The Mason, Ohio-based company pared its losses by -21.0% to -$8.6 million, or -27¢ per share, on sales of $41.2 million for the 3 months ended Dec. 31, for a top-line gain of 14.8% compared with Q4 2015. The consensus forecast on Wall Street called for losses of -31¢ on sales of $42.0 million.
Full-year losses rose 22.5% to -$33.3 million, or -$1.05 per share, on sales growth of 19.5% to $155.1 million compared with 2015, again beating The Street’s -$1.10 loss prediction but missing its $156.0 million sales expectation.
“As we reflect back on 2016, we are pleased to have grown revenue 20% for the year while exceeding our bottom line expectations and making meaningful progress in continuing our transformation into the minimally invasive [atrial fibrillation] market, a large, under-penetrated and under-served market. Throughout the year, we hit several strategic milestones and begin 2017 poised to broaden our minimally invasive presence through enrollment in the Converge clinical trial and the expansion of our AtriClip franchise,” president & CEO Mike Carrel said in prepared remarks. “We are also encouraged by the recently updated STS guidelines which include a Class 1 recommendation for surgical ablation of afib. We believe the updated guidelines will further support long term adoption of the surgical treatment afib worldwide. In the year ahead, we plan to drive toward consistent revenue growth while exercising operating expense control to achieve our goal of EBITDA profitability in 2018.”
AtriCure said it expects to put up losses per share of -94¢ to -$1.04 on constant-currency sales growth of 13% to 15%. The Street is looking for LPS of -87¢ on revenues of $177.6 million for the year.
ATRC shares were up 2.3% to $18.67 apiece today in early-afternoon activity.