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 first quarter 2017 financial results.
“We are advancing our clinical trials meaningfully with several new sites enrolling for CONVERGE, and expect enrollment to accelerate in the second half of the year. We are looking forward to continued momentum across our business throughout 2017.”
“During the first quarter of 2017, we made significant progress across our strategic priorities, achieving solid results in our base Open business while driving forward our transformation into the minimally invasive market,” said Mike Carrel, President and Chief Executive Officer of AtriCure. “We are advancing our clinical trials meaningfully with several new sites enrolling for CONVERGE, and expect enrollment to accelerate in the second half of the year. We are looking forward to continued momentum across our business throughout 2017.”
First Quarter 2017 Financial Results
Revenue for the first quarter of 2017 was $41.3 million, an increase of $5.3 million or 14.8% (15.4% on a constant currency basis), compared to first quarter 2016 revenue. U.S. revenue increased 17.7% to $33.3 million, driven by strong sales of ablation-related minimally invasive products and AtriClip® products. International revenue was $8.0 million, an increase of $0.3 million or 4.4% (6.9% on a constant currency basis), compared to first quarter 2016 revenue.
Gross profit for the first quarter of 2017 was $30.0 million compared to $25.9 million for the first quarter of 2016. Gross margin for the first quarter of 2017 increased to 72.7% compared to 72.1% in the first quarter of 2016.
Operating expenses for the first quarter of 2017 increased 12.2%, or $4.3 million, compared to the first quarter of 2016. The increase in operating expenses was driven primarily by an increase in selling, clinical, marketing, and training expenses.
Loss from operations for the first quarter of 2017 was $9.6 million, compared to $9.4 million for the first quarter of 2016. Net loss per share was $0.32 for the first quarter of 2017 and $0.31 for the first quarter of 2016. Adjusted EBITDA, a non-GAAP measure, was a loss of $3.7 million for the first quarter of 2017, compared to a $4.4 million loss for the first quarter of 2016 (see reconciliation of GAAP results to non-GAAP results in the table accompanying this release).
