AtriCure (NSDQ:ATRC) posted third-quarter results today that beat the consensus forecast on Wall Street and maintained its outlook for the full year.
The Mason, Ohio-based atrial fibrillation (AFib) technology developer reported profits of $97.1 million, or $2.11 per diluted share, on sales of $70.5 million for the three months ended Sept. 30.
Sales grew 28.7% compared with Q3 2020, during which time the company reported a net loss of $0.11 per diluted share.
Adjusted to exclude one-time items, the company reported a net loss per share of $0.23, beating the Street by $0.09, where analysts were looking for a net loss per share of $0.32 on sales of $68.55.million.
“Our results were driven by strong growth across key product lines, including the addition of new Cryo Nerve Block and Hybrid AF Therapy accounts, providing further validation of demand across our business,” AtriCure President and CEO Michael Carrel said in a news release. “We feel encouraged by our progress this quarter and are well positioned to capitalize upon the recent approval from the Converge trial.”
In April, the FDA approved AtriCure’s EPi-Sense system used in the Converge trial for treating long-standing persistent AFib.
AtriCure said it still expects full-year revenue in the range of $270 million to $275 million, growth of 31% to 33% over 2020. The company also maintained its guidance for full-year adjusted EBITDA at a loss of approximately $10 million and an adjusted loss per share of approximately $1.20.
Shares of ATRC climbed more than 4% to $3.58 by the end of the morning.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was virtually level.