AtriCure (ATRC) Q4 2024 earnings summary

Executive summary

• Achieved 2024 revenue of $465.3 million, up 16.5–17% year-over-year, with double-digit growth across key franchises and strong Q4 results.

• Adjusted EBITDA rose to $31.1 million in 2024, a 60% increase year-over-year, reflecting improved profitability.

• Launched new products including CryoSPHERE Plus/MAX and AtriClip FLEX-Mini, supporting account expansion and adoption in the U.S. and Europe.

• Advanced major clinical trials (LeAAPS, BoxX-NoAF) and expanded regulatory approvals and indications in key markets.

• Continued global expansion, product innovation, and focus on growth and profitability.

Financial highlights

• Q4 2024 revenue was $124.3 million, up 16.6–16.7% year-over-year; U.S. revenue grew 14.4%, international 27.7%.

• Full-year gross margin was 74.7%, with Q4 gross margin at 74.5%; operating expenses increased to $387.5 million in 2024.

• Adjusted EBITDA for Q4 was $12.7 million (vs. $4.8 million in Q4 2023); full-year adjusted loss per share was $0.67.

• Ended 2024 with $122.7–$123 million in cash and investments; full-year cash burn was $15 million, including a $12 million PFA payment.

• Q4 adjusted loss per share improved to $0.08 (from $0.21); full-year net loss per share was $0.95.

Outlook and guidance

• 2025 revenue guidance reaffirmed at $517–$527 million, representing 11–13% growth over 2024.

• 2025 adjusted EBITDA expected at $42–$44 million, up nearly 40% year-over-year.

• Modest cash flow generation expected in 2025 after typical Q1 cash burn.

• Gross margin expected to remain around 75% in 2025; R&D to be ~20% of revenue, including up to $10 million in PFA milestone payments.

• Minimally invasive ablation and MIS appendage management expected to decline in 2025.