Business
AtriCure Reports Fourth Quarter 2019 and Full Year 2019 Financial Results
2019 Worldwide revenue of $230.8 million – an increase of 14.5% year over year 2019 U.S. revenue of $185.8 million – an increase of 14.6% year over year 2019
About this update from Atricure, Inc.
[{"type":"text","content":"\n\n2019 Worldwide revenue of $230.8 million – an increase of 14.5% year over year\n\n\n2019 U.S. revenue of $185.8 million – an increase of 14.6% year over year\n\n\n2019 International revenue of $45.0 million – an increase of 13.9% 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 fourth quarter 2019 and full year 2019 financial results.\n\n\n“We achieved several critical accomplishments throughout 2019, highlighted by the submission of our final module for the CONVERGE IDE clinical trial to FDA coupled with enrollment completion in our aMAZE IDE clinical trial in the fourth quarter of 2019,” said Michael Carrel, President and Chief Executive Officer of AtriCure. “Looking ahead to the next decade, we are confident that we have built a strong foundation for success.”\n\n\nFourth Quarter 2019 Financial Results \n\n\nRevenue for the fourth quarter of 2019 was $61.3 million, an increase of $8.4 million or 15.9% (16.4% on a constant currency basis), compared to fourth quarter 2018 revenue. U.S. revenue was $49.5 million, an increase of $6.4 million or 14.9%, compared to fourth quarter 2018 revenue. International revenue increased 20.5% (an increase of 22.8% on a constant currency basis) to $11.8 million. Both U.S. and international revenue growth were driven by increased sales across appendage management and open ablation product lines.\n\n\nGross profit for the fourth quarter of 2019 was $44.8 million compared to $38.6 million for the fourth quarter of 2018. Gross margin was 73.0% for both the fourth quarter of 2019 and 2018.\n\n\nOperating expenses for the fourth quarter of 2019 increased 45.9%, or $18.9 million, compared to the fourth quarter of 2018. The increase in operating expense was driven by a $6.1 million year over year change in non-cash charges related to the contingent consideration liability and approximately $5.8 million related to the absorption of SentreHEART headcount, aMAZE clinical trial expenses, and acquisition related costs. Other expense drivers include increased personnel costs resulting from additional headcount and variable compensation and research and development project spend.\n\n\nLoss from operations for the fourth quarter of 2019 was $15.3 mi...