AtriCure Reports Preliminary Results for Fourth Quarter and Full Year 2023, Provides Financial Outlook for 2024
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The preliminary financial results of AtriCure for Q4 and the full year of 2023 suggest a strong performance, with an impressive growth rate of approximately 21% year-over-year. The projected revenue growth for 2024 indicates a slightly slower pace, with an expected increase of 15% to 17%. This deceleration may be indicative of market saturation or increased competition. However, the forecasted positive adjusted EBITDA for 2024, estimated to be between $26 million and $29 million, reflects a healthy upward trend in profitability, likely driven by operational efficiencies and an expanding product portfolio.
Investors should note the reliance on non-GAAP measures such as adjusted EBITDA and constant currency revenue growth. These metrics exclude certain expenses that are factored into GAAP measures, potentially presenting a more favorable financial position. It's crucial to consider the forthcoming GAAP reconciliation for a complete financial picture. The growth in U.S. and international revenues, particularly the robust performance of the Hybrid AF™ therapy and other devices, suggests successful market penetration and product adoption.
From a market perspective, AtriCure's focus on surgical treatments for atrial fibrillation and related therapies positions it well in a specialized and growing segment of the medical device industry. The significant year-over-year growth, especially in the international market, indicates a robust global demand for Afib solutions. The emphasis on innovative therapies like the Hybrid AF™ therapy, AtriClip®, Encompass® and cryoSPHERE® devices showcases the company's commitment to expanding its product line and catering to diverse medical needs.
Looking forward, the projected revenue growth for 2024, while lower than 2023, still represents a strong trajectory in a market that is becoming increasingly aware of the importance of advanced Afib treatments. The anticipated increase in operating leverage implies that AtriCure is expected to manage its expenses effectively while scaling up its operations, which could enhance its competitive edge and market share.
AtriCure's performance is indicative of the broader trends in the medical device sector, where innovation and specialization drive growth. The company's success with Hybrid AF™ therapy and its suite of other devices highlights the importance of technological advancements in treating complex cardiac conditions. The growth in the LAA management and post-operative pain management segments further demonstrates the company's strategic focus on comprehensive cardiac care solutions.
The medical device industry is subject to stringent regulatory environments and AtriCure's ability to grow amidst these conditions suggests effective navigation of such challenges. Prospective investors and stakeholders should consider the potential impact of regulatory changes on the company's future performance. Additionally, the ongoing need for clinical validation and the adoption of new surgical techniques may influence the rate of growth and market acceptance of AtriCure's offerings.
Preliminary, unaudited revenue for fourth quarter 2023 is expected to be
Preliminary, unaudited revenue for full year 2023 is expected to be
“Our fourth quarter 2023 results complete an exceptional year at AtriCure, as we extend our impact on patients globally,” said Michael Carrel, President and Chief Executive Officer of AtriCure. “We continue to see substantial opportunities in each of our markets and are well positioned to deliver robust growth and increasing operating leverage in 2024 and beyond.”
2024 Financial Guidance
Management projects 2024 revenue of approximately
About AtriCure
AtriCure, Inc. provides innovative technologies for the treatment of Afib and related conditions. Afib affects more than 37 million people worldwide. Electrophysiologists and cardiothoracic surgeons around the globe use AtriCure technologies for the treatment of Afib and reduction of Afib related complications. AtriCure’s Isolator® Synergy™ Ablation System is the first medical device to receive FDA approval for the treatment of persistent Afib. AtriCure’s AtriClip® Left Atrial Appendage Exclusion System products are the most widely sold LAA management devices worldwide. AtriCure’s Hybrid AF™ Therapy is a minimally invasive procedure that provides a lasting solution for long-standing persistent Afib patients. AtriCure’s cryoICE cryoSPHERE® probes are cleared for temporary ablation of peripheral nerves to block pain, providing pain relief in cardiac and thoracic procedures. For more information, visit AtriCure.com or follow us on Twitter @AtriCure.
Forward-Looking Statements
This press release contains “forward-looking statements”– that is, statements related to future events that by their nature address matters that are uncertain. This press release also includes forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit http://www.atricure.com/forward-looking-statements as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors. Except where otherwise noted, the information contained in this release is as of January 8, 2024. We assume no obligation to update any forward-looking statements contained in this release and the related attachment as a result of new information or future events or developments, except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240108645382/en/
Angie Wirick
AtriCure, Inc.
Chief Financial Officer
(513) 755-5334
awirick@atricure.com
Marissa Bych
Gilmartin Group
Investor Relations
marissa@gilmartinir.com
Source: AtriCure, Inc.
