AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management, today announced second quarter 2019 financial results.
“Our second quarter results demonstrate strength across the business,” said Mike Carrel, President and Chief Executive Officer of AtriCure. “We remain confident that our investments in innovation, clinical science and physician education will enable us to continue to execute on our strategy of expanding our reach to positively impact patient outcomes worldwide.”
Second Quarter 2019 Financial Results
Revenue for the second quarter of 2019 was $58.9 million, an increase of $7.1 million or 13.7% (14.5% on a constant currency basis), compared to second quarter 2018 revenue. U.S. revenue was $47.2 million, an increase of $6.3 million or 15.5%, compared to second quarter 2018 revenue. U.S. revenue growth was driven by increased sales of open ablation and appendage management products. International revenue increased 7.0% (an increase of 10.8% on a constant currency basis) to $11.7 million, as a result of increased sales of open ablation and appendage management products. A discussion of non-GAAP financial measures and reconciliations regarding non-GAAP financial measures to their respective GAAP financial measures are provided later in this release.
Gross profit for the second quarter of 2019 was $43.9 million compared to $38.1 million for the second quarter of 2018. Gross margin for the second quarter of 2019 increased to 74.5% compared to 73.5% in the second quarter of 2018, driven primarily by improvements to operations and lower costs, partially offset by unfavorable product mix in international markets.
Loss from operations for the second quarter of 2019 was $3.8 million, compared to income of $1.0 million for the second quarter of 2018. Net loss per share was $0.11 for the second quarter of 2019 compared to a net loss per share of $0.01 for the second quarter of 2018.
Adjusted EBITDA was positive $0.7 million for the second quarter of 2019 compared to $0.8 million for the second quarter of 2018. Adjusted loss per share for the second quarter of 2019 was $0.17 compared to $0.19 for the second quarter of 2018. Adjusted EBITDA and adjusted loss per share are non-GAAP measures.
2019 Financial Guidance
Management is updating revenue guidance for 2019 to a range of $224 million to $228 million, corresponding to growth of 11% to 13% for the year. Adjusted EBITDA is now expected to be between $0 and $2 million.
AtriCure will host a conference call at 4:30 p.m. Eastern Time on Tuesday, July 30, 2019 to discuss its second quarter 2019 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 6083869. 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. – Business Wire