atricure Archives - Medical Design Sourcing

AtriCure grows sales by 21% in Q4

AtriCure (Nasdaq: ATRC) + shares dipped today despite fourth-quarter results that came in ahead of the consensus forecast.

Shares of ATRC fell 2.8% at $33.25 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 0.7%.

The Mason, Ohio-based company posted losses of $9.8 million. That equals 21¢ per share on sales of $106.5 million for the three months ended Dec. 31, 2023. AtriCure recorded a bottom-line slide deeper into the red despite sales growth of 21%.

Losses per share of 21¢ came in 2¢ ahead of expectations on Wall Street. Sales topped projections of $103.7 million in revenue as well.

The company highlighted growth drivers including sales for its EPi-Sense, AtriClip Flex V, Encompass clamp and cryoSphere probe. With a more than 20% revenue uptick from the fourth quarter of last year, the company a…

AtriCure management expects Street-beating Q4 sales

AtriCure (Nasdaq: ATRC) + today announced preliminary fourth-quarter revenue results that beat the expectations of Wall Street analysts.

The Mason, Ohio–based developer of surgical tools for atrial fibrillation (Afib), left atrial appendage (LAA) management and post-operative pain management expects to report Q4 2023 revenue of $106.5 million, up 21% year-over-year. The consensus on The Street was $102.43 million.

Preliminary, unaudited revenue for full-year 2023 is expected to be $399.2 million, representing roughly 21% growth over full-year 2022. AtriCure’s management now expects revenue to grow another 15–17% in 2024, reaching $459–466 million, reflecting growth of approximately 15% to 17% over full year 2023

ATRC shares were up more than 6% to $35.03 apiece by the close of trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more t…

AtriCure adds J&J veteran to its board

New AtriCure board member Shlomi Nachman. [Image from J&J]AtriCure (Nasdaq:ATRC) announced today that it appointed longtime Johnson & Johnson executive Shlomi Nachman to its board of directors.

Nachman most recently served as company group chair within the Johnson & Johnson Medical Devices (now MedTech) business. He also joined the board of transcatheter aortic valve replacement technology developer JenaValve in September.

“I am thrilled that Shlomi has joined the board of directors,” said Michael Carrel, president and CEO of AtriCure. “He is one of the most well-respected leaders in the medical device space, having led Johnson & Johnson’s medical device business through a period of unprecedented growth. His experience in the AFib market will be invaluable as we continue our mission of healing the lives of those affected by this global epidemic.”

More about new AtriCure board member Shlomi Nachman

With more than 25 years in the medical devic…

These 10 medtech companies care a lot about R&D

Of the 100 largest medical device companies, these 10 firms have spent the largest portion of their revenues on research and development.

Each year, Medical Design & Outsourcing compiles a list of the 100 largest medtech companies around the world and ranks them based on annual revenue for the most recently reported fiscal year. We also consider research and development spending because it can indicate where innovation occurs in the industry.

According to this year’s Big 100 analysis, the ranking of the companies that spent the biggest percentage of their revenue on R&D was mixed. While companies with the highest sales spent the most on R&D in previous years, that was not the case this year. Companies that are in the bottom 50 of our Big 100 list dedicated a greater portion of revenue to research.

Only one company on the R&D spenders list was ranked among the top 25 on the Big 100 – Edwards Lifesciences.

Read on to discover t…

Are investors overreacting on AtriCure after Medtronic’s Penditure launch?

The Penditure (left) and AtriClip (right) devices. [Images courtesy of Medtronic and AtriCure]BTIG analysts say a small survey of surgeons may indicate an oversell of AtriCure stock following Medtronic’s launch of a competing device.

Medtronic this week launched the Penditure left atrial appendage (LAA) exclusion device, adding another system to a competitive space. AtriCure, Abbott and Boston Scientific all offer LAA devices, while Johnson & Johnson MedTech just made its own play in the market.

AtriCure took the biggest hit as a result of the Medtronic launch, with stock falling nearly 20%. The reaction comes as a result of AtriCure’s makeup, with the AtriClip LAA device making up around a third of its revenue, according to BTIG.

The Penditure and AtriClip are quite similar devices. Both are meant for accompanying use with another heart surgery procedure. The situation leads to question marks over how the former’s launch affects the l…

AtriCure raises guidance on Street-beating Q2 as stock ticks up

AtriCure (Nasdaq:ATRC) shares rose today on second-quarter financial results that came in ahead of the consensus forecast.

