AtriCure (ATRC) Q2 2025 Earnings Call July 29, 2025 04:30 PM ET Speaker0Good afternoon, and welcome to AtriCure's Second Quarter twenty twenty five Earnings Conference Call. This call is being recorded for replay purposes. And at this time, all participants are in listen only mode. We will be facilitating a question and answer session following the prepared remarks by AtriCure's management. I would now like to turn the call over to Marissa Beisch from the Gilmartin Group for a few introductory comments.Spea ...

Financial Data and Key Metrics Changes - The company reported revenue of $423 million for Q2 2025, an increase of $32 million or approximately 8% compared to the previous year [34] - EBITDA grew to $94 million, representing a sequential increase of approximately $18 million or 24% from Q1 2025, with an EBITDA margin of 22%, marking the best quarterly result in the company's history [35][36] - Free cash flow on an adjusted basis was $36 million, or 9% of revenue, with a commitment to repurchase $40 million in shares [7][36] Business Line Data and Key Metrics Changes - North and Latin America (NLA) revenue was $143 million, up $8 million quarter over quarter, driven by higher well construction activity [42] - Europe and Sub-Saharan Africa (ESSA) revenue increased by $20 million to $132 million, primarily due to activity in the North Sea and Angola [43] - Middle East and North Africa (MENA) revenue was $91 million, slightly lower than Q1, driven by reduced well construction revenue in Saudi Arabia and the UAE [43] - Asia Pacific (APAC) revenue was $57 million, an increase of $6 million, reflecting higher well flow management activity in Malaysia, Indonesia, and Brunei [44] Market Data and Key Metrics Changes - The company secured new order awards of $595 million in Q2 2025, marking the second highest quarter of new order intakes in its history [10] - The backlog increased to approximately $2.3 billion at the end of Q2 2025, indicating a healthy pipeline of future work [11] - The Brent crude price fluctuated within a $20 per barrel range, peaking at $80 per barrel in June, impacting market dynamics [12][13] Company Strategy and Development Direction - The company is focused on maintaining cost and capital discipline while expanding EBITDA margins and free cash flow generation [15][46] - The strategic focus is on well intervention, production optimization, and digital services, aligning with market trends towards optimizing existing assets [14][15] - The company aims to leverage its strong international and offshore presence to navigate market fluctuations and capitalize on growth opportunities [15][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the oil and gas industry despite recent challenges, with expectations for new project approvals to return to growth in 2026 [14][26] - The company anticipates mid-single-digit revenue growth for 2025, supported by customer scheduled activities and product delivery [27] - Management highlighted the importance of customer engagement and operational execution in maintaining a positive outlook [96] Other Important Information - The company is implementing a cost optimization program called Drive 25, targeting $30 million in run rate cost savings [44] - Total available liquidity at the end of Q2 was approximately $343 million, with a new credit facility providing up to $500 million in available liquidity [45] Q&A Session Summary Question: Was the strong Q2 orders mostly timing or indicative of future growth? - Management indicated that the strong orders were a mix of contract renewals and timing, with robust bidding activity continuing [51][52] Question: What are the opportunities for improved free cash flow conversion? - Management emphasized ongoing margin expansion and cost efficiency initiatives, with flexibility in CapEx spending to enhance free cash flow [53][56] Question: How does the company view the segments for the remainder of the year? - Management expects continued margin expansion and stable performance across segments, with a solid execution quarter in Q2 [64] Question: What is the outlook for the subsea well access segment? - Management noted that the recent decline in revenue is not expected to be sustained, with a strong fourth quarter anticipated [78][80] Question: What are the dynamics in the MENA region? - Management highlighted that MENA remains the most profitable geography, with strong activity levels, particularly in Saudi Arabia and Algeria [86]

