Core Insights - AtriCure reported $134.27 million in revenue for Q3 2025, a 15.8% year-over-year increase, with an EPS of -$0.01 compared to -$0.17 a year ago, indicating significant improvement in profitability [1] - The revenue exceeded the Zacks Consensus Estimate by 2.09%, while the EPS surprise was 90.91% above the consensus estimate [1] Revenue Performance - U.S. revenue from pain management reached $20.84 million, surpassing the average estimate of $20.59 million, reflecting a 27.7% year-over-year increase [4] - International revenue from pain management was $2.08 million, below the average estimate of $2.77 million, but still showing a 30.8% year-over-year increase [4] - U.S. revenue from total ablation was $43.02 million, significantly below the average estimate of $63.41 million, marking a 25.9% year-over-year decline [4] - International revenue from total ablation was $12.71 million, slightly below the average estimate of $14.54 million, but showing a 7% year-over-year increase [4] - Total U.S. revenue was $109.31 million, exceeding the average estimate of $106.47 million, with a 14.5% year-over-year increase [4] - International revenue from appendage management was $10.17 million, below the average estimate of $10.58 million, reflecting an 18.5% year-over-year increase [4] - U.S. revenue from open ablation was $35.59 million, slightly above the average estimate of $34.88 million, with a 16.3% year-over-year increase [4] - International revenue from open ablation was $10.85 million, exceeding the average estimate of $9.73 million, marking a 26.1% year-over-year increase [4] - U.S. revenue from minimally invasive ablation was $7.43 million, below the average estimate of $7.94 million, showing a 33.2% year-over-year decline [4] - International revenue from minimally invasive ablation was $1.86 million, below the average estimate of $2.04 million, but reflecting a 10.8% year-over-year increase [4] - U.S. revenue from appendage management was $45.45 million, exceeding the average estimate of $43.06 million, with a 21.5% year-over-year increase [4] - Total international revenue was $24.96 million, slightly below the average estimate of $25.12 million, but showing a 22% year-over-year increase [4] Stock Performance - AtriCure's shares have returned 3.4% over the past month, compared to a 3.8% change in the Zacks S&P 500 composite, indicating a performance in line with the broader market [3]

Core Viewpoint - AtriCure reported a quarterly loss of $0.01 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.11, marking an earnings surprise of +90.91% [1] - The company achieved revenues of $134.27 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 2.09% and showing a year-over-year increase from $115.91 million [2] Financial Performance - AtriCure has surpassed consensus EPS estimates in all four of the last quarters [2] - The company has also topped consensus revenue estimates three times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is -$0.04 on revenues of $139.15 million, and for the current fiscal year, it is -$0.35 on revenues of $530.41 million [7] Stock Performance - AtriCure shares have increased approximately 19.3% since the beginning of the year, outperforming the S&P 500's gain of 17.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Outlook - The Medical - Products industry, to which AtriCure belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact AtriCure's stock performance [5]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $134 million, reflecting a 16% increase year over year [4] - Adjusted EBITDA was nearly $18 million, with over $30 million in cash generated during the quarter [4] - Gross margin improved to 75.5%, an increase of 59 basis points from Q3 2024 [16] - Adjusted loss per share was $0.01, compared to $0.17 in Q3 2024 [17] Business Line Data and Key Metrics Changes - Appendage management revenue grew over 20% globally, driven by the adoption of AtriClip FLEX Mini and AtriClip PRO Mini devices [5][6] - Open ablation product sales in the U.S. were $35.6 million, up 16.3% year over year [14] - Pain management franchise grew 28% in the quarter, driven by CryoSPHERE MAX and CryoSPHERE PLUS probes [10][11] Market Data and Key Metrics Changes - U.S. revenue was $109.3 million, a 14.5% increase from Q3 2024 [13] - International revenue totaled $25 million, up 22% on a reported basis [15] - European sales contributed $15.2 million, representing 24.2% growth [16] Company Strategy and Development Direction - The company is focused on product innovation and clinical science initiatives, with recent successful product launches [4] - AtriCure is expanding its market opportunity with the initiation of the BoxX no-AF clinical trial [5] - The company aims to drive awareness and access to AtriClip devices globally, with recent approvals in Japan [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory for underpenetrated markets [18] - The company raised its full-year 2025 revenue guidance to approximately $532 million to $534 million, reflecting 14% to 15% growth [19] - Management highlighted the importance of continued investment in clinical science and product development to drive future growth [19] Other Important Information - The company completed enrollment of over 6,500 patients in