0001323885False00013238852023-07-252023-07-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 25, 2023
AtriCure, Inc.
(Exact name of registrant as specified in charter)
Delaware
000-51470
34-1940305
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer Identification No.)
7555 Innovation Way, Mason OH 45040
(Address of Principal Executive Offices, and Zip Code)
(513) 755-4100
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.001 par valueATRCNASDAQ Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02.    Results of Operations and Financial Condition.
On July 25, 2023, AtriCure, Inc. issued a press release regarding its financial results for the second quarter ended June 30, 2023. The Company will hold a conference call on July 25, 2023 at 4:30 p.m. Eastern Time to discuss the financial results. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of Form 8-K and in the press release attached as Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in each of Item 2.02 of this Form 8-K and Exhibit 99.1 shall not be incorporated by reference in any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing or document.
Item 9.01.    Financial Statements and Exhibits.
(d)Exhibits
No.Description
99.1
104Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ATRICURE, INC.
Dated:July 25, 2023By:/s/ Angela L. Wirick
Angela L. Wirick
Chief Financial Officer


image_0a.jpg
Exhibit 99.1
For immediate release
July 25, 2023

AtriCure Reports Second Quarter 2023 Financial Results
•Worldwide revenue of $100.9 million – an increase of 19.4% year over year
•U.S. revenue of $84.9 million – an increase of 19.1% year over year
•International revenue of $16.0 million – an increase of 20.7% year over year
•Net loss of $5.1 million – an improvement of $9.7 million year over year
•Positive adjusted EBITDA of $8.0 million – an improvement of $11.2 million year over year
MASON, Ohio, July 25, 2023 – 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 second quarter 2023 financial results.
“We are proud to report an exceptional quarter at AtriCure, highlighted by robust worldwide growth and meaningful operating leverage. Our performance showcases the breadth of opportunities that exist in our business and an unwavering commitment from our team to raise patient impact,” said Michael Carrel, President, and Chief Executive Officer at AtriCure. “As we execute the second half of 2023, we remain focused on the expansion of our markets and continued advancement of clinical science and innovation.”
Second Quarter 2023 Financial Results
Revenue for the second quarter 2023 was $100.9 million, an increase of 19.4% (an increase of 19.3% on a constant currency basis) over second quarter 2022 revenue. U.S. revenue was $84.9 million, an increase of $13.6 million or 19.1%, compared to the second quarter 2022. U.S. revenue growth was driven by sales in all key product lines, highlighted by sales of the EnCompass® clamp in open ablation, cryoSPHERE® probe for post-operative pain management and the AtriClip® Flex·V® device in appendage management. International revenue increased $2.8 million or 20.7% (an increase of 19.9% on a constant currency basis) to $16.0 million, across all franchises and geographic regions. On a sequential basis, worldwide revenue for the second quarter 2023 increased approximately 7.9% from first quarter 2023.
Gross profit for the second quarter 2023 was $77.1 million compared to $63.5 million for the second quarter 2022. Gross margin was 76.4% for the second quarter 2023, showing improvement of 130 basis points from the second quarter 2022, with the current quarter reflecting leverage of our operations and production efficiencies, partially offset by pressure from geographic and product mix. Loss from operations for the second quarter 2023 was $4.1 million, compared to $13.7 million for the second quarter 2022, reflecting strong revenue growth, cost efficiencies, and improving operating leverage. Basic and diluted net loss per share was $0.11 for the second quarter 2023, compared to $0.32 for the second quarter 2022.
Adjusted EBITDA was positive for the second quarter 2023 at $8.0 million, compared to negative $3.2 million for second quarter of 2022. Adjusted loss per share for the second quarter 2023 was $0.12, compared to $0.32 for the second quarter 2022.
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.
2023 Financial Guidance
Full year 2023 revenue is projected to be $392 million to $395 million, reflecting growth of approximately 19% to 20% over full year 2022. Management now expects full year 2023 positive adjusted EBITDA of approximately $12 million, and full year 2023 adjusted loss per share of approximately $0.92 to $0.94.
Conference Call
AtriCure will host a conference call at 4:30 p.m. Eastern Time on Tuesday, July 25, 2023 to discuss second quarter 2023 financial results. To access the webcast, please visit the Investors page of AtriCure’s corporate website at https://ir.atricure.com/


events-and-presentations/events. Participants are encouraged to register more than 15 minutes before the webcast start time. 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 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 July 25, 2023. We assume no obligation to update any forward-looking statements contained in this release 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 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 loss before other income/expense (including interest), income tax expense, depreciation and amortization expense, share-based compensation expense, acquisition costs, legal settlements, impairment of intangible assets 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 Income (Loss) (Adjusted EBITDA)” later in this release.
Adjusted loss per share is a non-GAAP measure which calculates the net loss per share before non-cash adjustments in fair value of contingent consideration liabilities, impairment of intangible assets and legal settlements. A reconciliation of adjusted loss income 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.


