"Since abdominal hysterectomy is invasive and still the most
common hysterectomy approach, the
chances of surgical complications,
such as severe bleeding and infection at the surgery site increase
,
coupled with an extended stay in the hospital," says Frost + Sullivan
Research Analyst S. The
foundation of this partnership approach is our Growth
Partnership Services platform, whereby we provide
industry research,
marketing strategies, consulting, and training to our clients to help
grow
their business. Gross profit for the same period in the
prior year was $4.0 million, or $0. Forward
-
looking statements include statements that address activities, events or
developments that AtriCure
expects, believes or anticipates will or may occur
in the future, such as earnings estimates, other
predictions of financial
performance, launches by AtriCure of new products and market acceptance
of
AtriCure's products. These risks and uncertainties include the
rate and degree of market acceptance
of AtriCure's products, AtriCure's
ability to develop and market new and enhanced products, the timing
of and
ability to obtain and maintain regulatory clearances and approvals for its
products, the
timing of and ability to obtain reimbursement of procedures
utilizing AtriCure's products, competition
from existing and new products and
procedures or AtriCure's ability to effectively react to other
risks and
uncertainties described from time to time in AtriCure's SEC filings, such as
fluctuation
of quarterly financial results, reliance on third party
manufacturers and suppliers, litigation or
other proceedings, government
regulation and stock price volatility.
suru nailing
with the 2005 Pelvic Reconstructive
Surgery Technologies Company of the Year Award at tonight's 2nd annual
Excellence in Medical Devices
+ Healthcare Awards Banquet for
developing and introducing a variety of innovative, minimally
interventional
medical procedure kits.
Research and development expenses were $2. A telephonic replay of the
call will be available until
March 2, 2006.
AtriCure, Inc.electrosurgery nailing
S.4 million in worldwide MIS
product
revenue. Fourth quarter 2005 revenue from domestic open-heart products
was $5.4 million with a gross
margin of 75.9 million with a gross margin of 74.0%, as compared
to gross profit of $14.3 million
for the third quarter of 2005.
Cash, cash equivalents and short-term investments at December
31, 2005
were $33."
Financial Guidance
The Company believes it is currently experiencing
a negative impact upon
its business from newspaper articles published in December relating to two
pioneering institutions that have been proponents and investigators of the
Company's products
. The replay dial-in numbers are (888) 286-8010 for domestic
callers and (617) 801-6888 for international
callers.86) $(2.stents electrosurgery
Additionally, the uterus is restored to its
correct anatomic position by shortening
the round ligaments. The
procedure can also restore support in post-hysterectomy patients using
minimal
intervention. The company vision has always been to develop a
straightforward laparoscopic approach
that is easy to learn and
perform by surgeons., is a privately
held medical device company that
markets specialty laparoscopic
surgical products. For more information about the company, visit
www
.frost.4 million for the full year 2004. Selling, general and
administrative expenses for the full
year were $24.17)
Weighted average
shares outstanding:
Basic and diluted
12,068,358 1,878,923 6,025,300 1,828,452
(a) Includes the following expenses
resulting from transactions with
Enable Medical Corporation prior to the acquisition as of
August 10,
2005:
Cost of revenues $-- $1,327,267 $4,259,269
$4,941,341
Research and development
expenses $-- $391
,641 $1,201,583 $1,228,659
ATRICURE, INC.weck microvascular
Carter, the UPLIFT
procedure
has provided clinical benefit to thousands of women with symptomatic
retroverted uterus
.
About Inlet Medical, Inc.S.0 million, a 61.2 million, revenue from domestic minimally invasive
sole-therapy
products was $2.8 million for the fourth quarter
2005, compared with $1.weck endoscope
using the
Isolator(TM)
Endoscopic Ablation System
- Enrolled 17 of necessary 25 patients
in Restore II clinical trial
Full Year 2005 Highlights
- Total revenue increased
61.6 million, a 49.4%
increase over $5.6% increase over
$19.6 million, compared to
$15.
