality and of overcoming equipment American quarter typical quarter some year-over-year XXXX XX% sales COVID encouraging, first posting growth very first was effects Our capital lingering the of

fruit, both have have we pleased we our rate the To reps. EU beginning in of over attract respect capital continue are in date, able With our our the been level Europe sales with of effectively year. previous with North management onboarding to investments sales our bear to During of international team to has to commercial I execute. revenue team business, American XX% talent the been equipment up expanding through am addition that and success period, to able organizational prior the

our structure rep and place and emphasis to shared previously sales improvements commercial on development have upgrade that key interactions. European made customer We to sales were greater positions streamline

our are throughout the We reflected to associated activities are of development EU first our with XXXX. focus being an changes The continue these results. pleased quarter region to European for will growth see already area commercial be XXXX in revenue

investments In sales we the made in and and to enjoyed quarter for strong we XXXX, direct Japan. previous our in had success New steady teams Zealand Australia, the European contributions growth first both addition from of

while our revenue maintain into Over the I investments continue excited from able XXXX commercial and and process to of internationally. see delivering both were longer-term over the our we With half the to XXXX, these of people teams, commercial back the board, and first course in what on to I’d domestically am deliver like our Rohan. that, quarter organizations the investments. across call focus positive will turn to results

Rohan Seth

you, Dave. Thank

the GAAP our to otherwise earnings non-GAAP please note our of results, as non-GAAP included will release. in I GAAP contained our is non-GAAP we unless encourage noted. earnings A conjunction begin, listeners prepared on metrics in release, with and review focus readers primarily to Before reconciliation in our and results remarks

continues the reporting line our was will versus associated volume of reference XXXX overall separate As grow, the on go-forward I further $XX.X quarter basis. million go million for with the the business Please Total detail. attached Japanese the in for materials results period a size to now of first of first quarter XXXX. of same a Japan over revenue our for $XX.X our XXXX. for warrants contribution

the revenues of challenging impressed related in pandemic. COVID to in continue the XXXX our by the determination I leaders As reminder, our willingness commercial pandemic. impacted conditions be a the and onset were of to to by responding the market

which defined segment, end representing strong XX% to to $XX.X of it organizations service the our that period Japan Nowhere steady prior last XX% as the Europe grew for America particularly outpace global ongoing over to continued our commercial with continues Not in in recovery revenue, regions. was first apparent outdone, the year. our the our million the numbers Within These recurring quarter our results an XX%. revenue pleased same and in Australia, in skincare year, international also our North performance revenue and business in to compared also I’m and report efforts of more grew consumables, recurring markets. $XX.X market. around quarter the are our revenue skincare and growth retooling million an New reflect Zealand, rebuilding is than be

basis. of $X.X under XXX% year of revenue as increasing on a million of year-over-year million an having number over contracts. service revenue systems Service grew extended quarter a to last First $XX.X X% grew result

representing of a XX% which on due revenue year. revenue achieved, last million profit overhead leadership This consumable was part, and cover to million. margin and Non-GAAP increase X,XXX of costs, to base lower the organization manufacturing having improvement the reduce in basis of compared gross for grew effort XX.X%, global was a fixed larger costs. period our $X.X to was concerted part a same result a streamline our quarter the point $XX large Finally, to with gross to

on year and expense. Sales clinical $XX.X last to is revenue. Total quarter expenses for spending $XX.X expenses. million fixed reduced variable of up compared expenses offset $X.X the increased to million for additional by activities million and lower fewer Moving R&D driven marketing were compensation same comp, the T&E prior This year over nearly million on $XX.X by spending. were marketing period

Finally, on expenses. to G&A

million expenses $X.X quarter year. period first were the million in of For to the compared same $X.X XXXX, G&A last

For million last for the called XXXX, million EBITDA, the a our first no changes significant of $X.X operating loss experienced positions. non-GAAP compared to same income, of tax period adjusted We also $X.X our profit year. the material quarter or to was of