CONTACTS:
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


ATRICURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
United States Revenue:
Open ablation$27,002 $22,070 $52,144 $41,044 
Minimally invasive ablation11,370 10,154 21,007 18,769 
Pain management12,590 10,210 23,658 18,224 
Total ablation50,962 42,434 96,809 78,037 
Appendage management33,941 28,831 66,283 55,500 
Total United States84,903 71,265 163,092 133,537 
International Revenue:
Open ablation7,722 6,213 15,008 12,705 
Minimally invasive ablation1,375 1,271 3,242 2,804 
Pain management439 114 667 254 
Total ablation9,536 7,598 18,917 15,763 
Appendage management6,479 5,666 12,403 9,805 
Total International16,015 13,264 31,320 25,568 
Total revenue100,918 84,529 194,412 159,105 
Cost of revenue23,841 21,010 47,726 39,991 
Gross profit77,077 63,519 146,686 119,114 
Operating expenses:
Research and development expenses17,438 14,791 32,765 28,420 
Selling, general and administrative expenses63,783 62,388 123,847 118,504 
Total operating expenses81,221 77,179 156,612 146,924 
Loss from operations(4,144)(13,660)(9,926)(27,810)
Other expense, net(881)(1,136)(1,497)(2,113)
Loss before income tax expense(5,025)(14,796)(11,423)(29,923)
Income tax expense93 45 171 101 
Net loss$(5,118)$(14,841)$(11,594)$(30,024)
Basic and diluted net loss per share$(0.11)$(0.32)$(0.25)$(0.66)
Weighted average shares used in computing net loss per share:
Basic and diluted46,266 45,692 46,187 45,610 


ATRICURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
June 30,
2023		December 31,
2022
Assets
Current assets:
Cash, cash equivalents, and short-term investments$127,025 $121,113 
Accounts receivable, net48,362 42,693 
Inventories55,409 45,931 
Prepaid and other current assets7,179 5,477 
Total current assets237,975 215,214 
Long-term investments7,598 51,509 
Property and equipment, net40,540 38,833 
Operating lease right-of-use assets4,353 3,787 
Goodwill and intangible assets, net302,164 274,120 
Other noncurrent assets1,541 1,985 
Total assets$594,171 $585,448 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities$55,695 $52,920 
Current maturities of debt and leases15,715 5,472 
Total current liabilities71,410 58,392 
Long-term debt47,047 56,834 
Finance lease liabilities8,614 9,147 
Operating lease liabilities3,458 3,095 
Other noncurrent liabilities1,220 1,226 
Total liabilities131,749 128,694 
Stockholders' equity:
Common stock47 47 
Additional paid-in capital803,197 787,422 
Accumulated other comprehensive loss(2,609)(4,096)
Accumulated deficit(338,213)(326,619)
Total stockholders' equity462,422 456,754 
Total liabilities and stockholders' equity$594,171 $585,448 


ATRICURE, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS
(In Thousands)
(Unaudited)
Reconciliation of Non-GAAP Adjusted Income (Loss) (Adjusted EBITDA)
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Net loss, as reported$(5,118)$(14,841)$(11,594)$(30,024)
Income tax expense93 45 171 101 
Other expense, net881 1,136 1,497 2,113 
Depreciation and amortization expense3,580 2,937 6,523 5,804 
Share-based compensation expense8,995 7,524 17,755 14,573 
Gain from legal settlement(412)— (4,412)— 
Non-GAAP adjusted income (loss) (adjusted EBITDA)$8,019 $(3,199)$9,940 $(7,433)
Reconciliation of Non-GAAP Adjusted Loss Per Share
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Net loss, as reported$(5,118)$(14,841)$(11,594)$(30,024)
Gain from legal settlement(412)— (4,412)— 
Non-GAAP adjusted net loss$(5,530)$(14,841)$(16,006)$(30,024)
Basic and diluted adjusted net loss per share$(0.12)$(0.32)$(0.35)$(0.66)
Weighted average shares used in computing adjusted net loss per share
Basic and diluted46,266 45,692 46,187 45,610 


v3.23.2
Cover
Jul. 25, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 25, 2023
Entity Registrant Name AtriCure, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 000-51470
Entity Tax Identification Number 34-1940305
Entity Address, Address Line One 7555 Innovation Way
Entity Address, City or Town Mason
Entity Address, State or Province OH
Entity Address, Postal Zip Code 45040
City Area Code 513
Local Phone Number 755-4100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $.001 par value
Trading Symbol ATRC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Central Index Key 0001323885
Amendment Flag false
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