AtriCure Inc (ATRC) Reports Q3 2023 Earnings: 18.1% YoY Revenue Growth
Worldwide revenue of $98.3 million, marking an 18.1% increase year over year
Net loss of $9.1 million, an improvement of $3.2 million year over year
Positive adjusted EBITDA of $4.7 million, a significant improvement from negative $0.7 million in Q3 2022
Full year 2023 revenue projected to be $394 million to $396 million
On November 1, 2023, 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 its third quarter 2023 financial results.
Financial Highlights
AtriCure Inc (NASDAQ:ATRC) reported a worldwide revenue of $98.3 million, an 18.1% increase year over year. The U.S. revenue stood at $81.7 million, marking a 17.1% increase year over year, while the international revenue was $16.6 million, a 23.2% increase year over year. The net loss was $9.1 million, an improvement of $3.2 million year over year. The company also reported a positive adjusted EBITDA of $4.7 million, a significant improvement from negative $0.7 million in Q3 2022.
Company's Performance and Future Outlook
Michael Carrel, President and Chief Executive Officer at AtriCure, expressed his excitement over the strong quarter, attributing the success to the performance across the company's business globally. He stated,
We also made progress against many strategic initiatives in our pillars of innovation, education and clinical science. As we look to the future, we remain confident in the vast potential of our markets and our ability to deliver profitable growth."
For the full year 2023, the company projects its revenue to be between $394 million to $396 million, reflecting a growth of approximately 19% to 20% over full year 2022. The management also expects a full year 2023 positive adjusted EBITDA of approximately $18 million to $20 million.
Financial Tables Summary
The company's gross profit for the third quarter 2023 was $73.9 million, compared to $61.7 million for the third quarter 2022. The gross margin was 75.2% for the third quarter 2023, showing an improvement of 110 basis points from the third quarter 2022. The loss from operations for the third quarter 2023 was $8.1 million, compared to $10.7 million for the third quarter 2022, reflecting strong revenue growth, cost efficiencies, and improving operating leverage.
As of September 30, 2023, AtriCure Inc (NASDAQ:ATRC) had total assets of $600.27 million, with total liabilities of $137.44 million and total stockholders' equity of $462.83 million.
Explore the complete 8-K earnings release (here) from AtriCure Inc for further details.
This article first appeared on GuruFocus.
