AtriCure(ATRC) - 2025 Q3 - Quarterly Results

Financial Performance - Third quarter 2025 revenue was $134.3 million, a 15.8% increase year-over-year (15.1% on a constant currency basis) [3] - U.S. revenue reached $109.3 million, up $13.9 million or 14.5% compared to Q3 2024, driven by key product lines [3] - International revenue increased by $4.5 million or 22.0% (17.9% on a constant currency basis) to $25.0 million [3] - Gross profit for Q3 2025 was $101.3 million, with a gross margin of 75.5%, an increase of 59 basis points from Q3 2024 [3] - Adjusted EBITDA for Q3 2025 was $17.8 million, an increase of $9.9 million year-over-year [4] - Basic and diluted net loss per share for Q3 2025 was $0.01, an improvement from $0.17 in Q3 2024 [3] - Net loss for the three months ended September 30, 2025, was reported at $(267,000), a significant improvement from $(7,853,000) in the same period of 2024 [23] - Non-GAAP adjusted income (adjusted EBITDA) for the three months ended September 30, 2025, was $17,801,000, compared to $7,887,000 in the prior year, reflecting a growth of 125.5% [23] - Basic and diluted adjusted net loss per share for the three months ended September 30, 2025, was $(0.01), an improvement from $(0.17) in the same quarter of 2024 [24] Cash Flow and Assets - The company generated $30.1 million of cash in Q3 2025 and $25.1 million year-to-date [7] - Total assets increased to $635,442,000 as of September 30, 2025, up from $609,328,000 on December 31, 2024, representing an increase of 4.6% [21] - Total current assets rose to $301,110,000, compared to $267,826,000 in the previous period, marking an increase of 12.4% [21] - The company reported an increase in accounts receivable, net, to $62,980,000 from $60,339,000, reflecting a growth of 2.7% [21] Liabilities and Equity - Total liabilities increased to $158,935,000 as of September 30, 2025, up from $148,359,000 at the end of 2024, indicating a rise of 7.5% [21] - Stockholders' equity grew to $476,507,000, compared to $460,969,000 in the previous period, an increase of 3.4% [21] - Long-term debt remained stable at $61,865,000 for both periods reported [21] Future Projections - Full year 2025 revenue is projected to be approximately $532 million to $534 million [5] - Full year 2025 adjusted EBITDA is expected to be in the range of $55 million to $57 million [5] Strategic Focus - AtriCure continues to focus on product innovation and clinical science to drive future growth and profitability [2] Expenses - Share-based compensation expense for the three months ended September 30, 2025, was $12,424,000, up from $10,364,000 in the same period of 2024, representing a rise of 19.9% [23]