$ATRC
AtriCure, Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515165116 Filed on May 01, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $32.58M $29.89M $24.85M
YoY Change 22.89% 20.28% 27.88%
Cost Of Revenue $9.466M $8.151M $7.190M
YoY Change 22.41% 13.37% 34.54%
Gross Profit $23.12M $21.74M $17.66M
YoY Change 23.09% 23.1% 25.35%
Gross Profit Margin 70.95% 72.73% 71.06%
Selling, General & Admin $22.07M $21.27M $21.58M
YoY Change 29.35% -1.44% 74.32%
% of Gross Profit 95.49% 97.86% 122.22%
Research & Development $5.862M $5.609M $4.001M
YoY Change 28.3% 40.19% 14.12%
% of Gross Profit 25.36% 25.81% 22.66%
Depreciation & Amortization $1.390M $1.008M $730.0K
YoY Change 23.01% 38.08% 59.39%
% of Gross Profit 6.01% 4.64% 4.13%
Operating Expenses $27.94M $26.88M $25.58M
YoY Change 29.13% 5.07% 61.03%
Operating Profit -$4.819M -$5.144M -$7.925M
YoY Change 68.91% -35.09% 340.28%
Interest Expense $17.00K $18.00K $237.0K
YoY Change -41.38% -92.41% 36.99%
% of Operating Profit
Other Income/Expense, Net -$90.00K -$141.0K $466.0K
YoY Change -152.33% -130.26% 1403.23%
Pretax Income -$4.883M -$5.260M -$7.682M
YoY Change 81.73% -31.53% 296.39%
Income Tax $8.000K $6.000K $27.00K
% Of Pretax Income
Net Earnings -$4.891M -$5.266M -$7.709M
YoY Change 81.69% -31.69% 296.76%
Net Earnings / Revenue -15.01% -17.62% -31.03%
Basic Earnings Per Share
Diluted Earnings Per Share -$179.1K -$194.7K -$311.3K
COMMON SHARES
Basic Shares Outstanding 28.37M shares 27.59M shares 27.27M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.50M $55.70M $79.40M
YoY Change -13.77% -29.85% 120.56%
Cash & Equivalents $29.99M $23.56M $68.64M
Short-Term Investments $24.50M $32.20M $10.70M
Other Short-Term Assets $2.597M $2.790M $2.098M
YoY Change 41.14% 32.98% 39.87%
Inventory $16.07M $15.11M $11.08M
Prepaid Expenses
Receivables $17.59M $19.79M $14.71M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $90.74M $93.42M $107.2M
YoY Change -2.18% -12.9% 97.15%
LONG-TERM ASSETS
Property, Plant & Equipment $19.35M $13.87M $5.769M
YoY Change 199.47% 140.49% 64.83%
Goodwill $35.39M $35.39M $35.39M
YoY Change 0.0% 0.0%
Intangibles $9.944M
YoY Change
Long-Term Investments $5.200M $2.000M $0.00
YoY Change -54.39%
Other Assets $351.0K $131.0K $207.0K
YoY Change 1.74% -36.71% -31.0%
Total Long-Term Assets $68.57M $59.99M $51.31M
YoY Change 8.55% 16.93% 1286.65%
TOTAL ASSETS
Total Short-Term Assets $90.74M $93.42M $107.2M
Total Long-Term Assets $68.57M $59.99M $51.31M
Total Assets $159.3M $153.4M $158.6M
YoY Change 2.17% -3.25% 172.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.344M $9.659M $7.921M
YoY Change 24.22% 21.94% 46.69%
Accrued Expenses $11.56M $8.974M $8.054M
YoY Change 24.07% 11.42% 54.88%
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 $30.14M $24.63M $16.01M
YoY Change 78.56% 53.81% 26.09%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% -98.31%
Other Long-Term Liabilities $409.0K $139.0K $8.209M
YoY Change -91.42% -98.31% 812.11%
Total Long-Term Liabilities $409.0K $139.0K $8.209M
YoY Change -91.42% -98.31% 20.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.14M $24.63M $16.01M
Total Long-Term Liabilities $409.0K $139.0K $8.209M
Total Liabilities $30.62M $24.85M $24.29M
YoY Change 41.01% 2.29% 24.57%
SHAREHOLDERS EQUITY
Retained Earnings -$148.6M -$143.7M -$129.9M
YoY Change 12.04% 10.6%
Common Stock $277.8M $273.0M $27.00K
YoY Change 1028844.44% 1011185.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $128.7M $128.6M $134.3M
YoY Change
Total Liabilities & Shareholders Equity $159.3M $153.4M $158.6M
YoY Change 2.17% -3.25% 172.9%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$4.891M -$5.266M -$7.709M
YoY Change 81.69% -31.69% 296.76%
Depreciation, Depletion And Amortization $1.390M $1.008M $730.0K
YoY Change 23.01% 38.08% 59.39%
Cash From Operating Activities $2.580M -$8.970M -$14.40M
YoY Change -164.99% -37.71% 460.31%
INVESTING ACTIVITIES
Capital Expenditures -$2.650M $1.434M $1.020M
YoY Change 81.51% 40.59% 124.18%
Acquisitions
YoY Change
Other Investing Activities $1.360M $3.990M $8.430M
YoY Change -106.18% -52.67% -951.52%
Cash From Investing Activities -$1.280M $2.560M $7.410M
YoY Change -94.54% -65.45% -611.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $65.83M
YoY Change 144.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.090M 1.820M 60.74M
YoY Change 569.74% -97.0% 123.8%
NET CHANGE
Cash From Operating Activities 2.580M -8.970M -14.40M
Cash From Investing Activities -1.280M 2.560M 7.410M
Cash From Financing Activities 5.090M 1.820M 60.74M
Net Change In Cash 6.390M -4.590M 53.75M
YoY Change -123.96% -108.54% 132.48%
FREE CASH FLOW
Cash From Operating Activities $2.580M -$8.970M -$14.40M
Capital Expenditures -$2.650M $1.434M $1.020M
Free Cash Flow $5.230M -$10.40M -$15.42M
YoY Change -308.37% -32.53% 409.75%

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CapitalExpendituresIncurredButNotYetPaid
124000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2142000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-5000
CY2014Q1 us-gaap Interest Expense
InterestExpense
237000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
25582000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4001000
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21581000
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
59000
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-17000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
355000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
53747000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
27000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
7190000
CY2014Q1 us-gaap Depreciation
Depreciation
730000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
60736000
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
65872000
CY2014Q1 us-gaap Royalty Expense
RoyaltyExpense
307000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-7969000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
7414000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1395000
CY2014Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
95000
CY2014Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
114000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-531000
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
8434000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2142000
