AtriCure, Inc. Q4 FY2025 earnings call

• 2025 was exceptional with $534 million revenue, 15% growth over 2024, nearly $62 million adjusted EBITDA and $45 million cash generated. • Accelerated worldwide revenue growth in 3 of 4 franchises due to new product launches. • LeAAPS clinical trial completed enrollment of over 6,500 patients, BoxX-NoAF trial initiated. • Advancing development of dual energy EnCompass Clamp. • cryoXT device launched in third quarter 2025 for pain management and amputation procedures with positive surgeon feedback

Pain management: Fourth quarter 2025 growth 24%, full year 2025 growth 33%, over 100,000 patients treated with cryoSPHERE probes since 2019. Appendage management: Fourth quarter 2025 global growth 15%, full year 2025 left atrial appendage franchise worldwide revenue growth 19%, AtriClip FLEX-Mini and PRO Mini drove growth. Open ablation: Fourth quarter and full year 2025 growth over 17%, EnCompass Clamp primary contributor, present in over 830 accounts worldwide. Minimally invasive Afib treatment: 2025 full year worldwide revenue decline 26%, U.S. sequential revenue improvement from third to fourth quarter but still anticipating pressure in 2026 with lower rate of decline than 2025

• Expect 2026 revenue $600 - $610 million, 12% - 14% growth over 2025. • Pain management to lead growth in 2026, followed by open appendage management and open ablation. • Anticipate decline in minimally invasive ablation and MIS appendage management in 2026 but at moderated rate. • Geographically, U.S. and international businesses expected to deliver growth at more aligned rates with ongoing U.K. uncertainty. • Projected modest gross margin expansion in 2026, adjusted EBITDA range $80 - $82 million

• Uncertainty in the U.K. funding and reimbursement with NHS impacting international sales. • Competitive pressure in the market which could impact market share. • Continued uncertainty in minimally invasive ablation and MIS appendage management markets affecting revenue

Q: Comment on competitor entering the market and LeAAPS trial data timeline, A: Mike Carrel said competition validates market, we're well positioned, LeAAPS data gets thumbs-up from DSMB at 50% and 75% events not specific data release timeline Q: Color on competitive entry into Clip business and guidance, A: Angie Wirick said factored mild competitive pressures into 2026 guidance, focused on spreading FLEX-Mini Clip adoption Q: Impact of LeAAPS enrollment on AtriClip business, A: Angela Wirick said get paid for devices used in trial, minimal contribution to quarterly volume Q: Plans for EnCompass interim enhancements, A: Michael H. Carrel said continuing to market talk to customers, running BoxX-NoAF trial for exposure Q: Size of U.S. appendage management in competition, A: Michael H. Carrel said large market opportunity, strong in valvular market with built-in advantage Q: R&D leverage in 2026, A: Angela Wirick said expect modest gross margin improvement, SG&A growth below top line, R&D trial cost step down with LeAAPS enrollment conclusion Q: Profitability progression and EnCompass penetration, A: Angela Wirick said ahead of LRP, EnCompass treated 50,000 patients in 2025, underpenetrated globally Q: U.K. international sales impact, A: Angela Wirick said U.K. budget issues impacted pain management and minimally invasive AFib, $4 million run rate drop in fourth quarter Q: cryoXT rollout details, A: Michael H. Carrel said deliberate rollout, learning phase with vascular and orthopedic surgeons, anticipating opening up more by mid-year Q: PFA program update and trial timing, A: Angela Wirick said milestones pushing into 2026, first-in-human use good results, on progress timeline Q: CONVERGE dynamics, A: Michael H. Carrel said sites coming back but not enough cases to commit to growth number, positive outlook but fluid Q: cryoXT rep account pivot, A: Michael H. Carrel said 3-month process, need 10 - 15 cases for consistency before pivoting Q: Open ablation runway and BoxX-NoAF penetration, A: Michael H. Carrel said big market opportunity in CABG, less than 10% penetration currently Q: LeAAPS contribution and ASP lift, A: Angela Wirick said variability in appendage management due to MIS clipping, open appendage growth due to AtriClip FLEX-Mini, pricing related Q: Preventative use of future product and market competition, A: Michael H. Carrel said confident in products, clinical evidence, and team, market grows with competitors, we'll earn business through innovation and clinical evidence