AtriCure and Century Medical Expand, Secure Distribution Agreement
Introduction of new products and stronger growth are anticipated in Japanese market
WEST CHESTER, Ohio--(BUSINESS WIRE)-- AtriCure, Inc. (NAS: ATRC) and Century Medical, Inc. (CMI) of Japan announce the extension and expansion of their multi-year agreement in which CMI will distribute AtriCure's surgical ablation technologies to hospitals in Japan. AtriCure is a medical device company and leader in cardiac surgical ablation systems for the treatment of Afib and systems for the exclusion of the left atrial appendage.
The new agreement provides CMI with exclusive rights to market the AtriCure product lines, including future sales of the AtriClip Left Atrial Appendage Exclusion System once formal approval processes are completed by CMI. The AtriClip is one of the fastest growing segments of the overall AtriCure portfolio worldwide. This agreement marks the first time the products will be available in Japan.
"We are very excited about solidifying and expanding a long-term relationship with a team so talented, experienced and knowledgeable in our products," said Michael Carrel, President and CEO of AtriCure. "This agreement sets a strong foundation in the Japanese market for many years to come."
According to the agreement, CMI will be the exclusive distributor of AtriCure devices for Japan until 2019, with minimum revenue commitments set forth over the next three years.
"We're pleased to continue our partnership with AtriCure, and provide the people of Japan life-changing treatment tools for use in soft tissue ablation. With the opportunity to use AtriCure devices increasing in Japan, our partnership has the potential to benefit hundreds of thousands of people," said Akira Hoshino, president and CEO of CMI.
About Century Medical
Century Medical, Inc. (CMI) is a wholly owned subsidiary of Itochu Corporation ("ITOCY"-OTCYMKTS) and one of the largest Japanese general trading companies with $125 billion in annual trading transactions. CMI has more than 300 employees, offices in seven major cities in Japan and 39 years' experience marketing medical devices in Japan. CMI has been a pioneering force successfully introducing many new technologies to the Japanese healthcare community and has built a dedicated team of 40 sales and marketing people to serve the Japanese cardiovascular surgery community.
About AtriCure, Inc.
AtriCure, Inc. is a medical device company providing innovative atrial fibrillation (Afib) solutions designed to produce superior outcomes that reduce the economic and social burden of atrial fibrillation. AtriCure's Synergy Ablation System is the first and only device approved for the treatment of Persistent and Longstanding Persistent forms of Afib in patients undergoing certain open concomitant procedures. AtriCure's AtriClip Left Atrial Appendage (LAA) exclusion device is the most widely implanted device for LAA management worldwide. The company believes cardiothoracic surgeons are adopting its ablation and LAA management devices for the treatment of Afib and reduction of Afib related complications such as stroke. Afib affects more than 5.5 million people worldwide.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that AtriCure expects, believes or anticipates will or may occur in the future, such as earnings estimates, other predictions of financial performance, launches by AtriCure of new products and market acceptance of AtriCure's products. Forward-looking statements are based on AtriCure's experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances and are subject to numerous risks and uncertainties, many of which are beyond AtriCure's control. These risks and uncertainties include the rate and degree of market acceptance of AtriCure's products, AtriCure's ability to develop and market new and enhanced products, the timing of and ability to obtain and maintain regulatory clearances and approvals for its products, the timing of and ability to obtain reimbursement of procedures utilizing AtriCure's products, competition from existing and new products and procedures or AtriCure's ability to effectively react to other risks and uncertainties described from time to time in AtriCure's SEC filings, such as fluctuation of quarterly financial results, reliance on third party manufacturers and suppliers, litigation or other proceedings, government regulation and stock price volatility. AtriCure does not guarantee any forward-looking statement, and actual results may differ materially from those projected. AtriCure undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Andy Wade, 513-755-4564
Vice President and Chief Financial Officer
AtriCure Media Contact:
Rasor Marketing Communications
Becky Fickenworth, 513-793-1234
KEYWORDS: United States Asia Pacific North America Ohio Japan
The article AtriCure and Century Medical Expand, Secure Distribution Agreement originally appeared on Fool.com.
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