Shares of laser skin treatment company Cutera Inc. (NASDAQ: CUTR) fell sharply on Thursday, after the firm lowered its earnings and revenue estimates for its first fiscal quarter.
The company expects
reported its preliminary revenue on Thursday, lowering its guidance by $3 million for its fiscal first quarter.
The Brisbane Calif.-based firm now expects earnings to be in the range of 11 cents to 13 cents per share, compared to previous guidance of 21 cents. Cutera also expects revenue to be approximately $23 million for the quarter which ended March 31, compared with earlier guidance of $26 million.
This quarter's shortfall was due primarily to lower than expected productivity levels of our recent sales expansion, said Kevin Connors, Cutera's President and CEO. We are implementing specific initiatives to address this matter and remain confident in our ability to increase our revenue growth.
Cutera specializes in laser and light-based aesthetic equipment for dermatologist and other physicians.
The firm fell $11.72, or 30.5 percent, to $26.82 in afternoon trading on the Nasdaq Stock Market.