Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

AtriCure Reports Fourth Quarter 2021 and Full Year 2021 Financial Results

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, today announced fourth quarter 2021 and full year 2021 financial results.

“We achieved several milestones in 2021 including the approval and launch of Hybrid Therapy™ for treatment of patients with long-standing persistent Afib, a result of our groundbreaking CONVERGE™ trial, 510(k) clearance for our ENCOMPASS® clamp, expansion of Cryo Nerve Block therapy for pain management and robust growth across our established product lines,” said Michael Carrel, President and Chief Executive Officer of AtriCure. “As we enter 2022, we are well positioned for accelerated growth as we focus on commercial development and market expansion.”

Fourth Quarter 2021 Financial Results

Revenue for the fourth quarter 2021 was $73.2 million, an increase of 26.8% (an increase of 27.4% on a constant currency basis) over fourth quarter 2020 revenue. U.S. revenue was $61.2 million, an increase of $13.8 million or 29.1%, compared to fourth quarter 2020 revenue. U.S. revenue reflected strong growth across all product lines, driven by sales of our cryoSPHERE®, EPi-Sense and AtriClip® Flex⋅V® products. International revenue increased $1.7 million or 16.3% (an increase of 19.3% on a constant currency basis) to $12.0 million, reflecting growth in most major markets and across product lines. On a sequential basis, worldwide revenue for the fourth quarter 2021 increased approximately 3.9% over third quarter 2021.

Gross profit for the fourth quarter 2021 was $55.0 million compared to $42.4 million for the fourth quarter 2020. Gross margin was 75.1% and 73.5% for the fourth quarters 2021 and 2020 respectively, reflecting favorable geographic and product mix.

Loss from operations for the fourth quarter 2021 was $12.5 million, compared to $17.5 million for the fourth quarter 2020. Basic and diluted net loss per share was $0.30 for the fourth quarter 2021, compared to $0.42 for the fourth quarter 2020.

Adjusted EBITDA was negative for the fourth quarter 2021 at $2.1 million, compared to positive $1.7 million for fourth quarter of 2020. Adjusted loss per share for the fourth quarter 2021 was $0.30 compared to $0.18 for the fourth quarter 2020.

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.

2021 Financial Results

Revenue for 2021 was $274.3 million, an increase of $67.8 million or 32.8% (an increase of 32.4% on a constant currency basis), compared to 2020 revenue. U.S. revenue increased 35.4% to $229.1 million. International revenue was $45.2 million, an increase of $7.9 million or 21.2% (an increase of 19.1% on a constant currency basis). The increase in revenue was due to returning surgical procedure volume globally following the impact of the COVID-19 pandemic in 2020, as well as further adoption of our products.

Gross profit for 2021 was $205.9 million compared to $149.3 million for 2020, and gross margin increased to 75.0% for 2021 compared to 72.3% for 2020. The improvement to gross margin reflects the return to normal production activity in 2021 as well as favorable geographic and product mix, partially offset by inventory management charges in 2021.

Income from operations for 2021 was $55.2 million, compared to a loss from operations of $44.2 million for 2020. 2021 income from operations includes a $184.8 million credit to operating expenses for the change in fair value of contingent consideration, offset partially by a $82.3 million intangible asset impairment charge for the IPR&D asset associated with the aMAZE™ trial. Basic and diluted net income per share was $1.11 and $1.09, respectively for 2021, compared to basic and diluted loss per share of $1.14 for 2020.

Adjusted EBITDA was negative $8.8 million for 2021, compared to negative $6.3 million for 2020. The adjusted loss per share for 2021 was $1.16 compared to an adjusted loss per share of $1.01 for 2020.

2022 Financial Guidance

Full year 2022 revenue is projected to be approximately $315 million to $330 million, reflecting growth of approximately 15% to 20% over full year 2021. Continued uncertainty relating to the dynamic environment with the COVID-19 pandemic could materially impact this projection. Full year 2022 adjusted EBITDA is expected to be a loss of approximately $2 million to $4 million, and the full year 2022 adjusted loss per share of approximately $1.07 to $1.12.

Conference Call

AtriCure will host a conference call at 4:30 p.m. Eastern Time on Tuesday, February 15, 2022 to discuss its fourth quarter 2021 and full year 2021 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 4299852. 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 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. The information contained on our website, Twitter or any other third-party website is not incorporated by reference in this earnings release.

