AtriCure, Inc. is a global medical device company specializing in the development, manufacture, and sale of innovative solutions for the treatment of atrial fibrillation (Afib), left atrial appendage (LAA) management, and post-operative pain management. The company provides advanced surgical and minimally invasive devices designed to improve patient outcomes in cardiothoracic and thoracic surgeries. AtriCure's products are distributed through a direct sales force in key markets and via distributors in other regions.
- Appendage Management - Offers products like the AtriClip® system to exclude the left atrial appendage, reducing stroke risk in patients with atrial fibrillation.
- Open Ablation - Provides devices used in open-heart procedures for cardiac tissue ablation, often during surgeries like mitral valve repair or coronary artery bypass.
- Pain Management - Features the cryoSPHERE® probe, which delivers temporary pain relief by freezing peripheral nerves during cardiothoracic or thoracic surgeries.
- Minimally Invasive Ablation - Supplies devices for standalone minimally invasive procedures, frequently used in hybrid approaches combining surgical and catheter ablation.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael H. Carrel ExecutiveBoard | President, CEO, and Director | Board Chair of Axonics, Inc.; Chair of Big Brothers Big Sisters of America; Board Member of MDMA | CEO since 2012; led revenue growth from $82M in 2013 to $399M in 2023; oversaw acquisitions of Estech, nContact, and SentreHEART. | View Report → |
Angela L. Wirick Executive | Chief Financial Officer (CFO) | Business Advisory Council Member at the University of Dayton | Joined in 2014; became CFO in 2020; oversees Finance and IT functions; CPA with a background in public accounting. | |
Deborah Yount Executive | Chief Human Resources Officer (CHRO) | None | Joined in 2022; over 30 years of HR leadership experience; previously held roles at Medtronic and Texas Instruments. | |
Douglas J. Seith Executive | Chief Operating Officer (COO) | None | Joined in 2004; COO since 2015; over 30 years of experience in cardiothoracic and general surgery sales and marketing. | |
Justin J. Noznesky Executive | Chief Marketing and Strategy Officer | None | Joined in 2014; leads marketing and strategy; over 20 years of experience in strategic planning, M&A, and global marketing. | |
Karl S. Dahlquist Executive | Chief Legal Officer | None | Joined in 2013; oversees legal, regulatory, and compliance functions; licensed attorney and Certified Compliance & Ethics Professional (CCEP). | |
Salvatore Privitera Executive | Chief Technical Officer | Advisory Board Member at University of Buffalo; Board Member of Cincinnati AHA and Ohio Life Sciences | Joined in 2008; CTO since 2017; named inventor on over 50 U.S. patents; extensive R&D experience. | |
Vinayak Doraiswamy Executive | Chief Scientific Officer | None | Joined in 2017; oversees clinical, regulatory, and scientific affairs; extensive experience in clinical trials and Afib market. | |
B. Kristine Johnson Board | Board Chair | Director at ClearPoint Neuro, Inc. and Paragon28, Inc.; University of Minnesota Foundation Investment Advisors | Board Chair since 2017; extensive experience in healthcare and venture capital; previously led Affinity Capital Management. | |
Deborah H. Telman Board | Director | EVP, Corporate Affairs and General Counsel at Gilead Sciences, Inc. | Director since 2021; extensive legal and corporate affairs experience; previously EVP and General Counsel at Organon & Co.. | |
Karen N. Prange Board | Director | Industrial Advisor at EQT Group; Board Member at Nevro Corp., Embecta Corp., and WSAudiology; Strategic Advisor at Nuvo Group Ltd. | Director since 2019; led a $6B business at Henry Schein; extensive experience in healthcare and medical devices. | |
Maggie Yuen Board | Director | CFO at Penumbra, Inc. | Director since 2021; over 20 years of financial and operational leadership in manufacturing and medical devices. | |
Regina E. Groves Board | Director | Board Member at Fulgent Genetics, Inc. and Advanced NanoTherapies, Inc. | Director since 2017; expertise in enterprise risk, strategy, and finance; qualifies as an SEC "audit committee financial expert". | |
Robert S. White Board | Director (Incoming Board Chair) | Operating Partner at EW Healthcare Partners; Board Member at BioTissue, Vital Connect, and Cardiac Dimensions | Director since 2013; incoming Board Chair; extensive leadership in medical devices and venture capital. | |
Shlomo Nachman Board | Director | Board Member at private medical device companies; Board Member of Arnold and Mable Beckman Foundation | Director since 2024; extensive leadership in medical devices, including at Johnson & Johnson. | |
Sven A. Wehrwein Board | Director | Board Member at Proto Labs, Inc. and SPS Commerce, Inc. | Director since 2016; Chair of Audit Committee; extensive financial and governance expertise; recognized as an SEC "audit committee financial expert". |
- With the expected declines in your U.S. minimally invasive ablation and MIS appendage management franchises due to PFA adoption, what specific strategies are you implementing to mitigate this pressure and sustain growth in these segments?
- Given that international revenue growth is outpacing the U.S. but comes with lower gross margins, how do you plan to offset the impact on overall profitability while continuing to expand globally?
- You mentioned that the majority of your growth is volume-based despite new product launches that could offer pricing uplifts; can you elaborate on your pricing strategy and how it factors into your revenue and margin expectations for 2025?
- Considering your significant R&D investments in 2025, including up to $10 million in milestone payments for your PFA platform, how will these expenses impact your profitability targets, and when do you expect these investments to generate meaningful returns?