the LEAPS clinical trial, aimed at evaluating AtriClip devices for stroke prevention [6] - A one-time cash inflow of approximately $6 million was recognized from a sale leaseback transaction [17] Q&A Session Summary Question: Impact of CMS proposal on EpiSense business - Management indicated that the CMS proposal may not materially affect the EpiSense business, as growth will depend on non-responders to PFA seeking alternative treatments [22][23] Question: Opportunity in Japan post-approvals - Management noted that there are about 40,000 cardiac surgeries in Japan, with expectations for gradual market preparation and rollout of new technologies [24][25] Question: Sustainability of open ablation growth - Management attributed growth to increased adoption among CABG surgeons and the efficiency of the Encompass clamp, with significant room for market penetration [27][28] Question: Guidance on adjusted EBITDA and margins - Management discussed strengths in gross margin due to favorable product mix and efficiency in manufacturing, while also indicating a conservative approach to fourth-quarter guidance [32][33] Question: Appendage management business growth sustainability - Management expressed optimism about the growth potential in the appendage management segment, citing ongoing market penetration and the impact of clinical trials [35][36] Question: Competition and differentiation of AtriClip - Management acknowledged competition but emphasized the strength of AtriClip's clinical data and ongoing innovation as key differentiators [59][60]

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]

Core Insights - Riverwater Partners' Small Cap Strategy underperformed the Russell 2000 in Q2 2025 due to a focus on defensive holdings and market preference for low-quality companies [1] - AtriCure, Inc. (NASDAQ:ATRC) is highlighted as a key stock, with a one-month return of 0.45% and a 52-week gain of 33.98% [2] - AtriCure, Inc. specializes in surgical devices for cardiac tissue ablation and pain management, addressing a significant healthcare issue with over 37 million people affected by atrial fibrillation globally [3] Company Overview - AtriCure, Inc. is a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management [3] - The company operates in the cardiac and minimally-invasive ablation markets, providing products used in both open-heart and minimally invasive surgical procedures [3] - As of September 08, 2025, AtriCure, Inc. had a market capitalization of $1.789 billion, with shares closing at $36.00 [2]

Financial Data and Key Metrics Changes - The company experienced growth acceleration from 13.6% in Q1 to 17.1% in Q2, driven by strong product launches and increased adoption of new products [3][4] - Gross margin faced headwinds due to international business growth outpacing U.S. growth, but new product launches in the U.S. are expected to benefit gross margin in the long term [5][6] Business Line Data and Key Metrics Changes - Pain management and open appendage management saw significant growth due to new products like Cryosphere Max and AtriClip Flex Mini, contributing to improved pricing and volume [3][4] - The Encompass clamp has shown continued adoption, with growth shifting from low double digits to mid to upper teens, indicating strong market penetration [4][7] Market Data and Key Metrics Changes - The company is currently underpenetrated in the AFib patient market, with only 40% penetration, suggesting substantial growth potential as education and adoption increase [8][9] - The total addressable market (TAM) for cardiac surgery is expected to triple due to ongoing clinical trials, expanding the opportunity significantly [14][15] Company Strategy and Development Direction - The company aims for $1 billion in revenue and over 20% EBITDA margin by 2030, focusing on innovation and clinical trials to drive growth [12][13] - The strategy includes expanding into new markets such as extremities for pain management and enhancing existing products to improve surgeon usability [20][76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of growth driven by new product launches and market expansion, despite current pressures from competition [6][25] - The company anticipates a rebound in its hybrid business as non-responders to existing treatments will seek alternative solutions, indicating a long-term growth opportunity [26][30] Other Important Information - The LEAPS trial, the largest cardiac surgery trial, aims to assess the efficacy of AtriClip in non-AFib patients, potentially tripling the addressable market for stroke reduction [57][60] - The company is also developing a PSA program to enhance surgical procedures, with key milestones expected in the near future [69][70] Q&A Session Summary Question: What are the drivers of growth for the company? - Management highlighted new product launches and market expansion as key growth drivers, with a focus on innovation and clinical trials [3][12] Question: How does the company view competition in the market? - The company welcomes competition as it validates the market's potential and drives awareness, while maintaining a strong focus on innovation and clinical evidence [41][48] Question: What is the outlook for the hybrid business? - Management is optimistic about the hybrid business's rebound, citing a significant patient population that may seek alternative solutions after unsuccessful treatments [26][30]

