AtriCure, Inc. (ATRC): debt financing — AtriCure prelim Q4 rev $106.5M (+21% YoY); new $125M ABL credit facility

AtriCure, Inc.

2023-FY EPS reported -$0.66 revenue$399,245,000

Q4 2023 preliminary revenue $106.5M (+21% YoY); full year revenue $399.2M (+21% YoY).
FY2023 adj EBITDA guided $18-20M; adj loss per share ~$0.74-$0.76.
FY2024 revenue guidance $459-466M (15-17% growth); adj EBITDA $26-29M.
New $125M ABL credit facility (up to $165M) replaces SVB facility, enhances liquidity.
CEO cites strong Hybrid AF therapy growth; company positioned for robust 2024.

item 1.01 item 1.02 item 2.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

AtriCure, Inc. incurred credit facility of up to $125 million (with potential increase up to $165 million) with JPMorgan Chase Bank, N.A., Silicon Valley Bank, a Division of First-Citizen Bank & Trust Company at ABR plus applicable margin or adjusted term SOFR rate plus applicable margin maturing three-year.

Instrument: credit facility
Principal: up to $125 million (with potential increase up to $165 million)
Counterparty: JPMorgan Chase Bank, N.A., Silicon Valley Bank, a Division of First-Citizen Bank & Trust Company
Rate: ABR plus applicable margin or adjusted term SOFR rate plus applicable margin
Maturity: three-year
Event: incurrence

Exact text from the filing

On January 5, 2024 (the “ Closing Date ”), AtriCure, Inc. (the “ Company ”) and its wholly owned subsidiary, AtriCure, LLC (together with the Company, the “ Borrowers ”), entered into an asset-based credit agreement (the “ Credit Agreement ”) among the Borrowers, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “ Administrative Agent ”), JPMorgan Chase Bank, N.A. (“JPMCB”) and Silicon Valley Bank, a Division of First-Citizen Bank & Trust Company (“SVB”), as Joint Lead Arrangers and Joint Bookrunners, and the lenders party thereto (“Lenders”). The Credit Agreement provides for an asset-based three-year revolving credit facility (the “ ABL Facility ”) in an amount of up to $125 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AtriCure, Inc. reported the fourth quarter and full year ended December 31, 2023 results: revenue $106.5 million, EPS adjusted loss per share of approximately $0.74 to $0.76. Guidance initiated.

Period: the fourth quarter and full year ended December 31, 2023
Revenue: $106.5 million
EPS: adjusted loss per share of approximately $0.74 to $0.76
Guidance: initiated
Result: preliminary results

Exact text from the filing

financial results for the fourth quarter and full year 2023 and provided 2024 financial guidance. Preliminary, unaudited revenue for fourth quarter 2023 is expected to be $106.5 million, reflecting growth of approximately 21% over the fourth quarter of 2022 (20% on a constant currency basis). U.S. revenue is expected to be $88.7 million, reflecting growth of

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AtriCure, Inc. terminated Loan and Security Agreement dated as of February 23, 2018, by and among SVB, the Company and certain subsidiaries (as amended, the “ SVB Facility ”) with SVB (effective 2024-01-05).

Action: termination
Agreement: credit facility
Counterparty: SVB
Effective: 2024-01-05

Exact text from the filing

Proceeds also were used to refinance the Company’s indebtedness under the Loan and Security Agreement dated as of February 23, 2018, by and among SVB, the Company and certain subsidiaries (as amended, the “ SVB Facility ”). The SVB Facility terminated on the Closing Date.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AtriCure, Inc. entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, JPMorgan Chase Bank, N.A. and Silicon Valley Bank, a Division of First-Citizen Bank & Trust Company, as Joint Lead Arrangers and Joint Bookrunners, and the lenders party thereto valued at $125 million (effective 2024-01-05).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, JPMorgan Chase Bank, N.A. and Silicon Valley Bank, a Division of First-Citizen Bank & Trust Company, as Joint Lead Arrangers and Joint Bookrunners, and the lenders party thereto
Value: $125 million
Effective: 2024-01-05

Exact text from the filing

On January 5, 2024 (the “ Closing Date ”), AtriCure, Inc. (the “ Company ”) and its wholly owned subsidiary, AtriCure, LLC (together with the Company, the “ Borrowers ”), entered into an asset-based credit agreement (the “ Credit Agreement ”) among the Borrowers, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “ Administrative Agent ”), JPMorgan Chase Bank, N.A. (“JPMCB”) and Silicon Valley Bank, a Division of First-Citizen Bank & Trust Company (“SVB”), as Joint Lead Arrangers and Joint Bookrunners, and the lenders party thereto (“Lenders”).

View on SEC.gov

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AtriCure, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-003922

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