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Report No. : |
339375 |
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Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
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Name : |
CUTERA, INC. |
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Registered Office : |
3240 Bayshore Blvd, Brisbane, CA 94005 |
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Country : |
United States |
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Financials (as on) : |
30.06.2015 (Consolidated) |
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Date of Incorporation : |
10.08.1998 |
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Legal Form : |
Public Company |
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Line of Business : |
Subject is a medical device company, designs, develops, manufactures,
markets, and services laser and other energy based aesthetics systems for
practitioners worldwide. |
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No. of Employees : |
266 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC
OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $54,800. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at Purchasing Power Parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.
Imported oil accounts for nearly 55% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP.
Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and reduce them further as conditions warranted; the Fed ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increase.
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Source
: CIA |
Company name: CUTERA, INC.
Address: 3240 Bayshore Blvd, Brisbane,
CA 94005 - USA
Telephone: +1
415-657-5500
Fax: +1 415-330-2444
Website: www.cutera.com
Corporate ID#: 2930201
State: Delaware
Judicial form: Public Company (Nasdaq = CUTR)
Date incorporated: August
10, 1998
Stock: 14,137,164
shares issued and outstanding (as of 07-31-2015)
Value: USD
0.001= par value
Name of manager: Kevin
P. CONNORS
Business:
Cutera, Inc., a medical device company, designs, develops, manufactures,
markets, and services laser and other energy based aesthetics systems for
practitioners worldwide.
It offers products based on platforms, such as xeo, a multi-application
platform on which a customer can purchase hand piece applications for the
removal of unwanted hair, treatment of vascular lesions, and skin rejuvenation
by treating discoloration, improving texture, reducing pore size, and treating
fine lines and laxity; and Genesis Plus, a laser system for performing
aesthetic skin procedures and for the temporary increase of clear nail in
patients with onychomycosis, or toenail fungus. This system is also used to
treat skin concerns, such as fine wrinkles, diffuse redness, and rosacea; and
excel V, a vascular platform that treats the entire range of cosmetic vascular
conditions.
The company also offers truSculpt, a radio frequency platform designed
for the non-invasive body contouring market; excel HR, a hair removal solution
for various skin types; and enlighten, a laser system for tattoo removal and
the treatment of benign pigmented lesions.
In addition, its products include CoolGlide, Solera, and a third-party
sourced system, myQ for the Japanese market. Further, the company provides
post-warranty services through extended service contracts or direct billing;
and sells Titan hand piece refills and marketing brochures through the
Internet, as well as dermal fillers and cosmeceuticals.
It markets and sells its products through direct sales force to plastic
surgeons, dermatologists, gynecologists, primary care physicians, family
practitioners, and physicians offering aesthetic treatments in non-medical
offices, podiatrists, and other qualified practitioners.
Cutera, Inc. was founded in 1998 and is headquartered in Brisbane,
California.
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC
which lists individuals and organizations with whom United States citizens and
permanent residents are prohibited from doing business.
No name of foreign suppliers available.
EIN: 77-0492262
Staff: 266
Operations & branches:
At the headquarters, we find
a factory, warehouse and office.
Shareholders:
The Company is listed with
the Nasdaq under symbol CUTR.
As of 06-30-2015, 67% of
the stock was held by institutional and mutual fund owners, including:
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Drill, Craig, A. |
7.89% |
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Senvest Management LLC |
7.89% |
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Dimensional Fund Advisors LP |
7.56% |
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Renaissance Technologies, LLC |
6.42% |
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Granahan Investment Management Inc. |
5.04% |
Management:
Kevin P. CONNORS has been the Chief Executive Officer and President of Cutera
Inc. since August 1998. From May 1996 to June 1998, Mr. Connors served as the
President and General Manager of Coherent Medical Group, a unit of Coherent, a
manufacturer of lasers, optics and related accessories.
He has been an Executive Director of Cutera Inc. since August 1998.
He serves as a Director of Aqueduct Medical, Inc.
Ronald J. SANTILLI is Executive Vice President and CFO.
Subsidiaries and partnership:
CUTERA K.K.
12-10 Sakuragaoka-cho
Shibuya Infosys Annex Bldg. 3F
Shibuya-ku, Tokyo, Japan 150-0031
CUTERA France
1 rue Georges Charpak, Bât C
LIEU SAINT France 77127
CUTERA SPRL
Eugène Plasky Square 92-94, Bus 1
B-1030 Brussels - Belgium
CUTERA Switzerland GmbH
Zollikerstrasse 27
CH-8032 Zurich - Switzerland
On August 5, 2015, Cutera, Inc. reported unaudited consolidated earnings
results for the second quarter ended June 30, 2015.
For the quarter, the company's net revenue was $22.56 million compared
to $17.72 million a year ago. The growth has all been organic and fueled
primarily by recently launched enlighten and excel HR products, as well as
continued strong contributions from legacy excel V and the xeo platforms.
American sales team, delivered particularly impressive 57% product revenue
growth this quarter. Loss from operations was $1.93 million compared to $2.84
million a year ago. Loss before income taxes was $1.84 million compared to $2.7
million a year ago. Net loss was $1.889 million compared to $2.74 million a
year ago. Basic and diluted loss per share was $0.13 compared to $0.19 a year
ago. Net cash provided by operating actives was $1.38 million compared to net
cash used in operating actives of $2.52 million a year ago. Acquisition of
property, equipment and software was $271,000 compared to $44,000 a year ago.
The company expects third quarter financial performance to be similar to that
of the second quarter.
The company expects to be cash neutral in the third quarter of 2015.
It expects to be profitability on a GAAP basis in the fourth quarter of
2015. The company expects generate cash in the fourth quarter of 2015.
On attachment:
- 10K 2014
- 2nd 10Q 2015
Banks: Wells Fargo Bank
Legal
filings & complaints:
State: California
Case number: 3:15-cv-00282-SC
Plaintiff: Cyndi Yag-Howard
Defendant: Cutera, Inc.
Samuel Conti, presiding
Date filed: 01/21/2015
Date of last filing: 07/20/2015
Cause: Breach of Insurance Contract
Secured debts
summary (UCC):
None