ATS Medical, Inc. (ATSI) reported a third quarter 2009 net loss of 1 cent per share, in-line with the Zacks Consensus Estimate but better than the year-ago loss per share of 6 cents. Total revenues for the reported quarter were $18.8 million, increasing 17.3% year over year. Excluding an unfavorable foreign currency translation (FX), total revenues [...]

(ATSI) ATS Medical Earnings Report Meets Consensus

ATS Medical, Inc. (ATSI) reported a third quarter 2009 net loss of 1 cent per share, in-line with the Zacks Consensus Estimate but better than the year-ago loss per share of 6 cents.

Total revenues for the reported quarter were $18.8 million, increasing 17.3% year over year. Excluding an unfavorable foreign currency translation (FX), total revenues increased 19.4% year over year. Growth was broad-based across its major business segments.

Heart valve therapy revenues increased 20.5% year over year to $14.2 million. In this segment, Mechanical valve revenues increased 10% year over year to $11.6 million. This was due to higher demand for the ATS Open Pivot Mechanical Heart Valve in Asia and success from the recent launch of the AP360 valve in Japan.

Tissue valve revenues were $1.4 million, compared to $0.3 million in the year-ago quarter. Heart valve repair revenues increased 29% year over year to $1.2 million. ATS Medical received U.S. Food and Drug Administration (FDA) approval and also completed the first implant of a new ATS Simulus semi-rigid band in the reported quarter.

Cryoablation revenues increased 12% year over year to $4.5 million. The company launched the new ATS CryoMaze 10-S Surgical Cryoablation Probe in the U.S. in the third quarter. Furthermore, it received the CE Mark approval to market the new ATS CryoMaze 10-S Probe in Europe in Oct. 2009 and expects to launch the product there in the fourth quarter.

Gross margin in the quarter increased 380 basis points (bps) year over year to 62.9%. The company’s strong cost-cutting initiatives helped it in lowering the operating and net loss margins. Operating loss margin improved 1,400 bps year over year to a negative 3.1%. Net loss margin improved 1,810 bps year over year to a negative 5.2%.

ATS Medical ended the quarter with cash and short-term investments of roughly $12.1 million. The company had no outstanding debt at the end of the quarter and generated positive cash flow of approximately $0.8 million in the third quarter.

ATS Medical reaffirmed its revenue guidance of $77 to $79 million for full fiscal year 2009. The company also expects to generate net income in the fourth quarter of 2009.

Minneapolis, MN-based ATS Medical develops, manufactures and markets medical devices needed for cardiovascular surgery. The company’s main competitor is St. Jude Medical, Inc. (STJ). Other competitors include Medtronic, Inc. (MDT), Carbomedics and Edwards Lifesciences (EW).
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ATS Medical, Inc. (ATSI) yesterday received the CE Mark approval for marketing the ATS CryoMaze 10-S Surgical Cryoablation Probe used for the treatment of cardiac arrhythmias in the European Union. The new product complements the current ATS CryoMaze Probes by adding a linear cryoablation probe that provides more controlled stiffness. This enables surgeons to have more [...]

(ATSI) ATS Medical Receives Approval for Cardiac Arrhythmia Treatment

ATS Medical, Inc. (ATSI) has received approval from the U.S. Food and Drug Administration (FDA) for a landmark clinical study in which cardiac surgeons will implant the company’s ATS 3f Aortic Bioprosthesis valve in a younger aortic valve replacement patient population. The clinical study will be performed to evaluate the effectiveness of ATS 3f Aortic [...]

(ATSI) ATS Medical Gets FDA Approval

{loadposition comment2} ATS Medical, Inc. (ATSI) announced FDA clearance and the first implant of the ATS Simulus Semi-Rigid Annuloplasty Band. {loadposition link_supportresistance}   {loadposition homeaccordion2}   {loadposition contentad}       The company noted that the Simulus Semi-Rigid Annuloplasty Band was developed through the collaboration with Genesee BioMedical. Annuloplasty rings and bands are used in those cases where repair of a patient's heart valve is preferable to replacement of the valve. According to the company, the Simulus Semi-Rigid Band is specifically designed to respect the natural motion of the mitral annulus during the cardiac cycle allowing for a more physiologic valve repair. {loadposition link_nowtime}   Free trading ideas and analysis are always found at LearningMarkets.com. {loadposition followus}