WEST CHESTER, Ohio--(BUSINESS WIRE)--Jan. 12, 2015--
AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in surgical
treatments for atrial fibrillation (“Afib”) and Left Atrial Appendage
Management (“LAAM”), today announced preliminary financial results for
fourth quarter and full year 2014 and issued 2015 financial guidance.
Preliminary and unaudited revenue for fourth quarter 2014 is expected to
be approximately $29.5 million, reflecting growth of approximately 34.6%
over the fourth quarter of 2013. Based on this preliminary estimate,
revenue from U.S. customers is expected to be $22.1 million, reflecting
growth of 35.1%, and revenue from international customers is expected to
be $7.3 million, reflecting growth of 33.2%, or 41.4% on a constant
Preliminary revenue for full year 2014 is expected to be $107.5 million,
reflecting year over year growth of 31.3% over full year 2013.
“We are pleased to report preliminary fourth quarter and full year 2014
results which reflect continued growth and momentum across our product
lines. We continue to see a tremendous amount of untapped potential in
our markets, and thus our plans remain focused on growth and
successfully expanding the Afib market through improved patient
outcomes, training and education. We are providing our outlook for 2015
and look forward to providing additional detail on our growth strategy
when we release our final 2014 results in late February,” said Mike
Carrel, President and Chief Executive Officer of AtriCure.
2015 Financial Guidance
Management projects that 2015 revenue will be in the range of $122.5
million to $124.5 million, which represents an increase of 14% to 16%
over 2014. At current foreign exchange rates, this range reflects an
estimated $1.6 million adverse currency impact due to the weakening Euro
against the U.S. Dollar.
Adjusted EBITDA, a non-GAAP measure, is projected to be a loss in the
range of $7 to $9 million for 2015 as we continue to make strategic
investments to drive our long-term growth plan. We will provide a
reconciliation of this non-GAAP measure to the related GAAP measure in
our release of final 2014 results.
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™ 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 33.5 million people worldwide.
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address activities,
events or developments that AtriCure expects, believes or anticipates
will or may occur in the future, such as earnings estimates (including
projections and guidance), other predictions of financial performance,
launches by AtriCure of new products and market acceptance of AtriCure’s
products. Forward-looking statements are based on AtriCure’s experience
and perception of current conditions, trends, expected future
developments and other factors it believes are appropriate under the
circumstances and are subject to numerous risks and uncertainties, many
of which are beyond AtriCure’s control. These risks and uncertainties
include the rate and degree of market acceptance of AtriCure’s products,
AtriCure’s ability to develop and market new and enhanced products,
AtriCure’s ability to retain and attract key employees, the timing of
and ability to obtain and maintain regulatory clearances and approvals
for its products, the timing of and ability to obtain reimbursement of
procedures utilizing AtriCure’s products, AtriCure’s ability to continue
to be in compliance with applicable U.S. federal and state and foreign
government laws and regulations, AtriCure’s ability to consummate
acquisitions or, if consummated, to successfully integrate acquired
businesses into AtriCure’s operations, AtriCure’s ability to recognize
the benefits of acquisitions, including potential synergies and cost
savings, failure of an acquisition or acquired company to achieve its
plans and objectives generally, risk that proposed or consummated
acquisitions may disrupt operations or pose difficulties in employee
retention or otherwise affect financial or operating results,
competition from existing and new products and procedures, including the
development of drug or catheter-based technologies, or AtriCure’s
ability to effectively react to other risks and uncertainties described
from time to time in AtriCure’s SEC filings, such as fluctuation of
quarterly financial results, fluctuations in exchange rates for future
sales denominated in foreign currency, which represent a majority of
AtriCure’s sales outside of the United States, reliance on third party
manufacturers and suppliers, litigation or other proceedings, government
regulation and stock price volatility. AtriCure does not guarantee any
forward-looking statement, and actual results may differ materially from
those projected. AtriCure undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new information,
future events or otherwise. A further list and description of risks,
uncertainties and other matters can be found in our Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q.
Source: AtriCure, Inc.
Andy Wade, Vice President and Chief Financial
Lynn Pieper, 415-202-5678