AtriCure Reports $123.6 Million Revenue in Q1 2025, 13.6% Increase Year-Over-Year

AtriCure, Inc. reported a revenue of $123.6 million for the first quarter of 2025, marking a 13.6% increase from $108.9 million in the same period of 2024. The company's gross profit also rose to $92.6 million, up from $81.3 million, resulting in a gross margin of 74.9%. Despite the revenue growth, AtriCure recorded a net loss of $6.7 million, an improvement from the $13.3 million loss reported in the prior year. The basic and diluted net loss per share was $(0.14), compared to $(0.28) in the first quarter of 2024.

The increase in revenue was driven by strong performance in several product lines, particularly in open ablation and appendage management, which saw growth of 13.7% and 17.3%, respectively. The pain management segment also experienced significant growth, increasing by 35.6%. However, the minimally invasive ablation segment faced a decline of 31.2%, attributed to fewer patient referrals for hybrid procedures. International sales grew by 20.8%, with notable contributions from major markets, particularly in appendage management and pain management.

AtriCure has made strategic advancements, including the FDA's 510(k) clearance for the AtriClip® PRO-Mini™ LAA Exclusion System and the cryoICE® cryoXT™ probe, both expected to launch later in 2025. The company is also actively engaged in clinical trials, such as the LeAAPS trial, which aims to evaluate the effectiveness of LAA exclusion in preventing ischemic strokes. As of March 31, 2025, AtriCure had enrolled over 5,100 patients in this trial, with completion expected in the second half of 2025.

Operationally, AtriCure's total current assets decreased to $251.5 million from $267.8 million at the end of 2024, while total liabilities fell to $137.0 million from $148.4 million. The company reported a net cash used in operating activities of $11.0 million, a significant decrease from $21.0 million in the previous year, reflecting improved operating results. As of the end of the quarter, AtriCure had cash and cash equivalents of $99.9 million and outstanding debt of $61.9 million, with unused borrowing capacity of $61.9 million under its credit facility.

Looking ahead, AtriCure anticipates continued growth driven by product innovation and market expansion. The company remains focused on enhancing its product offerings and increasing adoption rates through ongoing clinical education and training initiatives. However, it acknowledges the potential impact of new competitors entering the market, which could affect future performance.