AtriCure (ATRC) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 worldwide revenue of $153.6 million, up 12.8% year-over-year, with U.S. revenue growing 13.6% and international revenue up 9.6%; six-month revenue was $294.85 million, up 13.5% year-over-year.

• Net income for Q2 2026 was $9.0 million, reversing a prior-year loss; adjusted EBITDA reached $27.3 million, up 78% year-over-year.

• Growth was led by pain management (27.8% U.S. growth), appendage management (14.4% U.S. growth), and open ablation (12.1% U.S. growth), with strong adoption of CryoSphere MAX.

• Continued investment in clinical trials (BoxX-NoAF and LeAAPS) and new product launches, with regulatory approvals in Europe.

• Gross margin improved by 269–270 basis points to 77.2%, driven by favorable product and geographic mix and manufacturing efficiencies.

Financial highlights

• Gross profit for Q2 was $118.6 million (77.2% margin); operating income was $9.7 million (6.3% margin); diluted EPS was $0.18, compared to a loss per share of $0.13 in Q2 2025.

• Cash and cash equivalents at June 30, 2026 were $167.8 million; outstanding debt was $61.0 million.

• Adjusted EBITDA margin for Q2 2026 was approximately 17.8%.

• Working capital at June 30, 2026 was $263.6 million.

• Effective tax rate for Q2 2026 was 5.0%.

Outlook and guidance

• Full-year 2026 revenue expected at $602–$610 million, reflecting 12.5%–14% growth over 2025.

• Adjusted EBITDA guidance raised to $85–$89 million, with a margin of approximately 14%.

• Full-year net income and positive cash generation reiterated; EPS guidance of $0.05–$0.13 and adjusted EPS of $0.24–$0.32.

• Management expects continued revenue growth driven by product innovation, expanded clinical indications, and increased physician training.

• Anticipates typical seasonality: Q3 revenue down 1–2% sequentially, followed by a Q4 rebound.