AtriCure (ATRC) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $136.1M, up 17.1% year-over-year, driven by strong growth in appendage management, pain management, and global adoption of Afib and LAA management products.

• Adjusted EBITDA more than doubled to $15.4M, with net loss improving to $6.2M and cash generation of $17.9M for the quarter.

• Major clinical milestones included completion of LEAPS/LeAAPS trial enrollment (6,500+ patients) and first clinical use of new AtriClip and cryoablation devices.

• Strategic priorities focus on innovation, clinical trials, global expansion, and profitable growth with operating leverage.

• Net loss for the six months ended June 30, 2025 improved to $12.9M from $21.3M, reflecting higher sales and moderating expense growth.

Financial highlights

• Q2 2025 worldwide revenue grew 17.1% year-over-year and 10.1% sequentially; U.S. revenue was $110.6M (+15.7% YoY), international $25.6M (+23.3% YoY).

• Gross margin was 74.5% in Q2 2025, down 15 bps year-over-year due to mix; six-month gross margin was 74.7%, flat year-over-year.

• Adjusted EBITDA for Q2 2025 was $15.4M (vs. $7.8M prior year); adjusted loss per share improved to $0.02 from $0.17.

• Cash and investments totaled $117.8M–$118M as of June 30, 2025.

• Operating expenses for the six months rose to $206.3M, up 10.8% year-over-year, mainly due to R&D and SG&A.

Outlook and guidance

• 2025 revenue guidance raised to $527M–$533M, representing 13–15% growth over 2024.

• Adjusted EBITDA outlook for 2025 is $49M–$52M, with margins of 9–11% and modest cash flow generation expected.

• Management anticipates continued revenue growth from new product launches and expanded clinical trial activity.

• Q3 expected to show seasonal sequential decline, with rebound in Q4.

• Ongoing investments in R&D and physician training to support long-term growth.