CUTR - Earnings call transcript Q4 2021

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Operator

Greetings. And welcome to the Cutera’s Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. forward-looking includes today discussion statements. The guidance reflect These of not forecast purposes. financial expectation current aspects forward-looking limited of any but statements certain including, the or business, modeling management’s company’s for provided to, future

Forward-looking nature, and its statements is, change. dynamic are information subject on that based by to current

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

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

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

Dave Mowry

listening welcome Thank to to and the everyone you, call. Shamoly,

for dial-in you this update. that glad could are We

with Financial is Rohan Seth Joining Chief call me our Officer. today’s on

of over call Over highlights review running the fourth the the our XXXX provide gathered course then performance. detailed performance, results quarter of of and will for overview with operational we and our I be along the Rohan commercial have a insights course of financial providing our business. the record an outlook will some

Following including will bring that to brief very on to exciting efforts I additional and market a provide -based energy some comments, a innovative for our acne. solution update

open then We the questions. will your call to

financial to on moving the Now, update.

levels the showing Equipment Product have fundamentals strong headlined quarter performance, leverage and strong our increasing American core continued record have with of from revenue both made improvements market the to North implementing steadily us patient strength in prior During XXXX, on in come and business aesthetic we Capital robust an underlying organization especially periods, progress traffic results enabled fourth improve the by our to volumes the Consumable by strategy treatment were to over where fueled These practices. commercial our resilient commercial that a categories.

our in the North commercial manager capital key evident performance. American sales. believe our our Consumable We growing organization, have that key momentum managers our strategy quarter additional fourth of account terms from was our to provided XXXX momentum In sales account

to of partner turn while revenues, Cutera treatments with As the their they resources reminder, account increases high service KAMs Consumable our Cutera’s from the practices revenues In our from account customers support managers utilization field-based or to provides device level key ensuing their a patients. are customers greater managers who our to increase and a our that key enabling offer.

million, support revenue in to adopt presence alignment growth by other teams. the Equipment North Capital of American with particular, a Cutera’s a customer-centric sales managers force practice during the easier of of of who Overall total built our financial have and ownership entire cost fourth significant delivered eclipsing QX decision post-sales steady the products, our there and course for proud driver We quarter a not Capital so our particularly from years, making momentum revenue product XXXX of they of a is that our growth standout capping as sales our compared of key strategy account performance already level record strategy. but I to our execution fourth the was appreciate equipment. $XX.X by for treatment American ongoing across revenue year. leveraging their even by team robust the sales performance the a most sales increased and customers the prior recognize of from delivered over am company direct begun the only Capital revenues off and increase Cutera’s highlighting quarter to The to XXXX, of trends the commitment and sales to hearing during levels. performance compared record XX% of Cutera year key attributed pre-COVID quarter portfolio performance, North manager revenue volume account to our Setting our energy-based value new prior business. This more

it XXXX. by in but product service regard throughout the weakness by result building to purposeful our the of working slight our revenue, challenges sales overall prior Japanese COVID-related With was nice any and quarter in quarter direct was impacts international sales teams decision third lift not distributor weakness over the Our softness began Equipment our progress in record driven management. and of consumer This offset provided hangover recurring the year team from momentum fundamental the revenues. sales the performances through service fourth in a EU made market, Australia a markets. level Capital led going instead quarter international into by in and The

manufacture record our Given service products the over placement parts. distributor over performance chain, of capital choice inventory supply a sluggish and global replenishing made the layered to prioritize we new of

distributor demands was this customer an we struck we ideal, quarter and While needs. not the within balance between that believe appropriate

during longer any we we key pent-up have parts Consumable indication and manager line quarters as quarter into clear-up can to two robust an service account key experienced partnering for the strategy. increasing our is next demand with success term provide the growth team providing demand into replenishment revenue from over Our early suppliers anticipate the of expect sight to deliveries. of Product our our visibility

of of growth anticipate With into our base managers active the installed ongoing will account of consumable XXXX. the from of combined revenue the witnessed system fourth on expansion Capital sales we trend number continue increased an board, key with in quarter XXXX now that

