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Posted: 4:17 p.m. Friday, Aug. 3, 2012

AtriCure CEO resigns

By Eric Schwartzberg

Staff Writer

WEST CHESTER TWP. —

The president and CEO of a Butler County-maker of medical devices used in heart surgery is stepping down after 10 years at its helm.

David Drachman resigned his position Thursday as president and CEO of AtriCure Inc., which is located at 6217 Centre Park Drive in West Chester Twp.

Drachman’s departure will be effective Sept. 30. according to a statement issued late Thursday. Drachman’s term as a member of the company’s board of directors ended effective Thursday.

“Dave has been instrumental in helping the company persevere through challenges,” said AtriCure Chairman Richard Johnston. “It is from his contribution alongside the AtriCure team, that AtriCure is now well-positioned for continued growth and success in expanding the treatment options for atrial fibrillation.”

As the company searches for a new CEO it will be led on a temporary basis by Johnston and Michael Hooven, one of AtriCure’s founders. Hooven served as president and CEO from 2000 to 2002 and as a board member since 2000.

Also announced late Thursday were Atricure’s second quarter financial results., which include a second-quarter net loss of $1.3 million. In the same quarter last year, the company reported a loss of $946,000.

Second-quarter revenue gained 8.9 percent to $18.3 million, a new high. Revenue from U.S. product sales was a record $13.4 million, up 5.9 percent. Sales to international customers was a record $4.9 million, an increase of 17.9 percent.

“We are pleased with our performance in the second quarter which saw solid growth in domestic product sales and continued strength in the international markets. U.S. procedure volumes have remained stable through the first half of 2012 and we are optimistic that these trends will continue through the remainder of 2012,” Drachman said.

The company said it will not offer financial guidance for the third quarter until it hires a new president and CEO.

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