| AtriCure Reports First Quarter 2015 Financial Results and Updates 2015 Outlook | -- Revenue of $29.9 million -- up 20.3% as reported, 24% constant currency -- U.S. sales of $22.9 million -- up 26.3% -- International sales of $7.0 million -- up 3.9% as reported, 17.6% constant currency WEST CHESTER, Ohio--(BUSINESS WIRE)--April 29, 2015--
AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in technologies for the surgical treatment of atrial fibrillation and left atrial appendage management, today announced first quarter 2015 financial results.
"We had a strong start to the year and remain well positioned to help treat patients suffering from atrial fibrillation through our continued investment in education, training and growth initiatives," said Mike Carrel, President and Chief Executive Officer of AtriCure.
"We are particularly excited about partnering with the American Association for Thoracic Surgery (AATS) Graham Foundation to initiate the inaugural Dr. James Cox Fellowship in Atrial Fibrillation Surgery. Educational efforts such as this will increase awareness and the ability of physicians to treat atrial fibrillation and manage the left atrial appendage. We continue to work toward penetrating the multi-billion dollar market opportunity ahead of us, which is increasingly being validated by leading physicians," continued Mr. Carrel.
First Quarter 2015 Financial Results
Revenue for the first quarter of 2015 was $29.9 million, an increase of $5.0 million or 20.3% (24.0% on a constant currency basis), compared to first quarter 2014 revenue. Domestic revenue increased 26.3% to $22.9 million, driven by strong sales of ablation-related open-heart products, ablation-related minimally invasive products, and AtriClip products. International revenue was $7.0 million, an increase of $0.3 million or 3.9% (17.6% on a constant currency basis) compared to $6.7 million for the first quarter of 2014. International revenue growth was driven primarily by increases in product sales in Europe.
Gross profit for the first quarter of 2015 was $21.7 million compared to $17.7 million for the first quarter of 2014. Gross margin for the first quarter of 2015 and 2014 was 72.7% and 71.1%, respectively. The increase in gross margin was primarily due to the heavier U.S. sales mix, favorable product costs and the elimination of certain acquisition transition costs included in the three months ended March 31, 2014.
Operating expenses for the first quarter of 2015 increased 5.1%, or $1.3 million, compared to the first quarter of 2014. The increase in operating expenses was driven primarily by an increase in selling, clinical, product development, and training expenses partially offset by certain acquisition transition costs included in the three months ended March 31, 2014.
Loss from operations for the first quarter of 2015 was $5.1 million, compared to $7.9 million for the first quarter of 2014. Adjusted EBITDA, a non-GAAP measure, was a loss of $2.1 million for the first quarter of 2015, compared to a $4.7 million loss for the first quarter of 2014. Net loss per share was $0.19 for the first quarter of 2015 and $0.31 for the first quarter of 2014.
2015 Guidance
Management projects that 2015 revenue will be in the range of $123.5 million to $125.5 million, which represents an increase of 15% to 17% over 2014 (17% to 19% on a constant currency basis). This compares to previous expectations of 2015 revenue in the range of $122.5 million to $124.5 million.
Management continues to project Adjusted EBITDA, a non-GAAP measure, to be a loss in the range of $7 million to $9 million for 2015 in order to continue making strategic investments to drive the long-term growth plan.
Conference Call
AtriCure will host a conference call at 4:30 p.m. Eastern Time on Wednesday, April 29, 2015 to discuss its first quarter 2015 financial results. A live webcast of the conference call will be available online on the Investors page of AtriCure's corporate website at www.atricure.com. You may also access this call through an operator by calling (866) 515-2911 for domestic callers and (617) 399-5125 for international callers at least 15 minutes prior to the call start time using participant passcode 15114945.
The webcast will be available on AtriCure's website and a telephonic replay of the call will be available through May 6, 2015. The replay dial-in numbers are (888) 286-8010 for domestic callers and (617) 801-6888 for international callers. The participant passcode is 62321731.
About AtriCure, Inc.
AtriCure, Inc. is a medical device company providing innovative atrial fibrillation (Afib) solutions designed to produce superior outcomes that reduce the economic and social burden of atrial fibrillation. AtriCure's Synergy(TM) Ablation System is the first and only surgical device approved for the treatment of persistent and longstanding persistent forms of Afib in patients undergoing certain open concomitant procedures. AtriCure's AtriClip left atrial appendage management (LAAM) exclusion device is the most widely sold device worldwide that's indicated for the occlusion of the left atrial appendage. The company believes cardiothoracic surgeons are adopting its ablation and LAAM devices for the treatment of Afib and reduction of Afib related complications such as stroke. Afib affects more than 33 million people worldwide.
Forward-Looking Statements |