AtriCure (ATRC) FY Conference Summary Company Overview - AtriCure focuses on addressing atrial fibrillation (AFib) and post-surgical pain management, aiming to eradicate AFib and reduce pain through innovative products like cryo technology [2][3] - The company has a rich portfolio of existing products and emphasizes internal innovation rather than acquisitions [3] Market Potential - AtriCure operates in multi-billion dollar markets, specifically targeting complex AFib and post-surgical pain management [3][4] - AFib affects approximately 60 million people globally and is a rapidly growing area within medical technology [6] - The pain management market is valued at $10 billion, with significant opportunities for growth [10] Product and Innovation Strategy - AtriCure's cardiac surgery business targets patients undergoing surgery with AFib, with only 35-40% currently treated, indicating a large unmet need [11] - The company invests 18-20% of its revenue in R&D to create a competitive advantage and establish new standards of care [13][14] - New product launches, such as the AtriClip Flex Mini and Cryosphere Max probes, have driven growth and are expected to continue doing so for several years [14] Financial Performance - AtriCure reported a 17% revenue growth year-over-year, with strong performance from new product launches [18][29] - The company generated $18 million in cash flow in Q2 and is expected to be cash flow positive through 2025 [19][41] - AtriCure anticipates achieving over 20% profitability by the end of the decade, with a growth rate of nearly 14% [19] Reimbursement and Guidelines - Recent changes in reimbursement guidelines have positively impacted AtriCure's business, with significant increases in reimbursements for procedures involving their products [16][17] - The company has seen a shift in guidelines from lower to higher levels, supporting the adoption of their therapies [15] Challenges and Outlook - The hybrid business segment is experiencing pressure, with expectations for stabilization beyond 2025 [29][32] - Despite challenges in certain areas, AtriCure's overall business remains strong, with potential for further growth as markets are underpenetrated [19] Clinical Trials and Future Prospects - The LEAPS trial, the largest cardiac surgery trial ever conducted, is expected to provide valuable data on the efficacy of AtriClip in reducing stroke rates [60][61] - The company is optimistic about the long-term growth potential of its products and markets, particularly in appendage management and pain management [68][73] Conclusion - AtriCure is positioned as a leader in its market segments, with a strong focus on innovation, significant growth potential, and a commitment to improving patient outcomes through advanced medical technologies [18][19]

Core Insights - AtriCure reported Q2 2025 earnings that exceeded Wall Street expectations, with revenue of $136.1 million and a non-GAAP loss per share of $(0.02), showing significant improvement from the previous year [1][2] - The company experienced strong growth in open ablation, appendage management, and pain management product lines, although the minimally invasive ablation segment in the U.S. faced a decline [1][5][8] - Management raised its financial outlook for the year, anticipating GAAP revenue of $527–$533 million and adjusted EBITDA of $49–$52 million [12] Financial Performance - Q2 2025 non-GAAP EPS improved to $(0.02) from $(0.17) a year ago, marking an 88.2% improvement [2] - GAAP revenue increased by 17.1% year-over-year, from $116.3 million in Q2 2024 to $136.1 million in Q2 2025 [2] - Adjusted EBITDA rose to $15.4 million, a 97.4% increase from $7.8 million in Q2 2024 [2] - Gross profit was $101.5 million, up 16.9% from $86.8 million a year earlier, with a gross margin of 74.5% [2][9] Business Overview - AtriCure specializes in medical devices for treating atrial fibrillation, left atrial appendage management, and post-operative pain management [3] - The product portfolio includes cardiac ablation systems, devices for closing the left atrial appendage, and cryoablation probes [3] Recent Developments - The company focused on launching innovative devices to address the growing prevalence of atrial fibrillation and emphasized clinical validation through major trials like the LeAAPS study [4] - Open ablation devices saw double-digit growth, with U.S. sales up 13.7% and international sales up 20.8% [5] - The AtriClip FLEX·Mini device for appendage management experienced a revenue increase of 23.3% internationally, with U.S. growth at 15.7% [6] - Pain management solutions, particularly the cryoSPHERE MAX probe, reported a 41.1% increase in U.S. sales [7] Clinical and Strategic Focus - The LeAAPS clinical trial reached full enrollment, which is expected to support differentiated claims for AtriClip and potentially reduce stroke risk for patients [11] - Management identified the trial as a unique opportunity to build competitive barriers, as no other company's device is part of the study [11] Outlook - The company anticipates modestly positive cash flow for the year and improved adjusted loss per share guidance to $(0.34)–$(0.39) [12] - Key themes to monitor include the adoption pace of new products, margin trends, and progress on clinical trials [13]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents AtriCure, Inc.'s unaudited interim financial statements for the periods ended June 30, 2025, covering balance sheets, statements of operations, and cash flows, reflecting its single operating segment - The company operates as one operating segment: the development, manufacture, and sale of devices for surgical procedures, primarily for cardiac tissue ablation, LAA exclusion, and peripheral nerve ablation[22](index=22&type=chunk) Condensed Consolidated Balance Sheet Data (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $117,796 | $122,721 | | Total current assets | $271,257 | $267,826 | | Total Assets | $608,849 | $609,328 | | **Liabilities & Equity** | | | | Total current liabilities | $68,843 | $73,424 | | Long-term debt | $61,865 | $61,865 | | Total Liabilities | $144,358 | $148,359 | | Total Stockholders' Equity | $464,491 | $460,969 | Condensed Consolidated Statements of Operations Data (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $136,139 | $116,269 | $259,759 | $225,120 | | Gross Profit | $101,482 | $86,844 | $194,110 | $168,112 | | Loss from operations | $(6,192) | $(7,168) | $(12,146) | $(18,085) | | Net loss | $(6,190) | $(8,008) | $(12,937) | $(21,277) | | Basic and diluted net loss per share | $(0.13) | $(0.17) | $(0.27) | $(0.45) | Condensed Consolidated Statements of Cash Flows Data (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $10,591 | $(13,636) | | Net cash (used in) provided by investing activities | $(9,343) | $40,535 | | Net cash used in financing activities | $(6,906) | $(5,008) | | Net (decrease) increase in cash and cash equivalents | $(4,925) | $21,725 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, including a **15.4%** revenue increase for H1 2025, reduced net loss, improved operating cash flow, and strategic initiatives in product innovation and clinical trials - Worldwide revenue for the six months ended June 30, 2025, increased by **15.4%** (**15.3%** on a constant currency basis) to **$259.8 million**, driven by strong adoption of appendage management and pain management product lines[63](index=63&type=chunk) - The company is advancing key clinical trials, including completing enrollment for the LeAAPS trial (6,500 patients) and receiving FDA approval for the BoxX-NoAF trial protocol[66](index=66&type=chunk)[67](index=67&type=chunk) - Recent product innovations include FDA 510(k) clearance for the AtriClip PRO-Mini LAA Exclusion System and the cryoICE cryoXT probe for pain management, both expected to launch in the second half of 2025[69](index=69&type=chunk) - As of June 30, 2025, the company had **$117.8 million** in cash and cash equivalents, **$61.9 million** in outstanding debt, and **$61.9 million** in unused borrowing capacity under its ABL facility[80](index=80&type=chunk) [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Revenue for Q2 2025 increased **17.1%** to **$136.1 million**, driven by pain and appendage management, while R&D and SG&A expenses rose due to IPR&D and personnel costs Revenue by Product - Three Months Ended June 30 (in thousands) | Product Line | 2025 | 2024 | Change % | | :--- | :--- | :--- | :--- | | Open ablation | $36,468 | $30,760 | 18.6% | | Minimally invasive ablation | $7,839 | $11,828 | (33.7)% | | Pain management | $21,168 | $15,006 | 41.1% | | Appendage management | $45,108 | $37,945 | 18.9% | | **Total United States** | **$110,583** | **$95,539** | **15.7%** | | **Total International** | **$25,556** | **$20,730** | **23.3%** | | **Total Revenue** | **$136,139** | **$116,269** | **17.1%** | Revenue by Product - Six Months Ended June 30 (in thousands) | Product Line | 2025 | 2024 | Change % | | :--- | :--- | :--- | :--- | | Open ablation | $69,776 | $60,060 | 16.2% | | Minimally invasive ablation | $16,319 | $24,146 | (32.4)% | | Pain management | $38,438 | $27,745 | 38.5% | | Appendage management | $87,199 | $73,837 | 18.1% | | **Total United States** | **$211,732** | **$185,788** | **14.0%** | | **Total International** | **$48,027** | **$39,332** | **22.1%** | | **Total Revenue** | **$259,759** | **$225,120** | **15.4%** | - Q2 2025 R&D expenses increased **43.4%** to **$29.3 million**, primarily due to a **$5.0 million** acquired in-process R&D (IPR&D) expense and a **$2.2 million** increase in clinical trial expenses for the LeAAPS trial[73](index=73&type=chunk) - Q2 2025 SG&A expenses increased **6.5%** to **$78.4 million**, driven by a **$6.1 million** increase in personnel costs from headcount growth, partially offset by lower marketing and travel costs[74](index=74&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$117.8 million** in cash, with **$10.6 million** positive operating cash flow for H1 2025, and **$61.9 million** available under its **$125 million** ABL facility - Net cash provided by operating activities improved by **$24.2 million** year-over-year, from a **$13.6 million** use in 2024 to a **$10.6 million** provision in 2025, reflecting improved operating results and lower working capital usage[16](index=16&type=chunk)[83](index=83&type=chunk) - Net cash used in investing activities was **$9.3 million** in H1 