AtriCure (NSDQ:ATRC) boosted its 1st quarter sales above Wall Street’s forecast, posting nearly 28% growth, and raised its outlook on revenues for the rest of the year.
But investors on The Street shrugged off the gains, keeping share prices flat after last week’s announcement and shaving some 4% of their value today.
AtriCure reported losses of -$7.7 million, or -31¢ per share, on sales of $24.8 million for the 3 months ended March 31. That represents a nearly 300% widening of losses on a 27.8% sales boost, compared with the same period last year.
Analysts were looking for sales of $23.5 million. ATRC shares closed down 3.9% at $16.01 apiece today.
"We are off to a strong start in 2014, as our commitment to training and education, clinical trial support and innovation continue to pay dividends. We are seeing increasing physician interest in treating patients with challenging Afib conditions, and the belief that management of the left atrial appendage is necessary is becoming increasingly widespread," president & CEO Mike Carrel said in prepared remarks. "We are also pleased with the integration of the Estech products into our portfolio and the ongoing combination of our sales forces. These accomplishments, combined with our successful financing, give us a solid foundation for future growth."
AtriCure said it now expects sales of between $101 million and $104 million, up from prior guidance of $100 million to $103 million.
