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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

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ATRC

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