AtriCure (NSDQ:ATRC) reported increased 1st-quarter sales and affirmed its 2013 sales and earnings guidance.
The West Chester, Ohio-based medical device company posted losses of $1.9 million, or -10¢ per share, on sales of $19.4 million for the 3 months ended March 31, for top-line growth of 11.2%. Losses were up 19.9% compared with Q1 2012.
"Our first quarter results reflect double digit revenue growth, balanced globally. We are starting to see the results of our training and education efforts in capturing market share," said CEO Mike Carrel in prepared remarks.
AtriCure said it continues to expect sales growth of between 9% and 11%, or $76.5 million to $78.0 million. Adjusted losses before interest, taxes, debt & amortization are pegged at $3.0 million to $5.0 million, including a whack of $800,000 to $1.0 million for the medical device tax.
AtriCure priced a public offering of nearly $3.5 million shares at $7.25 per share in January, saying it expected net proceeds of about $23.5 million.