AtriCure (Nasdaq:ATRC) shares rose today on second-quarter financial results that came in ahead of the consensus forecast.
Shares of ATRC ticked up 5.2% at $55.94 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — increased slightly.
The Mason, Ohio-based cardiovascular care company posted losses of $5.1 million. That equals 11¢ per share with sales of $100.9 million for the three months ended June 30, 2023.
AtriCure reported a 65.5% bottom-line gain closer to breakeven on sales growth of 19.4%.
Adjusted to exclude one-time items, losses per share came in at 12¢. That put AtriCure 17¢ ahead of projections on Wall Street, where analysts expected sales of $97.5 million.
The company attributed its revenue growth to U.S. sales in all key product lines. That includes the EnCompass clamp for open ablation, cryoSPHERE probe for post-operative pain management and the AtriClip Flex V device for appendage management.
“We are proud to report an exceptional quarter at AtriCure, highlighted by robust worldwide growth and meaningful operating leverage. Our performance showcases the breadth of opportunities that exist in our business and an unwavering commitment from our team to raise patient impact,” said Michael Carrel, president, and CEO of AtriCure. “As we execute the second half of 2023, we remain focused on the expansion of our markets and continued advancement of clinical science and innovation.”
AtriCure raised its 2023 revenue guidance to a range between $392 million and $395 million. It previously expected between $385 million and $392 million. The company projects adjusted losses per share to fall between 92¢ and 94¢. That marks a significant rise from the previous forecast for between $1.10 and $1.15.
