AtriCure (ATRC) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $154.5M, up 15% YoY; net income was $4.1M and adjusted EBITDA was $26.8M, up 50.6% YoY.

• U.S. franchise growth, product adoption and clinical progress supported confidence in finishing 2026 ahead of initial guidance and sustaining growth into 2027.

Financial highlights

• Revenue grew 15% reported and 15.1% in constant currency YoY; sequential growth was 0.6%.

• U.S. revenue rose 17.1% to $128.0M; international revenue increased 5.8% reported and 6.1% in constant currency to $26.4M.

• Gross profit was $119.4M versus $101.3M; gross margin expanded 180 bps to 77.3% on favorable product and geographic mix.

• Operating expenses were $115M, up 13.7%; excluding the $4.5M PFA milestone, expenses rose 9.3%.

• GAAP net income was $4.1M versus a $0.3M loss; diluted EPS was $0.08 and adjusted EPS was $0.18 versus an adjusted loss per share of $0.01.

Outlook and guidance

• FY2026 revenue guidance is $606M-$610M, representing 13.4%-14.1% growth versus 2025.

• Adjusted EBITDA guidance increased to $91M-$94M; GAAP EPS is expected at $0.21-$0.27 and adjusted EPS at $0.40-$0.46.

• Gross margin is expected in the upper 76% range for FY2026; a Q4 step-down is possible with a full quarter of new-facility costs, with a longer-term path to sustaining 77%.

• Q4 guidance remains prudent amid U.S. hybrid ablation and international headwinds; U.S. cardiovascular demand is strong, but a near-term international recovery is not expected.