Total Revenue

Virtually unchanged: Q1 2025 at USD 123,620K vs. Q4 2024 at USD 124,277K

Stable revenue performance indicates that demand remained steady sequentially. This stability follows the strong revenue momentum in previous quarters and continued market adoption of ATRC’s key products. " "

Gross Profit

Q1 2025 of USD 92,628K with an approximate 75% gross margin

Gross profit remained robust due to maintained product pricing and cost controls even after a strong Q4 performance. This suggests that ATRC managed its cost of goods sold effectively relative to its stable revenue base. " "

Operating Loss

Narrowed by 59%: USD 5,954K in Q1 2025 vs. USD 14,523K in Q4 2024

Operating loss improvement is mainly driven by lower operating expenses—including a 35% decline in R&D spending—and better cost management compared to Q4 2024. These efficiencies contributed to a marked reduction in operating losses. " "

Net Loss

Reduced by 57%: USD 6,747K in Q1 2025 vs. USD 15,568K in Q4 2024

Net loss reduction reflects the combined impact of lower operating losses and stabilized revenue. Enhanced cost efficiency, notably in R&D and operational expenses, significantly improved ATRC’s bottom line compared to the prior quarter. " "

Research & Development Expenses

Dropped 35%: USD 22,528K in Q1 2025 vs. USD 34,957K in Q4 2024

R&D expenses saw a substantial decline which suggests a strategic slowdown or completion of high-spend projects from prior periods. The reduction may reflect a temporary decrease in new clinical trial costs or a shift in investment focus following prior period product launches. " "

Selling, General & Administrative

Increased modestly (5%): USD 76,054K in Q1 2025 vs. USD 72,185K in Q4 2024

SG&A expenses rose slightly due to ongoing investments in administrative functions and headcount. This modest increase is consistent with previous period trends where operational expansions were balanced by improved efficiencies. " "

Basic & Diluted Net Loss Per Share

Improved to USD –0.14 in Q1 2025 (improvement from prior higher loss per share)

Improvement in per-share losses is driven by overall reductions in operating and net losses, combined with stable revenue and effective cost reductions. The dilution impact from share count was managed effectively compared to the previous period. " "

Cash & Cash Equivalents

Fell by 18%: USD 99,885K in Q1 2025 vs. USD 122,721K in Q4 2024

An 18% decrease in cash reflects increased cash utilization in operations and possibly in short-term investments or working capital adjustments. This reduction follows higher uses of cash in prior periods, signifying a shift in liquidity management in Q1 2025. " "

Total Assets & Stockholders’ Equity

Remained solid; Total Assets at USD 591,631K and Stockholders’ Equity at USD 454,619K

Overall financial strength maintained despite the operational shifts. Stable asset and equity levels indicate that despite lower cash balances, ATRC’s balance sheet remains robust thanks to prior period profitable asset growth and effective capital management. " "

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.