AtriCure (Nasdaq:ATRC) is perhaps best known for its Isolator Synergy Ablation System, which has FDA approval for treatment of long-standing persistent Afib, as well as its AtriClip left atrial appendage (LAA) exclusion system products. It spent more than $34 million on research during its most recent fiscal year – representing nearly a fifth of its revenues.
The Mason, Ohio–based company has been topping Wall Street expectations this year when it comes to its sales, though results have been more of a mixed bag when it comes reducing losses. (The company also spends a great deal on R&D compared with revenue.)
Considered an innovator in treatments for atrial fibrillation and left atrial appendage management, AtriCure also completed enrollment in its Converge clinical trial and surpassed the 150,000 milestone of AtriClip devices sold worldwide. The Converge trial will test a multidisciplinary therapy, in which a surgeon performs a closed-chest epicardial ablation complemented by an endocardial catheter ablation performed by an electrophysiologist, AtriCure president & CEO Mike Carrel told investors during an earnings call transcribed by SeekingAlpha. The therapy is for patients with persistent or long-standing atrial fibrillation.
The company expects to submit a PMA application to the FDA in the second half of 2019, following a one-year patient follow-up from the trial.
AtriCure also brought in net proceeds of more than $80 million through a public offering that it originally pegged to raise only $72 million. Funds raised in the round will help support working capital and general corporate purposes, including debt repayment, possible strategic acquisitions and other potential corporate or market development activities, according to an SEC filing.