Financial Performance - Q2 2025 revenue reached $423 million, an 8% increase quarter-over-quarter[10, 13] - Adjusted EBITDA for Q2 2025 was $94 million, representing 22% of revenue[10] - Adjusted Free Cash Flow was $36 million, or 9% of revenue, highlighting margin improvements and capital discipline[10] - The company reaffirms its 2025 revenue expectation at approximately $17 billion and Adjusted EBITDA of at least $350 million[7, 48, 51] - The company targets shareholder returns of approximately one-third of Adjusted Free Cash Flow, or around $40 million[48, 51] Regional Performance - North & Latin America (NLA) revenue was $143 million, a 6% increase quarter-over-quarter[12, 13, 19] - Europe & Sub-Saharan Africa (ESSA) revenue was $132 million, an 18% increase quarter-over-quarter[12, 13, 27, 28] - Middle East & North Africa (MENA) revenue was $91 million, a 3% decrease quarter-over-quarter[12, 13, 33] - Asia Pacific (APAC) revenue was $57 million, a 12% increase quarter-over-quarter[12, 13, 39] Business Strategy and Outlook - The company is executing its Drive25 operating efficiency campaign, aiming to reduce steady-state support costs by over $30 million, with approximately 50% of the targeted annual savings expected to be reflected in 2025 financial results[8, 54, 60] - The company anticipates mid-single-digit revenue growth in the second half of the year compared to the first half, with Q3 revenue expected to be relatively flat compared to Q2, and revenue growth expected in Q4[49]

齐鲁晚报.齐鲁壹点曹婧雯 7月份，青岛部分水产品价格下降，波龙、帝王蟹价格也有所下滑，青岛市场上多数养殖海鱼价格趋向稳定。据了解，目前零售价格舌头 鱼65元/斤，黑头鱼35元/斤，东星斑120元/斤，老虎斑45元/斤，鳗鳞鱼价格40元/斤、多宝鱼22元/斤。青岛城阳水产品批发市场经理袁先 生表示，今年6-7月该市场活鲜交易量的行情走势相较于2024年呈上升趋势。 养殖海鱼价格趋向稳定 凌晨一点，青岛市城阳活鲜水产品批发交易市场的摊贩们如往常一样，迎来繁忙的一天，要进行批发的海鲜商户们早早赶到市场，蓄势 待发准备争夺"第一桶鲜"。上午7点，散客陆陆续续加入购买大军，在摊位前挑选适口的海鲜。"最近海鲜便宜了，批发零售量都变大 了，每天一早人就很多。"海鲜商户张女士主要售卖贝类产品，摊位上销售包括生蚝、黄蚬子、蛤蜊在内十余种海鲜。张女士告诉记者， 原来零售卖15元/斤的大生蚝现在卖13元/斤，黄蚬子去年35元/斤，现在一斤只能卖20元左右。"今年的批发价格都比往年便宜很多，现在 一天能卖个300斤左右。"张女士说道。专职毛蛤批发的孟先生售卖情况也是如此，"之前批发价差不多一斤12元左右，现在一斤4元左 右，每天差不 ...

Core Viewpoint - Sanofi has announced the acquisition of Vicebio Ltd, enhancing its respiratory vaccines pipeline with a focus on developing combination vaccines for respiratory syncytial virus (RSV) and human metapneumovirus (hMPV) [1][2][5] Group 1: Acquisition Details - The acquisition involves an upfront payment of $1.15 billion, with potential milestone payments of up to $450 million based on development and regulatory achievements [5] - The transaction is expected to close in Q4 2025, pending regulatory approvals [5] Group 2: Technology and Product Pipeline - Vicebio's 'Molecular Clamp' technology stabilizes viral proteins, allowing for quicker development of fully liquid combination vaccines that can be stored at standard refrigeration temperatures (2–8°C) [3][4] - Vicebio's pipeline includes VXB-241, a bivalent vaccine candidate for RSV and hMPV currently in exploratory phase 1 study, and VXB-251, a preclinical trivalent vaccine candidate targeting RSV, hMPV, and parainfluenza virus Type 3 (PIV3) [4] Group 3: Strategic Importance - The acquisition allows Sanofi to expand its offerings in the respiratory vaccines space, providing increased options for physicians and patients by adding a non-mRNA vaccine to its pipeline [2] - Sanofi aims to leverage Vicebio's technology to develop next-generation combination vaccines that could protect older adults against multiple respiratory viruses with a single immunization [4]

Company Overview - Mullen Group Ltd. is a public company with a significant history of acquiring companies in the transportation and logistics sectors [2] - The company operates one of the largest portfolios of logistics companies in North America, offering a variety of services including less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics, and specialized hauling transportation [2] - Mullen Group also provides specialized services related to energy, mining, forestry, and construction industries in western Canada, such as water management, fluid hauling, and environmental reclamation [2] Upcoming Earnings Release - Mullen Group plans to release its 2025 Second Quarter earnings results on July 24, 2025, at 6:00 a.m. ET [1] - A conference call and webcast are scheduled for the same day at 10:00 a.m. ET, with pre-registration required for participants [1] Contact Information - Key executives include Mr. Murray K. Mullen (Chair, Senior Executive Officer and President), Mr. Richard J. Maloney (Senior Operating Officer), Mr. Carson P. Urlacher (Senior Financial Officer), and Ms. Joanna K. Scott (Senior Corporate Officer) [4] - The corporate office is located in Okotoks, Alberta, Canada, with contact details provided for inquiries [4]

