Shares of AtriCure Inc. (ATRC) have lost more than 50% of their value from their 52-week high of $89.18, recorded last November, and trade around $42.
AtriCure is a medical device company offering surgical treatments and therapies for atrial fibrillation, left atrial appendage management and post-operative pain management.
The company’s Isolator Synergy Ablation System is the first medical device to receive FDA approval for the treatment of persistent atrial fibrillation, an irregular heartbeat that affects more than 33 million people worldwide. Since the approval of the Isolator Synergy Ablation System in 2011, the company has expanded its presence in the atrial fibrillation market.
From 2015 through 2019, AtriCure reported year-over-year growth in revenue – $129.8 million in 2015; $155 million in 2016; $174.7 million in 2017; $201.6 million in 2018; and $230.8 million in 2019. However, in 2020, the COVID-19 pandemic caused the revenues to drop nearly 11% to $206.5 million.
The business picked up pace in 2021 and revenue climbed to $274 million last year, surpassing pre-pandemic levels.
The company reported financial results for the first quarter ended March 31, 2022 earlier this month.
Net loss for the first quarter of 2022 narrowed to $15.18 million or $0.33 per share on revenue of $74.6 million. This compared with a net loss of $16.92 million or $0.38 per share and revenue of $59.3 million in the year-earlier quarter.
The company is confident of an exciting future ahead as it focuses on innovation of less invasive, simpler to use, and more efficient technologies while also extending its product offering.
Looking ahead to full year 2022, AtriCure expects revenue to be approximately $318 million to $330 million, reflecting growth of roughly 16% to 20% over 2021.
The company’s cash on hand totaled $182 million as of March 31, 2022.
AtriCure made its debut on the NASDAQ in July 2005, with its shares priced at $12 each in the IPO.
ATRC has traded in a range of $38.64 to $89.18 in the last 1 year. The stock closed Wednesday’s trading at $42.08, up 1.79%.
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