AtriCure, Inc. (Nasdaq: ATRC), a leading atrial fibrillation medical
device provider, today announced preliminary financial results for
fourth quarter and full year 2013 and issued 2014 financial guidance.
Preliminary revenue for the fourth quarter of 2013 is expected to be
approximately $21.9 million, reflecting growth of approximately 19% over
the fourth quarter of 2012. Based on this preliminary estimate, revenue
from U.S. customers is expected to be $16.4 million, reflecting growth
of 20%, and revenue from international customers is expected to be $5.5
million, reflecting growth of 17%, or 14% on a constant currency basis.
Preliminary revenue for full year 2013 is expected to be $81.9 million,
reflecting year over year growth of 17% over full year 2012.
"We are pleased to report preliminary fourth quarter and full year 2013
results which reflect accelerating growth throughout the year and
provide a strong platform from which we can continue to build. As we
look forward to 2014, we have reason to be excited about our prospects –
we are firmly establishing AtriCure as the leader in training and
education on atrial fibrillation. Further, we recently strengthened our
position through the acquisition of Estech. We are providing our outlook
for 2014 which anticipates continued revenue growth. I look forward to
providing additional detail on our growth strategy when we release our
final 2013 results in late February,” said Mike Carrel, President and
Chief Executive Officer of AtriCure.
2014 Financial Guidance
Management
projects that 2014 revenue will be in the range of $100 million to $103
million, which represents an increase of 22% to 26% over 2013. Organic
revenue growth is expected to be approximately 13% - 15% with the
remaining portion expected from the recently acquired Estech ablation
and valve products. We estimate Estech’s valve products, which are
distinct from the core ablation franchise, to generate revenue of
approximately $3 million for the year.
Adjusted EBITDA, a non-GAAP measure, is projected to be a loss in the
range of $9 to $10 million for 2014, of which approximately $3.5 million
will be transaction related expenses. AtriCure expects the Estech
transaction to be dilutive to earnings in 2014 and accretive in 2015 and
beyond.
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.
Copyright Business Wire 2014