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Why Are Cutera Shares Diving Today?

Vandana Singh
更新日期： ·2 分鐘文章

  • Provider of aesthetic and dermatology solutions, Cutera Inc (NASDAQ: CUTR) shares are down after changes in executive leadership and the withdrawal of annual guidance.

  • The company appointed Sheila Hopkins as Interim CEO and Janet D. Widmann as Independent Chair of the Board, effective immediately.

  • The appointments of Ms. Hopkins and Ms. Widmann follow the immediate terminations of Daniel Plants as Executive Chairman and David Mowry as CEO for cause.

  • The Board's search for a permanent CEO is underway.

  • In November 2022, the Board's independent directors began exploring a CEO transition. Mr. Plants strongly recommended the immediate termination of Mr. Mowry and indicated that he wanted to succeed him as the company's next CEO, following the previous attempt to gain the CEO role in February 2021.

  • After serious consideration, the Board instead decided to seek an external CEO candidate.

  • In an apparent campaign to seize control of the company, Mr. Mowry and Mr. Plants issued a press release in which they disclosed – and blatantly mischaracterized in a defamatory manner – highly confidential internal deliberations of the Board.

  • On Monday, Nasdaq determined that Cutera is now in compliance with the periodic filing requirement of the Nasdaq Listing Rule.

  • The company announced that it is withdrawing its full-year 2023 outlook in connection with the actions taken today.

  • For FY23, Cutera expected revenues of $277 million-$292 million (vs. the consensus of $300.65 million). It also anticipated steady placements of the AviClear device each quarter at 200 – 300 units per quarter over 2023.

  • Price Action: CUTR shares are down 13.19% at $23.50 during the premarket session on the last check Wednesday.

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This article Why Are Cutera Shares Diving Today? originally appeared on Benzinga.com

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