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 and the related attachment is as of February 15, 2022. 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.

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 income (loss) before other income/expense (including interest), income tax expense, depreciation and amortization expense, share-based compensation expense, acquisition costs, legal settlement costs, impairment of intangible asset and change in fair value of contingent consideration liabilities. Management believes in order to properly understand 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. 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 (Loss) Income (Adjusted EBITDA)” later in this release.

Adjusted income (loss) per share is a non-GAAP measure which calculates the net income (loss) per share before non-cash adjustments in fair value of contingent consideration liabilities, impairment of intangible asset and legal settlement costs. A reconciliation of adjusted income (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,



2021

 

2020

 

2021

 

2020

United States Revenue:

 

 

 

 

 

 

 

Open ablation

$

24,202

 

 

$

20,720

 

 

$

93,895

 

 

$

75,399

 

Minimally invasive ablation

 

11,303

 

 

 

7,352

 

 

 

39,380

 

 

 

25,647

 

Appendage management

 

25,424

 

 

 

19,111

 

 

 

94,568

 

 

 

66,981

 

Total ablation and appendage management

 

60,929

 

 

 

47,183

 

 

 

227,843

 

 

 

168,027

 

Valve tools

 

286

 

 

 

223

 

 

 

1,288

 

 

 

1,217

 

Total United States

 

61,215

 

 

 

47,406

 

 

 

229,131

 

 

 

169,244

 

International Revenue:

 

 

 

 

 

 

 

Open ablation

 

6,577

 

 

 

4,889

 

 

 

23,206

 

 

 

18,655

 

Minimally invasive ablation

 

1,711

 

 

 

1,825

 

 

 

6,409

 

 

 

6,171

 

Appendage management

 

3,709

 

 

 

3,575

 

 

 

15,534

 

 

 

12,353

 

Total ablation and appendage management

 

11,997

 

 

 

10,289

 

 

 

45,149

 

 

 

37,179

 

Valve tools

 

6

 

 

 

30

 

 

 

49

 

 

 

108

 

Total international

 

12,003

 

 

 

10,319

 

 

 

45,198

 

 

 

37,287

 

Total revenue

 

73,218

 

 

 

57,725

 

 

 

274,329

 

 

 

206,531

 

Cost of revenue

 

18,202

 

 

 

15,288

 

 

 

68,469

 

 

 

57,222

 

Gross profit

 

55,016

 

 

 

42,437

 

 

 

205,860

 

 

 

149,309

 

Operating (benefit) expenses:

 

 

 

 

 

 

 

Research and development expenses

 

13,808

 

 

 

10,871

 

 

 

48,506

 

 

 

43,070

 

Selling, general and administrative expenses

 

53,710

 

 

 

44,572

 

 

 

204,649

 

 

 

150,829

 

Change in fair value of contingent consideration

 

 

 

 

4,497

 

 

 

(184,800

)

 

 

(357

)

Intangible asset impairment

 

 

 

 

 

 

 

82,300

 

 

 

 

Total operating expenses

 

67,518

 

 

 

59,940

 

 

 

150,655

 

 

 

193,542

 

Income (loss) from operations

 

(12,502

)

 

 

(17,503

)

 

 

55,205

 

 

 

(44,233

)

Other expense, net

 

(1,186

)

 

 

(961

)

 

 

(4,818

)

 

 

(3,808

)

Income (loss) before income tax expense

 

(13,688

)

 

 

(18,464

)

 

 

50,387

 

 

 

(48,041

)

Income tax expense (benefit)

 

53

 

 

 

98

 

 

 

188

 

 

 

114

 

Net income (loss)

$

(13,741

)

 

$

(18,562

)

 

$

50,199

 

 

$

(48,155

)

Basic net income (loss) per share

$

(0.30

)

 

$

(0.42

)

 

$

1.11

 

 

$

(1.14

)

Diluted net income (loss) per share

$

(0.30

)

 

$

(0.42

)

 

$

1.09

 

 

$

(1.14

)

Weighted average shares used in computing net income (loss) per share:

 

 

 

 

 

 

 

Basic

 

45,331

 

 

 

44,124

 

 

 

45,066

 

 

 

42,125

 

Diluted

 

45,331

 

 

 

44,124

 

 

 

46,039

 

 

 

42,125

 

ATRICURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

(Unaudited)

 



December 31,

 

December 31,

2021

 

