AtriCure Reports Second Quarter 2017 Financial Results
Published: Jul 28, 2017
MASON, Ohio--(BUSINESS WIRE)--AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management, today announced second quarter 2017 financial results.
“We are executing on our strategy to deliver solid, balanced, results across our business while progressing forward our clinical trials and strategic initiatives,” said Mike Carrel, President and Chief Executive Officer of AtriCure. “We are also continuing to strengthen our leadership team and look forward to sustained momentum across our business throughout 2017.”
Second Quarter 2017 Financial Results
Revenue for the second quarter of 2017 was $45.2 million, an increase of $5.6 million or 14.0% (14.3% on a constant currency basis), compared to second quarter 2016 revenue. U.S. revenue increased 15.1% to $35.5 million, driven by strong sales of ablation-related open-heart products, ablation-related minimally invasive products and AtriClip® products. International revenue was $9.7 million, an increase of $0.9 million or 10.2% (11.6% on a constant currency basis), compared to second quarter 2016 revenue.
Gross profit for the second quarter of 2017 was $32.6 million compared to $28.8 million for the second quarter of 2016. Gross margin for the second quarter of 2017 decreased to 72.0% compared to 72.6% in the second quarter of 2016.
Operating expenses for the second quarter of 2017 increased 6.4%, or $2.4 million, compared to the second quarter of 2016. The increase in operating expenses was driven primarily by an increase in selling and training related expenses.
Loss from operations for the second quarter of 2017 was $6.4 million, compared to $7.7 million for the second quarter of 2016. Net loss per share was $0.21 for the second quarter of 2017 and $0.26 for the second quarter of 2016.
Adjusted EBITDA, a non-GAAP measure, was a loss of $0.4 million for the second quarter of 2017, compared to a $2.4 million loss for the second quarter of 2016 (see reconciliation of GAAP results to non-GAAP results in the table accompanying this release).
Full Year 2017 Financial Guidance
The Company is raising the low end of the revenue range on its previously given, full year 2017 financial outlook. Constant currency revenue growth is expected to be approximately 14% to 15% over full year 2016, a range of $177 million to $178 million at current exchange rates.
Adjusted EBITDA, a non-GAAP measure, is projected to be a loss in the range of $4 million to $6 million. Net loss per share is projected to be in the range of $0.94 to $1.04. The Company continues to expect positive adjusted EBITDA for full year 2018.
AtriCure will host a conference call at 4:30 p.m. Eastern Time on Thursday, July 27, 2017 to discuss its second quarter 2017 financial results. The call may be accessed through an operator by calling (844) 884-9951 for domestic callers and (661) 378-9661 for international callers using conference ID number 46656278. A live audio webcast of the presentation may be accessed by visiting the Investors page of AtriCure’s corporate website at ir.atricure.com. A replay of the presentation will be available for 90 days following the presentation.
AtriCure, Inc. provides innovative technologies for the treatment of Afib and related conditions. Afib affects more than 33 million people worldwide. Electrophysiologists and cardiothoracic surgeons around the globe use AtriCure technologies for the treatment of Afib and reduction of Afib related complications. AtriCure’s Isolator® Synergy™ Ablation System is the first and only medical device to receive FDA approval for the treatment of persistent Afib. AtriCure’s AtriClip Left Atrial Appendage Exclusion System products are the most widely sold LAA management devices worldwide. For more information, visit AtriCure.com or follow us on Twitter @AtriCure.