Shares of ATRC ticked up 5.2% at $55.94 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — increased slightly.

The Mason, Ohio-based cardiovascular care company posted losses of $5.1 million. That equals 11¢ per share with sales of $100.9 million for the three months ended June 30, 2023.

AtriCure reported a 65.5% bottom-line gain closer to breakeven on sales growth of 19.4%.

Adjusted to exclude one-time items, losses per share came in at 12¢. That put AtriCure 17¢ ahead of projections on Wall Street, where analysts expected sales of $97.5 million.

The company attributed its revenue growth to U.S. sales in all key product lines. That includes the EnCompass clamp for open ablation, cryoSPHERE probe for post-operative pain man…

AtriCure stock rises on Street-beating Q1

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 expectati…

The medtech companies potentially affected by Silicon Valley Bank’s closure

The California Department of Financial Protection and Innovation today closed Silicon Valley Bank, which could expose medtech companies with relations to the bank.

According to SVB’s website, half of all U.S. VC-backed tech and life science companies used the Santa Clara, California–based bank.

The FDIC — appointed as receiver in the closing — created the Deposit Insurance National Bank of Santa Clara (DINB). This protects insured depositors, the FDIC said in a news release. At the time of closing, the FDIC immediately transferred to the DINB all insured deposits of Silicon Valley Bank.

Silicon Valley Bank’s reach extends to medtech

BTIG analysts issued a list of companies that could be exposed to Silicon Valley Bank. This includes exposure through loan agreements, revolving credit facilities, and more.

The analysts stressed that the list is only based on these companies’ most recent filings. It lacks full additional detail that …

Medtech jobs: The world’s largest medical device companies are hiring

Medical device companies are trying to fill thousand of medtech jobs. [Photo by ijeab – stock.adobe.com]

The world’s largest medical device companies are still hiring for medtech jobs despite layoffs in tech and other industries.

Medtech developers — and medtech jobs — are resilient, with the industry’s COVID-19 pandemic performance only bolstering its recession-proof reputation.

That’s not to say there haven’t been job cuts in medtech, led by thousands of layoffs at Philips as it struggles with a massive recall of deadly respiratory devices. But most medical device manufacturers are still hiring, and in some cases they can’t attract enough candidates to fill every vacancy in a tight labor market.

Stryker, for example, grew to approximately 51,000 employees as of the end of 2022, increasing its headcount by nearly 11 percent last year. Boston Scientific reported nearl…

AtriCure treats first patient in stroke prevention trial

AtriCure (Nasdaq:ATRC) announced today that it treated the first patient in its left atrial appendage exclusion for stroke prevention (LeAAPS) trial.

U.S. co-principal investigator Dr. Marc Gerdisch treated the first patient at Franciscan St. Francis Heart Center in Indianapolis.

The prospective, randomized, blinded investigational device exemption (IDE) trial will evaluate the safety and effectiveness of AtriClip. Mason, Ohio–based AtriCure designed AtriClip for the prevention of ischemic stroke or systemic arterial embolism. The LAA exclusion system treats cardiac surgery patients at elevated risk for these events with no history of AFib.

AtriCure said it expects the trial to enroll up to 6,500 patients across up to 250 centers worldwide. This would make it the largest randomized clinical trial for surgical LAA exclusion, the company said.

“The LeAAPS trial is a landmark study to evaluate the prophylactic use of AtriClip devices for stroke reduc…

AtriCure beats The Street in Q3

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 o…

Analysts high on AtriCure following Converge AFib procedure update

[Image from AtriCure]Analysts have a positive outlook on AtriCure (Nasdaq:ATRC) following an investor webinar discussing the company’s Convergent procedure.

Convergent uses the company’s EPi-Sense system. Its epicardial-sensing electrodes allow both electrophysiologists (EPs) and cardiothoracic surgeons to sense and record cardiac signals. It can be used for the coagulation of cardiac tissue using radiofrequency (RF) energy.

According to BTIG analyst Marie Thibault, both EPs on Wednesday’s webinar — Dr. Zayd Eldadah from MedStar Heart & Vascular Institute in Washington, D.C. and Dr. Eric Buch from UCLA Health — believe the patient population for the procedure is large and can extend beyond its current use for long-standing persistent AFib. The FDA approved EPi-Sense for treating long-standing persistent AFib in April 2021.

Thibault said it may take time to start and ramp a program but the EPs expect volume to increase “significan…