AtriCure Reports Fourth Quarter 2020 and Full Year 2020 Financial Results

Nachrichtenquelle: Business Wire (engl.)
23.02.2021, 22:01  |  60   |   |   

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

“Despite challenges posed in 2020 as a result of the pandemic, we made meaningful progress across our business with our strategic initiatives,” said Michael Carrel, President and Chief Executive Officer of AtriCure. “Looking ahead to 2021 and beyond, we are building on the strength of our core platform with key catalysts on the horizon which expand our market opportunities and position the company well for accelerated and sustainable revenue growth over the long term.”

Fourth Quarter 2020 Financial Results

Revenue for the fourth quarter of 2020 was $57.7 million, a decrease of $3.6 million or 5.9% (a decrease of 6.6% on a constant currency basis), compared to fourth quarter 2019 revenue. U.S. revenue was $47.4 million, a decrease of $2.1 million or 4.3%, compared to fourth quarter 2019 revenue. International revenue decreased 12.4% (a decrease of 16.1% on a constant currency basis) to $10.3 million. The decline in both U.S. and international revenue was driven by the global decline in surgical procedures as a result of the COVID-19 pandemic. On a sequential quarter basis, worldwide revenue for fourth quarter 2020 increased approximately 5% over third quarter 2020. The sequential increase in revenue reflects stabilizing procedure volumes for the majority of the fourth quarter 2020.

Gross profit for the fourth quarter of 2020 was $42.4 million compared to $44.8 million for the fourth quarter of 2019. Gross margin was 73.5% and 73.0% for the fourth quarters of 2020 and 2019 respectively, largely reflecting the impact of geographic mix.

Loss from operations for the fourth quarter of 2020 was $17.5 million, compared to $15.3 million for the fourth quarter of 2019. Net loss per share was $0.42 for both the fourth quarter of 2020 and 2019.

Adjusted EBITDA was positive $1.7 million for the fourth quarter of 2020 compared to a $5.4 million loss for the fourth quarter of 2019. Adjusted loss per share for the fourth quarter of 2020 was $0.18 compared to $0.37 for the fourth 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 Results

Revenue for 2020 was $206.5 million, a decrease of $24.3 million or 10.5% (a decrease of 10.7% on a constant currency basis), compared to 2019 revenue. U.S. revenue decreased 8.9% to $169.2 million. International revenue was $37.3 million, a decrease of $7.7 million or 17.1% (a decrease of 18.3% on a constant currency basis). The decrease in revenue was due to the global decline in surgical procedures as a result of the COVID-19 pandemic.

Gross profit for 2020 was $149.3 million compared to $170.3 million for 2019, and gross margin decreased to 72.3% for 2020 compared to 73.8% for 2019. Gross margin was impacted in 2020 by a period of reduced production activity as well as the absorption of a full year of SentreHEART operations.

Loss from operations for 2020 was $44.2 million, compared to $33.1 million for 2019. Adjusted EBITDA was a loss of $6.3 million for 2020, compared to $6.7 million loss for 2019. Net loss per share was $1.14 for 2020 compared to $0.94 for 2019. The adjusted loss per share for 2020 was $1.01 compared to an adjusted loss per share of $1.07 for 2019.

2021 Financial Guidance

Full year 2021 revenue is projected to be approximately $250 million. Continued uncertainty relating to the dynamic environment with the COVID-19 pandemic could materially impact this projection. Full year 2021 adjusted EBITDA is expected to be a loss of approximately $10 million and the full year 2021 adjusted loss per share approximately $1.15.

First quarter 2021 revenue is expected to be in the range of $55 million to $57 million. First quarter 2021 adjusted EBITDA is expected to be a loss in the range of $5 million to $6 million. Adjusted loss per share for the first quarter 2021 is projected to be in the range of $0.36 to $0.39.

Conference Call

AtriCure will host a conference call at 4:30 p.m. Eastern Time on Tuesday, February 23, 2021 to discuss its fourth quarter 2020 and full year 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 6352259. 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. This press release also includes forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. 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.

