AtriCure (ATRC) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue was $399.2 million, up 20.8% YoY, driven by deeper global market penetration and broader physician adoption across franchises.

• FY net loss improved by $16.0 million YoY to $30.4 million; adjusted EBITDA turned positive at $19.4 million.

• Management cited broad-based growth and disciplined investment, with focus on innovation, clinical science, therapy awareness and sustained profitability.

Financial highlights

• Q4 revenue was $106.5 million, up 21.0% YoY and 20.5% on a constant-currency basis; sequential growth was 8.4%.

• Q4 gross profit was $79.8 million vs. $65.1 million; operating loss was $8.7 million vs. $4.1 million, and net loss was $9.8 million vs. $4.2 million.

• FY gross profit was $300.4 million vs. $245.9 million; operating loss narrowed to $26.7 million from $42.7 million.

• FY U.S. revenue was $333.5 million, up 20.3%; international revenue was $65.7 million, up 23.5% reported and 22.1% constant currency.

Outlook and guidance

• FY 2024 revenue guidance is $459 million–$466 million, representing projected growth of 15%–17% over FY 2023.

• FY 2024 adjusted EBITDA guidance is $26 million–$29 million, up a projected 34%–49% from FY 2023, with annual improvement expected thereafter.

• FY 2024 adjusted loss per share is expected to be $0.74–$0.82.