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     127  0 Kommentare AtriCure Reports Third Quarter 2020 Financial Results

    AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management, today announced third quarter 2020 financial results.

    “We are pleased with our third quarter performance and the improving trajectory of our business, which reflect the commitment of our team and underlying demand in our core markets,” said Michael Carrel, President and Chief Executive Officer of AtriCure. “We are continuing to make significant progress on our strategic initiatives and are on the forefront of meaningfully expanding our addressable market opportunity.”

    Third Quarter 2020 Financial Results

    Revenue for the third quarter of 2020 was $54.8 million, a decrease of $1.9 million or 3.3% (a decrease of 3.9% on a constant currency basis), compared to third quarter 2019 revenue, due to the global decline in surgical procedures as a result of the COVID-19 pandemic. U.S. revenue decreased 3.1% to $44.7 million, and international revenue decreased 4.1% to $10.1 million, (a decrease of 7.2% on a constant currency basis), compared to third quarter 2019 revenue.

    Gross profit for the third quarter of 2020 was $40.3 million compared to $41.8 million for the third quarter of 2019. Gross margin for the third quarter of 2020 remained relatively consistent at 73.7% compared to 73.8% in the third quarter of 2019, reflecting normal manufacturing operations during both periods.

    Loss from operations for the third quarter of 2020 was $4.0 million, compared to $8.6 million for the third quarter of 2019. Net loss per share was $0.11 for the third quarter of 2020 compared to $0.25 for the third quarter of 2019. Adjusted EBITDA was a positive $4.2 million for the third quarter of 2020 compared to a loss of $2.2 million for the third quarter of 2019. Adjusted loss per share for the third quarter of 2020 was $0.11 compared to an adjusted loss per share of $0.33 for the third quarter of 2019.

    Constant currency revenue, adjusted EBITDA and adjusted loss per share are non-GAAP measures. We discuss these non-GAAP measures and provide reconciliations to GAAP measures later in this release.

    2020 Financial Guidance

    Management expects revenue to be $56 million to $60 million for the fourth quarter of 2020 and $205 million to $209 million for the full year 2020. Full year adjusted EBITDA loss is expected to be approximately $10 million.

    Incrementally higher or lower impact from the on-going global pandemic could cause forecasts for fourth quarter and full year 2020 to differ materially than these projections.

    Conference Call

    AtriCure will host a conference call at 4:30 p.m. Eastern Time on Thursday, November 5, 2020 to discuss its third quarter 2020 financial results. The call may be accessed through an operator by calling (844) 884-9951 for domestic callers and (661) 378-9661 for international callers using conference ID number 8584906. A live audio webcast of the presentation may be accessed by visiting the Investors page of AtriCure’s corporate website at ir.atricure.com. A replay of the presentation will be available for 90 days following the presentation.

    About AtriCure

    AtriCure, Inc. provides innovative technologies for the treatment of Afib and related conditions. Afib affects more than 33 million people worldwide. Electrophysiologists and cardiothoracic surgeons around the globe use AtriCure technologies for the treatment of Afib and reduction of Afib related complications. AtriCure’s Isolator Synergy Ablation System is the first and only medical device to receive FDA approval for the treatment of persistent Afib. AtriCure’s AtriClip Left Atrial Appendage Exclusion System products are the most widely sold LAA management devices worldwide. For more information, visit AtriCure.com or follow us on Twitter @AtriCure.

    Forward-Looking Statements

    This press release contains “forward-looking statements”– that is, statements related to future events that by their nature address matters that are uncertain. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit http://www.atricure.com/fls as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors. We do not undertake to update our forward-looking statements. Actual results could differ materially.

    Use of Non-GAAP Financial Measures

    To supplement AtriCure’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, AtriCure provides certain non-GAAP financial measures in this release as supplemental financial metrics.

    Revenue reported on a constant currency basis is a non-GAAP measure and is calculated by applying previous period foreign currency exchange rates, which are determined by the average daily Euro to Dollar exchange rate, to each of the comparable periods. Management analyzes revenue on a constant currency basis to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on revenue, the Company believes that evaluating growth in revenue on a constant currency basis provides an additional and meaningful assessment of revenue to both management and investors.

    Adjusted EBITDA is calculated as Net loss before other income/expense (including interest), income tax expense (benefit), depreciation and amortization expense, share-based compensation expense, acquisition costs, and change in fair value of contingent consideration liabilities. Management believes in order to properly understand the short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. The excluded items vary in frequency and/or impact on our continuing results of operations and management believes that the excluded items are typically not reflective of our ongoing core business operations and financial condition. Further, management uses adjusted EBITDA for both strategic and annual operating planning, and previously used adjusted EBITDA as a performance metric in the annual incentive plan. A reconciliation of adjusted EBITDA reported in this release to the most comparable GAAP measure for the respective periods appears in the table captioned “Reconciliation of Non-GAAP Adjusted Income (Loss) (Adjusted EBITDA)” later in this release.