The Company reported a fourth quarter net loss of $4. We believe our progress in 2005 and ongoing
clinical
investigation is positioning our minimally invasive platform to become a
standard treatment
alternative for those patients who suffer from atrial
fibrillation. In the wake of these articles
, the Company understands
that certain external educational, training, and clinical trial activities
involving its products have diminished. The Isolator(TM) bipolar pen is a sterile, single use device
intended to ablate cardiac tissue during cardiac surgery using radiofrequency
(RF) energy. Use
of the Isolator(TM) bipolar pen and Isolator(TM) bipolar
ablation system for the surgical treatment
of atrial fibrillation is
investigational and has not been approved by the U.radiofrequency microvascular
For more
information
, visit www.6 million, and expects to provide guidance for the full year of
2006 by the Company's
first quarter 2006 earnings conference call.S.radiofrequency retractors
Frost + Sullivan Names Inlet Medical 2005 Pelvic Reconstructive
Surgery Technologies Company of the Year
"
ELEVEST(R) utilizes a minimally interventional laparoscopic
technique to treat uterine prolapse.2 million with a gross margin of 72.5 million for the fourth
quarter 2004 and $2. AtriCure does not guarantee any
forward-looking statement, and actual results
may differ materially from those
projected.
ATRICURE, INC
.10) $(5.tullytown ethicon
It gives patients a choice and
more control over their own health. In fact, the Society
of Laparoendoscopic Surgeons (SLS)
has recognized Inlet's efforts to provide best-in-class surgical
products for the women's health market in 2003 for the ELEVEST(R)
procedure kit and again in 2004
for the Carter-Thomason CloseSure
System XL(TM), used to provide full-thickness closure for laparoscopic
trocar port wounds in obese and bariatric patients.org
About Frost + Sullivan
Frost
+ Sullivan, a global growth consulting company founded in
1961, partners with clients to create value
through innovative growth
strategies.
CONDENSED BALANCE SHEETS
(Unaudited)
December
31, December 31,
2005 2004
Assets
Current assets:
Cash and cash equivalents $27,432,948
$5,175,177
Short-term investments 6,369,234 --
Accounts receivable, less
allowance for doubtful
accounts of $261
,707 and
$56,779 as of December 31, 2005
and December 31, 2004, respectively
4,865,065 3,520,621
Inventory 2,135,143
1,087,408
Prepaid expenses and other
current assets
845,330 112,740
Total current assets 41,647,720
9,895,946
Property and equipment, net 3,359,549 2,410,051
Deferred offering costs -- 412,005
Intangible
assets 986,778 --
Goodwill
3,840,837 --
Other assets
205,531 12,618
Total assets $50,040,415
$12,730,620
Liabilities and shareholders' equity
Current liabilities:
Accounts payable (a) $1,243,365 $733,444
Accrued liabilities
4,131,633 2,572,329
Current maturities of capital
lease obligation 31,753 --
Current maturities
of long-term debt 366,207 --
Total current liabilities
5,772,958 3,305,773
Capital lease obligation 38,855
--
Long-term debt 1,045,150 --
Redeemable preferred stock:
Preferred stock, $0.electrosurgery hygenic
It shortens and
strengthens
the uterosacral ligaments to support the vagina and may be
performed concurrently at the time of
laparoscopic hysterectomy., Frost + Sullivan's 2005 Excellence
in Medical Devices + Healthcare Awards
Banquet honors world-class
companies for outstanding performance and achievements in the medical
industry.
