AtriCure(US:ATRC)2025-04-30 17:06Revenue and Profitability - Worldwide revenue for Q1 2025 was $123,620, representing a 13.6% increase compared to $108,851 in Q1 2024[63] - Gross profit for Q1 2025 was $92,628, with a gross margin of 74.9%, up from 74.7% in Q1 2024[70] - Revenue for the three months ended March 31, 2025, was $123,620 million, a 13.6% increase from $108,851 million in the same period of 2024[70] - Gross profit increased to $92,628 million, representing a gross margin of 74.9%, compared to 74.7% in the prior year[70][71] - Net loss for the quarter was $6,747 million, an improvement from a net loss of $13,269 million in the prior year[70] Expenses - Research and development expenses increased by $2,683, or 13.5%, primarily due to clinical trial expenses related to the LeAAPS trial[72] - Selling, general and administrative expenses rose by $3,714, or 5.1%, driven by increased personnel costs[73] - Research and development expenses rose by $2,683 million, or 13.5%, primarily due to increased clinical trial costs and personnel expenses[72] - Selling, general and administrative expenses increased by $3,714 million, or 5.1%, driven by higher personnel costs[73] Clinical Trials and Product Development - The Left Atrial Appendage Exclusion for Prophylactic Stroke Reduction (LeAAPS) trial has over 5,100 patients enrolled, with completion expected in H2 2025[66] - The Left Atrial Appendage Exclusion for Prophylactic Stroke Reduction (LeAAPS) clinical trial has enrolled over 5,100 patients, with completion expected in the second half of 2025[66] - The AtriClip PRO-Mini LAA Exclusion System is expected to launch later in 2025 following FDA 510(k) clearance[69] - The FDA granted 510(k) clearance for the AtriClip PRO-Mini LAA Exclusion System, expected to launch later in 2025[69] - The cryoICE cryoXT™ probe received FDA clearance and is expected to launch later in 2025, designed for Cryo Nerve Block therapy[69] - The company continues to invest in research and development of new products and pursue regulatory approvals globally[64] Cash Flow and Debt - Cash and cash equivalents as of March 31, 2025, were $99,885, with outstanding debt of $61,865[74] - Net cash used in operating activities decreased by $9,990 from 2024 to 2025, reflecting improved operating results[77] - The company had unused borrowing capacity of $61,885 million as of March 31, 2025[74][81] - As of March 31, 2025, the company has borrowed $61,865 under its asset-based revolving credit facility, with unused borrowing availability of $61,885[81] - The company has a $125,000 asset-based revolving credit facility with an option to increase by an additional $40,000[80] Market and Economic Conditions - International sales increased by 20.8% (23.9% on a constant currency basis), driven by growth in appendage management, open ablation, and pain management[70] - The company is closely monitoring macroeconomic conditions, including inflationary pressures and rising interest rates, that may impact liquidity and access to capital resources[83] - Future capital requirements will depend on market acceptance of products, regulatory costs, and potential acquisitions[83] - The company anticipates that substantially all revenue will relate to products currently sold or in development[61] - The company anticipates that substantially all of its revenue for the foreseeable future will relate to products currently sold or in development[61]