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- **Revenue Growth**: Q3 2025 revenue up 15.8% YoY to $134.3M, driven by 28% pain management and 21.5% appendage management growth.
- **Product Success**: EnCompass Clamp adoption reaches 740 U.S. accounts; cryoXT launch and AtriClip Japan approvals position for future growth.
- **Clinical Milestones**: 6,500+ LeAAPS trial enrollments and first patient in BoxX-NoAF trial for post-op Afib prevention.
- **Financial Strength**: $17.8M adjusted EBITDA (13.3% margin), $30.1M cash generation Q3, with 2025 guidance for $532-534M revenue and $55-57M EBITDA.
- **Growth Drivers**: Open ablation targeting 10% penetrated CABG market, cryoXT expansion in pain management, and PFA first-in-human use Q4 2025.

**【CEO Summary Section】**
- Q3 2025 revenue of $134.3 million, up 15.8% YoY, driven by 28% growth in pain management and 21.5% in appendage management.
- Key product launches: AtriClip FLEX-Mini, cryoSPHERE MAX, and cryoXT, with EnCompass Clamp adoption reaching 740 U.S. accounts (vs. 700 in FY24).
- Clinical trial milestones: LeAAPS trial enrollment of 6,500+ patients globally, and first patient in BoxX-NoAF trial for post-op Afib prevention.
- Japan approvals for AtriClip Flex-V, PRO-V, and FLEX-Mini to expand market opportunity.

**【CFO Financial Commentary】**
- Adjusted EBITDA of $17.8 million (13.3% margin), up $10 million YoY, with cash generation of $30.1 million Q3.
- Full year 2025 guidance: $532-534M revenue (14-15% YoY growth), $55-57M adjusted EBITDA.
- Gross margin 75.5%, up 59bps YoY, driven by new product mix and EnCompass manufacturing efficiency.
- R&D expenses +9.2% YoY, SG&A +6.8%, below revenue growth, reflecting operational leverage.

**【Q&A Highlights】**
- **Open Ablation Growth**: 16.3% U.S. growth from EnCompass adoption, 26% international growth, targeting CABG patients (currently ~10% penetrated).
- **Japan Market**: Potential for 40,000+ cardiac surgeries, with new AtriClip approvals to drive long-term revenue.
- **Pain Management**: CryoXT launch limited in Q3 but expected to contribute meaningfully in 2026; cryoSPHERE MAX adoption driving 27.7% U.S. growth.
- **Hybrid Ablation**: Softness due to PFA competition, but 10% of 600,000 annual catheter ablations (60,000 patients) likely to need hybrid therapy.
- **Clinical Trials**: PFA first-in-human use Q4 2025, BoxX-NoAF enrollment to begin, and LeAAPS results expected to expand stroke prevention market.

AtriCure, Inc. (ATRC) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 17.1% YoY to $136 million, driven by FLEX Mini (20% of appendage revenue) and cryoSPHERE MAX (50% of Pain Management sales)
- **Clinical Milestones**: LeAAPS trial enrollment complete (6,500+ patients), cryoXT first use in lower limb amputations
- **Profitability**: Adjusted EBITDA up 100% YoY to $15.4 million, cash generation $17.9 million Q2
- **Guidance**: Full-year revenue $527-533 million (+13-15%), EBITDA $49-52 million
- **Growth Drivers**: Pain Management (+43%), appendage management (+29%), EnCompass Clamp adoption
- **Risks**: Hybrid ablation sales down 22% YoY, PFA adoption pressure
- **Upcoming Catalysts**: BoxX-NoAF first patient late 2025, PFA clamp first-in-human late 2025

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 revenue of $136 million, up 17.1% YoY, driven by broad-based growth across all franchises.
- **Product Launches**: AtriClip FLEX Mini and cryoSPHERE MAX contributed significantly, with FLEX Mini accounting for 20% of U.S. appendage management revenue.
- **Clinical Milestones**: Completion of LeAAPS trial enrollment (6,500+ patients) and first use of cryoXT for lower limb amputations.
- **Franchise Performance**: 
  - **Appendage Management**: 29% growth in open procedures, FLEX Mini adoption accelerating.
  - **Ablation**: EnCompass Clamp growth sustained at 15%, PFA-enabled platform preclinical testing underway.
  - **Pain Management**: 43% Q2 growth, cryoSPHERE MAX driving 50% of Pain Management sales.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - GAAP revenue: $136.1 million (+17.1% YoY)
  - Adjusted EBITDA: $15.4 million (+100% YoY)
  - Cash generation: $17.9 million Q2, total cash $117.8 million
- **Gross Margin**: 74.5%, stable vs. Q2 2024
- **Operating Expenses**: +14.5% YoY, driven by R&D and clinical trial costs
- **Guidance**: 
  - Full-year revenue: $527-533 million (+13-15% YoY)
  - Adjusted EBITDA: $49-52 million (+140-160% YoY)
  - Q3 expected sequential decline due to seasonality, strong Q4 rebound

**【Q&A Key Highlights】**
- **LeAAPS Impact**: Enrollment completion has no material impact on revenue; open appendage management growth continues at 29%.
- **PFA Adoption**: Hybrid ablation sales down 22% YoY, but PFA clamp first-in-human use expected late 2025.
- **Pain Management**: CryoSPHERE MAX adoption >50% of U.S. accounts, cryoXT launch planned late 2025 with minimal 2025 contribution.
- **Clinical Trials**: 
  - BoxX-NoAF first patient enrollment expected late 2025
  - PFA clamp first-in-human use late 2025
  - LeAAPS interim analysis at 50% events
- **Open Ablation Runway**: EnCompass Clamp penetration ~35-40% in Afib patients, long-term opportunity with BoxX-NoAF trial.


AtriCure, Inc. (ATRC) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 revenue up 14% YoY, driven by 19% appendage management and 39% pain management growth.
- **Product Momentum**: AtriClip Flex Mini adoption accelerates (15% U.S. open appendage revenue), CryoSPHERE MAX drives 35% pain franchise growth.
- **Clinical Leadership**: LeAAPS trial nears 6,500 patient enrollment, targeting unique stroke reduction label. BoxX-NoAF trial to begin later this year.
- **Profitability**: Adjusted EBITDA up 200% YoY to $8.8M, gross margin 74.9%.
- **Tariffs Mitigation**: Minimal impact (tens of basis points) due to U.S. manufacturing; guidance reflects current trade dynamics.

**【CEO Key Highlights】**
- **Revenue Growth**: Q1 2025 revenue of $124M, up 14% YoY, driven by 19% growth in appendage management and 14% in open ablation. U.S. open appendage management grew 23% due to AtriClip Flex Mini adoption, contributing 15% of U.S. revenue.
- **Product Launches**: AtriClip Pro Mini (60% smaller profile) received FDA clearance and will launch soon. CryoXT probe for amputations cleared and expected to launch later this year.
- **Clinical Trials**: LeAAPS trial reached 5,500/6,500 patient enrollment, targeting stroke reduction in cardiac surgery. BoxX-NoAF trial to begin later this year, evaluating prophylactic ablation.
- **Pain Management**: CryoSPHERE MAX probe drove 39% franchise growth, with 12% new account penetration. CryoXT probe aims to address 180K annual amputations.

**【CFO Financial Summary】**
- **Revenue Breakdown**: U.S. revenue $101.1M (+12.1%), international $22.5M (+20.8%). Pain management up 35.6%, appendage management up 17.3%.
- **Profitability**: Adjusted EBITDA $8.8M vs. $2.8M YoY, 200%+ improvement. Gross margin 74.9%, up 27bps due to product mix and efficiency.
- **Guidance**: Full-year 2025 revenue $517-527M (+11-13%), adjusted EBITDA $44-46M. Q2 expects mid-single-digit sequential growth, with minimal improvement in MIS ablation.