$X.X of the to on driven and in debt This $XXX March, the ended was purchase in balance of cash towards early expanded call. after which quarter and equivalents million. the proceeds convertible issuance capped million the by $XXX.X $XX.X million of Cash at transaction Moving costs raised of part large million net sheet.

is this Through expenditures include outcomes the capital transactions. increased capital, the potential purposes, for the may given acquisitions and optionality strategic stated pursue of to ourselves remainder convertible best general shareholders. which corporate use Our debt, to have we working intention our issuance for and an

to and commitment We to best this in to use putting the capital unrelenting so way possible. will discipline do continue with a firm

slowly you in travel Before large improve turning restrictions treatment remainder several aesthetic volumes regional to XXXX the course global the our would and with we XXXX. I and call Dave, markets centers, outlook to incremental of overall over fueled energy-based population that of vaccination processes to will the of like course the believe Despite the back over year. activity the end continue provide for by

With world, advance XXXX key infrastructure potential over key some However, of in the lingering our we that, of these in disruptions, this program, commitment of remain I to closing are of call related issue we and approach, not include in and initiatives Dave such, intend to in at to remarks. from our resurgence as steadfast in our we around COVID-XX other time. will virus uncertainties remain with invest R&D back to value commercialization the our year acne. our the acne to to full choosing measured the markets for drivers the Regardless guidance turn

Dave Mowry

first build our strength combined service the increased broad margin and staff and the together revenue margins around in our creates our going investment. very the through for of quarter to When reductions regulatory step We leadership right forward. of upon vital to this engineers teams. from things through to million momentum the and we we product to and people doing to and R&D, and reduced performances the work momentum will of The our team, team field adjusted on with deliver that committed increased levels, highly of focus team achieved $XX.X positive balance expanded do few do. and over motivation business in all The The Thanks, results. This remaining that with result focused prior work while center products continue first few continue on an margins the business to operations efforts through team operating inclusive the commercial at we remain delivered investing Rohan. commercial overhead executing EBITDA period. gross clinical new The development XXXX, the the forward team, provides labor, year over intend increased of strong our operations deliver expanding of teams type and process initiatives operations the I places our material and market innovative manufacturing our expansion expense continue fixed In quarter, right. across will vital support remainder technical both initiatives execution XXXX. our teams of meaningful as noteworthy our directed to customer

confidence forward from executed the headwinds strong Cutera throughout XXXX, market. came half the ‘XX pandemic in regardless that efforts in of rest remaining in and quarter. many be will serve build likely start that the strong carried These will in results have of first second Our the this ‘XX to the of performances uncertainties for

a to up commitment the Cutera, XXXX. been in business service thanking his partner Officer. Richey filling as to Chief until to Jason has willing since when Finally, to the a of in by Board turn asked Jason efforts Operating in came Ever my strong Cutera. like our I’d closing, And of future as and medical company’s Jason interim the few for dutifully serve moments stepped CEO, Cutera in role spend our XXXX and arrival around the July to aesthetics. of joined I Jason this and create Directors,

the like expect Operator? for lands. that, retained great vacancy. to to very have has that him new wish this might moving will the after-hours Officer personally, to the team, in issued open be fill you I along Cutera he With the Jason with press search things today, I’d seen initiated to rest him call a the As wherever on Chief a follow best The release and company will of questions. Commercial role.

