AtriCure posts Street-beating Q2, raises sales outlook

AtriCure (NSDQ:ATRC) today posted second quarter earnings that beat expectations on Wall Street and lifted its sales guidance for the remaining year.

The Mason, Ohio-based company posted losses of $338,000, or 1¢ per share, on sales of $51.8 million for the three months ended June 30, seeing losses shrink 95.1% while sales grew 14.5% compared with the same period last year.

Adjusted to exclude one-time items, losses per share were 19¢, ahead of the 23¢ loss-per-share consensus on The Street, where analysts were looking for sales of $49.9 million, which the company also topped

“Our second quarter results reflect strong revenue growth, solid operational performance and continued execution on our strategic priorities. We are pleased to be reporting positive adjusted EBITDA for the second quarter as well as raising our revenue expectations for the year,” prez & CEO Mike Carrel said in a press release.

AtriCure raised its sales guidance for the full year, expecting to post $193 million and $197 million.

Shares in AtriCure traded up 2.3% today, closing at $29.30.

In June, AtriCure said that  it inked a multi-year partnership deal with China’s Baheal Pharmaceutical Group to distribute AtriCure’s surgical ablation devices.

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AtriCure inks multi-year Chinese distro deal with Baheal Pharma

AtriCure (NSDQ:ATRC) said today it inked a multi-year partnership deal with China’s Baheal Pharmaceutical Group to distribute AtriCure’s surgical ablation devices.

Through the deal, Baheal will become Mason, Ohio-based AtriCure’s exclusive distributor in the region, replacing the company’s previous distribution partner.

“At Baheal, we’re continuously looking for ways to grow and expand our business. We believe that there is vast opportunity to treat patients and the market remains underpenetrated, and we’re confident that together, we are well positioned to grow and help more patients in China affected by atrial fibrillation,” Baheal Pharma chair Fu Gang said in a prepared statement.

AtriCure said that it hopes to pursue new product approvals in China over the next several years as it looks to bring its full portfolio of surgical ablation and left atrial appendage management devices into the Chinese market.

“We are pleased to have formed this new partnership with Baheal. With Baheal’s stellar reputation, their size and scale, combined with our market-leading devices, we are well positioned to establish a foundation for future growth in China,” AtriCure prez & CEO Michael Carrel said in a press release.

In April, AtriCure saw shares rise after the cardiovascular company’s first-quarter numbers showed a nearly 14% top-line gain and shaved a penny off its quarterly earnings loss.

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AtriCure’s Q1 numbers top estimates

AtricureAtriCure (NSDQ:ATRC) beat the consensus forecast at both the top and bottom lines with its 1st-quarter results, sending share prices up 3% today.

Losses for the Mason, Ohio-based medical device company rose4.7% to -$10.2 million, or -32¢ per share, on sales growth of 14.8% for the 3 months ended March 31. Analysts on Wall Street were looking for losses of -35¢ on sales of $40.3 million.

The news sent ATRC shares up 3.0% to $21.30 apiece today in early trading.

“During the 1st quarter of 2017, we made significant progress across our strategic priorities, achieving solid results in our base open business while driving forward our transformation into the minimally invasive market,” president & CEO Mike Carrel said in prepared remarks. “We are advancing our clinical trials meaningfully with several new sites enrolling for Converge and expect enrollment to accelerate in the 2nd half of the year. We are looking forward to continued momentum across our business throughout 2017.”

AtriCure said it still expects to post losses of -94¢ to $1.04 per share this year, on constant-currency sales of $175 million to $178 million.