2015 Q1 Form 10-K Financial Statement

#000119312515073256 Filed on March 02, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q3
Revenue $29.89M $29.42M $26.68M
YoY Change 20.28% 34.41% 32.42%
Cost Of Revenue $8.151M $9.000M $7.786M
YoY Change 13.37% 44.69% 42.57%
Gross Profit $21.74M $20.42M $18.89M
YoY Change 23.1% 30.32% 28.65%
Gross Profit Margin 72.73% 69.42% 70.81%
Selling, General & Admin $21.27M $20.20M $14.66M
YoY Change -1.44% 19.81% 4.27%
% of Gross Profit 97.86% 98.92% 77.61%
Research & Development $5.609M $5.000M $5.033M
YoY Change 40.19% 36.99% 55.48%
% of Gross Profit 25.81% 24.49% 26.64%
Depreciation & Amortization $1.008M $1.290M $1.260M
YoY Change 38.08% 134.55% 147.06%
% of Gross Profit 4.64% 6.32% 6.67%
Operating Expenses $26.88M $25.19M $19.70M
YoY Change 5.07% 22.88% 13.85%
Operating Profit -$5.144M -$4.779M -$803.0K
YoY Change -35.09% -1.22% -69.28%
Interest Expense $18.00K -$480.0K $24.00K
YoY Change -92.41% 269.23% -80.49%
% of Operating Profit
Other Income/Expense, Net -$141.0K -$90.00K $338.0K
YoY Change -130.26% 800.0% -3855.56%
Pretax Income -$5.260M -$5.350M -$462.0K
YoY Change -31.53% 7.43% -83.16%
Income Tax $6.000K $0.00 $4.000K
% Of Pretax Income
Net Earnings -$5.266M -$5.344M -$466.0K
YoY Change -31.69% 7.31% -83.04%
Net Earnings / Revenue -17.62% -18.17% -1.75%
Basic Earnings Per Share
Diluted Earnings Per Share -$194.7K -$198.2K -$17.46K
COMMON SHARES
Basic Shares Outstanding 27.59M shares 27.47M shares 27.47M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.70M $59.60M $59.40M
YoY Change -29.85% 127.48% 100.0%
Cash & Equivalents $23.56M $28.38M $35.53M
Short-Term Investments $32.20M $31.30M $23.90M
Other Short-Term Assets $2.790M $2.044M $1.547M
YoY Change 32.98% -15.19% 98.59%
Inventory $15.11M $14.26M $14.56M
Prepaid Expenses
Receivables $19.79M $17.56M $15.18M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $93.42M $93.51M $90.72M
YoY Change -12.9% 78.15% 86.83%
LONG-TERM ASSETS
Property, Plant & Equipment $13.87M $11.55M $9.842M
YoY Change 140.49% 104.71% 138.02%
Goodwill $35.39M $35.39M $35.39M
YoY Change 0.0% 0.0%
Intangibles $8.878M $9.233M
YoY Change -13.8% 40043.48%
Long-Term Investments $2.000M $8.900M $11.70M
YoY Change 12.66% 148.94%
Other Assets $131.0K $186.0K $209.0K
YoY Change -36.71% -14.68% -14.34%
Total Long-Term Assets $59.99M $64.90M $66.42M
YoY Change 16.93% 9.14% 631.49%
TOTAL ASSETS
Total Short-Term Assets $93.42M $93.51M $90.72M
Total Long-Term Assets $59.99M $64.90M $66.42M
Total Assets $153.4M $158.4M $157.1M
YoY Change -3.25% 41.5% 172.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.659M $7.621M $7.785M
YoY Change 21.94% -11.44% 36.1%
Accrued Expenses $8.974M $14.04M $11.57M
YoY Change 11.42% -12.63% 35.78%
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 $24.63M $25.64M $21.89M
YoY Change 53.81% -4.01% 34.51%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $100.0K
YoY Change 0.0% -97.73% -97.96%
Other Long-Term Liabilities $139.0K $149.0K $158.0K
YoY Change -98.31% -98.19% -18.97%
Total Long-Term Liabilities $139.0K $149.0K $158.0K
YoY Change -98.31% -98.19% -18.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.63M $25.64M $21.89M
Total Long-Term Liabilities $139.0K $149.0K $158.0K
Total Liabilities $24.85M $25.87M $22.11M
YoY Change 2.29% -34.26% 3.33%
SHAREHOLDERS EQUITY
Retained Earnings -$143.7M -$138.4M -$133.1M
YoY Change 10.6% 13.26% 13.52%
Common Stock $273.0M $271.3M $27.00K
YoY Change 1011185.19% 1179508.7% 28.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $128.6M $132.5M $135.0M
YoY Change
Total Liabilities & Shareholders Equity $153.4M $158.4M $157.1M
YoY Change -3.25% 41.5% 172.64%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$5.266M -$5.344M -$466.0K
YoY Change -31.69% 7.31% -83.04%
Depreciation, Depletion And Amortization $1.008M $1.290M $1.260M
YoY Change 38.08% 134.55% 147.06%
Cash From Operating Activities -$8.970M -$2.010M -$1.220M
YoY Change -37.71% -34.31% -282.09%
INVESTING ACTIVITIES
Capital Expenditures $1.434M -$1.120M -$1.910M
YoY Change 40.59% 20.43% 158.11%
Acquisitions
YoY Change
Other Investing Activities $3.990M -$8.320M -$3.230M
YoY Change -52.67% 18.69% -30.39%
Cash From Investing Activities $2.560M -$9.430M -$5.140M
YoY Change -65.45% 18.77% -4.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.820M 4.420M -50.00K
YoY Change -97.0% 1478.57% -90.2%
NET CHANGE
Cash From Operating Activities -8.970M -2.010M -1.220M
Cash From Investing Activities 2.560M -9.430M -5.140M
Cash From Financing Activities 1.820M 4.420M -50.00K
Net Change In Cash -4.590M -7.020M -6.410M
YoY Change -108.54% -34.51% 23.03%
FREE CASH FLOW
Cash From Operating Activities -$8.970M -$2.010M -$1.220M
Capital Expenditures $1.434M -$1.120M -$1.910M
Free Cash Flow -$10.40M -$890.0K $690.0K
YoY Change -32.53% -58.22% -51.06%

