WEST CHESTER, Ohio--(BUSINESS WIRE)--Jan. 2, 2014--
AtriCure, Inc. (Nasdaq: ATRC), a leading Atrial Fibrillation medical
device provider, today announced the completion of the previously
announced acquisition of Endoscopic Technologies, Inc. d/b/a Estech
(“Estech”). Estech develops and markets a portfolio of innovative
surgical ablation devices that enable physicians to perform a variety of
traditional and minimally invasive procedures using Estech’s proprietary
temperature controlled RF energy.
“We are pleased to complete the acquisition of Estech, and we welcome
the team to AtriCure. This transaction provides substantial benefits to
AtriCure and strengthens our leadership position in the atrial
fibrillation market; we are excited about the opportunities that our
combined businesses will bring to our customers,” said Mike Carrel,
President and Chief Executive Officer of AtriCure.
AtriCure expects that the transaction will increase sales and marketing
expense as well as research and development expenditures in order to
accelerate clinical development and commercial sales of the combined
product portfolio. While these expenses will increase on absolute dollar
basis, AtriCure expects these expenses to decrease as a percentage of
sales beginning in 2015. AtriCure expects the transaction to be dilutive
to earnings in 2014 and accretive in 2015 and beyond.
Advisors
Piper Jaffray is acting as exclusive financial advisor, and Keating
Muething & Klekamp PLL is serving as legal counsel, to AtriCure. Leerink
Swann is acting as exclusive financial advisor, and DLA Piper LLP is
serving as legal counsel, to Estech.
About Estech
Estech develops and markets a portfolio of innovative medical devices
that enable cardiac surgeons to perform a variety of surgical
procedures, while specializing in minimally invasive and hybrid
ablation. The company’s COBRA line comprises a number of first‐ever
ablation technologies invented, developed, and brought exclusively to
market by Estech. These include temperature‐controlled RF energy
delivery, Versapolar™ devices that provide both bipolar and monopolar
energy, suction‐applied tissue contact, and internally‐cooled devices
which provide superior ablation performance compared to other ablation
systems. For more information, please visit www.estech.com.
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 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 (LAA) exclusion device is the most widely
implanted device for LAA management worldwide. The company believes
cardiothoracic surgeons are adopting its ablation and LAA management
devices for the treatment of Afib and reduction of Afib related
complications such as stroke. Afib affects more than 5.5 million people
worldwide.
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, 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 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 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, 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.
AtriCure, Inc.
Andy Wade, 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
