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AtriCure CEO resigns in spite of positive Q2 results

This article was originally published in Clinica

Executive Summary

David Drachman has resigned as CEO and president of cardiac ablation specialist AtriCure, in spite of the firm posting top-line growth during its second fiscal quarter. Mr Drachman has already left the firm's board of directors, but will continue to serve the company until 30 September. He told Clinica he was "in the process of evaluating new medical device opportunities", but would not give further details. AtriCure's chairman Richard Johnston will assume Mr Drachman's responsibilities, under the firm's newly-formed Office of the Chairman, while the firm searches for a new CEO. Michael Hooven, one of AtriCure's founders, a current board member, and CEO and president of the company from 2000-2002, has also joined the Office of the Chairman. The West Chester, Ohio company reported Q2 sales of $18.3m, up 9% year-on-year. However, the firm's net loss widened to $1.3m, versus $0.9m during the same period last year. Last year, AtriCure's Synergy ablation system has received premarket approval (PMA) from the US FDA for the treatment of atrial fibrillation (AF), making it the first device of its kind to be approved in the US specifically for this indication (www.clinica.co.uk, 20 December 2011).

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