- As you explore expanding cryo nerve block therapy into new areas like lower extremity amputations, what challenges do you foresee in regulatory approval and market adoption, and how confident are you in the timeline for these new indications to contribute to revenue?
Research analysts who have asked questions during AtriCure earnings calls.
Marie Thibault
BTIG
4 questions for ATRC
Suraj Kalia
Oppenheimer & Co. Inc.
4 questions for ATRC
Danielle Antalffy
UBS Group AG
3 questions for ATRC
Daniel Stauder
Citizen JMP
3 questions for ATRC
Lilia-Celine Lozada
JPMorgan Chase & Co.
3 questions for ATRC
Matthew O'Brien
Piper Sandler & Co.
3 questions for ATRC
Michael Matson
Needham & Company
3 questions for ATRC
William Plovanic
Canaccord Genuity
3 questions for ATRC
John McAulay
Stifel
2 questions for ATRC
Danielle Antalffy
UBS
1 question for ATRC
Frederick Wise
Stifel
1 question for ATRC
Joseph Conway
Needham & Company, LLC
1 question for ATRC
Lilly Quezada
JPMorgan Chase & Co.
1 question for ATRC
Zachary Day
Canaccord Genuity
1 question for ATRC
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The primary competitor in the cardiac surgery market, providing surgical ablation products and left atrial appendage management (LAAM) devices used by physicians for the treatment of atrial fibrillation (Afib) and related conditions. |
Recent press releases and 8-K filings for ATRC.
- AtriCure reported accelerated growth in Q2 2025, reaching 17.1%, up from 13.6% in Q1, driven by new product launches like Cryosphere Max and AtriClip Flex Mini, leading to a raised guidance for the year.
- The company is pursuing a long-range plan to achieve $1 billion in revenue and 20%+ EBITDA margin by 2030, supported by an expanding market opportunity projected to grow from $5 billion+ to $10 billion by 2030.
- Key growth drivers include continued adoption of the Encompass clamp and strong performance of new products like Flex Mini, which saw 30% revenue growth in open appendage management in Q2.
- Significant market expansion is anticipated from clinical trials such as LEAPS and BOX-NOAF, which aim to triple the addressable market in cardiac surgery by treating non-AFib patients for stroke reduction and post-operative AFib prevention.
- While the hybrid business is currently under pressure from PFA technology, management expects a long-term rebound as PFA failure rates create a funnel for AtriCure's solutions, and the company is investing in its own PFA development program with first-in-human trials expected in late 2025 or 2026.
- AtriCure Inc. (ATRC) reported strong financial performance, including 17% revenue growth in the second quarter, and expects to be cash flow positive for the full year 2025. The company is ahead of its long-term plan to achieve over 20% profitability and approximately 14% growth by the end of the decade.
- Growth is primarily driven by new product launches, such as the Cryosphere Max and AtriClip Flex Mini, which also contribute to above-average gross margins. The company maintains a high investment in R&D, allocating high teens to 20% of revenue, to foster innovation and build a competitive moat.
- While the hybrid business segment (approximately 10% of revenues) is experiencing declines, its impact on overall company growth is limited due to strong performance in other areas.
- The large-scale LEAPS clinical trial, involving 6,500 patients, has completed enrollment, with results anticipated around 2029 or 2030.
- Broad portfolio focus: The company emphasized its extensive range of products and R&D initiatives, including CONVERGE for persistent AFib and expanded pipeline opportunities in cardiac surgery and minimally invasive treatments.
- New product initiatives: Key launches such as the AtriClip Flex Mini and Cryosphere pain management devices were highlighted as drivers of double-digit revenue growth and improved procedural efficiency.
- Operational and margin strategies: ATRC noted efforts in leveraging SG&A efficiency and addressing international margin headwinds—estimated at 10 to 40 points impact—while driving improved gross margins through better pricing and manufacturing.
- Long-term growth vision: The discussion reinforced a strategic roadmap toward a 2030 revenue target, underpinned by clinical trials (e.g., LEAPS and BOXNOAF) and ongoing innovation across multiple treatment platforms.
- Revenue Growth: Q1 2025 revenue reached $123.6 million, marking a 13.6% year-over-year increase, driven by robust global product adoption.
- Improved Financial Performance: The company reduced its net loss to $6.7 million and boosted adjusted EBITDA to $8.8 million, an increase of $6.0 million year-over-year.
- Full Year Guidance: Management forecasts full year 2025 revenue between $517 million and $527 million with adjusted EBITDA in the range of $44 million to $46 million.
- Pipeline innovation and product development were highlighted with announcements of new products such as the EnCompass Clamp, which significantly reduces ablation procedure time, and advancements in cryo and PFA platforms for both atrial fibrillation and pain management therapies.
- Market expansion and growth strategy were emphasized with a Vision 2030 target of reaching $1 billion in revenue, maintaining unchanged 2025 guidance, and leveraging robust R&D and domestic manufacturing to drive increasing profitability.
- Investor Day 2025 focused on robust organic revenue growth, positive adjusted EBITDA, and clear differentiation between GAAP and non-GAAP financial measures, emphasizing strong operational performance.
- The event showcased strategic advancements and product innovations in Afib treatment and pain management, including updates to the AtriClip platform and new product launches such as cryoSPHERE+ and EnCompass clamp.
- Milestones spanning over twenty years were highlighted, underlining a consistent growth trajectory, expanded global reach, and aspirational revenue targets for the coming decade.