Total Revenue (Q1 2025)

+13.6% (from $108.85M to $123.62M)

Revenue increased due to enhanced market penetration and new product adoption. Strong performance from product innovations like cryoSPHERE probes and the EnCompass clamp, which built on the growth trends seen in Q1 2024, helped drive the overall revenue boost. " "

U.S. Revenue (Q1 2025)

+12% (from $90.25M to $101.15M)

U.S. revenue growth was fueled by deeper physician adoption and innovative product launches. Continuous market expansion efforts and effective sales initiatives that had started in prior periods contributed to the 12% uplift, reflecting a positive trend in the domestic market. " "

European Revenue (Q1 2025)

+25% (from $11.35M to $14.20M)

The marked increase in European revenue stemmed from regulatory approvals and strategic new product launches. Building on initiatives from FY 2024, such as expanded labeling and product introductions, the European market saw stronger adoption which resulted in a 25% increase. " "

Total International Revenue (Q1 2025)

+20.8% (from $18.60M to $22.47M)

International revenue growth was driven by robust performance across key markets. Enhanced product line performance, especially in pain management and minimally invasive therapies, coupled with effective geographic expansion strategies implemented earlier, boosted international revenue by 20.8%. " "

Net Loss (Q1 2025)

49% improvement (from $13.269M to $6.747M)

A significant narrowing of net loss was achieved by boosting revenue and gross profit margins. Although operating expenses increased slightly, the improved top-line performance and a 27 basis point increase in gross margin (from previous periods) helped nearly halve the net loss. " "

Liquidity (Cash and Cash Equivalents) (Q1 2025)

+54% (from $64.967M to $99.885M)

Cash balances surged due to improved operating cash flow generation. Enhanced efficiency in converting revenue to cash and disciplined management of operating, investing, and financing activities compared to Q1 2024 resulted in a 54% increase in liquidity. " "

Full Year Revenue

FY 2025

$517 million to $527 million, reflecting growth of 11% to 13% "

$517 million to $527 million, reflecting growth of 11% to 13% "

no change

Second Quarter Revenue

Q2 2025

no prior guidance

Anticipated normal seasonality with mid-single-digit sequential growth and minimal sequential improvement in U.S. MIS ablation and MIS appendage management revenue from Q1 2025 "

no prior guidance

Gross Margin

FY 2025

Expected to remain relatively flat compared to 2024, centering around 75% "

Expected to be consistent with 2024, with potential impacts from cost savings initiatives, product, and geographic mix "

no change

Adjusted EBITDA

FY 2025

$42 million to $44 million " "

$44 million to $46 million "

raised

Adjusted Loss Per Share

FY 2025

$0.57 to $0.64 "

$0.50 to $0.55 "

lowered

Tariffs and Trade Restrictions

FY 2025

no prior guidance

Guidance considers potential modest impacts from tariffs and trade restrictions based on current information "

no prior guidance

EnCompass Clamp Growth & Market Penetration

Q2–Q4 2024 calls consistently highlighted strong growth (e.g. 50%+ sales increases, notable account expansion and improved market penetration) " " " " "

Q1 2025 shows robust growth with EnCompass Clamp sales up by 47%, 14% growth in the open ablation franchise, and aggressive international rollout " " " "

Consistent and accelerating performance, with an increasing international focus driving long‐term expansion.

PFA Technology Integration & Regulatory Challenges

In Q2–Q4 2024, integration efforts were described alongside the need for a PMA process and the distraction caused by PFA deployment, emphasizing both regulatory hurdles and complementary positioning with existing technologies " " " " " "

Q1 2025 emphasizes the integration of a PFA‑enabled EnCompass Clamp with upcoming first‑in‑human trials, while noting competitive pressures from PFA catheters impacting referrals " " "

Ongoing focus on PFA integration with a shift toward execution and market adaptation; regulatory concerns are less heavily featured now.

Decline in MIS and Hybrid Ablation Sales & Legacy Product Conversion

Q2–Q4 2024 discussions noted pressure on MIS adoption—largely due to PFA-induced distractions—and indicated that legacy product conversion was essentially complete, despite some revenue guidance revisions " " " " "

Q1 2025 reports a 31% decline in MIS ablation sales, with PFA pressures continuing to divert referrals, though some regions (Europe via hybrid growth) provide bright spots " " " "

Persistent challenges from PFA adoption remain, with consistent declines in MIS sales even as legacy conversion is largely finished; regional mixed performance continues.

New Product Launches Driving Pain Management Expansion

Q2–Q4 2024 calls focused on the successful launch and adoption of cryoSPHERE probes and the FLEX‑Mini, which improved procedure times and drove strong growth in the pain management franchise " " " " " "

Q1 2025 mentions additional launches such as cryoSPHERE MAX, cryoSPHERE+, FLEX‑Mini and FDA 510(k) clearance for cryoXT, propelling pain management growth to a 39% rate and expanding new account adoption " " " "

Continued robust momentum in product innovation and pain management growth, reinforcing the company’s competitive edge.

Expansion into the Post‑operative Afib Market

From Q2–Q4 2024, the LeAAPS trial and BoxX‑NoAF trial were underscored as transformative initiatives to tap into a market several times larger than the pre‑operative segment " " " "

Q1 2025 places strong emphasis on the BoxX‑NoAF trial using the EnCompass Clamp and AtriClip, aiming to expand the market by two‑to‑three times through prophylactic treatment of non‑Afib patients " "

Consistent strategic focus with increasing ambition and clarity on market expansion into post‑operative Afib, offering a major long‑term growth runway.

International Expansion and Associated Margin Pressures

Q2–Q4 2024 reports highlighted strong international revenue growth—with increases ranging from 23% to over 29%—accompanied by margin pressures from less‑favorable geographic and product mix " " " " "

Q1 2025 shows international revenue growth of around 20.8%–23.9% (with Europe up 25.1%), while U.S.–based supply chains help keep margin impacts minimal " "

Ongoing robust expansion internationally, with margin pressures remaining managed and slightly less intense compared to earlier periods.

Competitive Pressures from PFA Devices and Rivals

Q2–Q4 2024 discussions consistently noted competitive pressures: PFA adoption causing operational distraction and impacting MIS/hybrid sales, while rivalry (including Medtronic trials) spurred market awareness and spurred innovation responses " " " " "

Q1 2025 details significant competitive pressure from widely adopted PFA devices, affecting referrals and MIS sales; the company is leveraging strong EP relationships and tracking emerging PFA failures as counterpoints " " "

Persistent competitive challenges remain, with heightened focus on adapting to PFA dynamics while reinforcing clinical evidence and strategic partnerships to maintain market share.

Improved Profitability Outlook and Operational Cost Efficiencies

Q2–Q4 2024 calls stressed steadily improving EBITDA and margins, strengthened by operational efficiencies, cost savings initiatives, and controlled spending despite some margin pressure from international expansion " " " " " "

Q1 2025 reports record adjusted EBITDA (a 200% increase over the previous year), improved loss per share, disciplined SG&A, and enhanced gross margins, marking a very positive financial turnaround " " "

Strong and accelerating financial improvements with enhanced operational efficiencies, reflecting robust profitability trends and cost management practices.