AtriCure (ATRC) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of $534.5 million in 2025, up 14.9% year-over-year, with Q4 revenue of $140.5 million, up 13.1% year-over-year, driven by pain management, open appendage management, and open ablation franchises.

• Adjusted EBITDA reached $61.8 million for 2025, nearly doubling from 2024, with Q4 adjusted EBITDA of $19.9 million; net income turned positive in Q4 2025 at $1.8 million.

• Growth fueled by new product launches including AtriClip PRO-Mini, cryoXT probe, cryoSPHERE MAX, AtriClip FLEX-Mini, and EnCompass clamp.

• Maintained leadership in innovation and clinical evidence, with over 100,000 patients treated using cryoSPHERE probes since 2019.

Financial highlights

• Q4 2025 revenue was $140.5 million, up 13.1% year-over-year; U.S. revenue grew 12.6% to $114.3 million, international revenue up 15.3% to $26.2 million.

• Gross margin for 2025 was 75.0%, up 29 basis points from 2024, with Q4 gross profit at $105.3 million.

• Adjusted EBITDA for 2025 was $61.8 million, up from $31.1 million in 2024; Q4 adjusted EBITDA was $19.9 million.

• Net income for Q4 2025 was $1.8 million, compared to a $15.6 million loss in Q4 2024; EPS improved to $0.04.

• Ended 2025 with $167.4 million in cash and investments, generating $45 million in cash for the year.

Outlook and guidance

• 2026 revenue guidance reaffirmed at $600–$610 million, representing 12–14% growth over 2025.

• Adjusted EBITDA guidance for 2026 is $80–$82 million, with positive net income and adjusted EPS of $0.09–$0.15.

• Pain management expected to lead growth in 2026, with open appendage management and open ablation also strong.

• Anticipates continued pressure in minimally invasive ablation and MIS appendage management, but at a lower rate of decline.

• Expects positive cash generation for full year 2026, despite a net cash burn in Q1 due to seasonal factors.