Piper Jaffray Reiterates Outperform as AtriCure (ATRC) Reports Strong 4Q Results

Piper Jaffray maintained an Overweight rating on AtriCure Inc. (NASDAQ: ATRC), and cut the price target to $22.00 (from $25.00), following the company's 4Q earnings report. ATRC reported revenues that came in-line with it's January’s pre-announcement. The loss per share was a little less than expected, due to lower-than-expected R&D expenses.

Analyst Thomas Gunderson commented, "ATRC reported Q4 revenues in line with January’s pre-announcement. The loss per share was slightly less than expected, mostly due to lower R&D expenses than we had estimated. Going forward 2016 guidance offered no surprises as much of the plan had been previously signaled. Our FY16 revenue estimate is staying at $162M (or 25% y/ y growth) and our EPS forecast is decreasing modestly by 7 cents to -$1.18. ATRC’s 25% revenue growth is a combination of an expected 18% organic growth coupled with the product revenues from a late 2015 acquisition (nContact). We like ATRC’s three year plan to invest heavily in key clinical trials, while still growing the revenue line by 15-20%, and crossing over to EBITDA positive in 2018. With Atricure the only public pureplay in a growing disease (Atrial Fibrillation), above average growth, strong product and development portfolios and proven management, we reiterate our Overweight rating."

For an analyst ratings summary and ratings history on AtriCure Inc. click here. For more ratings news on AtriCure Inc. click here.

Shares of AtriCure Inc. closed at $16.80 yesterday.

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