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AtriCure Reports First Quarter 2008 Financial Results
Date:5/6/2008

om domestic open-heart products were $7.0 million, a 6.1% increase over first quarter 2007 revenues of $6.6 million and a $0.3 million sequential decrease. Revenues from domestic minimally invasive products were a record $4.9 million, representing a 65.3% increase over first quarter 2007 revenues of $3.0 million and a sequential increase of $1.0 million, or 26.5%. International revenues were $1.7 million for the first quarter of 2008, a 35.6% increase over first quarter 2007 revenues of $1.2 million and a sequential decrease of $0.3 million.

Gross profit for the first quarter of 2008 was $10.3 million and gross margin was 76.1%, compared to gross profit of $8.5 million and gross margin of 79.4% for the first quarter of 2007. The decrease in gross margin was due primarily to the introduction of new products. Operating expenses were $14.2 million for the first quarter of 2008, a 5.8% increase over first quarter 2007 operating expenses of $13.4 million. The increase in operating expenses as compared with the first quarter of 2007 was primarily driven by an increase in selling expenses.

The net loss for the first quarter of 2008 was $3.6 million as compared to a $4.3 million net loss for the first quarter of 2007, an improvement of 16.2%. Net loss per share was $0.25, an improvement of 28.6%, or $0.10 per share, as compared to the first quarter 2007 net loss per share of $0.35. The improvement in the net loss per share for the first quarter of 2008 as compared with the first quarter of 2007 was primarily due to increased net income and an increase in shares outstanding, due primarily to the issuance of 1.8 million shares of our common stock in a May 2007 private placement transaction.

Cash, cash equivalents and investments at March 31, 2008 were $14.9 million.

Financial Guidance

The Company is confirming its full year 2008 guidance of $58 to $60 million for revenues and an expected net loss per share between $0.55 and $0.70.

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SOURCE AtriCure, Inc.
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