Today, AtriCure, Inc. released its 10-K report. AtriCure, Inc. develops, manufactures, and sells devices for the surgical ablation of cardiac tissue and systems, and intercostal nerves to medical centers in the United States, Europe, Asia, and internationally. The company offers a range of products including Isolator Synergy Clamps, MAX Pen device, Coolrail device, cryoICE Cryoablation System, EPi-Sense Guided Coagulation System, AtriClip System, LARIAT System, Lumitip Dissectors, Glidepath guides, and Subtle Cannula's, among others. AtriCure, Inc. markets and sells its products through independent distributors and direct sales personnel. The company was incorporated in 2000 and is headquartered in Mason, Ohio. As a result of these announcements, the company's shares have moved -4.0% on the market and are now trading at a price of $32.83.
In its annual report, AtriCure reported a revenue of $399.2 million for the year ended December 31, 2023, marking a 20.8% increase over the prior year. The company experienced growth in all key product lines in the United States, as well as significant international revenue growth across all franchises and major geographic regions. The gross margin increased by 80 basis points, driven by favorable production efficiencies, partially offset by less favorable geographic and product mix. Research and development expenses increased by 28.9%, primarily due to expansion of product development, regulatory and clinical teams, while selling, general and administrative expenses increased by 9.5% primarily due to growth in headcount and marketing activities.
AtriCure also highlighted its strategic and operational advancements in 2023, including product innovation, clinical science, LeAAPS trial enrollment, ICE-AFIB trial completion, CEASE-AF trial results, and DEEP AF trial results. The company also emphasized its focus on training programs for physicians and healthcare professionals, as well as the impact of societal guidelines on the adoption of its products.
For more information, read the company's full 10-K submission here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $201,630 | $230,807 | $206,531 | $274,329 | $330,379 | $380,730 |
| Gross Margins | 73% | 74% | 72% | 75% | 74% | 75% |
| Net Margins | -10% | -15% | -23% | 18% | -14% | -7% |
| Net Income (k) | -$21,137 | -$35,194 | -$48,155 | $50,199 | -$46,466 | -$24,819 |
| Net Interest Expense (k) | $4,607 | $4,111 | $4,885 | $4,918 | $4,986 | $6,688 |
| Depreciation & Amort. (k) | $7,244 | $7,423 | $7,866 | $7,534 | $8,057 | $9,159 |
| Diluted Shares (k) | 34,087 | 37,589 | 42,125 | 46,039 | 45,740 | 46,411 |
| Earnings Per Share | -$0.62 | -$0.94 | -$1.14 | $1.09 | -$1.02 | -$0.55 |
| EPS Growth | n/a | -51.61% | -21.28% | 195.61% | -193.58% | 46.08% |
| Avg. Price | $26.15 | $29.13 | $41.32 | $71.09 | $55.57 | $32.72 |
| P/E Ratio | -42.18 | -30.99 | -36.25 | 64.05 | -54.48 | -59.49 |
| Free Cash Flow (k) | -$10,382 | -$27,993 | -$25,128 | -$23,533 | -$39,022 | -$12,883 |
| CAPEX (k) | $6,211 | $12,182 | $5,259 | $9,753 | $16,881 | $13,383 |
| EV / EBITDA | -93.55 | -45.07 | -46.23 | 51.93 | -74.11 | -115.69 |
| Total Debt (k) | $53,079 | $62,218 | $68,417 | $61,756 | $65,472 | $60,000 |
| Current Ratio | 4.34 | 2.87 | 6.24 | 3.47 | 3.69 | 3.06 |