    Adjusted loss per share is a non-GAAP measure which calculates the net loss per share before non-cash adjustments to expenses related to the adjustment in value of contingent consideration liabilities. Management believes this metric provides a better measure of comparability of results between periods, as such adjustments can be significant and vary in value and are not reflective of our core business. A reconciliation of adjusted loss per share reported in this release to the most comparable GAAP measure for the respective periods appears in the table captioned “Reconciliation of Non-GAAP Adjusted Loss Per Share” later in this release.

    The non-GAAP financial measures used by AtriCure may not be the same or calculated in the same manner as those used and calculated by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for AtriCure’s financial results prepared and reported in accordance with GAAP. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financials measures included in this press release, and not to rely on any single financial measure to evaluate our business.

     

     

     

     

     

     

     

     

     

     

     

     

    ATRICURE, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In Thousands, Except Per Share Amounts)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

    September 30,

     

    Nine Months Ended

    September 30,

     

    2020

     

    2019

     

    2020

     

    2019

    United States Revenue:

     

     

     

     

     

     

     

     

     

     

     

    Open ablation

    $

    19,911

     

     

    $

    19,754

     

     

    $

    54,679

     

     

    $

    59,311

     

    Minimally invasive ablation

     

    6,979

     

     

     

    9,006

     

     

     

    18,295

     

     

     

    25,860

     

    Appendage management

     

    17,430

     

     

     

    16,907

     

     

     

    47,870

     

     

     

    49,075

     

    Total ablation and appendage management

     

    44,320

     

     

     

    45,667

     

     

     

    120,844

     

     

     

    134,246

     

    Valve tools

     

    381

     

     

     

    456

     

     

     

    994

     

     

     

    2,046

     

    Total United States

     

    44,701

     

     

     

    46,123

     

     

     

    121,838

     

     

     

    136,292

     

    International Revenue:

     

     

     

     

     

     

     

     

     

     

     

    Open ablation

     

    4,907

     

     

     

    5,850

     

     

     

    13,766

     

     

     

    18,942

     

    Minimally invasive ablation

     

    1,692

     

     

     

    2,058

     

     

     

    4,346

     

     

     

    6,122

     

    Appendage management

     

    3,445

     

     

     

    2,532

     

     

     

    8,778

     

     

     

    7,963

     

    Total ablation and appendage management

     

    10,044

     

     

     

    10,440

     

     

     

    26,890

     

     

     

    33,027

     

    Valve tools

     

    12

     

     

     

    51

     

     

     

    78

     

     

     

    167

     

    Total international

     

    10,056

     

     

     

    10,491

     

     

     

    26,968

     

     

     

    33,194

     

    Total revenue

     

    54,757

     

     

     

    56,614

     

     

     

    148,806

     

     

     

    169,486

     

    Cost of revenue

     

    14,423

     

     

     

    14,817

     

     

     

    41,934

     

     

     

    43,925

     

    Gross profit

     

    40,334

     

     

     

    41,797

     

     

     

    106,872

     

     

     

    125,561

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

    Research and development expenses

     

    10,576

     

     

     

    10,154

     

     

     

    32,199

     

     

     

    28,134

     

    Selling, general and administrative expenses

     

    33,749

     

     

     

    40,280

     

     

     

    101,403

     

     

     

    115,223

     

    Total operating expenses

     

    44,325

     

     

     

    50,434

     

     

     

    133,602

     

     

     

    143,357

     

    Loss from operations

     

    (3,991

    )

     

     

    (8,637

    )

     

     

    (26,730

    )

     

     

    (17,796

    )

    Other expense, net

     

    (962

    )

     

     

    (650

    )

     

     

    (2,847

    )

     

     

    (1,151

    )

    Loss before income tax expense

     

    (4,953

    )

     

     

    (9,287

    )

     

     

    (29,577

    )

     

     

    (18,947

    )

    Income tax expense (benefit)

     

    (4

    )

     

     

    75

     

     

     

    16

     

     

     

    151

     

    Net loss

    $

    (4,949

    )

     

    $

    (9,362

    )

     

    $

    (29,593

    )

     

    $

    (19,098

    )

    Basic and diluted net loss per share

    $

    (0.11

    )

     

    $

    (0.25

    )

     

    $

    (0.71

    )

     

    $

    (0.51

    )

    Weighted average shares used in computing net loss per share:

     

     

     

     

     

     

     

     

     

     

     

    Basic and diluted

     

    44,012

     

     

     

    37,842

     

     

     

    41,442

     

     

     

    37,387

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    ATRICURE, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In Thousands)

    (Unaudited)

     

     

     

     

     

     

     

    September 30,

     

    December 31,

     

