AtriCure Reports Preliminary Results for Fourth Quarter and Full Year 2018
January 07 2019 - 8:30AM
Business Wire
AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in treatments
for atrial fibrillation (Afib) and left atrial appendage (LAA)
management, today announced preliminary financial results for the
fourth quarter and full year 2018 and provided 2019 financial
guidance.
Preliminary, unaudited revenue for fourth quarter 2018 is
expected to be approximately $52.9 million, reflecting growth of
approximately 15% over the fourth quarter of 2017. Based on this
preliminary estimate, revenue from U.S. customers is expected to
be $43.1 million, reflecting growth of 19% and driven again by
strong sales of open-heart ablation products and appendage
management products. Revenue from international customers is
expected to be approximately $9.8 million, a decrease of 1% as
reported and an increase of 1% on a constant currency basis.
Preliminary revenue for full year 2018 is expected to
be $201.6 million, reflecting growth of approximately 15% over
full year 2017. Adjusted EBITDA (a non-GAAP measure consistently
calculated as in previous releases1) for the full year 2018 is
currently estimated to be a loss in the previously communicated
range of $1 to $3 million.
“We are pleased with our fourth quarter results and performance
throughout 2018, as we continue our track record of strong,
consistent revenue growth. We achieved many milestones and
accomplishments in 2018: we completed enrollment in the CONVERGE
IDE trial, trained over 400 healthcare professionals worldwide,
surpassed the 170,000 AtriClip milestone, launched the AtriClip
FLEX•V® device, and established a dedicated pain management team,”
said Mike Carrel, President and Chief Executive Officer of
AtriCure. “We are well positioned to continue executing on our
strategy and positively impacting patient lives.”
2019 Financial Guidance
Management projects 2019 revenue of approximately $220 million
to $228 million, reflecting growth of approximately 9% to 13% over
full year 2018. Adjusted EBITDA, a non-GAAP measure, is projected
to be positive for 2019.
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 left atrial
appendage management devices worldwide, with more than 170,000
implanted to date. 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. This document also includes forward-looking projected
financial information that is based on current estimates and
forecasts. Actual results could differ materially.
1 AtriCure will provide a reconciliation of non-GAAP measures to
the related GAAP measure in the release of final 2018 results.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190107005217/en/
Andy WadeAtriCure, Inc.Senior Vice President and Chief Financial
Officer(513) 755-4564awade@atricure.comLynn Pieper LewisGilmartin
GroupInvestor Relations(415) 937-5402lynn@gilmartinir.com
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