CINCINNATI, Ohio — The net loss for Cincinnati-area medical device maker AtriCure Inc. widened in the fourth quarter from a year ago, thanks in part to costs of job cuts in the recent quarter.
AtriCure in West Chester, Ohio, which makes systems that enable surgeons to treat an abnormal heart rhythm called atrial fibrillation, lost $3.2 million, or 22 cents a diluted share, in the quarter ending Dec. 31. That is compared with a loss of $1.6 million, or 11 cents a diluted share, in the same quarter a year ago.
The recent quarter included $1 million in employee separation costs, mostly severance for cutting about 25 jobs, said Julie Piton, the company’s chief financial officer. Job cuts and other “workforce actions” taken during the fourth quarter have cut $7 million from AtriCure’s costs, President and Chief Executive David Drachman stated in the company’s earnings statement.
The Impact Brands: Empowering Wellness Through Natural and Holistic Solutions
In an era of escalating healthcare costs and a growing preference for natural, holistic approaches to health, The Impact Brands emerges as a collective of diverse brands dedicated to supporting overall wellness through natural means.
Revenues fell 8 percent to $12.1 million from a year ago.
For 2008, AtriCure’s net loss narrowed to $10.2 million, or 72 cents a diluted share, from $11.3 million, or 84 cents a diluted share, in 2007.
Revenues rose 14 percent to $55.3 million in 2008 from $48.3 million in 2007.
The company started the fourth quarter by announcing that the U.S. Department of Justice is investigating it for the way it markets one of its systems. The Justice Department also is looking into whether AtriCure instructed hospitals to use the wrong Medicare billing codes for its devices.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
“There is no new information regarding the Department of Justice investigation,” Piton said Thursday.
AtriCure shares rose 13.5 cents to $1.65 on the NASDAQ Stock Market on Thursday.
