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Biotech / Medical Cutera

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From: Harshu Vyas	3/12/2024 6:36:46 AM
	of 21

AviClear now available in the Middle East! I noticed the Cutera sales force + Taylor Harris were positioned in Abu Dhabi so it's not all too surprising. Either way, my conclusion is that AviClear is going global!

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From: Harshu Vyas	3/13/2024 1:02:17 PM
	of 21

When this is all over, I swear to never buy another company like Cutera again. It's a nightmare stock and not an enjoyable ride at all. To think I've been involved with this company for more than five months is a crime in itself.

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From: Harshu Vyas	3/18/2024 3:32:00 PM
	of 21

Volume has dried up - imagine it will pick up on the 20th and the days following the conference call on the 21st (as it has in the past).

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From: Harshu Vyas	3/19/2024 7:37:02 AM
	of 21

Couple things - Cutera Introduces Cutera Academy and New Business Model for AviClear Customers - The Dermatology Digest (thedermdigest.com) The 10K has been delayed and that was the reason for the plummet yesterday. The reasoning - they spent so long checking the last few quarterlies, they haven't had enough time to prepare their 10K. Hopefully, this won't happen every time they need to file a 1OQ/10K. In real-time, I'm getting the impression that we've past the worst of the turn-around in the last couple of weeks. I think we'll begin to see AviClear's real potential from 2Q onwards. 1Q may be better than expected, too.

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From: Harshu Vyas	3/21/2024 3:43:44 PM
	of 21

My understanding of convertible notes is slightly off. Cutera need to get their share price UP for more shares to be issued. Otherwise, noteholders will demand cash. Given where the share price is currently, noteholders will demand $70m cash in 2026. Possible to achieve, but I think I'd prefer dilution as an owner!

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From: Harshu Vyas	3/22/2024 8:05:00 AM
	of 21

I was wrong about Cutera. I've dropped my PT from $10 to $5 and am looking to get out quickly and cheaply. Any spike from here and I'll sell. This will clearly take much longer than I thought. Not only that, but it seems the only way out for shareholders is a buyout. Insolvency is on the cards. It's likely with Harris as CEO that a buyout does occur, but the pure turnaround is unlikely, breaking my initial thesis. Lessons have been learned and ultimately this comes down to the excessive cash burn. A $90m cash burn forecasted for this year is just too much for me to get my head around. Am going to research JD, IRBT, VFC and a few other stocks so I have an idea of what I'm going to put the leftovers into.

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To: Harshu Vyas who wrote (19)	3/22/2024 9:53:26 AM
From: Harshu Vyas	of 21

I sold at the open.

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From: Harshu Vyas	5/3/2024 10:59:32 AM
	of 21

CUTR - up over 75% in the last month. I sold on their last earnings and am waiting for their cash flows to stabilise. Q1 and Q2 will be rough, though it may already be priced in - management have to fulfil massive inventory obligations that will soak up precious cash. What I'm really looking for is an insider buy in the next two qtrs. I think refinancing the convertibles is actually more easy than it may seem - especially if they can make a profit. I think they should be able to settle the $70m in cash in 2026. It's still a long way away and my understanding is the core business will stabilise this year.

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