AtriCure (ATRC) Tops Q1 EPS by 2c

AtriCure (NASDAQ: ATRC) reported Q1 EPS of ($0.31), $0.02 better than the analyst estimate of ($0.33). Revenue for the quarter came in at $35.9 million versus the consensus estimate of $36.08 million.

“We are pleased to report first quarter results which reflect solid operational and commercial execution. Performance in the quarter was again marked by continued growth from U.S. customers, and we are reiterating our guidance of 25% top line growth for 2016,” said Mike Carrel, President and Chief Executive Officer of AtriCure. “We are also pleased to have strengthened our balance sheet through the term loan with Silicon Valley Bank which, coupled with initiatives underway, strengthen our confidence in our ability to reach profitability in 2018.”

2016 Financial Guidance

Management projects 2016 revenue growth of approximately 25% over full year 2015 at current exchange rates.

Adjusted EBITDA, a non-GAAP measure, is projected to be a loss in the range of $14 to $15 million for 2016 as the Company continues to make strategic investments to drive the long-term growth plan, including several clinical trials, modest expansion of the U.S. field sales team, and ongoing product development efforts. In terms of EPS, this EBITDA range translates into a loss of between $1.12 and $1.22. Significant improvements in the adjusted EBITDA loss are expected for 2017, turning to a positive adjusted EBITDA for 2018.

For earnings history and earnings-related data on AtriCure (ATRC) click here.

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