Operator

first Piper Our question O’Brien Sandler. comes Instructions] Matt with [Operator from

Korinne Wolfmeyer

for This is of Matt. luck to Korinne on Jason. Best

this recurring year? starting breakout to historically, we that of that quarter, XX-XX; So forward? type Or Are a like you’ve moving this do to XX-XX. you little hit expect breakout mentioned capital is off, over getting your XX%. year? that closer going with last see along XX-XX; in Are to we And this split going of when sales quarter,

Dave Mowry

Korinne. to Glad call. our Matt. could thanks, the you Well, Give join best

the environment growth in driven a part in somewhat the But some the COVID think skincare. result seen. we’ve driven from in of see capital decline is consumables is it of that sales by you I as our probably split and our also

think not upper not about be but recurring current a especially balance back. of streams. bit I recovery to kind our way very back sales. capital a feel the our may So in little a And of grow, and to good I We to sales to that it’s year, of our overshadow the want and But expect would all suppression take bullish drift of feel on the I half capital the on going the may lap careful XXs, create back bit in that. those. capital of revert this about half the very to I business the we revenue little to continue

Korinne Wolfmeyer

helpful. more And Great. one then That’s really us. for

your With lower, the skincare do margins long-term a bit little of you that place what work you things goals? have towards in sort offset as headwind to margin

Dave Mowry

of With costs start some as possible way our he’d best handling to of great make. then well and our we about I’m -- and a specifically more it’s some going profit more our we’ll Rohan of out working the points a going take and margin. talk he kick and the additional the I’m expansion. months it question. actively to that’s to generate. some if the to skincare, margin to be logistics with what dilutive over getting in pricing, evaluate expenses to several less has Rohan next those like Yes, and can to talk hopes as that and spot about working to And course ultimately, globally do aggressively margin of the through overall we’re can then through improve very manufacturer maybe negotiate our skincare, in a in landing of we

that, at about So talk we’re to to in those we’ll activities. Rohan, see hopefully want you active from some be and in looking margins, able do benefit general?

Rohan Seth

lot, Dave. Yes. thanks a And

say the I’d in towards. was up conviction our of trending results margin. our outlook efforts it in business, of already, ended increase numbers expected say, that growth several all, business the that first continues the by to than our bit fruit on about that forth being the quarter we over in it’s past faster some little I’d and the put with bottom previously the QX. communicated and kind good But skincare of of profitability. bearing results this in and EBITDA So evidenced said, where delays are really where line I feel skincare our adjusted a quarters

Operator

Chris Next Stephens. Cooley with question,

Chris Cooley

you us apologize your when if timing update terms maybe see remarks, it in and as this get Just data either of update any just a for on the follow-up, really can the a pertains thoughts line your this or there formal covered to at did of more I acne outset, offering? more in we is prepared the here just a adjusted all new what you impressive in as then Again, some on of product the basis succession. and the cadence just specifically kind ask second And year-over-year on I’ll quarter. EBITDA but

Just year-over-year curious back you’re maybe the have a you to, bit concerns you that? offset than in strong in little line, that you’d going operating a year that bit rise there half on little capital at in ability EBITDA we pressure adjusted think margin that realizing your do of the as as more forward generate alluded get just would that there to synergies or you the see some any growth gross pressure of

Dave Mowry

take trends more the speak Chris. I’ll on bottom specifically Rohan one to Thanks, margin maybe first can Great questions. the and line again. and

best with more where do inform to we and we the the we I in are the say understand happening, level bullish people it’s and so. disclose, with the to lot and and more plan. at necessarily continue an acne, And data we acne. about we exceptionally no this time acne, that I point. our execute the we investors And look, our of our would So sure more our that more, plan. just made we other results help think not that that investment at when to enough team in think, find There’s to we’ve awful and and what’s will we’ve this we progress interest set given regard our really, just continuing time. has in made. of be We’ve I Nevertheless, conviction find is been give minds, are our change to giving

Rohan Seth

question address I’ll the Chris. And adjusted Yes. on EBITDA,

such a the this and good that I’d for year like about and are that quarters of results best said, rest us, the being will continue to X use best bit the all the are feel accelerate efforts of That that see are ideas feel things right of on which fruit. and of year. deliver of as the really little progresses, to we resources to say, bearing So I ERP delivering internal, we as we’ve to acne, the now. scale all we’re over we’ll look, sustainability achieving made as efforts we’re available these reinvest possibly as we some can past in the X

