AtriCure Reports Preliminary Results for Fourth Quarter and Full Year 2022, Provides Financial Outlook for 2023
10 January 2023 - 12:00AM
Business Wire
AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in surgical
treatments and therapies for atrial fibrillation (Afib), left
atrial appendage (LAA) management and post-operative pain
management, announced preliminary financial results for the fourth
quarter and full year 2022 and provided 2023 financial
guidance.
Preliminary, unaudited revenue for fourth quarter 2022 is
expected to be approximately $88.0 million, reflecting growth of
approximately 20% over the fourth quarter of 2021 (21% on a
constant currency basis). U.S. revenue is expected to be $73.9
million, reflecting growth of 21% as demand across key product
lines continues to increase. International revenue is expected to
be approximately $14.1 million, an increase of 18% as reported (25%
on a constant currency basis).
Preliminary, unaudited revenue for full year 2022 is expected to
be $330.4 million, reflecting growth of approximately 20% over full
year 2021 (22% on a constant currency basis). As previously
communicated, adjusted EBITDA for the full year 2022 is estimated
to be a loss of approximately $4 million and adjusted loss per
share for the full year 2022 is estimated at approximately $1.10 to
$1.12. Adjusted EBITDA, adjusted loss per share and constant
currency revenue growth are non-GAAP measures. AtriCure will
provide a reconciliation of non-GAAP measures to the related GAAP
measure in the release of audited 2022 results.
“Our fourth quarter results add to an outstanding year of global
patient impact, as our broad portfolio of solutions for the
treatment of Afib and post-operative pain management drove
accelerated growth,” said Michael Carrel, President and Chief
Executive Officer of AtriCure. “We have substantial growth
opportunities ahead and remain committed to advancing standards of
care for millions of patients in our addressable markets.”
2023 Financial Guidance
Management projects 2023 revenue of approximately $380 million
to $387 million, reflecting growth of approximately 15% to 17% over
full year 2022. Adjusted EBITDA is estimated to break even for the
full year 2023, with improvements annually thereafter.
About AtriCure
AtriCure, Inc. provides innovative technologies for the
treatment of Afib and related conditions. Afib affects more than 37
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 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.
AtriCure’s Hybrid AF™ Therapy is a minimally invasive procedure
that provides a lasting solution for long-standing persistent Afib
patients. AtriCure’s cryoICE cryoSPHERE® probe is cleared for
temporary ablation of peripheral nerves to block pain, providing
pain relief in cardiac and thoracic procedures. 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/forward-looking-statements as well as our
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q
which contain risk factors. Except where otherwise noted, the
information contained in this release is as of January 9, 2023. We
assume no obligation to update any forward-looking statements
contained in this release and the related attachment as a result of
new information or future events or developments, except as may be
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230109005078/en/
Angie Wirick AtriCure, Inc. Chief Financial Officer (513)
755-5334 awirick@atricure.com
Lynn Lewis or Marissa Bych Gilmartin Group Investor Relations
lynn@gilmartinir.com marissa@gilmartinir.com
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