return do a is underlying remain treatment XXXX of in customers on robust Year. expected quarterly business strong into ahead for XXXX While that volume earnings the first rates. purchases fourth potential will settle increase supported impact over to above call price by and tied portion rate can demand estimate in year expect pre-buying $XX.X mentioned of announced going the growth to to the at market half of Skincare the there we see growth will by consumable fully activities. $XX.X to period. as over Skincare revenue we of range year ordering was the back New into our of for a This to was for -- We quarter prior be a was to a or volume had anticipated slight quarter in key Skincare million $X the run We quarter million it normal But the XXXX. account the in million, a in XX expect a of product third significant. advance be the quarter. period decrease was represents manager $XX.X only patterns as the implying category cadence sequential to third this million approximately revenue compared the Skincare

Before comment expansion is our few over turn first call one the Rohan, I our which to, of I initiatives. vital would gross on margin

required XXXX, component performance cost by another help to the freight strong with the delivered expense, During increased pulling fees supply the and implementing pressures associated savings costs inflationary processing and higher quarter expediting team in programs special deliveries. such as offset the fourth

we have will regard good cost remain increasingly running headwinds, team’s of front building will efforts With we the our provide over full to With call business let to in and performances, done our reductions of effectively to XXXX. While to on on inflationary operating a committed financial important XXXX. job our become margin, share make we growth. efficiently, the the that, and some fuel to color as year over inventories turn judicious for outlook additional continue that well investment Rohan some as decisions will me

Rohan Seth

you, Dave. Thank

the As earnings listeners of remarks release. discussing our approximately XX%. complete I quarter in same $XX.X prepared encourage be I XXXX, non-GAAP the in the I as review results my metrics million want note will in GAAP $XX.X for Total to We A some to conjunction non-GAAP results. the release. increase was our revenue included representing is an to of review earnings readers and GAAP in that period fourth non-GAAP compared to million, reconciliation with for contained

the revenue million was the prior American XXXX, $XX.X an Capital For quarter year Equipment year North Fourth full of in $XXX.X million, was to revenue $XXX.X increase XX% compared period. from for million, period International was compared $XX.X year. the period fourth to million last revenue compared to for the increase same Equipment a $XX.X last Capital quarter the million, year. XX% same

million, Full year XXXX growth of compared year $XX.X revenue XXXX, of rate $XX was million representing North million, compared to XX%. For the was implying Equipment to International million Equipment XXXX, growth American in $XX.X in Capital a full rate $XX.X Capital a XX%.

exceeded and million XXXX the we Service year, was are watermarks made Skincare fourth growth established representing Recurring investments defined lines year. in product XXXX the in for the million $XX.X period early and revenue high our compared in the Following the to last a quarter, exiting over XX% having prior to same late XXXX. XXXX, Consumables Global include the $XX.X

to from years well XXXX, like our The XXXX, XXXX the franchises, note was year, the recurring the revenues grown in For sales. $XX.X would driven growth Consumables our revenue in the of the of and that recurring representing by XX% to prior here which largely growth. continued $XX.X Skincare million strength past bodes a three over continued over in year. XX% compared XX% since was million, our to increase have I course full for

year, more year. we points Our Non-GAAP increase improvement XXX to pleased point long-term last for period fiscal gross of fixed a were XXX margin million acne was $X.X were same gross XXXX profit of driven operating year. $XX.X was with this improvement a last than last XXXX $XX.X compared $XXX.X a for cost story for several expenses the full chain a continued operating margin total basis XXXX of our the base, expenses million, million target basis $XX.X for sales Total million better million, representing margin XXXX pressures. compared in Non-GAAP made period $XXX.X The XX% about to and year. progress to revenues full remains fourth quarter the and for Non-GAAP the macroeconomic XXXX. of million, to mix of by compared profit exceed and drive while quarter supply year non-GAAP year our the same to improvement all inflationary offsetting XXXX. third the leverage very and consistent investments for XX% our we a fourth Over are nearly compared of increase remained were million, the initiative. to $XX.X

year. OpEx expense on cover will the of for for expense same XXXX period year the million full for $XX.X I $XX.X was was for $XX Now, the marketing fourth non-GAAP a R&D compared Sales year. of XXXX marketing and million, last XXXX. compared million details and to $XX.X was quarter $XX.X of quarter million, to the basis. the fourth Sales XXXX expense expense $XX.X same $X.X million, compared to full last was compared in million for XXXX. for to the in period million year XXXX $X.X the R&D million,