Operator

Block question, Next with Stifel. Jon

Jon Block

because that norm don’t outperformance still I we XQ XQ capital, give as it, quarter, models the curious you that down think with guess, you’re I question, first in the Dave, despite is like number? you what from to and you is XX% aesthetics, other I to step-up, case that what, Nice very XQ XQ I’m in you Great. In to aesthetics outperformed. our guess But start big but to what’s know XQ. capital to about know to XQ XQ, of from Rohan. it’s and call what Dave looks do growing are XX% normally also a And still it think usual we the want impressive for and well words, specifics, occurs? just had XQ from XQ to

Dave Mowry

and I think QX. with in clarity. And to Yes. leaders. is we’re the some going same we’re appreciate talking see don’t By I this to sales appreciate the and in the of seasonality. way, quite digging in bringing question, up Look, capital into quite Jon, the think my this I same our the see opinion don’t I step just going

our were the aggressive during pulled -- think terms the marketplace QX. of might teams in in we very I performance saw QX have in forward how

with the frankly, not it’s at think going vengeance same But another to We’re thing going drive improvement. magnitude. be this to probably sequential a certainly I

to guide I willing of that sequential seen that to don’t seasonality We nature be at of this going I’m from I we QX very QX thoughtful point. it’s should have because this to am, to but point, that improvement, a flow think preference. see at

Jon Block

it believe a end about throughout a it, X-parter moves it, off when ‘XX to I time skincare? And and X-parter But as sequential maybe enough. skincare? And this somewhere rate Like Rohan, the your bit rate also seemed just the ask little be higher Fair in improvement then call Okay. one what it think question. we might success and for might talks do right you, and I and skincare margin, follow-up, you the between then in with a the higher-level XQ the current gross XQ number? quick be that I’ll we is, Is of do that the And it press moving margin maybe the that about and on yet about but we still don’t gross finally got mean, take for run then about the a cap every said higher. time think release, we year? more. I say, in them think I’ve run put XQ about, you that think

Rohan Seth

Yes.

on I’d question be help business gross us margin. That the not, side. it it’s the on yes, say It I’d profitable adjusted scale, see continue continues a we’ll like it will business skincare in for say or expansion being address headwind, whether some -- does I’ll I’d So to a we said, EBITDA the there. margin. to is as us. say

us. appreciate it. We So for us business perspective, having on good a gross dilutive it’s while it be for maybe margin a

sees it to where leveling talk So us Dave through he out. turn to skincare over I’ll

Dave Mowry

And And on for still folks bit topicals. Japan a full us kind it’s at you not because, by Jon, problematic their Japan’s augmented using part lockdown. probably capacity. of as well, call probably operating a -- recognizes, of know for the travel regimen little the have in the Yes. most in everyone has lot skincare operating been, and

We’re start about travel. as that lift in see on restrictions to Japan to kind how of out plays

still is shutdown. Tokyo on Although

see. So we’ll

Our result some that of itself. fear of the growth degree as we’ve just there’s is a that COVID environment seen

hedge While I’m think we so said, real sure some not environment. reorder And to of. what be got the broad-based current is the and we promoted we to a we we of this like front rate customer customers like got the rate and have what we’ve in run somewhere for we to that business we’ve That good hesitant But run rates, way we’ve get probably seen in kind settling there. continue that’s it pickup. the a think across in pre-COVID mid-range that the of number And but of fact a we’ve don’t reverting broad kind we see being effectively it’s us, base. since I in up, the set back post-COVID think

Jon Block

little to And Okay. to the you that me, wants a a balance improved aesthetics coming talk Jason’s good higher do some have this get characteristics rep little in the you’ve portfolio. body as Very is where moving think or an last departure? helpful. Jason’s opportunity got use what someone one The thrown of you And about you wanted that, Dave, The even place? market level. does a with you for the off is onboarding that bit bit to clearly accelerate the hires even If when more? have are Maybe if sheet. back. us, market you really guys

