Please wait

image_0.jpg
For immediate release
July 29, 2025

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,
2025202420252024
United States Revenue:
Open ablation$36,468 $30,760 $69,776 $60,060 
Minimally invasive ablation7,839 11,828 16,319 24,146 
Pain management21,168 15,006 38,438 27,745 
Appendage management45,108 37,945 87,199 73,837 
Total United States110,583 95,539 211,732 185,788 
International Revenue:
Open ablation10,349 9,170 19,344 17,072 
Minimally invasive ablation2,372 1,764 4,385 3,878 
Pain management2,033 1,241 3,822 2,178 
Appendage management10,802 8,555 20,476 16,204 
Total International25,556 20,730 48,027 39,332 
Total revenue136,139 116,269 259,759 225,120 
Cost of revenue34,657 29,425 65,649 57,008 
Gross profit101,482 86,844 194,110 168,112 
Operating expenses:
Research and development expenses29,284 20,416 51,812 40,261 
Selling, general and administrative expenses78,390 73,596 154,444 145,936 
Total operating expenses107,674 94,012 206,256 186,197 
Loss from operations(6,192)(7,168)(12,146)(18,085)
Other income (expense), net263 (587)(291)(2,756)
Loss before income tax expense(5,929)(7,755)(12,437)(20,841)
Income tax expense261 253 500 436 
Net loss$(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 diluted47,721 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, net66,004 60,339 
Inventories76,344 75,335 
Prepaid and other current assets11,113 9,431 
Total current assets271,257 267,826 
Property and equipment, net40,681 41,659 
Operating lease right-of-use assets7,086 5,727 
Goodwill and intangible assets, net287,027 291,248 
Other noncurrent assets2,798 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 liabilities68,843 73,424 
Long-term debt61,865 61,865 
Finance and operating lease liabilities12,478 11,860 
Other noncurrent liabilities1,172 1,210 
Total Liabilities144,358 148,359 
Stockholders' Equity:
Common stock50 49 
Additional paid-in capital878,384 863,710 
Accumulated other comprehensive income (loss)749 (1,035)
Accumulated deficit(414,692)(401,755)
Total Stockholders' Equity464,491 460,969 
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,
2025202420252024
Net loss, as reported$(6,190)$(8,008)$(12,937)$(21,277)
Income tax expense261 253 500 436 
Other income (expense), net(263)587 291 2,756 
Depreciation and amortization expense5,171 4,527 10,255 8,979 
Share-based compensation expense11,371 10,391 21,001 19,656 
Acquired in-process research & development expense5,000 — 5,000 — 
Non-GAAP adjusted income (adjusted EBITDA)$15,350 $7,750 $24,110 $10,550 
Reconciliation of Non-GAAP Adjusted Loss Per Share
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net loss, as reported$(6,190)$(8,008)$(12,937)$(21,277)
Acquired in-process research & development expense5,000 — 5,000 — 
Loss on debt extinguishment— — — 1,362 
Non-GAAP adjusted net loss$(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
Basic and diluted47,721 46,909 47,557 46,814