Business
AtriCure Reports First Quarter 2020 Financial Results
Worldwide revenue of $53.2 million – a decrease of 1.4% year over year U.S. revenue of $43.5 million – an increase of 1.1% year over year International
About this update from Atricure, Inc.
[{"type":"text","content":"\n\nWorldwide revenue of $53.2 million – a decrease of 1.4% year over year\n\n\nU.S. revenue of $43.5 million – an increase of 1.1% year over year\n\n\nInternational revenue of $9.8 million – a decrease of 11.0% year over year\n\n\n MASON, Ohio--(BUSINESS WIRE)--\nAtriCure, Inc. (Nasdaq: ATRC), a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management, today announced first quarter 2020 financial results.\n\n\n“I want to extend gratitude to our partners in the healthcare community, all of whom are taking extraordinary efforts to care for both COVID and non-COVID patients in these difficult times. As the world continues to navigate the pandemic, we have positioned our business to mitigate disruption and remain committed to supporting our people, patients, customers and communities,” said Michael Carrel, President and Chief Executive Officer of AtriCure. “We have built a great foundation strategically, financially and operationally that will guide us to long-term growth.”\n\n\nFirst Quarter 2020 Financial Results\n\n\nRevenue for the first quarter of 2020 was $53.2 million, a decrease of $0.7 million or 1.4% (a decrease of 1.0% on a constant currency basis), compared to first quarter 2019 revenue. U.S. revenue increased 1.1% to $43.5 million, driven by increased sales of appendage management products and offset by a decline in minimally invasive ablation product sales. International revenue was $9.8 million, a decrease of $1.2 million or 11.0% (a decrease of 9.4% on a constant currency basis), compared to first quarter 2019 revenue.\n\n\nGross profit for the first quarter of 2020 was $38.9 million compared to $40.0 million for the first quarter of 2019. Gross margin for the first quarter of 2020 decreased to 73.1% compared to 73.9% in the first quarter of 2019.\n\n\nLoss from operations for the first quarter of 2020 was $15.5 million, compared to $5.3 million for the first quarter of 2019. Net loss per share was $0.42 for the first quarter of 2020 compared to $0.15 for the first quarter of 2019.\n\n\nAdjusted EBITDA was a loss of $6.1 million for the first quarter of 2020 compared to a loss of $0.5 million for the first quarter of 2019. Adjusted loss per share for the first quarter of 2020 was $0.36 compared to an adjusted loss per share of $0.20 for the first quarter of 2019. Cons...