Facts In Submission

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<p><font size="2"><strong><em>Sales Returns and Allowances</em>&#x2014;</strong>While the Company&#x2019;s products do not have return rights, the Company maintains a provision for sales returns and allowances to account for potential returns of defective or damaged products, products shipped in error and price adjustments. The Company estimates such provision quarterly based primarily on a specific identification basis, in addition to estimating a general reserve. Increases to the provision result in a reduction of revenue. The provision is included in accrued liabilities in the Consolidated Balance Sheets.</font></p>
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AtriCure, Inc.
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CY2012 us-gaap Royalty Expense
RoyaltyExpense
603000
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-97000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2797000
CY2012 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
659000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
50000
CY2012 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
114000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-49000
CY2012 us-gaap Income Tax Reconciliation Tax Contingencies Foreign
IncomeTaxReconciliationTaxContingenciesForeign
-102000
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
769000
CY2012 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
10000000
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-132000
CY2012 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
9400000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
3468000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1338000
CY2012 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2012 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2336000
CY2012 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0
CY2012 atrc Defined Contribution Plan Employer Matching Contribution
DefinedContributionPlanEmployerMatchingContribution
234000
CY2012 atrc Reclassification Of Non Employee Option Liability
ReclassificationOfNonEmployeeOptionLiability
49000
CY2012 atrc Fair Value Measurement With Unobservable Inputs Reconciliation Purchases Exercises
FairValueMeasurementWithUnobservableInputsReconciliationPurchasesExercises
50000
CY2012 atrc Income Expense Related To Remeasurement Of Fair Value Of Fully Vested Stock Options
IncomeExpenseRelatedToRemeasurementOfFairValueOfFullyVestedStockOptions
-179000
CY2012 atrc Unrecognized Tax Benefits Increases Or Decreases Related To Settlements
UnrecognizedTaxBenefitsIncreasesOrDecreasesRelatedToSettlements
0
CY2012 atrc Unrecognized Tax Benefits Increases Or Decrease Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesOrDecreaseResultingFromCurrentPeriodTaxPositions
0
CY2012 atrc Fair Value Measurement With Unobservable Inputs Reconciliation Reclassification From Equity To Liability When Fully Vested
FairValueMeasurementWithUnobservableInputsReconciliationReclassificationFromEquityToLiabilityWhenFullyVested
99000
CY2012 atrc Capital Lease Asset Early Termination
CapitalLeaseAssetEarlyTermination
13000
CY2012 atrc Expense Related To Chief Financial Officer And Chief Executive Officer Departures
ExpenseRelatedToChiefFinancialOfficerAndChiefExecutiveOfficerDepartures
1600000
CY2013Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.10
CY2013Q1 us-gaap Gross Profit
GrossProfit
14086000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1800000
CY2013Q1 us-gaap Revenues
Revenues
19430000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-1943000
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.31
CY2014Q1 us-gaap Gross Profit
GrossProfit
17657000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-7925000
CY2014Q1 us-gaap Revenues
Revenues
24847000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-7709000
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
396000
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.09
CY2013Q2 us-gaap Gross Profit
GrossProfit
15123000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1639000
CY2013Q2 us-gaap Revenues
Revenues
20429000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-1791000
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.10
CY2014Q2 us-gaap Gross Profit
GrossProfit
18781000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2853000
CY2014Q2 us-gaap Revenues
Revenues
26514000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-2692000
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
522000
CY2013Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.13
CY2013Q3 us-gaap Gross Profit
GrossProfit
14685000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2614000
CY2013Q3 us-gaap Revenues
Revenues
20146000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-2748000
CY2014Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.02
CY2014Q3 us-gaap Gross Profit
GrossProfit
18892000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-803000
CY2014Q3 us-gaap Revenues
Revenues
26678000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-466000
CY2013Q4 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.24
CY2013Q4 us-gaap Gross Profit
GrossProfit
15669000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-4838000
CY2013Q4 us-gaap Revenues
Revenues
21884000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-4980000
CY2014Q4 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.20
CY2014Q4 us-gaap Gross Profit
GrossProfit
20420000
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-4779000
CY2014Q4 us-gaap Revenues
Revenues
29415000
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-5344000

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