The following is a summary of the AtriCure, Inc. (ATRC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AtriCure's Q1 2024 overall revenue was $109 million, up 16% from Q1 2023.

• Gross margin reached 74.7%, showing an increase of 21 basis points from Q1 of the previous year.

• -Adjusted EBITDA for Q1 2024 increased by nearly half, reaching $2.8 million.

• U.S revenue saw a growth of 15.4% to reach $90.2 million, while International revenue was $18.6 million, increasing by 21.5% on a reported basis compared to Q1 2023.

• The company expects full-year 2024 revenue to be between $459 million to $466 million, reflecting a yearly growth of 15% to 17%.

Business Progress:

• AtriCure experienced successful launch of cryoSPHERE Plus device and witnessed robust growth in AtriClip Flex V, leading to an overall growth rate of approximately 15.4%.

• The company is preparing for the launch of the AtriClip FLEX Mini device and the cryoSPHERE Max probe in 2024, both being game-changing technologies.

• They're moving forward with the LeAAPS clinical trial with the goal to complete the enrollment of 6500 patients by mid-2025.

• Despite adversities, the company saw a 15.4% growth in Q1 in the U.S. appendage management market and expects an overall growth rate of 15-17% for 2024.

• Investment in research and development is being prioritized while also planning profitability improvement.

• The company is working towards receiving EU MDR approval and plans to launch the EnCompass Clamp in Europe in H2 2024.

• AtriCure is optimistically working on an open ablation clamp that would use Pulse Field Ablation (PFA) for open procedures and expanding their market size through new trials such as LeAAPS and PFA programs.

More details: AtriCure IR

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