Core Insights - Trinity Biotech has reached a critical profitability inflection point and expects to be Adjusted EBITDA positive and cash flow positive starting Q3 2025 [1][5][10] - The company has undergone significant operational restructuring to reduce costs and improve efficiency, laying the groundwork for sustainable profitability [5][10] - Trinity Biotech is focusing on growth opportunities, including the international rollout of new products and the development of innovative diagnostic solutions [5][12] Financial Performance - For Q1 2025, Trinity Biotech reported revenue of $7.6 million, with a gross profit of $1.9 million and an operating loss of $6.5 million [10] - The company anticipates a significant increase in revenue for Q2 2025, projecting a range of approximately $11 million to $12 million due to ramped-up manufacturing and normalized demand for rapid HIV tests [10] - The company expects further revenue growth in Q3 2025, driven by the resumption of manufacturing and supply of its flagship rapid HIV test, TrinScreen HIV [10] Strategic Developments - The company is advancing its next-generation continuous glucose monitoring (CGM) solution, which is seen as a major growth opportunity in the $13 billion global CGM market [5] - Trinity Biotech is also progressing towards commercialization of key medium-term growth drivers, including a preeclampsia screening test and a prostate cancer test [5] - The company has completed a pre-pivotal trial on its upgraded sensor technology for the CGM solution and plans to unveil key aspects of this innovative design soon [5]

西北医院明尼阿波利斯心脏研究所瓣膜和结构性心脏病中心主任 Paul Sorajj a 表示： " MAC 会使二尖 瓣的结构变硬而导致二尖瓣反流或狭窄，从而破坏心脏有效泵血的能力，导致患者出现胸痛、呼吸急促和 头晕等症状。此外， 由于MAC患者常伴有多种合并症或其他问题，行心脏直视手术的风险高。 Tendyne 弥合了这些患者的关键治疗差距，并可以帮助减轻可能干扰他们生活的症状。" 思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 即将召开： 2025年6月12日，首届全球医美科技大会 2025年7月17日，第二届全球医疗科技大会 2025年9月4-5日，第三届全球手术机器人大会 心未来 2025年5月27日， 雅培 宣布其 Tendyne 经导管二尖瓣置换系统 （TMVR） 系统获批FDA，专用于治疗 因严重二尖瓣环钙化（MAC）导致瓣膜功能异常且不适合接受开胸手术 的患者。 # 二尖瓣环钙化（ MAC ） 二尖瓣环钙化 （ Mitral annulus calcification ， MAC ）是二尖瓣纤维支撑结构的一种慢性退行性过 程，主要累及 后瓣环 ，严重病例可形成 ...

Summary of Mullen Group Ltd. Notes Offering Core Viewpoint Mullen Group Ltd. has successfully priced a senior secured notes offering amounting to approximately CAD$400 million, aimed at enhancing liquidity for future growth and prepaying existing debt. Group 1: Notes Offering Details - The offering consists of US$50 million with a yield of 6.91% per annum and CAD$325 million with a yield of 6.04% per annum, maturing on July 10, 2037 [2] - Interest on the notes will be payable semi-annually starting December 7, 2025 [2] - The offering is expected to close on July 10, 2025, pending customary closing conditions [3] Group 2: Use of Proceeds - The net proceeds from the notes offering will be used to prepay existing private placement debt maturing in October 2026 and for general corporate purposes [3][4] - The company aims to utilize the funds to pursue new acquisitions aligned with its strategic plans [4] Group 3: Company Background - Mullen Group is a public company with a significant portfolio in the transportation and logistics sectors, providing a variety of services including less-than-truckload, truckload, and specialized hauling [7] - The company operates a network of independently run businesses and offers specialized services related to energy, mining, forestry, and construction industries in western Canada [7]

Creating a World Class Platform Investor Presentation April 2025 © 2025 AtriCure, Inc. All rights reserved. Forward Looking Statements and Non-GAAP Financial Measures This presentation and oral statements made in connection with this presentation contain "forward-looking statements," which are statements related to future events that by their nature address matters that are uncertain. Forward-looking statements address, among other things, AtriCure's expected market opportunity, guidance, future business, f ...