AtriCure Reports Second Quarter 2025 Financial Results; Raises Financial Outlook for 2025
•Worldwide revenue of $136.1 million – an increase of 17.1% year over year (16.5% constant currency)
•Net loss of $6.2 million – an improvement of $1.8 million year over year
•Adjusted EBITDA of $15.4 million – an increase of $7.6 million year over year
•Generated $17.9 million of cash in the quarter
•Completed enrollment of all 6,500 patients in the ground-breaking LeAAPS trial
MASON, Ohio, July 29, 2025 – AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in surgical treatments and therapies for atrial fibrillation (Afib), left atrial appendage (LAA) management and post-operative pain management, today announced second quarter 2025 financial results.
“Our stellar results reflect the power of innovation and the growing impact of our expanding portfolio, particularly in our AtriClip platform and cryoSPHERE device offerings. We're seeing increasing momentum as our new technologies drive deeper adoption, reduced procedure times, and improved patient outcomes,” said Michael Carrel, President and Chief Executive Officer at AtriCure. “With this foundation, we’re excited about the opportunities ahead in the second half of 2025 and beyond to continue delivering strong growth and expanding profitability.”
Second Quarter 2025 Financial Results
Revenue for the second quarter 2025 was $136.1 million, an increase of 17.1% over second quarter 2024 revenue (16.5% on a constant currency basis), reflecting continued adoption of our products and therapies globally for the treatment of Afib, LAA management and post-operative pain management. U.S. revenue was $110.6 million, an increase of $15.0 million or 15.7%, compared to the second quarter 2024. U.S. revenue growth was driven by sales across key product lines, including the AtriClip® FLEX·Mini™ device for appendage management, the EnCompass® clamp for open ablation and the cryoSPHERE MAX™ probe for post-operative pain management. International revenue increased $4.8 million or 23.3% (19.9% on a constant currency basis) to $25.6 million, realizing significant growth across all franchises and geographic regions.
Gross profit for the second quarter 2025 was $101.5 million compared to $86.8 million for the second quarter 2024. Gross margin was 74.5% for the second quarter 2025, a decrease of 15 basis points from the second quarter 2024, reflecting less favorable geographic and product mix. Loss from operations for the second quarter 2025 was $6.2 million, compared to $7.2 million for the second quarter 2024. Basic and diluted net loss per share was $0.13 for the second quarter 2025, compared to $0.17 for the second quarter 2024.
Adjusted EBITDA for the second quarter 2025 was $15.4 million, an increase of $7.6 million from second quarter of 2024. Adjusted loss per share for the second quarter 2025 was $0.02, compared to $0.17 for the second quarter 2024.
Constant currency revenue, adjusted EBITDA and adjusted loss per share are non-GAAP financial measures. We discuss these non-GAAP financial measures and provide reconciliations to GAAP measures later in this release.
2025 Financial Guidance
Full year 2025 revenue is now projected to be approximately $527 million to $533 million, and management now expects full year 2025 Adjusted EBITDA of approximately $49 million to $52 million. Full year 2025 adjusted loss per share is expected to be in the range of $0.34 to $0.39. Additionally, management expects modest cash flow generation for the full year 2025.
Conference Call
AtriCure will host a conference call at 4:30 p.m. Eastern Time on Tuesday, July 29, 2025 to discuss second quarter 2025 financial results. To access the webcast, please visit the Investors page of AtriCure’s corporate website at https://ir.atricure.com/
events-and-presentations/events. Participants are encouraged to register more than 15 minutes before the webcast start time. A replay of the presentation will be available for 90 days following the presentation.
