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Jun 30, 2024
Atricure Q2 2024 Earnings Report
Reported strong worldwide revenue growth, driven by pain management and open AtriClip® franchises, and generated positive cash flow.
Key Takeaways
AtriCure reported a 15.2% year-over-year increase in worldwide revenue, reaching $116.3 million in Q2 2024. The company also generated $8.1 million in positive cash flow during the quarter. Growth was driven by U.S. pain management, international franchises, and U.S. open appendage management.
Worldwide revenue increased by 15.2% year-over-year to $116.3 million.
U.S. revenue grew by 12.5% compared to Q2 2023, reaching $95.5 million.
International revenue increased by 29.4% to $20.7 million.
Generated positive cash flow of $8.1 million in Q2 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
AtriCure expects full year 2024 revenue of approximately $456 million to $461 million, reflecting growth of approximately 15% at the midpoint of the range. Management continues to expect full year 2024 Adjusted EBITDA of approximately $26 million to $29 million, with improvements annually thereafter. Full year 2024 adjusted loss per share is expected to be in the range of $0.74 to $0.82.
Positive Outlook
- Revenue growth of approximately 15% expected for full year 2024.
- Adjusted EBITDA expected between $26 million and $29 million for full year 2024.
- Anticipated improvements in Adjusted EBITDA annually thereafter.
- Projected full year 2024 adjusted EBITDA represents a 34% to 49% increase over full year 2023.
- Advancing several clinical initiatives including the LeAAPS™ stroke reduction trial.
Challenges Ahead
- Full year 2024 adjusted loss per share is expected to be in the range of $0.74 to $0.82.
- Gross margin decreased by 168 basis points from the second quarter 2023, reflecting less favorable geographic and product mix, as well as increased product costs compared to the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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