Business
AtriCure Reports Third Quarter 2020 Financial Results
Worldwide revenue of $54.8 million – a decrease of 3.3% year over year U.S. revenue of $44.7 million – a decrease of 3.1% year over year International
About this update from Atricure, Inc.
[{"type":"text","content":"\n\nWorldwide revenue of $54.8 million – a decrease of 3.3% year over year\n\n\nU.S. revenue of $44.7 million – a decrease of 3.1% year over year\n\n\nInternational revenue of $10.1 million – a decrease of 4.1% 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 third quarter 2020 financial results.\n\n“We are pleased with our third quarter performance and the improving trajectory of our business, which reflect the commitment of our team and underlying demand in our core markets,” said Michael Carrel, President and Chief Executive Officer of AtriCure. “We are continuing to make significant progress on our strategic initiatives and are on the forefront of meaningfully expanding our addressable market opportunity.”\n\nThird Quarter 2020 Financial Results \n\nRevenue for the third quarter of 2020 was $54.8 million, a decrease of $1.9 million or 3.3% (a decrease of 3.9% on a constant currency basis), compared to third quarter 2019 revenue, due to the global decline in surgical procedures as a result of the COVID-19 pandemic. U.S. revenue decreased 3.1% to $44.7 million, and international revenue decreased 4.1% to $10.1 million, (a decrease of 7.2% on a constant currency basis), compared to third quarter 2019 revenue.\n\nGross profit for the third quarter of 2020 was $40.3 million compared to $41.8 million for the third quarter of 2019. Gross margin for the third quarter of 2020 remained relatively consistent at 73.7% compared to 73.8% in the third quarter of 2019, reflecting normal manufacturing operations during both periods.\n\nLoss from operations for the third quarter of 2020 was $4.0 million, compared to $8.6 million for the third quarter of 2019. Net loss per share was $0.11 for the third quarter of 2020 compared to $0.25 for the third quarter of 2019. Adjusted EBITDA was a positive $4.2 million for the third quarter of 2020 compared to a loss of $2.2 million for the third quarter of 2019. Adjusted loss per share for the third quarter of 2020 was $0.11 compared to an adjusted loss per share of $0.33 for the third quarter of 2019.\n\nConstant currency revenue, adjusted EBITDA and adjusted loss per share are non-GAAP measures. We discuss these non-GAAP measures and provide r...