AtriCure (NSDQ:ATRC) shares gained nearly 15% this morning after it reported lower-than-expected losses and record revenues of $17.5 million for the 1st quarter.
The West Chester, Ohio-based atrial fibrillation device maker reported losses of $1.6 million, or 10¢ per share, on sales of $17.5 million for the 3 months ended March 31, representing an 11.8% top-line increase.
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Analysts were expecting per-share losses of 14¢.
"We are pleased with our performance in the first quarter which saw a resurgence of growth in domestic product sales and continued strength in the international markets – notably from our direct markets in Europe and continued growth from Asia. We are increasingly confident that U.S. procedure volumes are stabilizing which we anticipate will continue through the remainder of 2012," president & CEO David Drachman said in prepared remarks. "We anticipate growth accelerating during the second half of 2012. We believe AtriCure is positioned to capitalize on our wide range of premium products, recent AF approval, education and marketing activities, momentum in international markets, and continued investment in regulatory approvals and clinical science."
AtriCure said it expects full-year sales growth of between 12% and 15%.
The company also said CFO Julie Piton is leaving "to pursue other opportunities."
"During Julie’s tenure, AtriCure developed a strong accounting and finance team with broad capabilities, including an executive director of finance who has assumed responsibility for financial reporting and controls, and a corporate controller," Drachman said. "Based on our internal assessment and input from the diligence conducted by external consultants, we are confident that the company is well positioned as we search for her successor. The board of directors and I thank Julie for her contributions and service and wish her well."
