AtriCure (Nasdaq:ATRC) shares were unchanged after hours today on third-quarter results that topped the consensus forecast.
The Mason, Ohio-based cardiac ablation device company posted losses of $12.3 million. That amounts to 27¢ per share on sales of $83.2 million for the three months ended Sept. 30, 2022.
AtriCure reported a massive bottom-line slide into the red despite sales growth of 18.1%. The company said its results reflect the leverage of higher sales volumes offset by inflationary and supply chain cost pressures. Additionally, the company attributed it to a shift in product mix to lower-margin products.
Adjusted to exclude one-time items, losses per share totaled 23¢. That comes in 2¢ ahead of expectations on Wall Street. AtriCure also posted a sales beat as analysts projected revenues of $81.3 million.
“We are proud to share another quarter of strong commercial execution across our business, with excellent EnCompass traction following our launch earlier this year, increasing EPi-Sense revenue and accounts, and ongoing strength in our pain management business,” said Michael Carrel, president and CEO of AtriCure. “Our broad and deep portfolio once again enabled outstanding results, and we continue to build our organization and pipeline of activity to deliver and expand on the substantial growth opportunities ahead.”
AtriCure projects revenues to range between $328 million to $333 million for the full year. That marks a $5 million increase on the low end from last quarter. It projects adjusted loss per share to come between $1.10 and $1.12. The bottom end dropped by 3¢.
Shares of ATRC closed the day up 2% at $42.94 apiece. They remained unchanged after hours. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day up 2.1%.