AtriCure Inc (NASDAQ:ATRC) reported Q4 FY21 sales of $73.2 million, an increase of 26.8% Y/Y (+27.4% on a constant currency basis), beating the consensus of $72.65 million.
- U.S. revenue was $61.2 million, increasing 29.1% reflected strong growth across all product lines, driven by sales of cryoSPHERE, EPi-Sense, and AtriClip Flex⋅V products.
- International revenue increased 16.3% (+19.3% on a constant currency basis) to $12.0 million, reflecting growth in most major markets and across product lines.
- The gross margin was 75.1% and 73.5% for the fourth quarters of 2021 and 2020, respectively, reflecting a favorable geographic and product mix.
- Loss from operations was $(12.5) million, compared to $(17.5) million a year ago.
- The Company reported an EPS loss of $(0.30) down from $(0.18) a year ago and missing the consensus of $(0.29).
- Adjusted EBITDA was negative for Q4 2021 at $(2.1) million, compared to a positive $1.7 million in Q4 FY20.
- Guidance: AtriCure projects FY22 sales of approximately $315 million - $330 million (consensus of $319.44 million), reflecting about 15% to 20% growth.
- Continued uncertainty relating to the dynamic environment with the COVID-19 pandemic could materially impact the projection.
- FY22 adjusted EBITDA is expected to be a loss of approximately $(2) million - $(4) million, with an adjusted EPS loss of $(1.07) to $(1.12).
- Price Action: ATRC shares closed at $65.50 on Tuesday.