$X.X XXXX in million for million, million expense in compared was G&A last to period for was G&A quarter $XX.X compared year. the $X.X to the full XXXX. year expense million, Finally, of fourth the same $XX.X XXXX

our been on details XXXX. was made the a we the investments in It’s additional known million adjusted $X.X to that upcoming excluding million, some of For non-GAAP and was of $X.X $XX.X XXXX. million million company’s $X.X like the EBITDA worth profitability adjusted products acne provide I’d profile. our commercialization our for to $X.X as EBITDA compared for quarter to prior QX year period, full to full support income the $XX.X EBITDA also moment year year a million, XXXX, have of take noting fourth in to would compared million the year in XXXX while loss the the operating during

the global underlying of numbers We are very proud the result in of improvement collaboration these our are direct and Cutera discipline focus, and of profitability team. a our

our we encouraging Our QX strong $X.X of and these clinical acne our fueled belief a insights to very return was shareholders. it’s on data behalf date and of investments by we on that spend have earn million the gathered market will

are have on will and our optimistic continue invest made We device with the acne progress we judiciously. we cautiously to

no were tax or significant there our Finally position. changes to material

quarter and $XXX.X end sheet, to of of compared cash now balance million the to inventory, our the of same to Turning the equivalents, and at we last from year million We third cash $XX by $XX.X with ended million the at driven the device. ended prepare time quarter for our acne of primarily the with the third of quarter investments XXXX. million $X launce up million $XXX.X quarter,

engineers balance the sheet the in us history balance strongest ever meaningful continues sheet of Our capitalize being be out Cutera well the our it and been positions innovations churned to, in best continues pardon to by me, to on business. very the has the

Dave, with of to I outlook like the for Before to I would our full back the year over you turn provide call XXXX.

navigated and by are team, with lingering continue environment our its performance pandemic variants, the our strong as and deal markets. encouraged have to demand very effects end we in COVID the overall of of the through as the As health well we

guidance as implying additional underlying investments will include of any acne. constant our million issuing $XXX growth business guidance does ERP as XX% trajectory at revenue of growth the investments build million from XX% the make such year XXXX In to $XXX to of include not XXXX, a we enable full core as for our the $X out to $X a than and fuel intend we This acne, result, long-term other well million to infrastructure. As growth These our million on basis. initiative to are scalability, business. in our investments revenue currency OpEx accelerate of and of

of million Additionally, global in challenges. we to anticipate to -- EBITDA in gross our to $X our present our due revenues grow year, the near-term against progress supply for the to cost supply investments range adjusted have ahead slightly $X these the anticipate the margin the of with and supply Regardless pressures of made ongoing leverage million along goals challenges chain chain we we business. underscoring profitability experience inherent

associated our currency acne EBITDA range million our For $XX on basis a constant the adjusted million. would XXXX excluding of investments to program, with in $XX be

We notwithstanding future of expect to XXXX to program manage and to the to timing adjustments levels. from the of to deliver based XXXX FDA. cadence on $XX be our extent million, in our be year acne adjusted range intend XXXX near full investments feedback $XX million investments We EBITDA the at or

to it to As we continue have scale deliver Cutera the progress the With will investments, and on over now years. profitability it couple Dave. I of goals that, emphasizes absorb pass back last foundational we while made

Dave Mowry

Thank you, Rohan.

well Equipment that products, as The the and call, As XXXX very performance, position the achieve family are with we categories enter have execution Product to us of strong as Capital our we momentum. discussed pleased with to particularly the with record Excel our QX strong commercial and our performance results. from Consumable these truSculpt, allowed Secret platforms throughout us Skincare including revenue

of been solution as we the market working Additionally, many a for acne. have treatment quarters novel know, of over diligently to several bring past the you laser-based to