About AtriCure
AtriCure, Inc. provides innovative technologies for the treatment of Afib and related conditions. Afib affects more than 59 million people worldwide. Electrophysiologists, cardiothoracic and thoracic surgeons around the globe use AtriCure technologies for the treatment of Afib, reduction of Afib related complications, and post-operative pain management. AtriCure’s Isolator® Synergy™ Ablation System is the first medical device to receive FDA approval for the treatment of persistent Afib. AtriCure’s AtriClip® Left Atrial Appendage Exclusion System products are the most widely sold LAA management devices worldwide. AtriCure’s Hybrid AF™ Therapy is a minimally invasive procedure that provides a lasting solution for long-standing persistent Afib patients. AtriCure’s cryoICE cryoSPHERE® probes are cleared for temporary ablation of peripheral nerves to block pain, providing pain relief in cardiac and thoracic procedures. For more information, visit AtriCure.com or follow us on X @AtriCure.
Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. These risks and uncertainties include, but are not limited to, the following: our estimate of the market for our products; the rate and degree of market acceptance of our products; negative clinical data; competition from existing and new products and procedures, including the development of drugs or catheter-based technologies; our reliance on independent distributors to sell our products; inventory-related charges; the timing of and ability to obtain and maintain regulatory clearances and approvals for our products; impacts of rising healthcare costs; our ability to comply with extensive FDA regulations; the timing of and ability to obtain third party payor reimbursement of procedures utilizing our products; unfavorable publicity; the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make; disruptions to our manufacturing operations; the impact of tariffs or other restrictive trade measures; our failure to properly manage growth; disruptions of critical information systems or material breaches in the security of our systems; our ability to manage our intellectual property rights to provide meaningful protection; fluctuation of quarterly financial results; fluctuations in foreign currency exchange rates; reliance on third party manufacturers and suppliers; and litigation, administrative or other proceedings. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 14, 2025, and our quarterly reports on Form 10-Q. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.
Use of Non-GAAP Financial Measures
To supplement AtriCure’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, AtriCure provides certain non-GAAP financial measures in this release as supplemental financial metrics.
Revenue reported on a constant currency basis is a non-GAAP measure, calculated by applying previous period foreign currency exchange rates to each of the comparable periods. Management analyzes revenue on a constant currency basis to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on revenue, the Company believes that evaluating growth in revenue on a constant currency basis provides an additional and meaningful assessment of revenue to both management and investors.
Adjusted EBITDA is calculated as net loss before other income/expense (including interest), income tax expense, depreciation and amortization expense, share-based compensation expense, and non-recurring charges that are not reflective of the operational results of the Company’s core business and may affect comparability of results period-over-period. Non-recurring charges include acquisition costs, acquired-in-process research and development (IPR&D) and related milestone payments arising from asset acquisitions, legal settlement costs, impairment of intangible assets and change in fair value of contingent consideration liabilities.
Management believes in order to properly understand short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. The excluded items vary in frequency and/or impact on our
continuing results of operations and management believes that the excluded items are typically not reflective of our ongoing core business operations and financial condition. Further, management uses adjusted EBITDA for both strategic and annual operating planning. A reconciliation of adjusted EBITDA reported in this release to the most comparable GAAP measure for the respective periods appears in the table captioned “Reconciliation of Non-GAAP Adjusted Income (Adjusted EBITDA)” later in this release.
Adjusted loss per share is a non-GAAP measure which calculates the net loss per share before non-cash adjustments in fair value of contingent consideration liabilities, acquired IPR&D and related milestone payments arising from asset acquisitions, legal settlement costs, impairment of intangible assets and debt extinguishment. A reconciliation of adjusted loss per share reported in this release to the most comparable GAAP measure for the respective periods appears in the table captioned “Reconciliation of Non-GAAP Adjusted Loss Per Share” later in this release.
The non-GAAP financial measures used by AtriCure may not be the same or calculated in the same manner as those used and calculated by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for AtriCure’s financial results prepared and reported in accordance with GAAP. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financials measures included in this press release, and not to rely on any single financial measure to evaluate our business.
CONTACTS:
Angie Wirick
AtriCure, Inc.
