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For immediate release
October 29, 2025

AtriCure Reports Third Quarter 2025 Financial Results; Raises Financial Outlook for 2025
•Worldwide revenue of $134.3 million – an increase of 15.8% year over year (15.1% constant currency)
•Net loss of $0.3 million – an improvement of $7.6 million year over year
•Adjusted EBITDA of $17.8 million – an increase of $9.9 million year over year
•Generated $30.1 million of cash in the third quarter and $25.1 million year to date
MASON, Ohio, October 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 third quarter 2025 financial results.

“Our third quarter results demonstrate strong execution and patient focus across the business. We are seeing continued positive traction with our most recent product launches, including our AtriClip platform and cryoSPHERE devices, coupled with durable momentum from expanding adoption of our EnCompass clamp,” said Michael Carrel, President and Chief Executive Officer at AtriCure. “As we invest in product innovation and clinical science to build catalysts for the future, we are determined to drive exceptional financial performance, underscored by continued growth and increasing profitability.”
Third Quarter 2025 Financial Results
Revenue for the third quarter 2025 was $134.3 million, an increase of 15.8% over third quarter 2024 revenue (15.1% on a constant currency basis), reflecting continued adoption of our products and therapies by physicians globally. U.S. revenue was $109.3 million, an increase of $13.9 million or 14.5%, compared to the third quarter 2024. U.S. revenue growth was driven by sales across key product lines, highlighted by 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 $4.5 million or 22.0% (17.9% on a constant currency basis) to $25.0 million, with broad growth across franchises and geographic regions.
Gross profit for the third quarter 2025 was $101.3 million compared to $86.8 million for the third quarter 2024. Gross margin was 75.5% for the third quarter 2025, an increase of 59 basis points from the third quarter 2024, reflecting favorable product mix. Income from operations for the third quarter 2025 was $0.2 million, compared to a loss from operations of $7.4 million for the third quarter 2024. Basic and diluted net loss per share was $0.01 for the third quarter 2025, compared to $0.17 for the third quarter 2024.
Adjusted EBITDA for the third quarter 2025 was $17.8 million, an increase of $9.9 million from the third quarter of 2024. Adjusted loss per share for the third quarter 2025 was $0.01, compared to $0.17 for the third 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 $532 million to $534 million, and management now expects full year 2025 Adjusted EBITDA of approximately $55 million to $57 million. Full year 2025 adjusted loss per share is expected to be in the range of $0.23 to $0.26. Additionally, management continues to expect cash flow generation for the full year 2025.
Conference Call
AtriCure will host a conference call at 4:30 p.m. Eastern Time on Wednesday, October 29, 2025 to discuss third 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. 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® and cryoXT® probes are cleared for temporary ablation of peripheral nerves to block pain, providing pain relief in cardiac, thoracic and amputation 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
September 30,		Nine Months Ended
September 30,
2025202420252024
United States Revenue:
Open ablation$35,592 $30,601 $105,368 $90,661 
Minimally invasive ablation7,428 11,117 23,747 35,263 
Pain management20,837 16,314 59,275 44,059 
Appendage management45,450 37,420 132,649 111,257 
Total United States109,307 95,452 321,039 281,240 
International Revenue:
Open ablation10,852 8,607 30,196 25,679 
Minimally invasive ablation1,862 1,681 6,247 5,559 
Pain management2,080 1,590 5,902 3,768 
Appendage management10,168 8,580 30,644 24,784 
Total International24,962 20,458 72,989 59,790 
Total revenue134,269 115,910 394,028 341,030 
Cost of revenue32,937 29,117 98,586 86,125 
Gross profit101,332 86,793 295,442 254,905 
Operating expenses:
Research and development expenses22,892 20,960 74,704 61,221 
Selling, general and administrative expenses78,232 73,238 232,676 219,174 
Total operating expenses101,124 94,198 307,380 280,395 
Income (loss) from operations208 (7,405)(11,938)(25,490)
Other expense, net(294)(126)(585)(2,882)
Loss before income tax expense(86)(7,531)(12,523)(28,372)
Income tax expense181 322 681 758 
Net loss$(267)$(7,853)$(13,204)$(29,130)
Basic and diluted net loss per share$(0.01)$(0.17)$(0.28)$(0.62)
Weighted average shares used in computing net loss per share:
Basic and diluted47,920 47,105 47,680 46,912 


ATRICURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
September 30,
2025		December 31,
2024
Assets
Current assets:
Cash and cash equivalents$147,865 $122,721 
Accounts receivable, net62,980 60,339 
Inventories78,951 75,335 
Prepaid and other current assets11,314 9,431 
Total current assets301,110 267,826 
Property and equipment, net39,551 41,659 
Operating lease right-of-use assets6,800 5,727 
Goodwill and intangible assets, net284,917 291,248 
Other noncurrent assets3,064 2,868 
Total Assets$635,442 $609,328 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities$74,842 $70,619 
Other current liabilities2,998 2,805 
Total current liabilities77,840 73,424 
Long-term debt61,865 61,865 
Finance and operating lease liabilities11,867 11,860 
Other noncurrent liabilities7,363 1,210 
Total Liabilities158,935 148,359 
Stockholders' Equity:
Common stock50 49 
Additional paid-in capital890,843 863,710 
Accumulated other comprehensive income (loss)573 (1,035)
Accumulated deficit(414,959)(401,755)
Total Stockholders' Equity476,507 460,969 
Total Liabilities and Stockholders' Equity$635,442 $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
September 30,		Nine Months Ended
September 30,
2025202420252024
Net loss, as reported$(267)$(7,853)$(13,204)$(29,130)
Income tax expense181 322 681 758 
Other expense, net294 126 585 2,882 
Depreciation and amortization expense5,169 4,928 15,424 13,907 
Share-based compensation expense12,424 10,364 33,425 30,020 
Acquired in-process research & development expense— — 5,000 — 
Non-GAAP adjusted income (adjusted EBITDA)$17,801 $7,887 $41,911 $18,437 
Reconciliation of Non-GAAP Adjusted Loss Per Share
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Net loss, as reported$(267)$(7,853)$(13,204)$(29,130)
Acquired in-process research & development expense— — 5,000 — 
Loss on debt extinguishment— — — 1,362 
Non-GAAP adjusted net loss$(267)$(7,853)$(8,204)$(27,768)
Basic and diluted adjusted net loss per share$(0.01)$(0.17)$(0.17)$(0.59)
Weighted average shares used in computing adjusted net loss per share
Basic and diluted47,920 47,105 47,680 46,912