About AtriCure, Inc.001 par value,
90,000,000 and 10,526,315
shares authorized as of
December 31, 2005 and
December 31, 2004,
respectively;
12,086,482 and 1,880,169 issued and
outstanding as of December
31, 2005 and December 31,
2004, respectively 12,086
1,880
Additional paid-in capital 86,107,520 3,281,447
Unearned compensation (599,591) (981,612)
Other comprehensive
income 826 --
Accumulated deficit (42
,337,389) (29,633,009)
Total shareholders' equity
(deficit
) 43,183,452 (27,331,294)
Total liabilities and shareholders
'
equity $50,040,415 $12,730,620
(a) Includes
the following liabilities resulting from transactions with
Enable Medical Corporation prior
to the acquisition as of August 10,
2005:
Accounts payable
$-- $434,869
ATRICURE, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Year Ended December 31,
2005 2004
Cash flows from operating activities:
Net loss $(12,682,964) $(9,451,868)
Adjustments
to reconcile net loss to
net cash used in operating activities:
Depreciation
and amortization 1,554,238 962,355
Loss on disposal of equipment
36,813 16,561
Write-off of tooling 266,195
--
Stock compensation 673,199 1,014,204
Preferred stock interest 2,332,254 3,905,169
Changes in assets
and liabilities:
Accounts receivable 92,432 (1,892,795)
Inventory (193,559) (448,413)
Prepaid
expenses and other
current assets (709,880) 97,482
Other assets (a) 409,985 (417,453)
Accounts
payable 27,911 454,730
Accrued liabilities (a)
577,467 1,959,957
Net cash used in
operating activities (7,615,909) (3,800,071)
Cash flows from investing
activities:
Purchases of property + equipment (1,951,733) (1,513,273)
Purchases of available-for-sale
securities (6,368,408
) --
Cash paid for acquisition, net (6,420,681) --
Net cash used in
investing activities (14,740,822
) (1,513,273)
Cash flow from financing activities:
Proceeds from long-term
debt borrowings 1,500,000 --
Payments on long-term debt
(88,643) --
Payments on capital lease obligations (16,063)
--
Proceeds from stock offering 43,176,994 --
Proceeds from stock option
exercise and warrants 42,214
89,183
Net cash provided by
financing activities
44,614,502 89,183
Net increase (decrease) in cash and
cash equivalents
22,257,771 (5,224,161)
Cash and cash equivalents - beginning
of period 5,175,177 10,399,338
Cash and
cash equivalents - end of
period $27,432,948 $5,175
,177
(a) Cash flows from operating activities excludes non-cash costs related
to
the initial public offering in other assets and accrued liabilities
Contacts:
AtriCure, Inc.scalpel stents
AVESTA(R) simplifies the process of suturing,
making it easier and quicker for
surgeons to reattach/shorten the
uterosacral ligaments.
Another of Inlet Medical's innovative
products is the Metra PS(R)
procedure kit, which is designed to perform the UPLIFT procedure
(Uterine Positioning by Ligament Investment Fixation and Truncation). To accomplish its developmental
goals, Inlet
Medical has placed strong emphasis on research and technology
development., based
in Eden Prairie, Minn.inletmedical.0%
- Performed first human cases in the U.
Fourth
quarter 2005 consolidated revenue was $8.6 million
for the third quarter 2005.2 million for the full
year 2004.33
per share.8 million.atricure. Medical journals have described the
adoption by leading
cardiothoracic surgeons of the AtriCure, Inc. AtriCure undertakes no obligation to publicly update
any forward-
looking statement, whether as a result of new information, future events or
otherwise
.microsurgery galia
Inlet Medical's procedure kits include ELEVEST(R), AVESTA(R), and
Metra PS(R) -- all laparoscopic
approaches to treat female pelvic
support problems.1 million and domestic revenue from the bipolar
pen and other
revenue was $0.
The year-over-year and quarter-over-quarter increases were attributable
primarily to the recruitment of additional full-time engineers and the
expansion of product development
initiatives and clinical trials.ethicon postoperative
"Inlet Medical's ELEVEST(R)
procedure offers women a minimally invasive
, outpatient procedure as
an alternative to hysterectomy, provides physicians with another
procedure
to differentiate their practice, and expands previously
limited treatment options for patients. A
key benefit that Frost + Sullivan brings to its
clients is a global perspective on a broad range
of industries,
markets, technologies, econometrics, and demographics.4 million
- Launched
Isolator(TM) bipolar pen with cardiac tissue indication
- Completed IPO raising $43 million
in net proceeds
- Acquired supply partner Enable Medical
WEST CHESTER, Ohio,
AtriCure, Inc.0 million with a gross margin of 72.0
million to $8.
Conference Call
AtriCure will host a Web cast and conference call at 9:00 am ET on
February 17, 2006 to discuss
fourth quarter 2005 results. bipolar
ablation system as a standard treatment alternative during open
-heart surgical
procedures to safely, rapidly and reliably create lesions in cardiac, or
heart
, tissue to block the abnormal electrical impulses that cause atrial
fibrillation, a rapid, irregular
quivering of the upper chambers of the heart.sutures postoperative
Other well-known products from the company include
the
Carter-Thomason CloseSure(R) System and the Carter-Thomason
CloseSure System XL(TM) for laparoscopic
port site closure. James E.inletmedical.6% to $31.0 million
- First full-year worldwide
MIS product revenue of $6. Full year
2005 consolidated revenue was $31. For the full year
2005
, gross profit was $22.