Chief Financial Officer
(513) 755-5334
awirick@atricure.com
Marissa Bych
Gilmartin Group
Investor Relations
(415) 937-5402
marissa@gilmartinir.com
ATRICURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
United States Revenue:
Open ablation
$
36,468
$
30,760
$
69,776
$
60,060
Minimally invasive ablation
7,839
11,828
16,319
24,146
Pain management
21,168
15,006
38,438
27,745
Appendage management
45,108
37,945
87,199
73,837
Total United States
110,583
95,539
211,732
185,788
International Revenue:
Open ablation
10,349
9,170
19,344
17,072
Minimally invasive ablation
2,372
1,764
4,385
3,878
Pain management
2,033
1,241
3,822
2,178
Appendage management
10,802
8,555
20,476
16,204
Total International
25,556
20,730
48,027
39,332
Total revenue
136,139
116,269
259,759
225,120
Cost of revenue
34,657
29,425
65,649
57,008
Gross profit
101,482
86,844
194,110
168,112
Operating expenses:
Research and development expenses
29,284
20,416
51,812
40,261
Selling, general and administrative expenses
78,390
73,596
154,444
145,936
Total operating expenses
107,674
94,012
206,256
186,197
Loss from operations
(6,192)
(7,168)
(12,146)
(18,085)
Other income (expense), net
263
(587)
(291)
(2,756)
Loss before income tax expense
(5,929)
(7,755)
(12,437)
(20,841)
Income tax expense
261
253
500
436
Net loss
$
(6,190)
$
(8,008)
$
(12,937)
$
(21,277)
Basic and diluted net loss per share
$
(0.13)
$
(0.17)
$
(0.27)
$
(0.45)
Weighted average shares used in computing net loss per share:
Basic and diluted
47,721
46,909
47,557
46,814
ATRICURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
June 30, 2025
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
117,796
$
122,721
Accounts receivable, net
66,004
60,339
Inventories
76,344
75,335
Prepaid and other current assets
11,113
9,431
Total current assets
271,257
267,826
Property and equipment, net
40,681
41,659
Operating lease right-of-use assets
7,086
5,727
Goodwill and intangible assets, net
287,027
291,248
Other noncurrent assets
2,798
2,868
Total Assets
$
608,849
$
609,328
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities
$
65,935
$
70,619
Current lease liabilities
2,908
2,805
Total current liabilities
68,843
73,424
Long-term debt
61,865
61,865
Finance and operating lease liabilities
12,478
11,860
Other noncurrent liabilities
1,172
1,210
Total Liabilities
144,358
148,359
Stockholders' Equity:
Common stock
50
49
Additional paid-in capital
878,384
863,710
Accumulated other comprehensive income (loss)
749
(1,035)
Accumulated deficit
(414,692)
(401,755)
Total Stockholders' Equity
464,491
460,969
Total Liabilities and Stockholders' Equity
$
608,849
$
609,328
ATRICURE, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS
(In Thousands)
(Unaudited)
Reconciliation of Non-GAAP Adjusted Income (Adjusted EBITDA)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Net loss, as reported
$
(6,190)
$
(8,008)
$
(12,937)
$
(21,277)
Income tax expense
261
253
500
436
Other income (expense), net
(263)
587
291
2,756
Depreciation and amortization expense
5,171
4,527
10,255
8,979
Share-based compensation expense
11,371
10,391
21,001
19,656
Acquired in-process research & development expense
5,000
—
5,000
—
Non-GAAP adjusted income (adjusted EBITDA)
$
15,350
$
7,750
$
24,110
$
10,550
Reconciliation of Non-GAAP Adjusted Loss Per Share
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Net loss, as reported
$
(6,190)
$
(8,008)
$
(12,937)
$
(21,277)
Acquired in-process research & development expense
5,000
—
5,000
—
Loss on debt extinguishment
—
—
—
1,362
Non-GAAP adjusted net loss
$
(1,190)
$
(8,008)
$
(7,937)
$
(19,915)
Basic and diluted adjusted net loss per share
$
(0.02)
$
(0.17)
$
(0.17)
$
(0.43)
Weighted average shares used in computing adjusted net loss per share
