AtriCure Announces Preliminary Results for Fourth Quarter and Full Year 2016
Preliminary and unaudited revenue for fourth quarter 2016 is expected to
be approximately
Revenue from international customers is expected to be approximately
Preliminary revenue for full year 2016 is expected to be $155.1 million,
reflecting growth of approximately 20% over full year 2015. The Adjusted
EBITDA loss (a non-GAAP measure consistently calculated as in previous
releases) for the full year 2016 is currently estimated to be less than
the previously communicated range of
“Our fourth quarter sales results were marked by mixed performance –
weak U.S. Open sales were partially offset by robust U.S. Clip and
Epi-Sense sales results as well as solid international sales. We are
disappointed with the softness in our U.S. Open sales performance which
was not attributable to any one factor. We will continue to investigate
the dynamics of our U.S. Open sales performance, both internal and
external, to forecast with greater accuracy. However, we do not believe
there have been any fundamental changes in the market opportunity,” said
Mr. Carrel continued, “Our revenue guidance for 2017 reflects continued strength in our U.S. MIS and Clip franchises and our U.S. Open business growth remaining in the single digits. Additionally, we have a clear line of sight to significant bottom line improvement in 2017 and remain confident in our expectation for EBITDA profitability for full year 2018.”
Mr. Carrel noted, “This reflects increasing adoption of surgical ablation techniques for the treatment of Afib and is a result of the large body of scientific evidence showing that concomitant surgical ablation is safe and effective. We believe this is a significant advancement for the concomitant treatment of Afib, and we are committed to driving further adoption of Afib treatment globally and serving this under-penetrated market.”
2017 Financial Guidance
Management projects 2017 revenue growth of approximately 13% to 15% over full year 2016 at current exchange rates.
Adjusted EBITDA, a non-GAAP measure, is projected to be a loss in the
range of $4 to
About AtriCure
Forward-Looking Statements
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 forward-looking statements. This document also includes forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.
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Source:
AtriCure, Inc.
Andy Wade, 513-755-4564
Senior Vice President
and Chief Financial Officer
awade@atricure.com
or
Gilmartin
Group
Investor Relations
Lynn Pieper Lewis, 415-937-5402
lynn@gilmartinir.com