AtriCure Announces Preliminary Results for Fourth Quarter and Full Year 2013 and Issues 2014 Guidance

  AtriCure Announces Preliminary Results for Fourth Quarter and Full Year 2013
  and Issues 2014 Guidance

Business Wire

WEST CHESTER, Ohio -- January 9, 2014

AtriCure, Inc. (Nasdaq: ATRC), a leading atrial fibrillation medical device
provider, today announced preliminary financial results for fourth quarter and
full year 2013 and issued 2014 financial guidance.

Preliminary revenue for the fourth quarter of 2013 is expected to be
approximately $21.9 million, reflecting growth of approximately 19% over the
fourth quarter of 2012. Based on this preliminary estimate, revenue from U.S.
customers is expected to be $16.4 million, reflecting growth of 20%, and
revenue from international customers is expected to be $5.5 million,
reflecting growth of 17%, or 14% on a constant currency basis.

Preliminary revenue for full year 2013 is expected to be $81.9 million,
reflecting year over year growth of 17% over full year 2012.

"We are pleased to report preliminary fourth quarter and full year 2013
results which reflect accelerating growth throughout the year and provide a
strong platform from which we can continue to build. As we look forward to
2014, we have reason to be excited about our prospects – we are firmly
establishing AtriCure as the leader in training and education on atrial
fibrillation. Further, we recently strengthened our position through the
acquisition of Estech. We are providing our outlook for 2014 which anticipates
continued revenue growth. I look forward to providing additional detail on our
growth strategy when we release our final 2013 results in late February,” said
Mike Carrel, President and Chief Executive Officer of AtriCure.

2014 Financial Guidance
Management projects that 2014 revenue will be in the range of $100 million to
$103 million, which represents an increase of 22% to 26% over 2013. Organic
revenue growth is expected to be approximately 13% - 15% with the remaining
portion expected from the recently acquired Estech ablation and valve
products. We estimate Estech’s valve products, which are distinct from the
core ablation franchise, to generate revenue of approximately $3 million for
the year.

Adjusted EBITDA, a non-GAAP measure, is projected to be a loss in the range of
$9 to $10 million for 2014, of which approximately $3.5 million will be
transaction related expenses. AtriCure expects the Estech transaction to be
dilutive to earnings in 2014 and accretive in 2015 and beyond.

About AtriCure, Inc.
AtriCure, Inc. is a medical device company providing innovative atrial
fibrillation (Afib) solutions designed to produce superior outcomes that
reduce the economic and social burden of atrial fibrillation. AtriCure’s
Synergy Ablation System is the first and only device approved for the
treatment of Persistent and Longstanding Persistent forms of Afib in patients
undergoing certain open concomitant procedures. AtriCure’s AtriClip Left
Atrial Appendage (LAA) exclusion device is the most widely implanted device
for LAA management worldwide.The company believes cardiothoracic surgeons are
adopting its ablation and LAA management devices for the treatment of Afib and
reduction of Afib related complications such as stroke. Afib affects more than
5.5 million people worldwide.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements that address activities, events or developments
that AtriCure expects, believes or anticipates will or may occur in the
future, such as earnings estimates (including projections and guidance), other
predictions of financial performance, launches by AtriCure of new products and
market acceptance of AtriCure’s products. Forward-looking statements are based
on AtriCure’s experience and perception of current conditions, trends,
expected future developments and other factors it believes are appropriate
under the circumstances and are subject to numerous risks and uncertainties,
many of which are beyond AtriCure’s control. These risks and uncertainties
include the rate and degree of market acceptance of AtriCure’s products,
AtriCure’s ability to develop and market new and enhanced products, the timing
of and ability to obtain and maintain regulatory clearances and approvals for
its products, the timing of and ability to obtain reimbursement of procedures
utilizing AtriCure’s products, AtriCure’s ability to consummate acquisitions
or, if consummated, to successfully integrate acquired businesses into
AtriCure’s operations, AtriCure’s ability to recognize the benefits of
acquisitions, including potential synergies and cost savings, failure of an
acquisition or acquired company to achieve its plans and objectives generally,
risk that proposed or consummated acquisitions may disrupt operations or pose
difficulties in employee retention or otherwise affect financial or operating
results, competition from existing and new products and procedures or
AtriCure’s ability to effectively react to other risks and uncertainties
described from time to time in AtriCure’s SEC filings, such as fluctuation of
quarterly financial results, reliance on third party manufacturers and
suppliers, litigation or other proceedings, government regulation and stock
price volatility. AtriCure does not guarantee any forward-looking statement,
and actual results may differ materially from those projected. AtriCure
undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise. A further
list and description of risks, uncertainties and other matters can be found in
our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

Contact:

AtriCure, Inc.
Andy Wade, Vice President and Chief Financial Officer, 513-755-4564
awade@atricure.com
or
Investor Relations Contact
Westwicke Partners
Lynn Pieper, 415-202-5678
lynn.pieper@westwicke.com
 
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