AtriCure sees losses narrow in Q3

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AtriCure, a provider of cardiac surgical ablation systems, has reported its 2008 third quarter fiscal results, which ended Sept. 30.

The net loss for the third quarter of 2008 was $1.8 million as compared to $2.6 million for the third quarter of 2007, an improvement of 31.9 percent, according to the West Chester, Ohio-based company.   
Yet, AtriCure booked overall revenues of $14.8 million, a 22.8 percent increase over the third quarter of 2007, and a slight sequential decrease of 0.4 percent, or $100,000 compared to the second quarter of 2008.

Broken down by segments, the company reported revenues from domestic open-heart products were $6.7 million, consistent with third quarter 2007 revenues and a 10.1 percent sequential decrease. Revenues from domestic minimally invasive products were a record $5.7 million, representing a 62.5 percent increase over third quarter 2007 revenues of $3.5 million and a sequential increase of 11.7 percent. International revenues were a record $2.4 million for the third quarter of 2008, a 29 percent increase over third quarter 2007 revenues of $1.8 million and a sequential increase of 4.2 percent.
During the third quarter, the company said its net cash increased from $900,000 to $12.2 million. On July 1, the company entered into a $10 million, two-year revolving credit facility.