AtriCure Inc (ATRC) Q4 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic …

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Wed, February 18, 2026 at 2:01 PM GMT+9 4 min read

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**Total Revenue:** $534 million for 2025, reflecting 15% growth over 2024.

**Adjusted EBITDA:** Nearly $62 million in 2025.

**Cash Generated:** $45 million in 2025.

**Fourth Quarter Revenue:** $140.5 million, a 13.1% increase from Q4 2024.

**Gross Margin:** 75% for Q4 2025, an increase of 45 basis points from 2024.

**Net Income:** $1.8 million for Q4 2025, compared to a $15.6 million net loss in Q4 2024.

**Earnings Per Share:** $0.04 for Q4 2025; adjusted EPS of $0.06.

**US Revenue Growth:** 12.6% increase to $114.3 million in Q4 2025.

**International Revenue:** $26.2 million in Q4 2025, up 15.3% on a reported basis.

**Full Year US Sales:** $435.4 million, a 13.7% increase over 2024.

**Full Year International Sales:** $99.2 million, a 20.2% increase on a reported basis.

**Operating Expenses:** Increased 5.9% to $410.2 million in 2025.

**2026 Revenue Guidance:** Expected between $600 million and $610 million, translating to 12% to 14% growth over 2025.

**Adjusted EBITDA Guidance for 2026:** $80 million to $82 million.

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Release Date: February 17, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

AtriCure Inc (NASDAQ:ATRC) reported a total revenue of $534 million for 2025, reflecting a 15% growth over 2024.

The company achieved nearly $62 million in adjusted EBITDA and generated $45 million in cash in 2025.

AtriCure Inc (NASDAQ:ATRC) launched two new products in 2025, the AtriClip PRO Mini and cryoXT PRO, contributing to revenue growth.

The LeAAPS clinical trial completed enrollment of over 6,500 patients, ahead of expectations, showcasing strong interest and participation.

The EnCompass Clamp has been a significant growth driver, with over 830 accounts worldwide and a mid-teens increase over 2024.

Negative Points

The UK market faced a decline in sales due to ongoing funding and reimbursement uncertainty with the National Health Service.

The minimally invasive Afib treatment segment saw a 26% decline in revenue for 2025, pressured by PFA adoption in the US.

The hybrid Afib therapy segment experienced a strong headwind throughout 2025, with a $16 million total decline in US MIS ablation and MIS appendage management devices.

The company anticipates continued pressure in the US hybrid business in 2026, although at a moderated rate compared to 2025.

International revenue growth was impacted by a decline in sales in the UK, which was previously the fastest-growing European market for AtriCure Inc (NASDAQ:ATRC).

 






Story Continues  

Q & A Highlights

Q: How does AtriCure view the competitive entry into the market, and what is the status of the LeAAPS trial? A: Michael Carrel, President and CEO, stated that the competitive entry validates the market’s importance and growth potential. AtriCure has established a leadership position and welcomes competition, which has historically increased their revenue growth rate. Regarding the LeAAPS trial, over 6,500 patients were enrolled, and the trial is ongoing with positive feedback from the DSMB. The trial aims to demonstrate stroke reduction in patients undergoing cardiac surgery without pre-op Afib.

Q: How has the new competitive entry in the Clip business been factored into AtriCure’s 2026 guidance? A: Angela Wirick, CFO, explained that the guidance for 2026 already considered potential competitive pressures. The company remains confident in its 12% to 14% growth guidance and is focused on expanding the adoption of the FLEX-Mini Clip to mitigate any competitive impact.

Q: What impact did the LeAAPS trial have on AtriCure’s AtriClip business, and were the devices used in the trial revenue-generating? A: Angela Wirick confirmed that AtriCure was paid for the devices used in the trial, with half of the devices being revenue-generating. The trial’s impact on revenue was minimal in any given quarter, and some surgeons who participated in the trial were already treating prophylactically, which balanced out potential revenue loss.

Q: What is the status of the EnCompass Clamp, and are there any new versions planned? A: Michael Carrel stated that there are no new product iterations planned for the EnCompass Clamp in the near term. The current version has significantly reduced procedure times and is gaining traction. The company is focusing on marketing and training to increase penetration, particularly in CABG procedures.

Q: How is AtriCure managing the rollout of the cryoXT device, and what is the expected impact on revenue? A: Michael Carrel explained that the rollout of cryoXT is deliberate, focusing on ensuring proper adoption and protocol establishment in each account before expanding. The company expects cryoXT to contribute more meaningfully to revenue in the latter half of 2026 as the rollout progresses.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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