Good afternoon, ladies and gentlemen, and welcome to AtriCure’s First Quarter 2013 Earnings Conference Call. My name is Derek, and I’ll be your coordinator for today. At this time, all participants are in a listen-only mode. We’ll facilitate a question-and-answer session towards the end of the conference. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Lynn Pieper, AtriCure’s Investor Relations Consultant from Westwicke Partners, for a few introductory comments.

Thank you, Derek. By now, you should have received a copy of the earnings press release. If you’ve not received a copy, please call 513-755-4136 to have one e-mailed to you. Before we begin today, let me remind you that the company’s remarks include forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond AtriCure’s control, including risks and uncertainties described from time to time in AtriCure’s SEC filings. AtriCure’s results may differ materially from those projected on today’s call. AtriCure undertakes no obligation to publicly update any forward-looking statement. Additionally, we may refer to non-GAAP financial metrics. A reconciliation of those non-GAAP measures is included in our press release, which is available on our website. I’d like to remind everyone on the call today that the Food and Drug Administration, or FDA, has not approved certain AtriCure products for the treatment of atrial fibrillation, or AF, or for stroke reduction. The company and others acting on its behalf may not promote these non-approved products to train doctors for the surgical treatment of AF or stroke reduction, unless the product is so indicated. These restrictions do not prevent doctors from choosing to use the products for the treatment of AF or stroke reduction or prevent AtriCure from engaging in sales and marketing efforts to focus only on the general attributes of the products for the current cleared usage. AtriCure educates and trains doctors in the proper use of its products and related technologies, including for the treatment of AF in accordance with the product-specified indication. With that, I’d like to turn the call over to Mike Carrel, President and Chief Executive Officer of AtriCure. Mike?

Thank you, Lynn. We had a good start to the year with strong sales results, a successful financing and continued progress in building our commercial, clinical and education focus team. This includes adding several new accounts and hiring some critical people in each of these areas. Based upon these accomplishments and our year-to-date results, we are reiterating our full year financial guidance of 9 to 11% top line growth. I will start today’s call with a quick overview of our results for the quarter, followed by an update on the business and our strategy of capitalizing on our AF approval, new product developments and an update on our clinical trial progress. Then, I will turn the call over to our CFO, Andy Wade, who will provide an overview of our financial results. After that, I’ll come back on to review our key goals, and then we’ll open it up for questions. We are pleased to announce record revenues of $19.4 million, which is growth of 11% over last year. There was a good balance across the U.S. and international regions in our various products and solution areas. Our management is strong and we are starting to see the results of our commercial and training focus. Strengths for the quarter were Asia, MIS and especially AtriCure. Open in the U.S. and Europe and Europe were a little softer than expected but overall still very strong. In particular we are pleased with the growth in the left atrial appendage or LAA market. There is a lot of positive in this reactivity including the first ever international symposium on the left atrial appendage and the recent acquisition of competing technology developments in combination with our strong results, we believe this is proof of concept and proof of our vision. AtriCure is in the…

Thank you, Mike. For the first quarter of 2013, revenue increased 11.2% to a record $19.4 million. Revenue from product sales in the U.S. was $14.6 million, an increase of 11% from the first quarter of 2012. Revenue from open chest ablation related product sales in the U.S increased by approximately $600,000 to 9.1 million. And U.S. sales of products used in minimally invasive procedures increased approximately $200,000 to $3.1 million. US sales of the AtriClip system during the fourth quarter of 2013 were $2.4 million as compared to 1.8 million in the first quarter of 2012. International revenue grew 11.9% on a GAAP basis and 11.7% on a constant currency basis as compared to the first quarter of 2012 to $4.8 million. The increase in international revenue, as Mike mentioned, was driven primarily by growth in Asia. Gross margin for the first quarter of 2013 was 72.5% as compared with 73% for the first quarter of 2012 and 70.8% for the fourth quarter of 2012. Note that the medical device excise tax expense for the first quarter was approximately $120,000 or approximately 60 basis points. So after removing the impact of the MDET, gross margin would have been roughly 73% in the first. As a reminder, the fourth quarter of 2012 included a $225,000 or 125 basis point charge related to the inventory reserve. Pricing reminded relatively steady and we had a small – had so small realized decreases in product cost. For the remainder of 2013, we anticipate modest pressure on pricing in the US. Operating expenses increased 11.5% or approximately $1.6 million from $14.2 million for the first quarter of 2012 to $15.9 million for the first quarter of 2012. Research and development expenses, which include clinical activities, were $3.5 million for the first quarter of 2013,…

Thank you, Andy. We are pleased with our sales performance and other accomplishments in the first quarter, following our key goals for the remainder of 2013. Achieve revenue guidance and continue to gain market share in the U.S. by driving training and education initiatives, which are driving conversion of competitive accounts at an accelerating pace. We also plan to make progress investing in our clinical and commercial efforts to further accelerate this growth sustainably. As the only company in the world with an FDA approval to treat the most serious forms of atrial fibrillation, we are committed to advancing the field. We are transforming AtriCure into a commercially-focused organization with a clear eye towards accelerating revenue growth. By achieving these goals we will continue on our path towards becoming a leading innovator in atrial fibrillation and the left atrial appendage management. We look forward to keeping you posted on our progress and we’ll now turn the call over to questions.