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, 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, depreciation and amortization expense, share-based compensation expense, acquisition costs, legal settlement costs, and change in fair value of contingent consideration liabilities. Due to the nonrecurring nature of legal settlement costs, the Company has modified the calculation of adjusted EBITDA to exclude legal settlement costs. Legal settlement costs reflect the Company’s estimated settlement value of a claim by former nContact stockholders. The Company believes it is now appropriate to modify the calculation of adjusted EBITDA to exclude legal settlement costs because the Company has concluded that settlement costs are generally nonrecurring and are not reflective of the operational results of the Company’s core business, and the Company believes this approach is more comparable to peer company reporting. 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 in fair value of contingent consideration liabilities and legal settlement costs. Management believes it is now appropriate to modify the calculation of adjusted loss per share to exclude legal settlement costs, as such amounts 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

 

Twelve Months Ended

 

 

December 31,

 

December 31,

 

 

2020

 

2019

 

2020

 

2019

United States Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Open ablation

 

$

20,720

 

 

$

20,894

 

 

$

75,399

 

 

$

80,205

 

Minimally invasive ablation

 

 

7,352

 

 

 

8,982

 

 

 

25,647

 

 

 

34,842

 

Appendage management

 

 

19,111

 

 

 

19,091

 

 

 

66,981

 

 

 

68,166

 

Total ablation and appendage management

 

 

47,183

 

 

 

48,967

 

 

 

168,027

 

 

 

183,213

 

Valve tools

 

 

223

 

 

 

570

 

 

 

1,217

 

 

 

2,616

 

Total United States

 

 

47,406

 

 

 

49,537

 

 

 

169,244

 

 

 

185,829

 

International Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Open ablation

 

 

4,889

 

 

 

6,003

 

 

 

18,655

 

 

 

24,945

 

Minimally invasive ablation

 

 

1,825

 

 

 

2,227

 

 

 

6,171

 

 

 

8,349

 

Appendage management

 

 

3,575

 

 

 

3,513

 

 

 

12,353

 

 

 

11,476

 

Total ablation and appendage management

 

 

10,289

 

 

 

11,743

 

 

 

37,179

 

 

 

44,770

 

Valve tools

 

 

30

 

 

 

41

 

 

 

108

 

 

 

208

 

Total international

 

 

10,319

 

 

 

11,784

 

 

 

37,287

 

 

 

44,978

 

Total revenue

 

 

57,725

 

 

 

61,321

 

 

 

206,531

 

 

 

230,807

 

Cost of revenue

 

 

15,288

 

 

 

16,547

 

 

 

57,222

 

 

 

60,472

 

Gross profit

 

 

42,437

 

 

 

44,774

 

 

 

149,309

 

 

 

170,335

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

10,871

 

 

 

13,096

 

 

 

43,070

 

 

 

41,230

 

Selling, general and administrative expenses

 

 

49,069

 

 

 

47,004

 

 

 

150,472

 

 

 

162,227

 

Total operating expenses

 

 

59,940

 

 

 

60,100

 

 

 

193,542

 

 

 

203,457

 

Loss from operations

 

 

(17,503

)

 

 

(15,326

)

 

 

(44,233

)

 

 

(33,122

)

Other expense, net

 

 

(961

)

 

 

(722

)

 

 

(3,808

)

 

 

(1,873

)

Loss before income tax expense

 

 

(18,464

)

 

 

(16,048

)

 

 

(48,041

)

 

 

(34,995

)

Income tax expense

 

 

98

 

 

 

48

 

 

 

114

 

 

 

199

 

Net loss

 

$

(18,562

)

 

$

(16,096

)

 

$

(48,155

)

 

$

(35,194

)

Basic and diluted net loss per share

 

$

(0.42

)

 

$

(0.42

)

 

$

(1.14

)

 

$

(0.94

)

Weighted average shares used in computing net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

44,124

 

 

 

38,190

 

 

 

42,125

 

 

 

37,589

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ATRICURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

(Unaudited)

 

 

 

 

 

 

 

December 31,

 