2025, compared to **$40.5 million** provided by investing activities in H1 2024. The change is due to a **$45.7 million** decrease in proceeds from sales of securities and a **$5.0 million** payment for acquired IPR&D in 2025[16](index=16&type=chunk)[84](index=84&type=chunk) - The company has an asset-based revolving credit facility (ABL Facility) of up to **$125 million**, with an option to increase by **$40 million**. As of June 30, 2025, **$61.9 million** was borrowed, and **$61.9 million** was available[86](index=86&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred in the company's quantitative and qualitative disclosures about market risk compared to its 2024 Annual Report on Form 10-K - As of June 30, 2025, there were no material changes to the company's quantitative and qualitative disclosures about market risk from those reported in the Form 10-K for the year ended December 31, 2024[91](index=91&type=chunk) [Controls and Procedures](index=22&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[92](index=92&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[94](index=94&type=chunk) [PART II. OTHER INFORMATION](index=23&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=23&type=section&id=Item%201.%20Legal%20Proceedings) The company faces a **$260 million** breach of contract lawsuit from former SentreHEART securityholders regarding alleged failure to obtain FDA approval for the LARIAT System, with no liability recognized as loss is not probable - On February 7, 2025, former securityholders of SentreHEART, Inc. filed a complaint against the company alleging breach of contract related to the merger agreement dated August 11, 2019[43](index=43&type=chunk) - The complaint seeks damages up to **$260 million** plus interest for alleged failure to use commercially reasonable efforts to achieve PMA and CPT reimbursement milestones[43](index=43&type=chunk) - The company has not recognized a liability for this matter because any potential loss is not currently considered probable or reasonably estimable[43](index=43&type=chunk) [Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred in the company's risk factors from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[96](index=96&type=chunk) [Other Information](index=23&type=section&id=Item%205.%20Other%20Information) No executive officers or directors adopted, terminated, or modified Rule 10b5-1(c) trading arrangements during the second quarter of 2025 - No executive officers or directors adopted, terminated, or modified a Rule 10b5-1(c) trading arrangement during the three months ended June 30, 2025[97](index=97&type=chunk) [Exhibits](index=24&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the amended 2023 Stock Incentive Plan, CEO/CFO certifications, and XBRL data files

Core Insights - AtriCure reported revenue of $136.14 million for the quarter ended June 2025, reflecting a year-over-year increase of 17.1% and surpassing the Zacks Consensus Estimate of $130.15 million by 4.61% [1] - The company achieved an EPS of -$0.02, a significant improvement from -$0.17 in the same quarter last year, resulting in an EPS surprise of 86.67% against the consensus estimate of -$0.15 [1] Revenue Performance - U.S. Revenue in Pain Management reached $21.17 million, exceeding the average estimate of $18.36 million, marking a year-over-year increase of 41.1% [4] - International Revenue in Pain Management was $2.03 million, slightly below the average estimate of $2.24 million, but still showing a year-over-year growth of 63.8% [4] - U.S. Revenue for Total Ablation was $44.31 million, falling short of the average estimate of $62.64 million, representing a decline of 23.1% year-over-year [4] - International Revenue for Total Ablation was $12.72 million, compared to the average estimate of $14.37 million, with a year-over-year increase of 4.5% [4] - Total U.S. Revenue amounted to $110.58 million, surpassing the average estimate of $105.65 million, reflecting a year-over-year growth of 15.8% [4] - International Revenue for Appendage Management was $10.8 million, exceeding the average estimate of $10.33 million, with a year-over-year increase of 26.3% [4] - U.S. Revenue for Open Ablation was $36.47 million, slightly above the average estimate of $35.47 million, showing an 18.6% increase year-over-year [4] - International Revenue for Open Ablation reached $10.35 million, exceeding the average estimate of $10.15 million, with a year-over-year growth of 12.9% [4] - U.S. Revenue for Minimally Invasive Ablation was $7.84 million, below the average estimate of $8.81 million, reflecting a decline of 33.7% year-over-year [4] - International Revenue for Minimally Invasive Ablation was $2.37 million, surpassing the average estimate of $1.98 million, with a year-over-year increase of 34.5% [4] - U.S. Revenue for Appendage Management was $45.11 million, exceeding the average estimate of $43.01 million, representing an 18.9% year-over-year increase [4] - Total International Revenue was $25.56 million, surpassing the average estimate of $24.69 million, with a year-over-year growth of 23.3% [4] Stock Performance - AtriCure's shares have returned +1.4% over the past month, compared to the Zacks S&P 500 composite's +3.6% change, indicating a performance in line with the broader market [3]