(Operator Instructions). And also to allow others time for question, please limit yourself to one question and one follow-up. Your first question is from the line of Matt Dolan, ROTH Capital. Chris Lewis – ROTH Capital: Hey, guys. This is Chris Lewis on line for Matt. Thanks for taking the questions.

Hi, Chris. Chris Lewis – ROTH Capital: First question is just on AtriCure – AtriClip, obviously a strong quarter there. Can you talk a bit more about where that growth came from during the quarter? And then any other – any additional color you can provide there. And going forward, is this a sustainable revenue run rate for AtriClip that we can expect for the future?

Now the first one many of you’ve always talked on the phone before or you’ve asked the question about our batting average relative to AtriClip on the open procedures and what we’re really seeing most of this growth is coming from significant growth on kind of that batting average going up considerably in terms of the number of accounts that are doing open Maze procedures that are now also including the Clip as part of it. A lot of that has to do with market awareness with a lot going on with the WATCHMAN device and others that are out there Bellevue and now Tiger Paw coming into the market that actually creates more awareness. In our mind that’s a good thing, the surgeons get more comfortable with it. As they get more comfortable they are putting it on more when they are actually doing their cases. And that’s really where we are seeing most of that growth. Chris Lewis – ROTH Capital: Okay. And then in terms of revenue run rate going forward for that is this is a sustainable level?

The guidance that we basically given around revenue is that we do continue to see even though open was down just slightly this quarter from what our expectations were it was up and we anticipate that open will continue to grow at a nice pace and that the Clip will be those are the two areas that will continue to grow at a nice pace. And then MAS while we did have growth this quarter we’re just cautious about whether or not that’s going to kind of stabilize and be at a modest growth versus considerable growth rate. So on a Clip side we feel really good about that being a growth engine for us. Chris Lewis – ROTH Capital: Okay. Great. And then turning to the gross margins here it came in above the high end of the guidance for the year. I know you’ve talked a little bit about some pricing pressures but can you just walk us through the gross margin and how should we expect that the trend throughout this year given the gross margin for this quarter was above the high end of the range you laid out for the full year?

Sure. Chris, this is Andy. As Mike mentioned and some of the areas we are cautiously optimistic here. Obviously the device tax was the big driver in terms of the change year-over-year, pricing continues the whole continue to whole fairly well for us in the first quarter. So we’re still going to stay with the 70%, 72% just and take a look at that kind of as the year goes on, but as far as where we are. I mean this is a pretty good quarter. We are happy with that and we’re starting to see the fruits of our investments in the operations area.

And the other thing to add to that is we obviously want to make sure that we’re balancing any mix change that with the year. International was a little bit lower than expected on some of the growth this quarter and so that also contributed a little bit because we get lower gross margins out of Europe and so if Europe begins to pick up it will hop our top line but it also may put some pressure on that as well. So we’re trying to play the balancing act with that for you.

Your next question will be coming from the line of Tom Gunderson, Piper Jaffray. Tom Gunderson – Piper Jaffray: Hi, good afternoon. Just a two questions on revenues, Mike. One is on the U.S. side predominantly, you notice – you noted that you went from trained institutions of 800 to trained institutions of something over a thousand. As we apply that to revenues, are you seeing more of the growth coming from existing trend accounts from six, nine months ago, in other words, same store growth, or are you seeing new accounts or newly trained accounts providing more of that growth?

So, just – Tom, making sure I clarify, if it came across on the numbers, it’s 1,000 surgeons that have been trained in about 525 specific sites, just to kind of give – just to kind of clarify that. But to answer your question specifically in terms of the growth that we’re seeing. We’re actually seeing within the cases and one of the reasons the revenue was little bit softer was people replacing the pen with our Cryo, which we get more for the Cryo, so that’s growing at a really nice pace for us. And so we’re actually seeing more going on within a case versus necessarily many more cases going on. But we do see most of that revenue coming from existing account at this point in time. This was the first quarter where I believe, we actually started to see some growth coming out of some of those conversions, where it was beginning to become meaningful, Duke is a good example. We didn’t do a lot of business with Duke before, and they used to use the same jute product quite extensively and they are now converting over to us and we’re getting some significant growth from that account in particular. But I’d say on a global basis, it’s still more coming from existing account and then using more products within their accounts. Tom Gunderson – Piper Jaffray: Got it. Thanks. And then the second question is, can you give us a little bit more color on international growth coming predominantly from Asia, it’s kind of large market, maybe you could tell us are these new accounts, new distributors you mentioned something about Japan. Just a little bit more granularity?

