AtriCure ($ATRC) produced double-digit revenue increases in its 2013 second quarter on the strength of expanded sales for its ablation devices to treat atrial fibrillation. But losses remained as the company ramped up spending to promote and sell its offerings in the U.S. and internationally.
The Ohio-based company booked $20.4 million in revenue during the quarter, a jump of nearly 12% compared to the more than $18.2 million generated during the same period a year ago. Net losses grew to almost $1.8 million, versus $1.3 million over the 2012 second quarter. Why the negative numbers? Blame higher operating expenses, which soared nearly 20% during the quarter compared to the previous year as the company ramped up its selling, marketing and training strategies.
"We are starting to see the results of our training and education efforts in capturing market share," president and CEO Mike Carrel explained in a statement.
AtriCure generally has plenty to crow about. Among the highlights: U.S. revenue hit $15.4 million during the quarter, a 15.2% jump over the previous year. The number reflects robust sales of both AtriCure's ablation-related open-heart products such as its Synergy Ablation System, as well as its AtriClip left atrial appendage exclusion device designed to treat atrial fibrillation and related symptoms.
For the year, AtriCure now predicts that revenue will reach $77 million to $78.5 million, which would reflect a 10% to 12% jump over 2012. Shareholders seemed pleased. AtriCure traded at $10.02 in early trading on Aug. 2, up 2.24%.
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