Business
AtriCure Reports Second Quarter 2024 Financial Results
Worldwide revenue of $116.3 million – an increase of 15.2% year over year Positive cash flow generation of $8.1 million in second quarter 2024 MASON,
About this update from Atricure, Inc.
[{"type":"text","content":"\n\nWorldwide revenue of $116.3 million – an increase of 15.2% year over year\n\n\n\nPositive cash flow generation of $8.1 million in second quarter 2024\n\n\n\n MASON, Ohio--(BUSINESS WIRE)--\nAtriCure, Inc. (Nasdaq: ATRC), a leading innovator in surgical treatments and therapies for atrial fibrillation (Afib), left atrial appendage (LAA) management and post-operative pain management, today announced second quarter 2024 financial results.\n\n\n“Our second quarter results reflect strong growth worldwide, underscored by our pain management and open AtriClip® franchises, as we continued to deliver exceptional patient outcomes across all therapies, while driving positive cash flow,” said Michael Carrel, President and Chief Executive Officer at AtriCure. “Entering the second half of 2024, we are advancing several clinical initiatives including our LeAAPS™ stroke reduction trial and introducing new products across our markets, with two cryoSPHERE® probes to reduce freeze times and the most advanced, smallest profile AtriClip® device. We also remain focused on improving the efficiency of our business.”\n\n\nSecond Quarter 2024 Financial Results\n\n\nRevenue for the second quarter 2024 was $116.3 million, an increase of 15.2% over second quarter 2023 revenue (15.4% on a constant currency basis), reflecting continued adoption of our products by physicians globally and an acceleration in U.S. pain management and international franchises, as well as U.S. open appendage management which outpaced overall growth. On a sequential basis, worldwide revenue for the second quarter 2024 increased approximately 7% from the first quarter.\n\n\nU.S. revenue was $95.5 million, an increase of $10.6 million or 12.5%, compared to the second quarter 2023. U.S. revenue growth was driven by sales across key product lines, highlighted by cryoSPHERE® probes for post-operative pain management, the AtriClip® Flex·V® device in appendage management, and the ENCOMPASS® clamp in open ablation. International revenue increased $4.7 million or 29.4% (30.4% on a constant currency basis) to $20.7 million, realizing significant growth across all franchises and most major geographic regions.\n\n\nGross profit for the second quarter 2024 was $86.8 million compared to $77.1 million for the second quarter 2023. Gross margin was 74.7% for the second quarter 2024, a decrease o...