AtriCure, Inc. SEC 10-Q Report
AtriCure, Inc., a leading provider of innovative technologies for the treatment of atrial fibrillation and related conditions, has released its Form 10-Q report for the first quarter of 2024. The report highlights significant financial improvements and robust operational performance, driven by strong growth in key product lines and strategic initiatives.
Financial Highlights
Total Revenue: $123.62 million, representing an increase of 13.6% over the first three months of 2024, driven by strong growth in open-chest appendage management and pain management product lines.
Gross Profit: $92.63 million, with a gross margin of 74.9%, slightly up from 74.7% in the prior year, reflecting favorable product mix.
Loss from Operations: $(5.95) million, an improvement from a loss of $(10.92) million in the same period last year, due to higher sales and improved operating margin.
Net Loss: $(6.75) million, compared to a net loss of $(13.27) million in the prior year, reflecting improved operating results.
Basic and Diluted Net Loss Per Share: $(0.14), compared to $(0.28) in the prior year, indicating a reduction in net loss per share.
Business Highlights
Revenue Segments: The company reported strong growth in its open ablation and appendage management product lines, with open ablation revenue increasing by 13.7% and appendage management by 17.3% compared to the previous year. Pain management also saw a significant increase of 35.6%, while minimally invasive ablation experienced a decline of 31.2%.
Geographical Performance: In the United States, revenue grew by 12.1%, driven by strong sales in open ablation, appendage management, and pain management. Internationally, revenue increased by 20.8%, with notable growth in Europe and Asia Pacific regions, primarily in appendage management and open ablation.
New Product Launches: The company received FDA 510(k) clearance for the AtriClip® PRO-Mini™ LAA Exclusion System and the cryoICE® cryoXT™ probe. The AtriClip PRO-Mini is expected to launch later in 2025, offering enhanced visualization for minimally invasive procedures. The cryoXT probe, designed for Cryo Nerve Block therapy, is also set for a 2025 launch.
Clinical Trials: The LeAAPS IDE clinical trial, aimed at evaluating the effectiveness of prophylactic LAA exclusion, has enrolled over 5,100 patients and is expected to complete enrollment in the second half of 2025. The BoxX-NoAF trial, evaluating the impact of concomitant ablation and LAA exclusion, is set to begin site initiation later this year.
Training Initiatives: The company has expanded its training programs for healthcare professionals, introducing virtual proctoring, observerships, and peer-to-peer case reviews. New training methods include the use of simulation models and CADets, enhancing the efficiency and cost-effectiveness of training.
Future Outlook: The company anticipates continued growth driven by product innovation, clinical science, and physician education. The launch of new products and completion of clinical trials are expected to further strengthen its market position.
SEC Filing: AtriCure, Inc. [ ATRC ] - 10-Q - Apr. 30, 2025