Cutera CEO resigns after results 'dissatisfied' board
Cutera Inc. said Monday that Chief Executive James Reinstein has resigned, effective immediately, after two years in the role. The provider of laser and energy-based aesthetic systems said it expects 2018 revenue of $161 million to $163 million, up from $151.5 million in 2017 but below the FactSet consensus of $164.5 million. "Cutera's board takes seriously its responsibility to act on behalf of, and in the best interests of, the company's stockholders," Chairman Daniel Plants said in a statement. "We are dissatisfied with the company's operational results and stock price performance in 2018. While we appreciate Mr. Reinstein's efforts over the past two years, it's time to seek new leadership at Cutera." Shares of the stock had plunged 62.5% in 2018, compared with a 6.2% decline in the S&P 500 , as the company's quarterly results missed expectations the past three quarters. The company named Chief Operating Officer Jason Richey as interim CEO while it searches for a permanent CEO. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.