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Dec 31, 2020
Atricure Q4 2020 Earnings Report
AtriCure reported a decrease in revenue due to the global decline in surgical procedures as a result of the COVID-19 pandemic, but made meaningful progress across its business with its strategic initiatives.
Key Takeaways
AtriCure's fourth-quarter revenue was $57.7 million, a decrease of 5.9% compared to the fourth quarter of 2019. The decline was driven by the global decline in surgical procedures due to the COVID-19 pandemic. Despite the challenges, the company saw a sequential increase in worldwide revenue of approximately 5% over the third quarter of 2020, reflecting stabilizing procedure volumes.
Fourth-quarter revenue was $57.7 million, a 5.9% decrease year-over-year.
U.S. revenue was $47.4 million, a 4.3% decrease year-over-year.
International revenue decreased 12.4% to $10.3 million.
Adjusted EBITDA was positive $1.7 million, compared to a $5.4 million loss in Q4 2019.
Revenue by Geographic Location
Forward Guidance
Full year 2021 revenue is projected to be approximately $250 million. Full year 2021 adjusted EBITDA is expected to be a loss of approximately $10 million and the full year 2021 adjusted loss per share approximately $1.15. First quarter 2021 revenue is expected to be in the range of $55 million to $57 million. First quarter 2021 adjusted EBITDA is expected to be a loss in the range of $5 million to $6 million. Adjusted loss per share for the first quarter 2021 is projected to be in the range of $0.36 to $0.39.
Positive Outlook
- Full year 2021 revenue is projected to be approximately $250 million.
- First quarter 2021 revenue is expected to be in the range of $55 million to $57 million.
Challenges Ahead
- Full year 2021 adjusted EBITDA is expected to be a loss of approximately $10 million.
- Full year 2021 adjusted loss per share approximately $1.15.
- First quarter 2021 adjusted EBITDA is expected to be a loss in the range of $5 million to $6 million.
- Adjusted loss per share for the first quarter 2021 is projected to be in the range of $0.36 to $0.39.
- Continued uncertainty relating to the dynamic environment with the COVID-19 pandemic could materially impact this projection.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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