In a recent SEC filing, Cutera Inc (NASDAQ:CUTR), a company specializing in electromedical and electrotherapeutic apparatus, reported the outcomes of its 2024 Annual Meeting of Stockholders, held on Monday. The meeting saw the approval of all proposed items, including the election of directors, ratification of the company's independent auditor, and executive compensation.
The Brisbane, California-based company, which was previously known as Altus Medical Inc, announced that the stockholders elected five nominees to the board of directors. Kevin J. Cameron, Taylor C. Harris, Keith J. Sullivan, Nicholas S. Lewin, and Jeryl L. Hilleman will serve until the 2025 Annual Meeting or until their successors are duly elected and qualified.
Additionally, the stockholders ratified BDO USA, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The advisory vote to approve the compensation of the company's named executive officers also passed.
A significant proposal that received approval was the amendment and restatement of the Company’s 2019 Equity Incentive Plan. This amendment increases the total number of shares available for issuance by 2,395,275 shares. Furthermore, the stockholders approved the amendment of outstanding stock options to reduce the exercise price per share to the closing price on the date of the Annual Meeting.
In other recent news, Cutera Inc. has reported its Q1 2024 financial results, emphasizing the global launch of its AviClear device and the introduction of the xeo+ product in North America. Despite a decrease in total revenue from the same period last year, the company highlighted a gross margin improvement to 40% and a reduction in operating expenses. Cutera reiterated its annual revenue guidance of $160 million to $170 million, forecasting a year-end cash balance of $55 million to $60 million. The company reported Q1 revenue of $38.8 million, a decrease from $54.5 million in Q1 2023, and a non-GAAP loss from operations of $20.4 million.
In other company news, Cutera has announced the appointment of Jeryl "Jeri" Hilleman to its Board of Directors. Hilleman's appointment brings over three decades of healthcare industry experience, particularly in financial leadership and corporate governance, to the board. Her expertise is expected to support Cutera's expansion and profitability goals. These are the latest developments from Cutera, which is focusing on building a robust AviClear franchise and operational excellence."
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