AtriCure, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $465.3 million, a 16.5% rise from $399.2 million in 2023. The growth was driven by strong adoption of its key product lines, including the EnCompass clamp and cryoSPHERE probes, as well as the launch of new products such as the AtriClip FLEX-Mini device. Despite the revenue increase, the company recorded a net loss of $44.7 million, compared to a loss of $30.4 million in the previous year, primarily due to rising operating expenses associated with research and development and selling, general, and administrative costs.
The company's cost of revenue rose to $117.8 million, reflecting higher sales volumes, while gross profit increased to $347.5 million, resulting in a slight decrease in gross margin to 74.7%. Research and development expenses surged by 30.1% to $96.2 million, influenced by an exclusive licensing agreement that required a $12 million upfront payment for in-process research and development. Selling, general, and administrative expenses also increased by 15.1% to $291.4 million, driven by higher personnel costs and operational growth.
AtriCure's operational metrics indicate a positive trajectory, with international revenue growing by 25.6% year-over-year, highlighting the company's expanding market presence. The company reported a total employee count of approximately 1,300 as of December 31, 2024, reflecting its commitment to scaling operations to meet increasing demand. The company continues to invest in clinical trials and product innovation, with ongoing studies such as the Left Atrial Appendage Exclusion for Prophylactic Stroke Reduction (LeAAPS) trial, which has enrolled over 4,200 patients.
Looking ahead, AtriCure remains focused on expanding its product offerings and market reach. The company anticipates that its revenue will continue to grow as it enhances its product portfolio and increases awareness of its technologies among healthcare professionals. However, the company also acknowledges the competitive landscape, with new entrants in the market potentially impacting its market share. AtriCure's management emphasizes the importance of maintaining strong relationships with physicians and investing in clinical science to support the adoption of its products.
About AtriCure, Inc.
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