The West Chester, Ohio-based medical device company posted losses of $2.0 million, or 12¢ per share, on sales of $18.4 million for the 3 months ended Dec. 31, 2012, for top-line growth of 9.6% and a loss reduction of 2.9%.
But full-year losses gaped 38.1% to $7.5 million, or 47¢ per share, on sales of $70.2 million, for sales growth of 9.1%.
Analysts on The Street were looking for losses of 9¢ per share and full-year losses of 42¢ per share. The news sent ATRC shares down YY% to a $YY close March 4.
"We are pleased to report 4th-quarter and full-year 2012 results which provide a strong growth platform from which we can continue to build in 2013 and beyond," president & CEO Mike Carrel said in prepared remarks. "AtriCure is emerging as the education leader in the field of atrial fibrillation, and I am confident in our ability to further develop and expand the market. With our recently completed financing in January, we have strengthened our balance sheet to successfully build and grow our business, and in 2013 expect to continue our investments in training and education, clinical science, international expansion and other commercial investments. We are transforming AtriCure into a commercially focused organization with a clear eye toward accelerating revenue growth, leveraging our operating structure and eventually driving profitability."
AtriCure said it expects sales growth of 9%-11%, or $76.5 million to $78.0 million, for 2013. Adjusted earnings before interest, taxes, debt and amortization are pegged at a loss of $3.0 million to $5.0 million, "including the impact of the medical device tax," which AtriCure predicted will be between $800,000 and $1 million.