Brief: Cutera In Preparing QTRLY Report On Form 10-Q For Identified Material Errors

Cutera

21/12/2023 21:55

Dec 21 (Reuters) - Cutera Inc  CUTR.O :
    * CUTERA- IN PREPARING QTRLY REPORT ON FORM 10-Q FOR PERIOD
ENDED
SEPT 30,2023, MANAGEMENT PERFORMED PHYSICAL INVENTORY
COUNT,IDENTIFIED MATERIAL ERRORS
    * CUTERA-EVALUATING POTENTIAL RECLASSIFICATION ERROR BETWEEN
CASH
FLOW FROM OPERATING ACTIVITIES & CASH FLOWS FROM INVESTING
ACTIVITIES IN Q1, Q2 STATEMENTS
    * CUTERA - IDENTIFIED THAT INVENTORY BALANCE IN ITS SYSTEM
OF
RECORD AS OF SEPT 30, 2023 WAS OVERSTATED RELATIVE TO RESULT OF
PHYSICAL INVENTORY COUNT
    * CUTERA INC - NOT FULLY COMPLETED ITS REVIEW OF INVENTORY
ISSUES
    * CUTERA- BELIEVES ERROR WILL RESULT IN INCREASE IN NET CASH
USED
IN OPERATING ACTIVITIES IN SIX MONTHS ENDED JUNE 30, 2023
    * CUTERA - BELIEVES INVENTORY BALANCES IN Q1, Q2 FINANCIAL
STATEMENTS OVERSTATED BY ABOUT $3 MILLION AS OF MARCH 31, 2023 &
ABOUT $5 MILLION AS OF JUNE 30, 2023
    * CUTERA-BELIEVES ERROR TO RESULT IN INCREASE IN
CORRESPONDING
DECREASE IN NET CASH PROVIDED BY INVESTING ACTIVITIES OF ABOUT
$2 MILLION IN 6 MONTHS ENDED JUNE 30
    * CUTERA-SEES FILING FORM 10-Q/A FOR PERIOD ENDED MARCH 31,
2023,
FOR PERIOD ENDED JUNE 30, 2023, FORM 10-Q FOR PERIOD ENDED SEPT
30, 2023, IN JAN 2024
    * CUTERA- CONCLUDED Q1 FINANCIAL STATEMENTS, INCLUDED IN
CO’S
QTRLY REPORT ON FORM 10-Q FILED WITH SEC ON MAY 10, 2023, SHOULD
NO LONGER BE RELIED UPON
    * CUTERA INC - CONCLUDED Q2 FINANCIAL STATEMENTS INCLUDED IN
QTRLY
REPORT ON FORM 10-Q FILED WITH SEC ON AUGUST 9, 2023 SHOULD NO
LONGER BE RELIED UPON

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