Cutera, Inc.'s James Reinstein resigned as President, Chief Executive Officer, and member of its Board of Directors, effective immediately. The Board has appointed Cutera’s Chief Operating Officer, Jason Richey, as Interim CEO.
J. Daniel Plants, Chairman of Cutera, said: “Cutera’s Board takes seriously its responsibility to act on behalf of, and in the best interests of, the Company’s stockholders. 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.”
The Board has formed a CEO Search Committee that will be chaired by Director Gregory Barrett. The Committee will retain an external executive search firm to assist it in conducting a national search for a permanent CEO.
Mr. Richey joined Cutera in July of 2018 after serving a dual role as President of North America and General Manager of the Neuromodulation franchise of LivaNova PLC’s $5 billion global medical device business headquartered in London, with a presence in more than 100 countries worldwide. Mr. Richey joined LivaNova (created through the merger of Cyberonics, Inc. and Sorin S.p.A. in October 2015) from Cyberonics, Inc. where he spent 17 years. At Cyberonics, among other roles, Mr. Richey served as the Vice President and General Manager of the Company’s International business.
Cutera also provided preliminary, unaudited financial results for 2018. Cutera expects revenues for full year 2018 to be approximately $161 million to $163 million, representing 6% to 8% year-over-year growth. The Company plans to release fourth quarter and full year 2018 financial results on February 20, 2019 after market close.