Yeah. We’ve got great distributor in Japan with CMI. We’ve been working with them for many years and they are just really up and running and taking market share quite frankly from Medtronic and we just got really good presence, and so they’re really just getting much more comfortable selling the product, and so you’re starting to see the fruit of some of that labor in the Japanese market. In China, we saw some nice growth and continue – there is a such a huge market there that it’s education, education, education in the Chinese market, and getting more surgeons comfortable there as well, and as more get comfortable with it, more actually practicing it and sourcing growth there. So, that’s what we’re seeing on the Asia side. Tom Gunderson – Piper Jaffray: Great. Thank you.

(Operator Instructions). Your next question is from the line of Danielle Antalffy, Leerink Swann. Robert Marcus – Leerink Swann: Hi, thanks. This is actually Robert Marcus in for Danielle. Thanks, for taking the question. So Mike since you started, can you talk about how you feel you’ve been – the company is been executing on the goals you initially set. Are there somewhere you’re doing better or worse and maybe just give us a little color?

I mean, overall I think the company has actually responded very well and sitting on all cylinders relative to the goals. And as I think I’ve talked in this call, I don’t think you want to grow too fast, too soon. We kind of want to do there nice measured pace. I feel like we’re hitting those numbers. We’re making investments which enable to prove and attract some incredible people from many of the major medical device companies that you’re aware of. We’ve got – from education, to bringing on Dr. Cox, to bringing on people from St. Jude and other manufacturers. This had a lot of success in hiring some significant talent across all aspects of our business. People want to come work. We’re getting a lot of calls and incoming calls in and multiple peoples for positions that we’re posting. And so, I’d say that’s really been one of the key critical components is building some of that out and that’s really coming together real nicely and I’d say that’s going to play some big evidence for us. On the clinical side, we’ve really seen some nice progress as well. Now we’ve got some focus on the post approval study. We’re actually getting people through the pipeline. I think before I joined we had kind of lost our way a little bit in terms of getting enrollment on that. So you’re starting to see some significant enrollment come in and getting those sites up and running. And the same to be said with the DEEP trial. We’ve got a lot of activity in terms of excitement around that going to a pivotal trial and getting the results from the feasibility to make sure we can go forward with that. So I’d say that we’re hitting on all cylinders and most of those front end now and at the right pace so that we can sustain it for the long-term. Robert Marcus – Leerink Swann: Great. Thanks and maybe just one follow-up. I know you mentioned it briefly in the prepare remarks. But are you seeing any kind of impact on the business from the soft hospital volumes we’ve heard from, some of the larger manufacturers, is that impacting you at all?

We’ve seen a little bit but I wouldn’t say that it’s been substantial because we’re also seeing – and we’re little bit smaller, so and because of our net – we’re nimble and we’re still taking some share, we don’t see it as much, but you do see a little bit softness. Robert Marcus – Leerink Swann: Okay. Great. Thanks a lot.

Your next question is from the line of Larry Haimovitch, HMTC. Larry Haimovitch – HMTC: Good afternoon, Andy and Mike.

Hi, Larry. Larry Haimovitch – HMTC: Mike, I know that you’ve had some interest in developing a better initiative to address the turf issues and the fact that EPs are the ones that control the patients and to try to get some sales and marketing effort to bridge that gap. Could you talk about that a little bit, my understanding is you maybe hiring some people to do that?

We have, we’ve hired – we’ve actually build out a team that’s really going to try to build and bridge those relationships quite extensively. So we’ve got three or four people that we’ve already hired and brought on. I’ve been spending all of my time visiting many of the leading sites that are already doing that and creating these hired teams together. As an example, I mentioned earlier where you have a combination of surgeon working with the EP in consultation and also with the cardiologist, specifically, around how to form things together in talking to the patient and treating them. And that’s actually worked out really well. And so we’re seeing that actually progress as a business, and we’re hiring some key people from some companies that you’d be – St. Jude, Medtronic, etcetera. Larry Haimovitch – HMTC: How big do you anticipate that effort to become?

Big in terms of? Larry Haimovitch – HMTC: People, number of sales reps or number of territories or things like that.

Well, what we talked about when we raised the money is that we’re going to continue to assess, and we’re bringing on a couple of people. As I mentioned, we’ve got three to four right now. We’ll probably stay at that level for a while, as we kind of build out the program, and make sure we better understand the market and get that up and running. But we haven’t set a specific target on the number that we’re going to have by the end of the year.

And at this time, I’m showing no further questions in queue. I would like to turn the call back over to Mr. Mike Carrel for any closing remarks.

Well, thank you, everyone, for joining the call today, and have a wonderful evening. We look forward to catching up next quarter.

Ladies and gentlemen that concludes today’s conference. We thank you for your participation, and you may now disconnect. Have a great day.