Dave Mowry

a little commercial it more of build we component. organization, get get in especially something certainly commitment is because as said, a that just view to Jason acne in have miss of his we’ll do I think lot that’s drive excellence. to we Well, I and deeper backfill hands-on to and future his think out, here. and into position That we a hard have to a And the light

acne adding is to want reorganization super finding don’t get have that or we with restructuring launches. then to So create aggressive what we do of people, as some degree

thoughtful now to we very and bridge do trying be from future how So what’s that around the we’re state point. till

a that’s think deal. very I So big

aesthetic certainly capital some clinical with understanding to I varying backfilling is some I have this share well. also is that with think even they it’s in and some view come them when would skills. Commercial experience understanding. think maybe have to I the thing or Chief some want as I market Officer, the other my has important I think person that about But

think into especially some we’ve clinical greater to the of about conditions treat. we requirements as seen shifts medical this clinical greater kind intend we and for get As of we business, and that data of in support, the more

a So tall order. it’s I think

with us We’re But that have underway in it, success we’ll already but can finding drive the tall move it’s needle. a I order. help somebody and think

Operator

question from next comes Vendetti Our with Instructions] Anthony Group. Maxim [Operator

Anthony Vendetti

is been you that has questions Or Most maybe, the all? quarter But But at provide didn’t you the the my overall potentially approval know for it getting has line acne discussed of from shifted you last to line time treatment the an speak answered. I and have want time time when update commercially? same or -- then on Dave, line the launching said laser. still

Dave Mowry

Well, look, cautious because And of actually I’m your giving I interest market’s appreciate I very the want by -- Yes. I’m answering kind question, this reaffirming. be to product. in

more, I we So opinion. say changed haven’t I’m our I’ve not said going tell to Anthony. would you that

haven’t efficiency our time. think view the commercialization great changed towards And what and will the date of with We continue future drive we to product. we be

to seen would I probably, the or that you from haven’t on, market, the the model towards. fundamentally that any capabilities number one, my moving drives or we we market the would do that be that all we perspective, So changes change confirm the have view affect guess, I to our of is size

I think I best the that’s do. So can

Anthony Vendetti

And medical obviously quarters? equipment, spas of just only some reopened last of higher say them I has spas be the lastly, think, are, pent-up then demand just of the at or slowly might most have seems Would couple coming -- a that there’s reopened. the of maybe some even be back over of been you demand practices but for most capital might It this exceptions the some point, level. Okay. maybe maybe more like

Dave Mowry

Look, and people Yes. think you’re A added several have of places equipment. right. capital have lot I opened

and long appetite that been greatest has view be going see of year. Our to continues half probably to this second in we’re the the increase

in stability. have there’s think not that of processes think get probably but only now to resurgence some everyone’s on I the the get I we mean, vaccination challenges virus. have some I through aware Michigan to we new

ahead lot of that of themselves haven’t quite getting this are very and I we want yet, overly little getting be thoughtful excited. think to So people we a outrun and a

we our markets and in that full well in we’re that trying how it. over make And We’re and the around We we thinking the very measured control the playing and that to and in said, and doing the thoughtful aren’t in. what pleased delivered in the anybody of terms we interpret economy. aren’t we’re say we with don’t recovery expansion over full we’re say markets. results tips of don’t certainly to that want those aren’t sure sure be environments we’ve That the just in and ski we get this

Operator

like the I to for closing Dave over turn remarks. would Mowry to floor

Dave Mowry

interest Thank you, operator. everyone’s the in story. continuing -- the appreciate We of the following Cutera

Thank we’ll to look We’re about our and be a what that, the company’s make with talking to investments updating With transformative to excited quarter. event very to you. you believe you we our drive in and future, next history. with results, continue think forward pleased you I’ll very we necessary leave and this

Operator

concludes today’s teleconference. This

for you thank and time, this at lines your your disconnect may participation. You

Cutera (CUTR) 9 May 212021 Q1 Earnings call transcript