I like with have that of you you on spend to Now, minute on the would a this made products front. updating some we

solutions to procedure this modalities. effects as have develop of acne any working of on the the to as corresponding and spent risks treatment several product well design without or deliver we a and As comfortable, and program the to current years fine-tune patients safe side effective

data -- conferences. our me, previewed to been physician practice will customers procedure this provide products, the patient’s study pharmacological safety into that on acne ability daily from convert excuse and has revenues. internal our at believe projects with spending dermatology we Recently, our topical Additionally,

and either durability with wish making April, post-treatment. ASLMS we and acne of We outcomes the we study in not several anticipate by our of at launch and months from quality to conferences followed patients approval are physician on feedback Meanwhile, the and quite are out or now potential has reviewers any encouraged the emphasize comment of of more our solution. AAD been upcoming we from these March that data XX respectively. the positive timing presenting The through

but XXXX the as mentioned revenue to over your to appropriate. year Rohan on from our updates As I’d the continue turn that, guidance progress acne, had call open full we to include not provide the will to Operator call like does With questions. Shamoly? to the

Operator

with your you. Stifel. comes Please question. of [Operator question the line Thank with Jon Instructions] Block Our first proceed from

Jon Block

Maybe, afternoon. to the first one components for guidance. you you, or of Rohan, just Thanks, color guys. willing in Good the the the components give are XXXX any

the views everyone lot but solid $X.XX, a moving and as Capital it had on think of the have parts Consumables. to very between topline you I $X.XX

So to sort about quarter separately. as anything between my about I as provide first want is we think Consumables And will of there to XXXX any the the follow-up color think the and on just of ask then Capital we then and also year? you breakdown seasonality enter

Dave Mowry

Thanks, John. is Dave. This

off and shift In kind we mix then Consumable I the to growth Product lead Rohan. our and me our in to Let think expand turn continues lines toward back continue this strategies. key mix, favorably I will to of it account the manager revenues, to as recurring rollout regards specifically

would getting those upon based products, core limited albeit from some anticipate somewhat business. the benefit So we

to strength would and see I of normalcy to as the second expect we move some follow back and quarters. that quarters trends, in previous dip you through think get and in and business fourth then will terms continue quarters the I seasonality of third quarters the in seasonality, the where continue COVID back we and first

in advance it’s and So of I treatments think, of obviously, summer advance New it’s holidays. then and Year in

is up the kind being into factored that forecast. said, that’s our think baseline of bottoms what I and So,

Rohan Seth

very some unfolds. especially the in we and momentum is, very to And key XXXX think for the I with thing I’d extremely America year bodes add it strong well in North entered have that as markets, that

Additionally, strength see would expect recurring I’d in -- Capital make to the continue as to our sales. and see forward outpace revenue and sales I expect those of to say, percentage our we revenue to continue segments on progress a recurring total

Jon Block

I Got these was it. just my I in and threw That’s talked And then That’s if $X.X you any a in of really believe quarter mess perfect. advance million-plus numbers, XXXX. in think maybe you in of it. about spend lot in But so spend helpful. acne, Got that up. $XX guys in the I million apologies

do door to Dave, like the right, number maybe a call with So, but going, it sort education, is it But where have ahead cultivate on out reps, numbers help just clearly us are is I one? in spend lot advance? sales market it, importantly, more seems is very an just on of you that dollars are opportunity the excited spending you about, and going where of, it

Rohan Seth

Yeah.

question. great I think that’s a

me let spend color some some and will to you add guidance. to try first color So QX give XXXX around then the I the

will eventual XXXX, sales say, of the this in studies, force. preparation on in some a say, a related clinical an spending would So, build spend monies spent, out investments, for COGS preparation within launch. similar for be and R&D, on we clinical categories items, marketing It over I’d of cost I’d XX% about on items, we in these launch. In little I’d to and in R&D related third studies and and sales force about sales QX, be marketing continue say, eventual half

Jon Block

hopefully, a any this this that, safe that’s guidance This one. which going straightforward reflect Thanks, am came one, reflect of currently Dave, a acne. guys. this to And not specific on question, not anything I that and approved going get timeline. any that on the throw doesn’t on the providing know very street, products, tomorrow you very is to last more just I -- you the changed question to or are on But on am me just a hesitancy one doesn’t And are is assumption? ahead in guide, I Okay. flag quick XXXX going

Dave Mowry

yeah, -- to that’s about I way very a think That’s right think the it.