CY2014Q1 atrc Income Expense Related To Remeasurement Of Fair Value Of Fully Vested Stock Options
IncomeExpenseRelatedToRemeasurementOfFairValueOfFullyVestedStockOptions
-98000
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27069000 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
AtriCure, Inc.
CY2015Q1 dei Trading Symbol
TradingSymbol
ATRC
CY2015Q1 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P5M16D
CY2015Q1 us-gaap Revenue Recognition Sales Returns
RevenueRecognitionSalesReturns
<p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Sales Returns and Allowances</i></b>&#x2014;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 invoice 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 Condensed Consolidated Balance Sheets.</p>
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0011 pure
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-8970000
CY2015Q1 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.3800 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Description And Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationDescriptionAndTerms
Participants may not purchase more than $25 of the Company's common stock in a calendar year and, effective January 1, 2014, may not purchase more than 3 shares during an offering period
CY2015Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2015-06-30
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Use of Estimates</i></b>&#x2014;The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates.</p> </div>
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares Per Employee
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee
3000 shares
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2015Q1 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0013 pure
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001323885
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.19
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4320000 shares
CY2015Q1 us-gaap Revenue From Grants
RevenueFromGrants
35000
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
6086000
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-487000
CY2015Q1 us-gaap Gross Profit
GrossProfit
21735000
CY2015Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-184000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-450000
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1104000
CY2015Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-57000
CY2015Q1 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
247000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5144000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5716000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-5260000
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-14000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-141000
CY2015Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
-28000
CY2015Q1 us-gaap Revenues
Revenues
29886000
CY2015Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
14000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
303000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-4825000
CY2015Q1 atrc Income Expense Related To Remeasurement Of Fair Value Of Fully Vested Stock Options
IncomeExpenseRelatedToRemeasurementOfFairValueOfFullyVestedStockOptions
13000
CY2015Q1 atrc Capital Lease Expiration Period
CapitalLeaseExpirationPeriod
2020
CY2015Q1 atrc Letters Of Credit Issued Amount
LettersOfCreditIssuedAmount
1250000
CY2015Q1 atrc Fair Value Measurement With Unobservable Inputs Reconciliation Reclassification From Equity To Liability When Fully Vested
FairValueMeasurementWithUnobservableInputsReconciliationReclassificationFromEquityToLiabilityWhenFullyVested
0
CY2015Q1 atrc Employee Stock Purchase Plan Offer Period
EmployeeStockPurchasePlanOfferPeriod
P6M
CY2015Q1 atrc Payment Terms For Distributors
PaymentTermsForDistributors
P60D
CY2015Q1 atrc Payment Terms For End Users
PaymentTermsForEndUsers
P30D
CY2015Q1 atrc Maturity Period Of Short Term Investment Maximum
MaturityPeriodOfShortTermInvestmentMaximum
P1Y
CY2015Q1 atrc Increases In Property Under Build To Suit Obligation
IncreasesInPropertyUnderBuildToSuitObligation
1822000
CY2015Q1 atrc Increases In Build To Suit Obligation
IncreasesInBuildToSuitObligation
1822000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6000
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
503000
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
16000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
100000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1434000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-5266000
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
43000
CY2015Q1 us-gaap Interest Paid
InterestPaid
2000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2685000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
37000
CY2015Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
779000
CY2015Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
36000
CY2015Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
751000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1724000
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-233000
CY2015Q1 us-gaap Interest Expense
InterestExpense
18000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
26879000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5609000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21270000
CY2015Q1 us-gaap Cost Of Revenue
CostOfRevenue
8151000
CY2015Q1 us-gaap Depreciation
Depreciation
1008000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1821000
CY2015Q1 us-gaap Royalty Expense
RoyaltyExpense
427000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4931000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
2557000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
516000
CY2015Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
155000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2124000
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
11899000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1724000
CY2015Q1 us-gaap Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
251000
CY2015Q1 atrc Operating Leases Expire At Various Terms
OperatingLeasesExpireAtVariousTerms
2021

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