Business
AtriCure Reports First Quarter 2023 Financial Results
Worldwide revenue of $93.5 million – an increase of 25.4% year over year U.S. revenue of $78.2 million – an increase of 25.6% year over year International
About this update from Atricure, Inc.
[{"type":"text","content":"\n\nWorldwide revenue of $93.5 million – an increase of 25.4% year over year\n\n\n\nU.S. revenue of $78.2 million – an increase of 25.6% year over year\n\n\n\nInternational revenue of $15.3 million – an increase of 24.4% year over year\n\n\n\nNet loss of $6.5 million – an improvement of $8.7 million year over year\n\n\n\nPositive adjusted EBITDA of $1.9 million – an improvement of $6.2 million year over year\n\n\n\n MASON, Ohio--(BUSINESS WIRE)--\nAtriCure, 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 first quarter 2023 financial results.\n\n\n“We had an extraordinary start to 2023 driven by strength across our platforms globally. We are experiencing robust demand from physicians to treat patients and remain excited for the extensive opportunities in our markets,” said Michael Carrel, President and Chief Executive Officer of AtriCure. “As we look forward, we are focused on growing our patient impact, expanding clinical science and innovation, and increasing leverage across our operations.”\n\n\nFirst Quarter 2023 Financial Results\n\n\nRevenue for the first quarter 2023 was $93.5 million, an increase of 25.4% (an increase of 25.9% on a constant currency basis) over first quarter 2022 revenue. U.S. revenue was $78.2 million, an increase of $15.9 million or 25.6%, compared to first quarter 2022. U.S. revenue growth was driven by sales in all key product lines, highlighted by EnCompass® clamp in open ablation, cryoSPHERE® probe for post-operative pain management and AtriClip® Flex·V® in the appendage management franchise. International revenue increased $3.0 million or 24.4% (an increase of 27.7% on a constant currency basis) to $15.3 million, across all franchises and geographic regions. On a sequential basis, worldwide revenue for the first quarter 2023 increased approximately 6.2% from fourth quarter 2022.\n\n\nGross profit for the first quarter 2023 was $69.6 million compared to $55.6 million for the first quarter 2022. Gross margin was 74.5% for both the first quarters 2023 and 2022, with the current quarter reflecting leverage of our operations and production efficiencies, offset by continuing supply chain cost increases and shift in product mix. Loss from operations for t...