AtriCure (NSDQ:ATRC) released 2nd quarter earnings late yesterday that topped the street in losses per share, but still saw shares dip in trading today.
The Mason, Ohio-based company reported losses of $8.2 million, or 26¢ per share, on sales of $39.7 million for the 3 months ended June 30. That amounts to a 67.8% increase in losses while sales grew 21.8% compared with the same period last year.
AtriCure beat analysts on Wall Street’s 30¢ expectations for the quarter, but shares have slipped in trading today, down 7.2% to trade at $13.76 as of 3:05 p.m. EDT.
“We are pleased to report second quarter results which reflect many accomplishments – we launched two new products, made progress with our clinical trials and made strides in positioning AtriCure for long term success. We also had strong gross margins and better than expected bottom line performance, while refining and expanding our commercial organization as part of our integration of nContact, which will help support our long term growth objectives. We remain confident in our path to EBITDA profitability in 2018 and our long-term revenue growth prospects remain solid,” CEO Mike Carrel said in prepared remarks.
The company provided updated guidance, expecting revenue growth of 20% to 22% over its 2015 years.
AtriCure expects to see non-GAAP EBITDA losses between $14 million and $15 million for 2016, with losses per share between $1.12 and $1.22. The company was positive on the upcoming 2017 year, expecting to see improvements in adjusted EBITDA for the year and positive adjusted EBITDA for 2018.
In late June, Atricure won CE Mark approval in the European Union for the AtriClip Pro2 left atrial appendage exclusion system designed for minimally-invasive LAA occlusion procedures.
The AtriClip Pro2 system is designed with an ambidextrous locking and trigger-style clip closing mechanism, the West Chester, Ohio-based company said, as well as handle-based active articulation levers and a hoopless end effector.
In February, the company said it’s launching a clinical trial of its AtriClip left atrial appendage closure device, aiming to show whether the device reduces the incidence of post-operative atrial fibrillation after cardiac surgery to repair a structural heart defect.
AtriCure said the 1st patient in the 1-year Atlas trial was enrolled at PinnacleHealth Hospitals in Harrisburg, Pa. The study, which is slated to enroll up to 2,000 patients with a high risk of developing POAF, is designed to compare treatment with AtriClip in conjunction with a heart defect repair procedure to patients who undergo heart defect repair alone. It’s also designed to evaluate healthcare resource utilization between the 2 groups, AtriCure said.
