AtriCure(US:ATRC)2022-05-03 16:00Financial Performance - Revenue for Q1 2022 was $74,576,000, representing a 25.8% increase compared to $59,275,000 in Q1 2021[89] - Gross profit margin decreased to 74.5% in Q1 2022 from 75.1% in Q1 2021, reflecting a decrease of approximately 60 basis points[90] - Pain management revenue surged by 105.6% to $8,014,000 in Q1 2022, up from $3,898,000 in Q1 2021[91] - Appendage management revenue grew by 29.5% to $26,669,000 in Q1 2022, compared to $20,587,000 in Q1 2021[91] - Total international revenue increased by 37.2% to $12,304,000 in Q1 2022, up from $8,966,000 in Q1 2021[91] Research and Development - Research and development expenses increased by $2,412,000 or 21.5%, driven by higher personnel costs and increased travel activity[92] - The HEAL-IST clinical trial protocol was approved by the FDA in February 2022, aiming to study a hybrid ablation procedure[85] - The LeAAPS clinical trial protocol was approved by the FDA in April 2022, targeting LAA exclusion for stroke prevention in cardiac surgery patients[86] Operational Expenses - Selling, general and administrative expenses increased by $6,908, or 14.0%, primarily due to additional headcount and travel activities[93] Cash Flow and Financial Position - Net cash used in operating activities increased by $15,316, driven by a $12,500 reduction in accrued liabilities and a $1,254 increase in accounts receivable[96] - As of March 31, 2022, the company had cash, cash equivalents, and investments totaling $181,911, with outstanding debt of $60,000[95] - Net cash provided by investing activities decreased by $43,865, primarily due to a decrease in sales and maturities of available-for-sale securities[97] - The company had unused borrowing capacity of approximately $28,750 under its revolving credit facility as of March 31, 2022[95] - Net interest expense increased by $171, driven by lower interest income from a decline in investment yields[94] - The company’s accumulated deficit was $295,336 as of March 31, 2022[95] - The Loan and Security Agreement with Silicon Valley Bank provides for a $60,000 term loan and a $30,000 revolving line of credit, expiring in November 2026[98] - Cash flows used in financing activities decreased by $210, primarily due to lower stock option exercise activity[97] Future Outlook - The company anticipates that substantially all revenue for the foreseeable future will relate to products currently sold or in development[82] - Future capital requirements will depend on market acceptance of current and future products, costs for clinical trials, and potential acquisitions[100]