AtriCure (ATRC) Prelim. Q4 Revenue Tops Consensus

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, announced preliminary financial results for the fourth quarter and full year 2021 and provided 2022 financial guidance.

Preliminary, unaudited revenue for fourth quarter 2021 is expected to be approximately $73.2 million, reflecting growth of approximately 27% over the fourth quarter of 2020. U.S. revenue is expected to be $61.2 million, reflecting growth of 29%, as demand across key product lines continues to increase. International revenue is expected to be approximately $12.0 million, an increase of 16% as reported and an increase of 19% on a constant currency basis.

(Consensus sees Q4 revenue of $72.5 million)

Preliminary, unaudited revenue for full year 2021 is expected to be $274.3 million, reflecting growth of approximately 33% over full year 2020 (32% on a constant currency basis). As previously communicated, adjusted EBITDA for the full year 2021 is estimated to be a loss of approximately $10 million and adjusted loss per share for the full year 2021 is estimated at approximately $1.20. Adjusted EBITDA, adjusted loss per share and constant currency revenue growth are non-GAAP measures. AtriCure will provide a reconciliation of non-GAAP measures to the related GAAP measure in the release of audited 2021 results.

“Our strong revenue growth reflects the tremendous efforts of our team and physician partners as we continue to improve the lives of patients with Afib and related conditions against the challenges of an ongoing pandemic,” said Michael Carrel, President and Chief Executive Officer of AtriCure. “We are well positioned for growth acceleration in 2022, as reflected in our guidance range, and we remain very optimistic about the opportunity to continue driving an increased impact against the global Afib epidemic over the coming year and beyond.”

2022 Financial Guidance

Management projects 2022 revenue of approximately $315 million to $330 million, reflecting growth of approximately 15% to 20% over full year 2021. As with previous guidance, continued uncertainty relating to the dynamic environment with the COVID-19 pandemic could materially impact this projection.

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