MASON, Ohio--(BUSINESS WIRE)--Oct. 3, 2018--
ATRC), a leading innovator in treatments for atrial fibrillation
(Afib) and left atrial appendage (LAA) management, today announced
preliminary financial results for the third quarter of 2018.
Preliminary and unaudited revenue for the third quarter of 2018 is
expected to be approximately $49.9 million, reflecting growth of
approximately 18.5% over the third quarter of 2017 (18.6% on a constant
currency basis). Based on this preliminary estimate, U.S. revenue is
expected to be approximately $39.8 million, reflecting growth of 19.1%
over the third quarter of 2017. International revenue is expected to be
approximately $10.2 million, an increase of 16.2% as compared to the
third quarter of 2017 (16.9% on a constant currency basis). Loss from
operations is expected to be in the range of $6.0 million to $7.5
million for the third quarter of 2018.
“Our third quarter performance demonstrated continued strong revenue
growth and operational performance driven by our Appendage Management
and Open franchises. In addition to achieving revenue growth of 18.5%
over the third quarter of 2017, we recently completed enrollment in the
CONVERGE™ pivotal trial, surpassed the 150,000 AtriClip® milestone and
benefitted from sales of our AtriClip PRO•V® and Flex•V® products, which
launched in the past year,” said Mike Carrel, President and Chief
Executive Officer of AtriCure.
Management intends to provide an update to 2018 guidance concurrent with
the release of full third quarter 2018 financial results on the third
quarter conference call, expected to be held on November 1, 2018.
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, with more than 150,000 implanted to date.
For more information, visit AtriCure.com
or follow us on Twitter @AtriCure.
This press release contains “forward-looking statements”– that is,
statements related to future events that by their nature address matters
that are uncertain. For details on the uncertainties that may cause our
actual results to be materially different than those expressed in our
forward-looking statements, visit http://www.atricure.com/fls
as well as our Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q which contain risk factors. We do not undertake to update our
Use of Non-GAAP Financial Measures
To supplement AtriCure’s condensed consolidated financial statements
prepared in accordance with accounting principles generally accepted in
the United States of America, or GAAP, AtriCure uses certain non-GAAP
financial measures in this release.
Revenue reported on a constant currency basis is a non-GAAP measure and
is calculated by applying previous period foreign currency exchange
rates, which is determined by the average daily Euro to Dollar exchange
rate, to each of the comparable periods. Management analyzes revenue on
a constant currency basis to better measure the comparability of results
between periods. Because changes in foreign currency exchange rates have
a non-operating impact on revenue, the Company believes that evaluating
changes in revenue on a constant currency basis provides an additional
and meaningful assessment of revenue to both management and the
The non-GAAP financial measures used by AtriCure may not be the same or
calculated the same as those used by other companies. Non-GAAP financial
measures have limitations as analytical tools and should not be
considered in isolation or as a substitute for AtriCure’s financial
results prepared and reported in accordance with GAAP.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181003005818/en/
Source: AtriCure, Inc.
Andy Wade, 513-755-4564
Senior Vice President
and Chief Financial Officer
Lynn Pieper Lewis, 415-937-5402