Cutera, Inc. ( CUTR ) shares are trading lower on Friday.

Yesterday, the company released fourth-quarter results. The company reported adjusted earnings per share of $(1.36), wider than then the analyst consensus estimate of a loss of 94 cents.

Consolidated revenue for the fourth quarter of 2023 of $49.5 million, beating the street view of $47.47 million.

Quarterly revenue related to capital equipment systems declined 32%, while recurring sources of revenue declined 16%. AviClear revenue for the fourth quarter of 2023 was $3.9 million.

Non-GAAP gross profit was $9.9 million, lower than $40.0 million in the year-ago period. Non-GAAP gross margin was 20%, significantly lower than 59.4% a year ago.

Margins were drastically affected by a non-cash expense related to excess and obsolete inventory.

Cash and marketable securities were $143.6 million as of December 31, 2023.

Cutera ( CUTR ) expects 2024 annual revenue in the range of $160 million to $170 million (estimate: $168.26 million).

Price Action: CUTR shares are trading lower by 28.2% to $1.65 on the last check Friday.