December 31,

 

2020

 

2019

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash, cash equivalents, and short-term investments

$

244,218

 

 

$

81,801

 

Accounts receivable, net

 

23,146

 

 

 

28,046

 

Inventories

 

35,026

 

 

 

29,414

 

Prepaid and other current assets

 

4,347

 

 

 

3,899

 

Total current assets

 

306,737

 

 

 

143,160

 

Property and equipment, net

 

28,290

 

 

 

32,646

 

Operating lease right-of-use assets

 

1,914

 

 

 

4,032

 

Long-term investments

 

14,178

 

 

 

12,675

 

Goodwill and intangible assets, net

 

362,980

 

 

 

364,662

 

Other noncurrent assets

 

440

 

 

 

705

 

Total assets

$

714,539

 

 

$

557,880

 

Liabilities and Stockholders' Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable and accrued liabilities

$

40,720

 

 

$

47,698

 

Other current liabilities and current maturities of debt and leases

 

8,417

 

 

 

2,218

 

Total current liabilities

 

49,137

 

 

 

49,916

 

Long-term debt

 

53,435

 

 

 

59,634

 

Finance lease liabilities

 

10,969

 

 

 

11,774

 

Operating lease liabilities

 

1,180

 

 

 

2,796

 

Contingent consideration and other noncurrent liabilities

 

187,424

 

 

 

186,417

 

Total liabilities

 

302,145

 

 

 

310,537

 

Stockholders' equity:

 

 

 

 

 

Common stock

 

45

 

 

 

40

 

Additional paid-in capital

 

742,389

 

 

 

529,658

 

Accumulated other comprehensive income (loss)

 

312

 

 

 

(158

)

Accumulated deficit

 

(330,352

)

 

 

(282,197

)

Total stockholders' equity

 

412,394

 

 

 

247,343

 

Total liabilities and stockholders' equity

$

714,539

 

 

$

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

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2020

 

2019

 

2020

 

2019

Net loss, as reported

$

(18,562

)

 

$

(16,096

)

 

$

(48,155

)

 

$

(35,194

)

Income tax expense

 

98

 

 

 

48

 

 

 

114

 

 

 

199

 

Other expense, net

 

961

 

 

 

722

 

 

 

3,808

 

 

 

1,873

 

Depreciation and amortization expense

 

2,167

 

 

 

2,383

 

 

 

9,548

 

 

 

9,366

 

Share-based compensation expense

 

6,516

 

 

 

5,161

 

 

 

22,642

 

 

 

17,977

 

Contingent consideration adjustment

 

4,497

 

 

 

2,018

 

 

 

(357

)

 

 

(4,916

)

Acquisition costs

 

 

 

 

333

 

 

 

138

 

 

 

3,978

 

Legal settlement

 

6,000

 

 

 

 

 

 

6,000

 

 

 

 

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

$

1,677

 

 

$

(5,431

)

 

$

(6,262

)

 

$

(6,717

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Adjusted Loss Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2020

 

2019

 

2020

 

2019

Net loss, as reported

$

(18,562

)

 

$

(16,096

)

 

$

(48,155

)

 

$

(35,194

)

Contingent consideration adjustment

 

4,497

 

 

 

2,018

 

 

 

(357

)

 

 

(4,916

)

Legal settlement

 

6,000

 

 

 

 

 

 

6,000

 

 

 

 

Net loss excluding contingent consideration adjustment and legal settlement

$

(8,065

)

 

$

(14,078

)

 

$

(42,512

)

 

$

(40,110

)

Basic and diluted adjusted net loss per share

$

(0.18

)

 

$

(0.37

)

 

$

(1.01

)

 

$

(1.07

)

Weighted average shares used in computing adjusted net loss per share

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

44,124

 

 

 

38,190

 

 

 

42,125

 

 

 

37,589

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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Disclaimer

AtriCure Reports Fourth Quarter 2020 and Full Year 2020 Financial Results AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management, today announced fourth quarter 2020 and full year 2020 financial results. “Despite challenges posed in 2020 …

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