What were the key takeaways from AtriCure’s earnings call?

What guidance did AtriCure's management provide for the next earnings period?

What is AtriCure's gross profit margin?

What does AtriCure do and what are its main business segments?

What is AtriCure's latest dividend and current dividend yield?

What is the market's earnings forecast for AtriCure next quarter?

What factors drove the changes in AtriCure's revenue and profit?

What is the revenue and EPS growth rate for AtriCure year over year?

- **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.

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