AtriCure, Inc. (ATRC) Earnings
AtriCure, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.01. ATRC has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +120.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.07 | $0.00 | +103.1% | $141M | +1.1% |
| Feb 17, 2026 | $-0.04 | $0.04 | +200.0% | $141M | +0.5% |
| Oct 29, 2025 | $-0.11 | $-0.01 | +90.9% | $134M | -4.4% |
| Jul 29, 2025 | $-0.15 | $-0.02 | +86.7% | $136M | +4.6% |
| Apr 29, 2025 | $-0.25 | $-0.14 | +44.0% | $124M | -5.3% |
| Feb 12, 2025 | $-0.23 | $-0.08 | +65.2% | $124M | +2.0% |
| May 1, 2024 | $-0.21 | $-0.25 | -19.0% | $109M | +1.8% |
| Feb 15, 2024 | $-0.22 | $-0.21 | +4.5% | $107M | +2.8% |
| Nov 1, 2023 | $-0.30 | $-0.20 | +33.3% | $98M | +1.6% |
| Jul 25, 2023 | $-0.27 | $-0.12 | +55.6% | $101M | +4.7% |
| May 2, 2023 | $-0.34 | $-0.23 | +32.4% | $93M | +6.8% |
| Feb 21, 2023 | $-0.18 | $-0.09 | +50.0% | $88M | +0.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Atricure off to strong start in 2026 with 14% YOY revenue growth. U.S. business drove ~15% of growth. • Made exceptional progress in BoxX NOAAF clinical trial, enrolled ~300 patients, now expect complete enrollment end of 2026, nearly one year ahead of plan. • Pain management led portfolio growth, CryoServe Max probe primary driver. CryoXD probe for amputation beginning to gain traction. • Cardiac ablation: open ablation revenue grew 15% led by Encompass Clamp; minimally invasive ablation faced headwinds. • Appendage management grew 16% worldwide, AtriaClip Flex Mini contributing ~40% of open appendage management revenue in US, Atroclip Pro Mini building adoption in US. • International markets: growing adoption of legacy devices, received CE Mark for Atrial Flex Mini and Pro Mini devices in Europe, expect to launch in Europe later this year.
Guidance
• Reiterates full-year revenue outlook of $600 million to $610 million, reflecting ~12% to 14% growth over 2025. • Anticipates mid-single-digit sequential growth in second quarter. • Expect modest improvement in full-year 2026 gross margin over 2025, but expanded manufacturing facilities coming online in second half of 2026 will moderate gross margin outlook. • Reiterates full-year 2026 adjusted EBITDA outlook of $80 million to $82 million, full-year net income translating to earnings per share of ~0 cents to 4 cents and adjusted earnings per share of ~9 cents to 15 cents. • Accelerated timing for full enrollment in BoxX NOAAF clinical trial leads to additional R&D investment in next three quarters.
Segment performance
Worldwide revenue in first quarter 2026 was $141.2 million, up 14.3% on reported basis and 12.8% on constant currency basis. Pain management grew 28% YOY, with CryoServe Max probe contributing ~70% of pain management sales. Cardiac ablation: open ablation revenue grew 15% led by Encompass Clamp; minimally invasive ablation faced headwinds. Appendage management grew 16% worldwide, with AtriaClip Flex Mini contributing ~40% of open appendage management revenue in US, and Atroclip Pro Mini building adoption in US. International revenue was $25 million, up 11.5% on reported basis, with European sales $16.1 million and Asia Pacific etc. $8.9 million. Gross margin was 77.4% in Q1 2026, up 246 basis points from Q1 2025. Adjusted EBITDA was $17.1 million in Q1 2026 vs $8.8 million in Q1 2025.
Risks & headwinds
• Risks associated with forward-looking statements, including risks and uncertainties in financial expectations, market opportunity, product approvals, competition, reimbursement, clinical trial enrollment and outcomes. • International markets face uncertainty in UK and lower distributor sales in Asia. • Minimally invasive ablation franchise continues to face headwinds.
Analyst Q&A
Q: Talk about progress on PFA integration, milestones and RF enhancements to next gen catheter.
A: Making great progress on PFA, first in human in Australia and starting in Europe, expect submission to FDA later this year, acceptance of ID, begin enrolling in 2027. RF advancements embedded, dual energy in first-in-human playbooks, look forward to trials next year.
Q: Progress in pain management growth, new accounts, existing accounts with Cryosphere Max, ortho side.
A: Cryo business has multiple billion dollars of opportunity, thoracic established, starting to see traction on sternotomy. 70% of pain management accounts have adopted Cryosphere Max, ~10% growth in cryosphere max accounts within quarter.
Q: Progress on BoxX NOAAF clinical trial, clinician feedback, timing of data.
A: Blinded trial, sites using technology see significant reductions in postoperative pain, several sites decided to adopt and not come into trial. Expect full enrollment end of year, then 30 days follow-up, adjudicate data, likely present as late breaker at AATS next year.
Q: International business, UK uncertainty, APAC distributor sales, direct markets.
A: UK is a drag, baked into guidance. Distributor orders in APAC lumpy, expected to be transient. Strong growth in direct markets in Europe, Australia, Canada, new product launches in those markets.
Q: Convergent procedure side, market evolution.
A: Continued headwind, data strong but patients getting multiple PFA catheters first, delaying pipeline. People using it believe in it, but fewer patients or trying one more catheter before sending on.
Q: Guidance beat on top line but reiterated guide, headwinds.
A: Early in year, hold guide to expect outperformance. Bottom line affected by incremental costs from BoxX NOAAF enrollment acceleration. Headwinds in international business and hybrid ablation business in US.
Q: International business, China and Japan portfolio approvals, launches.
A: China and Japan have basic RF ablation devices, AtroClip recently launched in China, expanded clearances for mini devices in Japan, working on other product launches.
Q: Appendage management, competition, trialing incentives.
A: Only one entrant in market (Medtronic), FlexMini gaining share back, have predominant market share in US. Innovations and clinical evidence will position well. Competition coming in means big market.
Q: OUS constant currency growth, drivers of acceleration.
A: Expect international business to grow on reported basis closer to company guide, double digit growth. Favorability from currency to wean, strengthen direct markets in Europe, newer product launches, rebound in Asia distributors.
Q: Pain management, sternotomy traction, drivers.
A: Max product reduced time in half, leading to improved adoption and sticky growth as more accounts add it.
Q: STS quality metric update, start time, revenue opportunity.
A: Quality metric meant to address low AFib ablation adoption in US (35% of patients). Anticipated to go into effect in 2027, will lead to uplift in adoption, expected to be a boon for ablation side over next three to five years.
Q: H-Clip, Flex Mini vs prior generations, ASP.
A: Steady conversion from prior generations, FlexMini contributing ~40% of open appendage management revenue in US in Q1 2026. ASP ranges from $1,100 with original device to $2,250 with FlexMini Clip.