But indicate the data. product discussing We our timing data. our increased investments started are the on of some think to that the in have process, the bullishness as fourth quarter of I see not the we

bake So we of marketplace perspective are assess we there’s you don’t an about out and no matter are into the just doing into have what the ultimately, get we guide we the contributions It’s can hesitancy really are that approved revenues. how a product. uptake, doing until hard revenue It’s speed and excited of and it. from can to our we

Jon Block

your guys. good. Got All it. Thanks time, for

Rohan Seth

Thank you.

Operator

proceed Our next question. comes from Cooley with Please line Chris of your question with Stephens. the

Chris Cooley

finish the year Good end. on great congratulations afternoon and to a

but data both peers the would remarks, us to been kind strength what systems, can just if quarter the two and you compared Just component that which decision statistic been abilities are pockets channel ones that versus when into derm when you missed med we cosmetic in apologize of if spa? I we from your gate on but quarter and also just support strong that about the momentum your in got forward this and understand or parse I the meet up out a may, one of in quick translates signs number point new where service I that to you growth terms really to med follow-up. in demand capital quick fourth I the you have had for strength for us well? about as of to the a seeing think calendar on I me, think prepared your you put similarly service relation provide side, how or have perspective to there in help could unconstrained the going growth XXXX, a And derm a there or management’s of favorably

Dave Mowry

Okay.

reverse I about -- quarters our any in way service take seen increased line Chris. think work categories. significantly to is of in would see think year say additional I So the and out way growth we period, service think in me on would we in probably demand prior those about with revenues that next and to don’t drive have order, We let that. increased But have line best been something didn’t those that’s the there. for would some us in

Chris Cooley

it. Got

Dave Mowry

And helpful. specifics remind that’s that question. of first me part of your hopefully, So, of your

Chris Cooley

I the derm or level the in seeing to out parse Capital, of was for the derm most med the Yeah. just are cosmetic or med spa? where that’s channel, greatest trying resilience demand you whether

Dave Mowry

Yeah. Are speaking, you is specifically this where…

Chris Cooley

America, I North am sorry.

Dave Mowry

Yeah.

Okay. Thank Yeah. you.

I of North products, we think, a went applications. in we America, capital of as XXXX. think, course demand think, saw that through look, in have We end the I lot seen we increase on for higher our see I us typically and

present are risk that spas as while med by growth pressures we our spas increased, physicians historically, see are see strategy typically plastics which derms, light So and in think, historically, solutions, customers in So med of saw a have some around business. the in pocket present, look noninvasive We good period But it, reimbursement for kind site. be of the they that if have non-core we ownership for at strong right? I core across as result are inclusive be are call physicians core the throughout to the our the more of you operations, that typically well good owned us. of on an they tend mitigation physician product, growth estimation inflationary some of the professionals, These for broadly facing. great aesthetics, will that did

and the that which profitable out very that outside point outcome a very procedures, core the driving things some have for people practices provide Secret at will I it. are profitable So look both of there the think evaluate those are truSculpt to and I

as So we growth see did some those categories well. in other

Chris Cooley

or I about lastly curious then guide. agree Jon’s But am XXXX me, a space are now. in I solid when of thinking this activity point you you provided lot how with And just the a right is very for just again, there’s

entities. being divested We from businesses have larger

We trying strong have make pretty to new pushes are others arenas. that into

just stability you. curious you you growth are thinking from market general standpoint demand about standpoint of what assuming or when from a kind overall XXXX? a you pricing play Thank and think as about competitive what we are Just through and

Dave Mowry

Yeah.

