AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in treatments for
atrial fibrillation (Afib) and left atrial appendage management, today
announced that it has entered into an amended and restated term loan and
revolving line of credit agreement with Silicon Valley Bank, providing
access to a new $25 million five-year term loan, as well as renewing a
$15 million revolving line of credit.
"We are pleased to have Silicon Valley Bank as a partner," said Andy
Wade, Senior Vice President and Chief Financial Officer of AtriCure.
"This loan facility strengthens our balance sheet and provides financial
flexibility, at a low cost of capital, to drive to profitability in
2018."
Tom Hertzberg, Director in the Life Science and Healthcare practice at
Silicon Valley Bank, commented, “We’re pleased to continue our
partnership with AtriCure as the company works to expand and scale its
portfolio of atrial fibrillation solutions to improve patients’ lives.
Our aim is to provide the AtriCure team with the right financing,
connections and global services that they need to meet their corporate
objectives.”
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 is 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.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative
companies and their investors move bold ideas forward, fast. SVB
provides targeted financial services and expertise through its offices
in innovation centers around the world. With commercial, international
and private banking services, SVB helps address the unique needs of
innovators. Learn more at svb.com.
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.
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