Revenues continue to rise for medical device maker AtriCure Inc. (NASDAQ:ATRC), though the company still posted a net loss in the third quarter.
Revenues increased 9 percent to $14.5 million, compared to last year’s third quarter, on a loss of $1 million for the West Chester, Ohio-based company, according to a statement announcing its financial results.
The $1.2 million loss equated to 7 cents per share, which beat analysts’ expectations for a loss of 10 cents per share.
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Perhaps more significantly for the company, however, it posted $1 million in sales for its AtriClip device during the first full quarter in which the device was available.
In June, AtriCure got Food and Drug Administration approval to sell AtriClip, which is a clip used during heart surgery to exclude the left atrial appendage. This exclusion helps protect atrial fibrillation patients from strokes.
AtriClip was invented by Cleveland Clinic CEO Dr. Delos “Toby” Cosgrove and his colleague Dr. Marc Gillinov. As the clip is adapted for minimally invasive and hybrid heart surgeries, its market could grow significantly.
AtriCure CEO David Drachman said he was “encouraged” by the company’s financial performance. “We believe that initial sales from the AtriClip system and our new product and regulatory progress affirms the power of our strategic plan,” he said.
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Drachman said the company is continuing to move ahead with a clinical trial it calls “ABLATE,” which is a pivotal trial to support an atrial fibrillation indication for patients undergoing cardiac procedures.
The Food and Drug Administration has not approved cardiac ablation as a treatment for atrial fibrillation, an increasingly common arrhythmia that can cause heart attacks or strokes. AtriCure has been at the forefront of clinical trials to convince the federal regulator to give its approval, which would be a huge boost for its business.
The company expects to receive FDA approval for the atrial fibrillation indication in 2012, Drachman said.
