AtriCure, Inc. (NASDAQ:ATRC) Q1 2023 Earnings Conference Call May 2, 2023 4:30 PM ET

Company Participants

Marissa Bych – Vice President-Gilmartin Group

Mike Carrel – President and Chief Executive Officer

Angie Wirick – Chief Financial Officer

Conference Call Participants

Matthew O’Brien – Piper Sandler

Marie Thibault – BTIG

John McAulay – Stifel

Joseph Conway – Needham

Suraj Kalia – Oppenheimer

Operator

Good afternoon, and welcome to AtriCure's First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes.

I would now like to turn the call over to Marissa Bych from the Gilmartin Group for a few introductory comments. Please go ahead.

Marissa Bych

Great, and thank you for joining us. By now, you should have received a copy of the earnings press release. If you have not received a copy, please call (513) 644-4484 to have one e-mail 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. These statements include, but are not limited to, financial expectations and guidance, expectations regarding the potential market opportunity for AtriCure's franchises and growth initiatives, including the adoption of Hybrid AF therapy and future product approvals, clearances, reimbursement and clinical trial outcomes. AtriCure's results may differ materially from those projected. AtriCure undertakes no obligation to publicly update any forward-looking statements.

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.

And with that, I would like to turn the call over to Mike Carrel, President and CEO.

Mike Carrel

Thank you, Marissa. Good afternoon and thank you to everyone for joining us today. I am pleased to share an exceptional start to 2023 at AtriCure. We achieved $93 million in revenue, reflecting 25% year-over-year growth and 6% sequential growth. We are experiencing robust demand from physicians to treat patients and remain excited for the extensive opportunities in our markets. Our performance was driven by broad-based strength across all of our franchises and geographies, reflecting the depth of our product portfolio and considerable market opportunities. This momentum is a testament to our people and their drive to execute a growth strategy while doing what is right for patients globally.