Selling, general and administrative expenses were $7. The dial-in
numbers
are (866) 356-3093 for domestic callers, and (617) 597-5381 for
international callers.com
nlaudico@theruthgroup.fixation visx
While
hysterectomy has been the most often used treatment for uterine
prolapse
, there are several concerns, such as vaginal vault prolapse
and other long-term side effects related
to the use of this procedure.4%
sequential increase over $7. The year-over-year and quarter-over
-quarter increases to gross
margin are primarily the result of new product launches, such as the
Isolator
(TM) bipolar pen and Isolator(TM) Long products, and the third quarter
acquisition of Enable Medical
. is a medical device company focused on developing,
manufacturing and selling innovative surgical
devices to create precise
lesions, or scars, in soft tissues. Food and Drug
Administration.com
microvascular sutures
It recognizes
exceptional customer service and the ability to combine technology and
successful
strategic initiatives to take advantage of market changes
within the existing competitive landscape
. It develops and markets laparoscopic surgical
instruments to laparoscopic surgeons and to gynecologists
who perform
pelvic reconstructive surgery in women.nailing sutures
Pioneered in the 1990s by Dr.
Held in San
Francisco, Calif. Each year there are more than two
million laparoscopic procedures in the U.com
International revenue for the fourth quarter of 2005
was $0.1 million, compared to $4
.4% for the fourth quarter and 61.001 par
value; designated Series A,
2,182
,521 shares authorized,
issued and outstanding as of
December 31, 2004
-- 7,979,396
Preferred stock, $0.scalpel gauze
Fourth Quarter 2005
Highlights
- Total revenue increased 49.6 million
- Gross margin increased 230
basis points to 75.2 million for the full year 2004, including $6. During the
year, we saw substantial
penetration of our products in the open-heart market
and made considerable strides towards establishing
our minimally invasive
sole-therapy platform.retractors postoperative
For its efforts in developing innovative, viable
solutions for
under-recognized, under-treated, and unmet health issues for women and
in developing
medical procedures that serve as viable alternatives to
treat the associated medical problems, Inlet
Medical is a worthy
recipient of Frost + Sullivan's 2005 Pelvic Reconstructive Surgery
Technologies
Company of the Year Award.2 million for the third quarter of 2005.galia fixation
The
laparoscopic technique leads
to reduced hospital stay and fewer
surgical complications. With a client
list that includes Global
1000 companies, emerging companies, as well
as the investment community, Frost + Sullivan has evolved
into one of
the premier growth consulting companies in the world.
(Nasdaq: ATRC), a medical device
company focused on developing, manufacturing
and selling innovative surgical devices, announced today
financial results for
the fourth quarter and full year ended December 31, 2005.
David Drachman
, President and Chief Executive Officer, said, "We are
extremely pleased with our fourth quarter and
full year results. Our revenue
growth of 49. A live Web cast of
the conference call will be available
online from the investor relations page
of AtriCure's corporate Web site at http://www. The reservation
number for both is 94539581.sutures electrosurgical
Uterine prolapse, a major health concern for women, affects
approximately
three million American women annually. Ravi Shankar. An annual event, the banquet recognizes the quality
and
merit of distinguished individuals and companies.7 million.
Gross profit for the fourth
quarter 2005 was $6.0%, including a $266,000 write-off related to production
equipment for discontinued
products. Research and development expenses for the full
year 2005 were $9.6% for the full year reflects
our leadership position in the surgical treatment of atrial fibrillation based
on the adoption
of our products by leading cardiothoracic surgeons. A
recording of the conference call will remain
available on AtriCure's Web site
through May 18, 2006.stents gauze
In this procedure, the
uterosacral ligaments
are strengthened and shortened to support the
uterus in the pelvis.
To address the problem of
vaginal vault prolapse that occurs in up
to 25 percent of the patients who have undergone hysterectomy
, Inlet
Medical developed the AVESTA(R) procedure kit.
