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AtriCure Reports Record Second Quarter 2008 Financial Results
Date:8/5/2008

28.8% increase over second quarter 2007 revenues of $4.0 million and a sequential increase of 4.5%. International revenues were a record $2.3 million for the second quarter of 2008, a 48.9% increase over second quarter 2007 revenues of $1.5 million and a sequential increase of 36.9%.

Gross profit for the second quarter of 2008 was $11.4 million and gross margin was 76.5%, compared to gross profit of $9.8 million and gross margin of 79.4% for the second quarter of 2007. The decrease in gross margin was due primarily to the introduction of new products and an increased mix of international business. Operating expenses were $13.2 million for the second quarter of 2008, a 1.7% increase over second quarter 2007 operating expenses of $13.0 million. The increase in operating expenses was primarily due to an increase in selling expenses and market development activities to support revenue growth, partially offset by an overall reduction in administrative costs.

The net loss for the second quarter of 2008 was $1.6 million as compared to a $2.8 million net loss for the second quarter of 2007, an improvement of 42.7%. Net loss per share was $0.11, an improvement of 50.0%, or $0.11 per share, as compared to the second quarter 2007 net loss per share of $0.22.

Cash, cash equivalents and investments at June 30, 2008 were $11.9 million. On July 1, 2008, the Company entered into a $10.0 million, two-year revolving credit facility.

Financial Guidance

The Company is reaffirming 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.

Conference Call

AtriCure will host a conference call at 10:00 a.m. ET on Tuesday, August 5, 2008 to discuss second quarter 2008 results. A live web cast of the conference call will be available online from the investor relations page of AtriCure's corporate web site at http://www.atricure.com<
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SOURCE AtriCure, Inc.
Copyright©2008 PR Newswire.
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