The I think depending is it’s overall question. Chris. a where how growth and digits, play digits, you play, upon great low-double high-single you market

right there and the here are ability is now kind our KAM America lead in not international that that feel that North higher in sluggish Our to the will a and effectively Consumables, we uptake recover recurring continue some that particular early course the year. believe we we year of only and of also very revenue strategy are better accounting view out the part good of of rolled compete application for from about to recover markets Capital. We over will to our but streams better

Chris Cooley

Great. you. Thank

Operator

[Operator instructions] Chen question. Our your next Cantor. with line question comes proceed from from Please the of Louise

Louise Chen

for questions Congratulations on here. Hi. taking thanks the quarter and my

half you you. correctly, it you to to first then $X I single growth double-digit secondly, impact? margin. year-over-year, How maybe noted last $X first more know and half about the return my looking I a And million is market quarter at on we about down, weighted? on So just that going is market and OpEx, said half growth that we increasing it that XXXX, you over about? the you or rate high then low second And sequentially think heard million gross should question in line, or Thank or just to should Skincare that on is talked as rates of that here think the it to the were question you is it is up same if quarter second be

Rohan Seth

Okay.

of answer can if see they So were these asked. which in order let I the in me all

or really that you was step those in happen a step and so, remarkable the changes first least gross around at question had is here say, expect near-term. the in gross in changes half So should have margin or expectations, we margin past year and I’d what won’t some

of some we everything goal related start We close and some some for half which, should first increasing, see right first that ending acne see in up and saying remain After couple our of by margin of plus. committed to normal at the will expect to that investments sequentially long-term there we which year, in to impact the will see now. addition to you seasonality the margin the in quarters. to be pressure XX% end I’d very on flat based it year answer know near-term of

Dave Mowry

Yeah.

what for Before of we of our in calling have whereas I we folks components. heard the even In think, the the increases we this other getting done up, on, to have previous work of great out, folks suppliers proud that exceptionally inventory me incredible job some for have our seen. pricing of people guys of as almost some or cases, kind and are have kind been are but not significant supply chain, done price, at I seeing in of lined offset who pricing but forgive extorted reductions only a increasing significant go seen of other alternate have

have Unfortunately, they we on. So reduction I stood originally focused tall what some really be up to deliver will them to to think have continue pressures. are and continue guys additional our these we planned and going to had above to of cost for over

Rohan Seth

Yeah.

And your profitability. so to question answer and I around, OpEx now guess,

pause earn that third We that acne teens acne remind of the should the pressure. please expect in to progression attractive will scale But you say for long-term, XXXX be again, margin. but change lost have you we this would that is, to Louise, saw over us potential investments your to versus would our adjusted a So money Cutera. in in margin important a Louise? question, it’s next the say, going investments of is was over really in our that good that around bit very -- we I’d and are EBITDA year. little would the making quarters, actually everything the on see a the the expect, EBITDA the those to remember the in and And would for which turn to return shareholders of adjusted take EBITDA a question noticed without that results that Can other improvement investments what a couple we I XXXX, we for been on fully Skincare? in trajectory we have have under return very based us the operation of really margin as low you press little release, in the bit overall where XXXX,

Louise Chen

high-single, just see market is that that in said XXXX rate second the to I Skincare if sales market digits? to low-double your Yeah. rates, you recover wanted half

Dave Mowry

Yeah.

get growth You think to and single-digit, the in around on we nail hitting of settle are right to Skincare We quarter that specific that just back growth out see kind and in hammer the kind We double-digit it beyond. range. high needs will in that there. first the of market we in, quarter in are second the Japan,

Louise Chen

Thank you.

Operator

And will reached the the for I end to turn remarks. Dave closing over now of the question-and-answer Mowry we back have session. call CEO,

Dave Mowry

results, can the with forward performance strong the very exceptionally we XXXX. from delighted our bringing are future, to as Well, momentum into our you tell looking much and

So we want questions call to for you the to early thank an sometime you May. look listening all and providing to and your update in today forward for

Operator

Thank time. this your may disconnect And this at today’s conference you lines your you participation. for concludes and

Cutera (CUTR) 23 Feb 222021 Q4 Earnings call transcript