AtriCure, Inc. (ATRC)

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AtriCure Inc. (ATRC)

Q3 2012 Earnings Call

November 1, 2012 8:30 AM ET


Lynn Pieper – IR

Dick Johnston – Chairman

Mike Hooven – Founder

Andy Wade – VP, Finance


Michael Dinerman – Piper Jaffray

Jason Mills – Canaccord Genuity

Chris Lewis – Roth Capital Partners

Robert Markison – Leerink Swann

Charley Jones – Barrington Research



Good day ladies and gentlemen and welcome to the Third Quarter AtriCure Incorporated Earnings Conference Call. My name is Jodie, and I will be your operator for today. At this time, all participants are in listen-only mode. Later, we will be conducting a question-and-answer session. (Operator Instructions).

I would now like to turn the conference over to your host for today Lynn Pieper, AtriCure Investor Relations Consultant from Westwicke Partner. Please proceed.

Lynn Pieper

Thank you, Jodie. By now you should have received a copy of the earnings press release. If not received a copy, please call 513-755-4136 to have one emailed to you.

Before we begin today, let me remind you that the company’s remarks may include forward-looking statements. These statements include, but are not limited to, those that address activities, events or developments that AtriCure expects, believes or anticipates, will or may occur in the future, such as revenue and earnings estimates, other predictions of financial performance, launches of new products and market acceptance of new products.

Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond AtriCure’s control, including, but not limited to, the rate and degree of market acceptance of AtriCure’s products, governmental approvals, and other risks and uncertainties described from time-to-time in AtriCure’s SEC filings.

AtriCure’s results may differ materially from those projected on today’s call. AtriCure undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, we may refer to non-GAAP financial metrics. A reconciliation of these non-GAAP measures is included in our press release, which is available on our website.

I would like to remind everyone on the call today, that the Food and Drug Administration, or FDA, has not approved certain AtriCure products for the treatment of atrial fibrillation or AF, or for stroke reduction. The company and others acting on its behalf may not promote these non-approved products to train doctors for the surgical treatment of AF, or stroke reduction unless the product is so indicated.

These restrictions do not prevent doctors from choosing to use the products for the treatment of AF or stroke reduction, or prevent AtriCure from engaging in sales and marketing efforts to focus only on the general attributes of the products for the current cleared uses. AtriCure educates and trains doctors in the proper use of its products and related technologies, including for the treatment of AF in accordance with the products specific indication.

With that, I would like to turn the call back to Dick Johnston, Chairman of the Board at AtriCure.

Dick Johnston

Thank you Lynn. Good afternoon and welcome to AtriCure’s third quarter 2012 conference call. Joining me today Michael Hooven, one of AtriCure’s founders and board members; Andy Wade, Vice President of Finance and Mike Carrel, just announced as AtriCure’s President and CEO.

On today’s call I will provide an overview and then turn the call over to Mike Hooven who will provide a review of business trends, our strategy for capitalizing on our AF approval and an update on our clinical trial progress. Andy will provide more detail on our third quarter financial results and finally, we will open the call for your questions.

Before we begin, I’d like to address the announcement that we made this afternoon that Mike Carrel has joined AtriCure as President and CEO. Mike was most recently President and CEO of Vital Images which was publicly traded on NASDAQ, acquired by Toshiba in 2011. Under his leadership Vital Images grew revenue and profitability, increased global market share, expanded his presence to over 90 countries and raised over 100 million in equity financing. We’re pleased to welcome Mike and look forward to his leadership and expertise in further developing and executing our strategy here at AtriCure.

Over the past few months, Mike Hooven and I have worked closely with the management team and employees at the company to carry out a strategic and operational priorities. We have great people who are all committed to our growth and success. I appreciate their support and the support of our partners and associates during this transition time.

I'll turn the call over to Mike Hooven for a more detailed update on business trends, the strategy for capitalizing on our AF approval and clinical trial progress. Mike?

Mike Hooven

Thank you Dick. Good afternoon and thank you for joining us. I also would like to take the opportunity to welcome Mike Carrel to our team. Mike brings a solid track record of establishing strategic vision, expanding businesses internationally and driving revenue growth and subsequent profitability. We look forward to his leadership and contribution here at AtriCure.

Turning to business trends. We are pleased to report that in the third quarter, US open heart revenue including AtriClip was up 11% compared to the same period a year ago. We believe that this is evidenced that our investments and strategic priorities are building momentum and resulting in sustainable growth opportunities.

In the US, procedure trends have remained generally stable throughout the third quarter despite a typical seasonal slowdown and we continue to experience strong growth trends from our international markets which are up 17% versus prior year on a constant currency basis.

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