**【Q&A Key Takeaways】**
- **Tariffs Impact**: Minimal (tens of basis points) due to 100% U.S. manufacturing. Guidance includes current trade restrictions.
- **MIS Ablation Pressure**: U.S. MIS ablation down 31% YoY due to PFA adoption, but Europe shows 50% growth. Anticipate near-term U.S. pressure but long-term recovery.
- **CryoXT Launch**: Slow rollout in 2025, with potential acceleration in 2026. No new salesforce needed; leveraging existing hospital relationships.
- **LeAAPS Differentiation**: Unique stroke reduction label will differentiate AtriClip in global markets, supported by 6,500-patient trial data.

AtriCure (ATRC)-29 Apr 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: 2024 up 17% to $465M; 2025 guided at $517-527M (11-13% growth). Pain management (+32%) and open ablation (+16%) lead growth.
- **Profitability Expansion**: Adjusted EBITDA up to $31M in 2024 vs. $19M; 2025 target $42-44M (+36%).
- **Key Product Momentum**: CryoSPHERE+ probes reduce procedure time 25-50%; FLEX-Mini appendage clips added 800+ users in Q4.
- **Clinical Catalysts**: LeAAPS trial enrollment near 6,500; BoxX-NoAF to study prophylactic ablation for post-op AFib.
- **Risks**: U.S. hybrid ablation down 3% in 2024; international margin pressure offsets U.S. product launches.


**【CEO Summary Section】**
- **2024 Yearly Performance**: Total revenue reached $465 million, a 17% increase, driven by pain management (+32%), open ablation (+16%), and appendage management franchises. Adjusted EBITDA expanded to $31 million, up from $19 million in 2023.
- **2025 Guidance**: Revenue projected at $517-$527 million (11-13% growth), with adjusted EBITDA targeting $42-$44 million. Key growth drivers include pain management (cryoSPHERE+ and MAX probes), open appendage (FLEX-Mini), and international expansion.
- **Product Launches**: CryoSPHERE+ and MAX probes reduce procedure time by 25-50%, while FLEX-Mini appendage clips gained 800+ new users in Q4. EnCompass Clamp sales grew 50% in the U.S. and were launched in Europe.
- **Clinical Trials**: LeAAPS trial (6,500 patients enrolled) aims to demonstrate stroke reduction via appendage management. BoxX-NoAF trial will study prophylactic ablation for post-op AFib.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Revenue $124.3 million (+16.7% YoY), U.S. sales $101.6 million (+14.4%), international $22.7 million (+28.1%). Gross margin 74.5%, down 39bps due to mix shifts. Adjusted EBITDA $12.7 million vs. $4.8 million YoY.
- **Full Year 2024**: $465.3 million revenue (+16.5%), U.S. open ablation $123.6 million (+17.4%), pain management $61.8 million (+25.7%). Adjusted EBITDA $31.1 million vs. $19.4 million.
- **2025 Outlook**: Flat gross margins (~75%), R&D as 20% of revenue (includes $10M PFA milestones). Moderate cash flow generation with $122.7M ending cash in 2024.

**【Q&A Key Themes】**
- **EnCompass Growth**: 50% U.S. sales growth in 2024, Europe launch in Q4. Minimal legacy product cannibalization; new users driving adoption.
- **PFA Impact**: U.S. hybrid ablation down 3% in 2024, but Europe growth (+22%) suggests long-term opportunity. PFA non-responders may drive Convergent adoption.
- **Product Pipeline**: PFA-integrated devices (EnCompass/EPi-Sense) targeting PMA, with first-in-human trials in 2025. Lower extremity amputation pain management device in development.
- **Margin Dynamics**: International growth (18% of 2024 revenue) pressures margins, offset by U.S. product launches and cost savings.


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