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Dec 31, 2023
Atricure Q4 2023 Earnings Report
AtriCure reported fourth quarter and full year financial results, showcasing revenue growth and progress towards sustained profitability.
Key Takeaways
AtriCure reported a 21.0% increase in worldwide revenue for Q4 2023, reaching $106.5 million. The company experienced growth in both U.S. and International markets. However, the loss from operations increased to $8.7 million, and the adjusted EBITDA was $4.8 million, slightly lower than the previous year.
Worldwide revenue increased by 21.0% year over year, reaching $106.5 million.
U.S. revenue grew by 20.1%, driven by sales of EPi-Sense® Systems, AtriClip® Flex⋅V® devices, ENCOMPASS® clamp and cryoSPHERE® probe.
International revenue increased by 25.8%, reflecting growth across all franchises and major geographic regions.
Loss from operations was $8.7 million, driven by investments in clinical trials and product development initiatives.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
AtriCure projects full year 2024 revenue to be approximately $459 million to $466 million, reflecting growth of approximately 15% to 17% over full year 2023. Full year 2024 adjusted EBITDA is expected to be approximately $26 million to $29 million, with improvements annually thereafter. Full year 2024 adjusted EBITDA represents an approximately 34% to 49% increase over full year 2023. Full year 2024 adjusted loss per share is expected to be in the range of $0.74 to $0.82.
Positive Outlook
- Projected revenue growth of 15% to 17% for full year 2024.
- Expected adjusted EBITDA improvement of 34% to 49% for full year 2024.
- Continued focus on innovation and clinical science.
- Establishment of new standards of care for patients globally.
- Strong momentum throughout the business.
Challenges Ahead
- Adjusted loss per share is expected to be in the range of $0.74 to $0.82 for full year 2024.
- Forward-looking statements are subject to uncertainties and actual results could differ materially.
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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