Cutera, Inc. (CUTR) recently reported preliminary revenue results for its fourth quarter. For the quarter, Cutera expects revenues to be roughly $15 million, compared to $17.9 million in the year-ago period. The company is expected to report its fourth quarter and full fiscal 2009 results on Feb 8.

Founded in 1998 and based in Brisbane, CA, Cutera, Inc. designs, manufactures and markets laser and light-based aesthetic applications. The company develops innovative, easy-to-use products that enable physicians and other qualified practitioners to offer safe and effective aesthetic treatments to their patients.

The aesthetic market experienced significant growth over the past several years before the start of the recession. Growth was directly impacted by aging baby boomers and their increasing wealth tied to real estate and equity markets. However, the impact of the recession was severe leading to sales shortfall for Cutera.

Cutera reported revenues of $83.4 million in fiscal 2008, declining roughly 18% year over year. Sales also witnessed a declining trend in all quarters of 2009. Customers started deferring aesthetic applications as they are not life-sustaining in nature.

Like many of its competitors, Cutera has expanded beyond the traditional dermatology market, attempting to attract family/general practitioners, gynecologists and other medical specialties like medi-spas and high-end beauty treatment centers.

Cutera’s expansion into non-traditional markets reflected a slowdown of its core business.  As the company increased its non-traditional book of business, it also increased the risk profile of its customer base, leaving it vulnerable to the credit crisis as 80% of its machines are financed by third party leasing companies and banks.

Cutera competes in the aesthetic application market primarily with Syneron Medical Ltd. (ELOS).

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