Inlet Medicals' innovative solutions have
essentially changed the
way in which women and surgeons look at female pelvic support
problems
.com. Educational information about the procedures is
available at www. Please use reservation
code
59820347.
This press release contains "forward-looking statements" within the
meaning
of the Private Securities Litigation Reform Act of 1995.com
Jason
Rando (media)
(646) 536-7025
jrando@theruthgroup
.rtech sodem
Business Editors/Health/Medical Writers
SAN FRANCISCO----Frost + Sullivan
will present
Inlet Medical, Inc.
Moreover, removal of the uterus prevents conception, often making
hysterectomy
unappealing to patients who are still in their
reproductive years. The
procedure obviates the
need for hysterectomy and is particularly
useful to patients who want to maintain their fertility
and for those
who want a less invasive technique to treat uterine prolapse.4% to $8.6 million.7%
.8% for the full
year 2004.2 million for the fourth quarter of 2004
and $6. The year-over-year
and quarter-over-
quarter increases were attributable primarily to the expansion of the sales
and
marketing organization, the establishment of a European subsidiary and an
increase in expenses associated
with being a public company.hygenic sarel
Frost + Sullivan presents its Company of the Year Award to a
company
that has demonstrated outstanding management, consistent
growth, and positive social/economic impact
on local and national
communities and customers within its industry. for which the
Carter-Thomason
CloseSure(R) System can be used for full-thickness
trocar wound closure.AtriCure Reports Fourth Quarter
and Full Year 2005 Financial Results
7 million for the fourth quarter of 2004 and a 19.9 million
for the
fourth quarter 2005, compared with $5. We expect our RESTORE-II clinical trial will provide
evidence
to stimulate the broad adoption of our MIS platform. While AtriCure continues to evaluate
and monitor the effects of these developments on its business, the Company
currently estimates
revenue for the first quarter of 2006 will range from $8.com.001 par
value; designated
Series B,
4,059,720 shares authorized;
3,829,499 issued and outstanding
as of December 31, 2004 -- 28,776,745
Total redeemable preferred stock -- 36,756,141
Shareholders' equity (deficit
):
Common stock, $0.thermotherapy ethicon
Inlet Medical, Inc. As many as five million women
in the United
States may be able to benefit from the company's unique
women's health product offerings.
The Isolator(TM) bipolar ablation system is composed of a radiofrequency
ASU generator and a sterile
, single use device intended to ablate soft tissue
during Thoracic, General, ENT, Gynecological and
Urological surgical
procedures. Forward-looking statements are based on AtriCure's
experience
and perception of current conditions, trends, expected future
developments and other factors it believes
are appropriate under the
circumstances and are subject to numerous risks and uncertainties, many
of
which are beyond AtriCure's control.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Year Ended
December 31, December 31,
2005 2004 2005 2004
Revenues
$8,559,060 $5,730,262 $30,956,987 $19,157,032
Cost of revenues (a) 2,143,581 1
,564,435 8,056,680 5,201,562
Gross profit 6,415,479 4,165,827 22,900
,307 13,955,470
Operating expenses:
Research and
development
expenses (a) 2,788,229 1,503,636 9,108,600 4,422,014
Selling, general
and administrative
expenses 7,923,639 5,197,677 24,594,489
15,169,157
Total
operating
expenses 10,711,868
6,701,313 33,703,089 19,591,171
Loss from operations (4,296,389) (2,535,486)
(10,802,782) (5,635,701)
Preferred stock
interest expense -- (976,293
) (2,332,254) (3,905,169)
Other interest income
(expense), net 291,584
25,901 414,136 105,926
Other income -- -- 84
,868 --
Loss before income
taxes (4,004,805) (3,485,878
) (12,636,032) (9,434,944)
Income tax expense (4,707) 48 (46,932)
(16,924)
Net loss available to
common shareholders $(4,009,512) $(3,485,830) $
(12,682,964) $(9,451,868)
Basic and diluted
loss per share $(0.33)
$(1. The Ruth Group
Thomas Etergino Stephanie Carrington / Nick Laudico
(investors)
Chief Financial Officer (646) 536-7017 / 7030
513-755-4561
scarrington@theruthgroup.fixation nailing
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