AtriCure (Nasdaq:ATRC) shares are trending upward today on first-quarter results that beat the consensus forecast.
Shares of ATRC ticked up 6.2% at $42.65 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 0.2%.
The Mason, Ohio-based cardiovascular care company posted losses of $6.5 million for the quarter. That amounts to losses of 14¢ per share on sales of $93.5 million for the three months ended March 31, 2023.
AtriCure recorded an $8.7 million bottom-line gain on sales growth of 25.4%. The company said its first-quarter performance reflects the leverage of its operations and production efficiencies. Continued supply chain cost increases and a shift in product mix offset some of that performance.
Adjusted to exclude one-time items, losses per share totaled 23¢. That landed 11¢ ahead of Wall Street projections. Meanwhile, sales topped expectations, too, as analysts forecast $87.5 million in revenue.
“We had an extraordinary start to 2023 driven by strength across our platforms globally,” said Michael Carrel, President and CEO of AtriCure. “We are experiencing robust demand from physicians to treat patients and remain excited for the extensive opportunities in our markets. As we look forward, we are focused on growing our patient impact, expanding clinical science and innovation, and increasing leverage across our operations.”
AtriCure expects 2023 revenue to land between $385 million and $392 million. That marks growth of approximately 17% to 19%. Meanwhile, the company projects adjusted loss per share to fall between $1.10 and $1.15.