$ATRC
AtriCure, Inc.

2014 Q3 Form 10-Q Financial Statement

#000119312514285839 Filed on July 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $26.68M $26.51M $20.43M
YoY Change 32.42% 29.79% 11.83%
Cost Of Revenue $7.786M $7.733M $5.306M
YoY Change 42.57% 45.74% -4.52%
Gross Profit $18.89M $18.78M $15.12M
YoY Change 28.65% 24.19% 18.98%
Gross Profit Margin 70.81% 70.83% 74.03%
Selling, General & Admin $14.66M $17.07M $13.71M
YoY Change 4.27% 24.44% 23.03%
% of Gross Profit 77.61% 90.86% 90.68%
Research & Development $5.033M $4.569M $3.049M
YoY Change 55.48% 49.85% 5.68%
% of Gross Profit 26.64% 24.33% 20.16%
Depreciation & Amortization $1.260M $1.130M $500.0K
YoY Change 147.06% 126.0% -13.79%
% of Gross Profit 6.67% 6.02% 3.31%
Operating Expenses $19.70M $21.63M $16.76M
YoY Change 13.85% 29.07% 19.46%
Operating Profit -$803.0K -$2.853M -$1.639M
YoY Change -69.28% 74.07% 24.17%
Interest Expense $24.00K $29.00K $132.0K
YoY Change -80.49% -78.03% -34.33%
% of Operating Profit
Other Income/Expense, Net $338.0K $172.0K -$17.00K
YoY Change -3855.56% -1111.76% -108.54%
Pretax Income -$462.0K -$2.687M -$1.786M
YoY Change -83.16% 50.45% 35.3%
Income Tax $4.000K $5.000K $5.000K
% Of Pretax Income
Net Earnings -$466.0K -$2.692M -$1.791M
YoY Change -83.04% 50.31% 35.07%
Net Earnings / Revenue -1.75% -10.15% -8.77%
Basic Earnings Per Share
Diluted Earnings Per Share -$17.46K -$100.2K -$86.68K
COMMON SHARES
Basic Shares Outstanding 27.47M shares 27.41M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.40M $63.20M $34.90M
YoY Change 100.0% 81.09% 158.52%
Cash & Equivalents $35.53M $41.98M $31.04M
Short-Term Investments $23.90M $21.20M $3.900M
Other Short-Term Assets $1.547M $1.840M $1.152M
YoY Change 98.59% 59.72% 4.73%
Inventory $14.56M $12.67M $6.028M
Prepaid Expenses
Receivables $15.18M $15.06M $11.34M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $90.72M $92.77M $53.47M
YoY Change 86.83% 73.5% 70.27%
LONG-TERM ASSETS
Property, Plant & Equipment $9.842M $6.462M $3.685M
YoY Change 138.02% 75.36% 36.48%
Goodwill $35.39M $35.39M
YoY Change
Intangibles $9.233M $9.588M $26.00K
YoY Change 40043.48% 36776.92%
Long-Term Investments $11.70M $11.40M
YoY Change 148.94%
Other Assets $209.0K $345.0K $304.0K
YoY Change -14.34% 13.49% -24.0%
Total Long-Term Assets $66.42M $63.17M $4.015M
YoY Change 631.49% 1473.3% -12.72%
TOTAL ASSETS
Total Short-Term Assets $90.72M $92.77M $53.47M
Total Long-Term Assets $66.42M $63.17M $4.015M
Total Assets $157.1M $155.9M $57.48M
YoY Change 172.64% 171.28% 59.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.785M $7.522M $5.196M
YoY Change 36.1% 44.77% 8.25%
Accrued Expenses $11.57M $9.317M $6.176M
YoY Change 35.78% 50.86% 26.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.89M $16.88M $13.40M
YoY Change 34.51% 25.94% 14.56%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $5.400M
YoY Change -97.96% -98.15% -27.03%
Other Long-Term Liabilities $158.0K $4.768M $547.0K
YoY Change -18.97% 771.66% -72.65%
Total Long-Term Liabilities $158.0K $4.768M $547.0K
YoY Change -18.97% 771.66% -94.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.89M $16.88M $13.40M
Total Long-Term Liabilities $158.0K $4.768M $547.0K
Total Liabilities $22.11M $21.71M $19.34M
YoY Change 3.33% 12.26% -8.34%
SHAREHOLDERS EQUITY
Retained Earnings -$133.1M -$132.6M -$114.5M
YoY Change 13.52% 15.84%
Common Stock $27.00K $27.00K $21.00K
YoY Change 28.57% 28.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $135.0M $134.2M $38.14M
YoY Change
Total Liabilities & Shareholders Equity $157.1M $155.9M $57.48M
YoY Change 172.64% 171.28% 59.67%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$466.0K -$2.692M -$1.791M
YoY Change -83.04% 50.31% 35.07%
Depreciation, Depletion And Amortization $1.260M $1.130M $500.0K
YoY Change 147.06% 126.0% -13.79%
Cash From Operating Activities -$1.220M -$3.970M -$260.0K
YoY Change -282.09% 1426.92% 30.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.910M -$1.460M -$730.0K
YoY Change 158.11% 100.0% -1.35%
Acquisitions
YoY Change
Other Investing Activities -$3.230M -$22.00M $1.350M
YoY Change -30.39% -1729.63% -173.77%
Cash From Investing Activities -$5.140M -$23.46M $610.0K
YoY Change -4.28% -3945.9% -123.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K 760.0K -80.00K
YoY Change -90.2% -1050.0%
NET CHANGE
Cash From Operating Activities -1.220M -3.970M -260.0K
Cash From Investing Activities -5.140M -23.46M 610.0K
Cash From Financing Activities -50.00K 760.0K -80.00K
Net Change In Cash -6.410M -26.67M 270.0K
YoY Change 23.03% -9977.78% -109.78%
FREE CASH FLOW
Cash From Operating Activities -$1.220M -$3.970M -$260.0K
Capital Expenditures -$1.910M -$1.460M -$730.0K
Free Cash Flow $690.0K -$2.510M $470.0K
YoY Change -51.06% -634.04% -12.96%

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dei Trading Symbol
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dei Entity Registrant Name
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AtriCure, Inc.
dei Amendment Flag
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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dei Document Type
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10-Q
dei Document Period End Date
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2014-06-30
dei Entity Central Index Key
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5000
CY2013Q2 atrc Income Expense Related To Remeasurement Of Fair Value Of Fully Vested Stock Options
IncomeExpenseRelatedToRemeasurementOfFairValueOfFullyVestedStockOptions
28000
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0019 pure
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26849000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.33
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.10
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.6900 pure
CY2014Q2 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
236000
CY2014Q2 us-gaap Revenues
Revenues
26514000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2731000
CY2014Q2 us-gaap Gross Profit
GrossProfit
18781000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
172000
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
23000
CY2014Q2 us-gaap Revenue From Grants
RevenueFromGrants
137000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2853000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-2687000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-28000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-2692000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-39000
CY2014Q2 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
0
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-11000
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
212000
CY2014Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
116000
CY2014Q2 us-gaap Interest Expense
InterestExpense
29000
CY2014Q2 us-gaap Royalty Expense
RoyaltyExpense
262000
CY2014Q2 us-gaap Cost Of Revenue
CostOfRevenue
7733000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4569000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
356000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1846000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
21634000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17065000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5000
CY2014Q2 atrc Income Expense Related To Remeasurement Of Fair Value Of Fully Vested Stock Options
IncomeExpenseRelatedToRemeasurementOfFairValueOfFullyVestedStockOptions
-19000

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