|AtriCure CEO Michael Carrel--Courtesy of AtriCure|
AtriCure ($ATRC) enjoyed large revenue gains in both its 2012 fourth quarter and fiscal year, as the company ramped up sales efforts both in the U.S. and abroad for its ablation devices to treat atrial fibrillation. But the company's losses grew for the year, due in part to investments in training and marketing, and pricing pressures.
Undaunted, AtriCure president and CEO Mike Carrel said in the company's earnings release that the investment would pay off in the long-term.
"We are transforming AtriCure into a commercially focused organization," Carrel said in a statement, "with a clear eye toward accelerating revenue growth, leveraging our operating structure and eventually driving profitability."
The company's net losses hovered around the $2 million mark for the quarter ending Dec. 31, about the same as last year. But net losses for the year grew to nearly $7.5 million, up from a $5.4 million net loss in 2011. Part of the reason for this: operating expenses in 2012 jumped 10.6% for the company, growing from $51.7 million in 2011 to $57.2 million in 2012, as the company focused aggressively on sales training and marketing investments for its Synergy Ablation System and its AtriClip left atrial appendage exclusion devices to treat atrial fibrillation and related symptoms.
Revenue grew in kind. The company's 2012 fourth-quarter revenue hit $18.3 million, up over 9% from $16.7 million over the same period in 2011. For the year, revenue reached $70.2 million, up from $64.4 million in 2011. Revenue grew 14% internationally, the company said, as it boosted direct sales efforts in Europe, Russia and Asia.
Back in January, AtriCure pulled in $23.5 million in a public offering designed to boost its working capital, a move that Carrel said is helping to fuel the company's growth efforts and shoot for profitability down the line.
- read the release
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