2020

Assets

 

 

 

Current assets:

 

 

 

Cash, cash equivalents, and short-term investments

$

119,090

 

 

$

244,218

 

Accounts receivable, net

 

33,021

 

 

 

23,146

 

Inventories

 

38,964

 

 

 

35,026

 

Prepaid and other current assets

 

5,001

 

 

 

4,347

 

Total current assets

 

196,076

 

 

 

306,737

 

Property and equipment, net

 

31,409

 

 

 

28,290

 

Operating lease right-of-use assets

 

4,761

 

 

 

1,914

 

Long-term investments

 

104,338

 

 

 

14,178

 

Goodwill and intangible assets, net

 

277,773

 

 

 

362,980

 

Other noncurrent assets

 

955

 

 

 

440

 

Total assets

$

615,312

 

 

$

714,539

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

$

54,689

 

 

$

40,720

 

Other current liabilities and current maturities of debt and leases

 

1,756

 

 

 

8,417

 

Total current liabilities

 

56,445

 

 

 

49,137

 

Long-term debt

 

59,741

 

 

 

53,435

 

Finance lease liabilities

 

10,082

 

 

 

10,969

 

Operating lease liabilities

 

4,068

 

 

 

1,180

 

Contingent consideration and other noncurrent liabilities

 

1,220

 

 

 

187,424

 

Total liabilities

 

131,556

 

 

 

302,145

 

Stockholders' equity:

 

 

 

Common stock

 

46

 

 

 

45

 

Additional paid-in capital

 

764,811

 

 

 

742,389

 

Accumulated other comprehensive (loss) income

 

(948

)

 

 

312

 

Accumulated deficit

 

(280,153

)

 

 

(330,352

)

Total stockholders' equity

 

483,756

 

 

 

412,394

 

Total liabilities and stockholders' equity

$

615,312

 

 

$

714,539

 

ATRICURE, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS

(In Thousands)

(Unaudited)

 

Reconciliation of Non-GAAP Adjusted (Loss) Income (Adjusted EBITDA)



Three Months Ended

 

Twelve Months Ended

December 31,

 

December 31,



2021

 

2020

 

2021

 

2020

Net income (loss), as reported

$

(13,741

)

 

$

(18,562

)

 

$

50,199

 

 

$

(48,155

)

Income tax expense (benefit)

 

53

 

 

 

98

 

 

 

188

 

 

 

114

 

Other expense, net

 

1,186

 

 

 

961

 

 

 

4,818

 

 

 

3,808

 

Depreciation and amortization expense

 

2,833

 

 

 

2,167

 

 

 

10,441

 

 

 

9,548

 

Share-based compensation expense

 

7,539

 

 

 

6,516

 

 

 

28,078

 

 

 

22,642

 

Change in fair value of contingent consideration

 

 

 

 

4,497

 

 

 

(184,800

)

 

 

(357

)

Intangible asset impairment

 

 

 

 

 

 

 

82,300

 

 

 

 

Legal settlement

 

 

 

 

6,000

 

 

 

 

 

 

6,000

 

Acquisition costs

 

 

 

 

 

 

 

 

 

 

138

 

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

$

(2,130

)

 

$

1,677

 

 

$

(8,776

)

 

$

(6,262

)



Reconciliation of Non-GAAP Adjusted Loss Per Share

 

Three Months Ended

 

Twelve Months Ended

December 31,

 

December 31,

 

2021

 

2020

 

2021

 

2020

Net income (loss), as reported

$

(13,741

)

 

$

(18,562

)

 

$

50,199

 

 

$

(48,155

)

Change in fair value of contingent consideration

 

 

 

 

4,497

 

 

 

(184,800

)

 

 

(357

)

Intangible asset impairment

 

 

 

 

 

 

 

82,300

 

 

 

 

Legal settlement

 

 

 

 

6,000

 

 

 

 

 

 

6,000

 

Non-GAAP adjusted net loss

$

(13,741

)

 

$

(8,065

)

 

$

(52,301

)

 

$

(42,512

)

Basic and diluted adjusted net loss per share

$

(0.30

)

 

$

(0.18

)

 

$

(1.16

)

 

$

(1.01

)

Weighted average shares used in computing adjusted net loss per share

 

 

 

 

 

 

 

Basic and diluted

 

45,331

 

 

 

44,124

 

 

 

45,066

 

 

 

42,125

 

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.