AtriCure(US:ATRC)2025-10-30 16:21Revenue Growth - Worldwide revenue for the nine months ended September 30, 2025, was $394,028, representing an increase of $52,998, or 15.5% over the same period in 2024[73] - Revenue for the three months ended September 30, 2025, was $134,269, an increase of $18,359, or 15.8% compared to $115,910 in 2024[80] - Total revenue in the United States increased by 14.2% to $321,039, with significant contributions from the AtriClip FLEX-Mini device and other products[84] - International revenue grew by 22.1% to $72,989, with growth across major geographic markets[84] - Pain management revenue increased by 27.7% to $20,837 million in Q3 2025, compared to $16,314 million in Q3 2024[80] - International sales increased by 22.0% (17.9% on a constant currency basis) for the three months ended September 30, 2025[80] Profitability - Gross profit for the three months ended September 30, 2025, was $101,332, with a gross margin of 75.5%, compared to 74.9% in 2024[80] - Gross profit increased to $295,442, with a gross margin of 75.0%, up from 74.7% in 2024[84][85] - Gross profit margin improved to 75.5% in Q3 2025 from 74.9% in Q3 2024, with cost of revenue at $32,937 million[80][81] Expenses - Research and development expenses increased by $1,932, or 9.2%, primarily due to a $2,081 increase in personnel costs[82] - Selling, general and administrative expenses rose by $4,994, or 6.8%, driven by a $5,629 increase in personnel costs[83] - Research and development expenses rose by $13,483, or 22.0%, totaling $74,704, driven by personnel costs and clinical trial expenses[86] - Selling, general and administrative expenses increased by $13,502, or 6.2%, totaling $232,676, primarily due to higher personnel costs[87] Net Loss - Net loss for the nine months ended September 30, 2025, was $13,204, compared to a net loss of $29,130 in 2024, reflecting improved operating results[84] - Net loss for Q3 2025 was $267 million, compared to a net loss of $7,853 million in Q3 2024[80] Cash and Debt - Cash and cash equivalents as of September 30, 2025, were $147,865, with outstanding debt of $61,865 and unused borrowing capacity of $61,885[89] - Net cash provided by operating activities increased by $30,939, reflecting improved operating results and reduced working capital needs[93] - The Company has a $125,000 asset-based revolving credit facility with an option to increase by an additional $40,000, effective January 5, 2024[96] - As of September 30, 2025, the Company has borrowed $61,865 and has unused borrowing availability of $61,885[96] Clinical Trials and Product Launches - The cryoICE® cryoXT™ probe was launched in the United States during Q3 2025, designed for Cryo Nerve Block therapy[75] - The LeAAPS clinical trial completed enrollment of 6,500 patients across 137 centers globally in July 2025[77] Financial Flexibility and Future Outlook - Future capital requirements depend on factors such as market acceptance of products, costs for clinical trials, and potential acquisitions[98] - The Company continues to evaluate measures to maintain financial flexibility amid macroeconomic conditions like inflation and rising interest rates[98] Accounting and Reporting - Financial statements are prepared in accordance with GAAP, requiring management to make estimates that could differ from actual results[99] - The Annual Report on Form 10-K for the fiscal year ended December 31, 2024, includes additional information about the Company's operations and financial position[99] - Recent accounting pronouncements are discussed in the condensed financial statements[100]