    2020

     

    2019

    Assets

     

     

     

     

     

    Current assets:

     

     

     

     

     

    Cash, cash equivalents, and short-term investments

    $

    233,069

     

     

    $

    81,801

     

    Accounts receivable, net

     

    25,448

     

     

     

    28,046

     

    Inventories

     

    34,326

     

     

     

    29,414

     

    Prepaid and other current assets

     

    3,369

     

     

     

    3,899

     

    Total current assets

     

    296,212

     

     

     

    143,160

     

    Property and equipment, net

     

    29,089

     

     

     

    32,646

     

    Operating lease right-of-use assets

     

    2,363

     

     

     

    4,032

     

    Long-term investments

     

    16,516

     

     

     

    12,675

     

    Goodwill and intangible assets, net

     

    363,218

     

     

     

    364,662

     

    Other noncurrent assets

     

    399

     

     

     

    705

     

    Total assets

    $

    707,797

     

     

    $

    557,880

     

    Liabilities and Stockholders' Equity

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

    Accounts payable and accrued liabilities

    $

    32,684

     

     

    $

    47,698

     

    Other current liabilities and current maturities of debt and leases

     

    12,070

     

     

     

    2,218

     

    Total current liabilities

     

    44,754

     

     

     

    49,916

     

    Long-term debt

     

    49,985

     

     

     

    59,634

     

    Finance lease liabilities

     

    11,172

     

     

     

    11,774

     

    Operating lease liabilities

     

    1,324

     

     

     

    2,796

     

    Contingent consideration and other noncurrent liabilities

     

    183,030

     

     

     

    186,417

     

    Total liabilities

     

    290,265

     

     

     

    310,537

     

    Stockholders' equity:

     

     

     

     

     

    Common stock

     

    45

     

     

     

    40

     

    Additional paid-in capital

     

    729,220

     

     

     

    529,658

     

    Accumulated other comprehensive income (loss)

     

    57

     

     

     

    (158

    )

    Accumulated deficit

     

    (311,790

    )

     

     

    (282,197

    )

    Total stockholders' equity

     

    417,532

     

     

     

    247,343

     

    Total liabilities and stockholders' equity

    $

    707,797

     

     

    $

    557,880

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    ATRICURE, INC. AND SUBSIDIARIES

    RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS

    (In Thousands)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Non-GAAP Adjusted Income (Loss) (Adjusted EBITDA)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

    2020

     

    2019

     

    2020

     

    2019

    Net loss, as reported

    $

    (4,949

    )

     

    $

    (9,362

    )

     

    $

    (29,593

    )

     

    $

    (19,098

    )

    Income tax expense (benefit)

     

    (4

    )

     

     

    75

     

     

     

    16

     

     

     

    151

     

    Other expense, net

     

    962

     

     

     

    650

     

     

     

    2,847

     

     

     

    1,151

     

    Depreciation and amortization expense

     

    2,479

     

     

     

    2,393

     

     

     

    7,381

     

     

     

    6,983

     

    Share-based compensation expense

     

    5,549

     

     

     

    4,287

     

     

     

    16,126

     

     

     

    12,816

     

    Contingent consideration adjustment

     

    192

     

     

     

    (3,062

    )

     

     

    (4,854

    )

     

     

    (6,934

    )

    Acquisition costs

     

     

     

     

    2,819

     

     

     

    138

     

     

     

    3,645

     

    Non-GAAP adjusted income (loss) (adjusted EBITDA)

    $

    4,229

     

     

    $

    (2,200

    )

     

    $

    (7,939

    )

     

    $

    (1,286

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Non-GAAP Adjusted Loss Per Share

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

    2020

     

    2019

     

    2020

     

    2019

    Net loss, as reported

    $

    (4,949

    )

     

    $

    (9,362

    )

     

    $

    (29,593

    )

     

    $

    (19,098

    )

    Contingent consideration adjustment

     

    192

     

     

     

    (3,062

    )

     

     

    (4,854

    )

     

     

    (6,934

    )

    Net loss excluding contingent consideration adjustment

    $

    (4,757

    )

     

    $

    (12,424

    )

     

    $

    (34,447

    )

     

    $

    (26,032

    )

    Basic and diluted adjusted net loss per share

    $

    (0.11

    )

     

    $

    (0.33

    )

     

    $

    (0.83

    )

     

    $

    (0.70

    )

    Weighted average shares used in computing adjusted net loss per share

     

     

     

     

     

     

     

     

     

     

     

    Basic and diluted

     

    44,012

     

     

     

    37,842

     

     

     

    41,442

     

     

     

    37,387

     

     

     

     

     

     

     

     

     

     

     

     

     

     



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    AtriCure Reports Third Quarter 2020 Financial Results AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management, today announced third quarter 2020 financial results. “We are pleased with our third quarter performance and …