AtriCure Q4 revenue $88M (+20.2% YoY); FY2022 revenue $330.4M (+20.4%); guides FY2023 rev $380-387M

Revenue for 2022 was $330.4 million, an increase of $56.1 million or 20.4% (an increase of 21.8% on a constant currency basis), compared to 2021 revenue. U.S. revenue increased 21.0% to $277.2 million. International revenue was $53.2 million, an increase of $8.0 million or 17.7% (an increase of 25.7% on a constant currency basis). Gross profit for 2022 was $245.9 million compared to $205.9 million for 2021, and gross margin decreased to 74.4% for 2022 compared to 75.0% for 2021. Loss from operations for 2022 was $42.7 million, compared to income from operations of $55.2 million for 2021. Income from operations in 2021 includes a $184.8 million credit to operating expenses for the change in fair value of contingent consideration, offset partially by a $82.3 million intangible asset impairment charge for the IPR&D asset associated with the aMAZETM trial. Basic and diluted net loss per share was $1.02 for 2022, compared to basic and diluted income per share of $1.11 and $1.09, respectivel

Full year 2023 revenue is projected to be approximately $380 million to $387 million, reflecting growth of approximately 15% to 17% over full year 2022. Full year 2023 adjusted EBITDA is expected to break even, with improvements annually thereafter. Full year 2023 adjusted loss per share is expected to be in the range of $1.14 to $1.19.

Revenue for the fourth quarter 2022 was $88.0 million, an increase of 20.2% (an increase of 21.5% on a constant currency basis) over fourth quarter 2021 revenue. U.S. revenue was $73.9 million, an increase of $12.7 million or 20.7%, compared to fourth quarter 2021 revenue. U.S. revenue reflected strong growth across our open ablation, pain management and appendage management product lines, driven by sales of our EnCompass ® clamp, cryoSPHERE ® and AtriClip ® Flex⋅V ® products. International revenue increased $2.1 million or 17.8% (an increase of 25.4% on a constant currency basis) to $14.1 million, reflecting growth in appendage management and open ablation franchises. On a sequential basis, worldwide revenue for the fourth quarter 2022 increased approximately 5.7% over third quarter 2022. Gross profit for the fourth quarter 2022 was $65.1 million compared to $55.0 million for the fourth quarter 2021. Gross margin was 74.0% and 75.1% for the fourth quarters 2022 and 2021, reflecting ch