AtriCure, Inc. (ATRC) saw its loss widen to $6.78 million, or $0.21 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $6.14 million, or $0.22 a share. Revenue during the quarter grew 22.01 percent to $38.34 million from $31.42 million in the previous year period. Gross margin for the quarter expanded 12 basis points over the previous year period to 71.65 percent. Operating margin for the quarter stood at negative 16.40 percent as compared to a negative 19.50 percent for the previous year period.
Operating loss for the quarter was $6.29 million, compared with an operating loss of $6.13 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $1 million compared to negative $2.22 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 2.61 percent for the quarter compared to negative 7.05 percent in the last year period.
"We are pleased to report solid third quarter results led by sales in the U.S. and driven by all areas of our business," said Mike Carrel, president and chief executive officer of AtriCure. "Our focus on improving patient outcomes continues to guide our clinical and commercial efforts, and we are well-positioned to reach EBITDA profitability in 2018 and for sustainable success."
Atricure forecasts revenue to be in the range of $156 million to $158 million for fiscal year 2016.
Operating cash flow remains negativeAtriCure, Inc. has spent $15.88 million cash to meet operating activities during the nine month period as against cash outgo of $3.76 million in the last year period. The company has spent $18.89 million cash to meet investing activities during the nine month period as against cash outgo of $7.77 million in the last year period.
Cash flow from financing activities was $27.04 million for the nine month period, up 124.46 percent or $14.99 million, when compared with the last year period.
Cash and cash equivalents stood at $16.11 million as on Sep. 30, 2016, down 43.91 percent or $12.61 million from $28.71 million on Sep. 30, 2015.
Working capital increases sharply
AtriCure, Inc. has recorded an increase in the working capital over the last year. It stood at $57.92 million as at Sep. 30, 2016, up 28.57 percent or $12.87 million from $45.05 million on Sep. 30, 2015. Current ratio was at 3.19 as on Sep. 30, 2016, up from 2.15 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 23 days for the quarter from 112 days for the last year period. Days sales outstanding went down to 46 days for the quarter compared with 50 days for the same period last year.
Days inventory outstanding has decreased to 80 days for the quarter compared with 168 days for the previous year period. At the same time, days payable outstanding went up to 150 days for the quarter from 106 for the same period last year.
Debt increases substantially
AtriCure, Inc. has witnessed an increase in total debt over the last one year. It stood at $38.45 million as on Sep. 30, 2016, up 56,438.24 percent or $38.38 million from $0.07 million on Sep. 30, 2015. Atricure has witnessed an increase in long-term debt over the last one year. Total debt was 13.76 percent of total assets as on Sep. 30, 2016, compared with 0.04 percent on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
