AtriCure's CEO Discusses Q2 2012 Results - Earnings Call Transcript

AtriCure, Inc. (ATRC)

Q2 2012 Results Earnings Call

August 2, 2012 4:30 PM ET

Executives

David Drachman – President and CEO

Mike Hooven – Co-founder

Dick Johnston – Chairman

Lynn Pieper – IR Consultant

Analysts

Brooks West – Piper Jaffray

Jason Mills – Canaccord Genuity

Danielle Antalffy – Leerink Swann

Matt Dolan – Roth Capital Partners

Charley Jones – Barrington Research

Larry Haimovitch – HMTC

Presentation

Operator

Good morning and welcome to AtriCure's Second Quarter 2012 Earnings Conference Call. My name is Fab and I will be your coordinator for the call today. At this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session toward the end of today's call. As a reminder, this call is being recorded for replay purposes.

I would now like to turn the call over to Mr. David Drachman, President and Chief Executive Officer of AtriCure. Mr. Drachman, please proceed.

David Drachman

Thank you, Fab. Good morning, and welcome to our second quarter earnings conference call. Joining me on the call today, two members of our Board of Directors, our co-founder Mr. Mike Hooven, and our Chairman Mr. Dick Johnston, as well as Lynn Pieper our Investor Relations Consultant.

I would now like to turn the call over to Lynn, for a few introductory comments.

Lynn Pieper

Thank you, Dave. By now you should have received a copy of the earnings press release. If you've not received a copy, please call 513-755-4136, to have one emailed to you.

Before we begin today, let me remind you the Company's remarks may include forward-looking statements. These statements include, but are not limited to those that address activity, events, or developments that AtriCure expects, believes, or anticipates will or may occur in the future such as revenue and earnings estimates, other predictions of financial performance, launches of new products and market acceptance of new products.

Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond AtriCure's control, including, but not limited to the rate and degree of market acceptance of AtriCure's products, governmental approvals and other risks and uncertainties described from time-to-time in AtriCure's SEC filings.

AtriCure's results may differ materially from those projected on today's call and AtriCure undertakes no obligation to publicly update any forward-looking statement, whether as result of new information, future events or otherwise. Additionally, we may refer to non-GAAP financial metrics. A reconciliation of these non-GAAP measures is included in our press release, which is also available on our website.

I would like to remind everyone on the call today that the Food and Drug Administration, or FDA, has not approved certain AtriCure products for the treatment of atrial fibrillation or AF, or for stroke reduction. The company and others acting on its behalf may not promote these non-approved products to trained doctors for the surgical treatment of AF, or stroke reduction unless the product is so indicated.

These restrictions do not prevent doctors from choosing to use the products for the treatment of stroke reduction, or prevent AtriCure from engaging in sales and marketing efforts, to focus only on the general attributes of the products for the current cleared uses. AtriCure educates and trains doctors in the proper use of its products and related technologies, including for the treatment of AF in accordance with the product-specific indications.

With that, I would like to turn the call back to Dave.

David Drachman

Thank you, Lynn. Good afternoon and welcome to AtriCure Second Quarter 2012 Conference Call. On today's call, we will provide a review of business trends, the strategies for capitalizing on our AF approval, second quarter financial results and our clinical trial progress. We will then open the call for your questions.

Before we begin, I would like to address the announcement that we made this afternoon as I will be resigning as the President and Chief Executive Officer of AtriCure and stepping down as a Director of the Company. As President and Chief Executive Officer for the past 10 years I have had good fortune to develop professional partnerships and friendships with the AtriCure team as well as our physician community, advisors and stakeholders, as we strived together to advent our mission of improving and preserving human life through innovation, clinical science, and secured education.

Based on our collaborative efforts and steadfast resolve, we've treated together more than 120 patients worldwide, become the first company to receive a surgical AF approval and importantly, stud the foundation for revolutionizing the treatment for Atrial fibrillation.

As that I will be staying on as a President and Chief Executive Officer to the end of September to help facilitate with an orderly transition.

I will now turn the call over to Mr. Mike Hooven, who is one of AtriCure's Co-founders and Member of our Board of Directors since the Company's inception in November of 2000. Mike?

Mike Hooven

Thank you, Dave. I would like to take the opportunity to thank Dave for his leadership, commitment, and contribution to AtriCure over the past 10 years. Dave has been instrumental in helping the Company grow and persevering through challenges. It is from his contribution alongside the AtriCure team, that AtriCure is now well positioned for continued growth and success and expanding the treatment options for Atrial fibrillation. We wish Dave well in his future endeavors.

In conjunction with today's announcement the Board of Directors of AtriCure has announced the formation of the Office of the Chairman, which will assume Dave's responsibilities as CEO. The Office of the Chairman will be led by Dick Johnston, Chairman of AtriCure's Board and I will also serve as a Member of this newly created role.

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