AtriCure, Inc. (ATRC) saw its loss widen to $10.18 million, or $0.32 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $9.72 million, or $0.31 a share. On an adjusted basis, net loss for the quarter was $3.71 million, when compared with $4.37 million in the last year period. Revenue during the quarter grew 14.84 percent to $41.27 million from $35.94 million in the previous year period. Gross margin for the quarter expanded 60 basis points over the previous year period to 72.71 percent. Operating margin for the quarter stood at negative 23.36 percent as compared to a negative 26.21 percent for the previous year period.
Operating loss for the quarter was $9.64 million, compared with an operating loss of $9.42 million in the previous year period.
"During the first quarter of 2017, we made significant progress across our strategic priorities, achieving solid results in our base Open business while driving forward our transformation into the minimally invasive market," said Mike Carrel, president and chief executive officer of AtriCure.
For fiscal year 2017, the company expects diluted loss per share to be in the range of $0.94 to $1.04.
Operating cash flow remains negativeAtriCure, Inc. has spent $9.55 million cash to meet operating activities during the quarter as against cash outgo of $10.93 million in the last year period. Cash flow from investing activities was $5.73 million for the quarter, down 18.15 percent or $1.27 million, when compared with the last year period.
The company has spent $1.22 million cash to carry out financing activities during the quarter as against cash inflow of $0.79 million in the last year period.
Cash and cash equivalents stood at $19.15 million as on Mar. 31, 2017, down 7.77 percent or $1.61 million from $20.77 million on Mar. 31, 2016.
Working capital increases sharply
AtriCure, Inc. has recorded an increase in the working capital over the last year. It stood at $50.70 million as at Mar. 31, 2017, up 29.34 percent or $11.50 million from $39.20 million on Mar. 31, 2016. Current ratio was at 2.78 as on Mar. 31, 2017, up from 2.50 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 30 days for the quarter from 100 days for the last year period. Days sales outstanding went down to 45 days for the quarter compared with 49 days for the same period last year.
Days inventory outstanding has decreased to 75 days for the quarter compared with 166 days for the previous year period. At the same time, days payable outstanding went up to 150 days for the quarter from 116 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 $35.34 million as on Mar. 31, 2017, up 159.99 percent or $21.75 million from $13.59 million on Mar. 31, 2016. AtriCure, Inc. has witnessed an increase in long-term debt over the last one year. Total debt was 13.26 percent of total assets as on Mar. 31, 2017, compared with 5.19 percent on Mar. 31, 2016. Debt to equity ratio was at 0.22 as on Mar. 31, 2017, up from 0.08 as on Mar. 31, 2016. 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: editor@irisindia.net
