MASON, Ohio--(BUSINESS WIRE)--Jan. 11, 2016--
AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in treatments for
atrial fibrillation (Afib) and left atrial appendage management, today
announced preliminary financial results for fourth quarter and full year
2015 and updated 2016 financial guidance.
Preliminary and unaudited revenue for fourth quarter 2015 is expected to
be approximately $35.9 million, reflecting growth of approximately 21.9%
over the fourth quarter of 2014. Based on this preliminary estimate,
revenue from U.S. customers is expected to be $28.9 million, reflecting
growth of 30.7%, and revenue from international customers is expected to
be $7.0 million, reflecting a decline of 4.6%, and an increase of 3.8%
on a constant currency basis.
Preliminary revenue for full year 2015 is expected to be $129.8 million,
reflecting growth of 20.8% over full year 2014.
“We made significant progress with many accomplishments in 2015,
positioning us well to accelerate sales in 2016 as we continue to
execute on delivering our portfolio of innovative solutions for atrial
fibrillation to the market,” said Mike Carrel, President and Chief
Executive Officer of AtriCure. “Preliminary revenues in the fourth
quarter were bolstered by continued robust growth from U.S. customers,
reflecting increasing demand and market acceptance. We also successfully
completed our acquisition of nContact. In the year ahead, we look
forward to extending our leadership position, expanding treatment of
atrial fibrillation and improving patients’ lives.”
2016 Financial Guidance
Management projects 2016 revenue growth of approximately 25% over full
year 2015 at current exchange rates. Adjusted EBITDA, a non-GAAP
measure, is projected to be a loss in the range of $14 to $15
million for 2016 as we continue to make strategic investments to drive
our long-term growth plan, including several clinical trials, modest
expansion of our U.S. field sales team, and ongoing product development
efforts. We will provide a reconciliation of this non-GAAP measure to
the related GAAP measure in our release of final 2015 results. We
continue to expect significant improvement in adjusted EBITDA loss for
2017, turning to a positive adjusted EBITDA for 2018.
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. AtriCure recently acquired nContact, a leader in minimally
invasive technology for epicardial ablation. nContact’s mission is to
transform the underserved arrhythmia population through a
multidisciplinary epicardial-endocardial ablation approach. Afib affects
more than 33 million people worldwide. For more information visit
AtriCure.com or follow us on Twitter @AtriCure.
Forward-Looking Statements
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, AtriCure’s
ability to raise the capital that may be required to accomplish the
foregoing, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160111005240/en/
Source: AtriCure, Inc.
AtriCure, Inc.
Andy Wade
Senior Vice President and
Chief Financial Officer
513-755-4564
awade@atricure.com
or
Investor
Relations Contact
Westwicke Partners
Lynn Pieper
415-202-5678
lynn.pieper@westwicke.com
