AtriCure, Inc. (NASDAQ:ATRC) Q4 2019 Earnings Conference Call - Final Transcript

Feb 18, 2020 • 04:30 pm ET


AtriCure, Inc. (NASDAQ:ATRC) Q4 2019 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good afternoon, and welcome to AtriCure Q4 and Full-Year 2019 Earnings Conference Call. My name is Dillem, and I'll be your coordinator for the call today.

[Operator Instructions]

As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Lynn Lewis from Gilmartin Group for a few introductory comments.

Lynn Pieper Lewis

Thank you.

By now, you should have received a copy of the earnings press release. If you have 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 include forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond AtriCure's control, including risks and uncertainties described from time-to-time in AtriCure's SEC filings. AtriCure's results may differ materially from those projected. AtriCure undertakes no obligation to publicly update any forward-looking statement.

Additionally, we refer to non-GAAP financial measures specifically revenue reported on a constant currency basis, adjusted EBITDA and adjusted loss per share. A reconciliation of these non-GAAP financial measures with the most directly comparable GAAP measures is included in our press release which is available on our website.With that, I'd like to turn the call over to Mike Carrel, President and Chief Executive Officer. Mike?

Michael H. Carrel

Thanks, Lynn. Good afternoon, and thank you for joining us today.

As I reflect on 2019 and as we usher in a new decade, I'm struck by the transformational development at AtriCure over the past 10 years. While concentrating our efforts on the three pillars of our mission, innovation, clinical science and education, we have made tremendous progress on multiple fronts and have meaningfully expanded our market opportunity. Some of these highlights include, we have achieved 29 consecutive quarters of double-digit revenue growth year-over-year, we diversified and bolstered our product portfolio launching over 12 new products and innovations beginning with the launch of the AtriClip franchise 10 years ago and strengthened more recently by the launch of cryoSPHERE for Cryo Nerve Block Therapy in 2019.

We completed significant acquisitions including nContact in 2015, and most recently in August 2019, SentreHEART with LARIAT suture device. We have invested heavily in clinical trial to develop significant differentiation for the treatment of Afib over the long term. We have trained over 3,000 physicians, nurses and other practitioners globally through our training programs, which were recently endorsed by The Society of Thoracic Surgeons in early 2019. And finally, we have built the infrastructure and team to support accelerated growth and ongoing expansion. We now have 725 people across the organization including over 200 in the field globally supporting our sales.

We have built a winning foundation and achieved critical milestones, setting the stage for success across our franchises in 2020 and over the next decade. To that end and as previously announced, we expect another year of double-digit revenue growth in 2020 with revenue in the range of $254 million to $261 million.

Turning now to our landmark IDE