Needham analyst Michael Matson has reiterated their bullish stance on ATRC stock, giving a Buy rating today.
Michael Matson has given Atricure a Buy rating, taking into account a variety of indicators that suggest a strong performance and potential for future growth. Atricure’s fourth-quarter revenue aligned with its preliminary announcement, but it surpassed the consensus expectations for adjusted EBITDA and EPS. Additionally, the company has maintained its revenue and adjusted EBITDA outlook for 2024, while providing EPS guidance that fell short of consensus. Notably, Atricure experienced a notable growth acceleration in the fourth quarter, with revenue increasing by 21% on a constant currency basis, up from 17% in the previous quarter, primarily driven by robust performance in its Minimally Invasive Ablation and Appendage Management segments.
Despite a slight decrease in operating margin and adjusted EBITDA margin year-over-year, Atricure managed to improve its gross margin. Matson’s confidence in the company’s future is reflected in his view of the provided guidance and 2024 consensus estimates as being conservative, suggesting room for Atricure to continue outperforming expectations in terms of revenue and profit margins. His optimistic outlook is further bolstered by his decision to raise the price target for Atricure’s stock from $44 to $46, anchored in an anticipation of higher sales in 2025. This synthesis of Atricure’s solid recent performance and promising projections underpins the Buy rating assigned by Matson.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $60.00 price target.
See the top stocks recommended by analysts >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Atricure (ATRC) Company Description:
AtriCure, Inc. engages development, manufacture and sale of devices designed primarily for the surgical ablation of cardiac tissue, and systems for the exclusion of the left atrial appendage. Its products include radio Frequency (RF) ablation pacing and sensing, cryo, left atrial appendage management, soft tissue dissection, estech surgical instrumentation, and cart configuration. It operates through the following geographical segments: United States, Europe, Asia, Other International, and Total International. The company was founded by Michael D. Hooven on October 31, 2000 and is headquartered in West Chester, OH.
Read More on ATRC:
