Atricure, Inc. · NASDAQ:ATRC
Atricure — Investor Day (March 2025)
30 slides from Atricure's investor day presentation, March 2025
Slide 1: Analyst and Investor Day
Analyst and Investor Day Michael Carrel, CEO March 2025 © 2025 AtriCure, Inc. All rights reserved.
Slide 2: Forward Looking Statements and Non-GAAP Financial Measures
Forward Looking Statements and Non-GAAP Financial Measures This presentation and oral statements made in connection with this presentation contain “forward-looking statements,” which are statements related to future events that by their nature address matters that are uncertain. Forward-looking stat
Slide 3: Welcome! 2025 Analyst & Investor Day
Welcome! 2025 Analyst & Investor Day creating standards of care for a world of unmet needs 3 © 2025 AtriCure, Inc. All rights reserved.
Slide 4: We are passionately focused on healing the lives of those affected by Afib and pain
Our Vision Strong Portfolio We are Existing products and solutions and continuous innovation driving consistent growth passionately focused on Large and Growing Markets Addressing an underserved and growing patient healing the lives population representing a $10B opportunity of those affected Global
Slide 5: Afib: A Serious Problem
Afib: A Serious Problem Afib affects more than 59 million people worldwide. It is estimated that 45% have suffered more than a year from Afib. 5x Higher Risk of >5x Higher Risk of Stroke Heart Failure 46% Greater Risk of >3x Higher Risk of Mortality Dementia © 2025 AtriCure, Inc. All rights reserved
Slide 6: A Persistent Pain Problem
A Persistent Pain Problem Pain after surgery slows recovery. Pain after surgery increases healthcare costs. Pain after surgery reduces quality of life. 30%-50% of patients report persistent pain lasting months to years post-surgery 1 in 7 thoracotomy patients 1 in 11 minimally invasive develop an op
Slide 7: Key Milestones
2000 AtriCure, Inc. established Key Milestones 2010 AtriClip platform launch 2011 FDA approval to treat Afib concomitant to open heart surgery 2017 Concomitant Ablation becomes Class 1A Guideline 2018 AtriClip Flex-V launch 2019 Pain management franchise launch with cryoSPHERE probe 2019 Advanced Ab
Slide 8: History of Growth & Execution
History of Growth & Execution $500 Over a decade of strong organic, $450 double-digit revenue growth $400 Annual revenue growth > 15% $350 Annual revenue $300 growth between 10%-15% $250 Chart reflects WW Revenue in $ millions. $200 $150 $100 $50 $- 2013 2014 2015 2016 2017 2018 2019 2021* 2022 2023
Slide 9: In Last Four Years…
In Last Four Years… Accelerated Growth WW Revenue $500 in $ millions Expanded R&D Investments $450 $31M Adj Launched New Products & Therapies $400 EBITDA $350 Achieved Positive Adjusted EBITDA $19M Adj $300 EBITDA Improved Guidelines & Reimbursement $250 $200 Served over 500,000 patients $150 and co
Slide 10: Treatment of Afib and LAAM: Advancing Guidelines for Clinical Practice
Treatment of Afib and LAAM Advancing Guidelines for Clinical Practice Lasts beyond 7 days Lasts longer than 1 year and as long as 1 year without stopping 10 © 2025 AtriCure, Inc. All rights reserved.
Slide 11: Treatment of Afib and LAAM: Improving Access through Reimbursement
Treatment of Afib and LAAM Improving Access through Reimbursement Hospital Reimbursement MS-DRG 317 Hospital Reimbursement Epicardial Ablation + MS-DRG 212 Lasts longer than 1 year Physician Reimbursement Epicardial LAA CPT 33267, 33268, 33269 AVR + MVR + Surgical without stopping Ablation $15k - $2
Slide 12: Vision for 2030
VISION FOR 2030 Creating and delivering Standards of Care to improve the lives of patients with the most complex arrythmias and reduce pain after surgery. We will help millions of patients as we drive continued strong revenue growth and market expansion. 12 © 2025 AtriCure, Inc. All rights reserved.
Slide 13: By 2030 . . . Our Vision
By 2030 . . . Our Vision Expanding Patient Impact Cultivating Markets as a Leader in each Innovating New Products and Therapies Advancing Science through Clinical Trials Growing Revenue to $1 Billion+ Creating Standards of Care for a world of unmet needs. Increasing Profitability and Cash Flow Valui
Slide 14: Evolution of Our Global Market Opportunity
Evolution of Our Global Market Opportunity $5B+ Current Global Opportunity $1B in 2010 Pain Management Ablation Thoracic Procedures Hybrid Cardiac Therapy Surgery MIS Ablation + Open Ablation + LAAM LAAM Cardiac Surgery Standalone Treatment Concomitant for Long-Standing Treatment Pre-Op Afib Open Ab
Slide 15: Opportunity Will Grow to More Than $10B by 2030!
Opportunity Will Grow to More Than $10B by 2030! $10B+ Leading with innovation, clinical science and awareness Global Opportunity to establish and grow our markets Pain Pain Pain Management Ablation Management Management + Ablation Ablation Extremities Thoracic Procedures Hybrid Therapy Sternotomy P
Slide 16: Establishing AtriCure as the Standard of Care
Establishing AtriCure as the Standard of Care Cardiac Surgery Pain Management Hybrid Therapies Globally, all Cardiac Cryo Nerve Block Increase treatment of Our Vision for Surgery patients benefit reduces pain, minimizes LS Persistent Afib Standard from ablation + AtriClip narcotic use, and patients
Slide 17: Milestones Supporting Our Vision
Milestones Supporting Our Vision 2025 2026–2027 2028 and beyond • AtriClip Pro-Mini • Cryo Platform • Next gen EnCompass • cryoXT Probe • BoxX-NO AF enrollment • BoxX-NO AF PMA – • LeAAPS fully enrolled • Initiate IDE trial – POAF indication • Initiate BoxX-NO AF EnCompass PFA • LeAAPS data • First
Slide 18: Distinct Opportunity for Value Creation
Distinct Opportunity for Value Creation As We Execute Our Vision for 2030 Robust, #1 Leader in organic R&D each market. pipeline. Unrivaled commitment to Broad Innovation and develop and support our Clinical Science initiatives partners and patients. across platforms. Vastly Driving underpenetrated
Slide 19: Analyst & Investor Day Program
Analyst & Investor Day Program Market Expansion through Key Cardiac Surgery Trials: LeAAPS and BoxX-NO AF Featuring Dr. Richard Whitlock and Dr. Ed Soltesz CONVERGE and Catheter-based PFA Awareness Featuring Dr. Kevin Makati and Dr. Nitesh Sood Overview of AtriCure’s PFA Platform Creating Standards
Slide 20: Creating standards of care for a world of unmet needs
creating standards of care for a world of unmet needs © 2025 AtriCure, Inc. All rights reserved.
Slide 21: Analyst & Investor Day: Financial Overview
Analyst & Investor Day: Financial Overview Angie Wirick, CFO © 2025 AtriCure, Inc. All rights reserved.
Slide 22: History of Growth & Execution
History of Growth & Execution Over a decade of strong organic, We are driven by an evergreen focus on $500 double-digit revenue growth innovation and end-market expansion $450 $400 • Delivered on our commitment to accelerate growth coming out of COVID (2020) $350 $300 • Expanded portfolio with new p
Slide 23: Milestones in Growth History
Milestones in Growth History Investments Driving Years of Strong Growth 2010+ 2015+ 2020+ • Synergy system FDA • EPi-Sense® system • EPi-Sense approved by FDA for approved for treatment of acquired treatment of long-standing persistent Afib Afib concomitant to open heart procedures • AtriClip PRO-V®
Slide 24: Future Built from Innovation and Operational Excellence
Future Built from Innovation and Operational Excellence $1B Annual Revenue 2030 ~$750M+ Annual Revenue 2028 $465M 20%+ Adjusted EBITDA Margin 2024 Annual Revenue ~14% Adjusted EBITDA Margin ~75% 75%+ FCF conversion Gross Margin Steady to Improving Robust Operating Margins and Cash Flow Cash Flow for
Slide 25: Milestones to Carry AtriCure Towards $1B in Revenue
Milestones to Carry AtriCure Towards $1B in Revenue Double-Digit Revenue Growth Fueled by Innovation and Clinical Science BoxX-No AF POAF indication 2024: AtriClip FLEX-Mini 2028: $750M+ 2024: cryoSPHERE+ / MAX LeAAPS in Revenue* data 2024: Int’l product expansion cryoXT – CNB Next gen for extremiti
Slide 26: Key Takeaways
Key Takeaways • Creating a diversified portfolio to propel strong, profitable growth • Delivering durable, double-digit revenue growth • Driving improved profitability while investing in growth opportunities • Focusing on organic R&D initiatives to deliver differentiated therapies for patients and p
Slide 27: Questions?
creating standards of care for a world of unmet needs Questions? Thank You © 2025 AtriCure, Inc. All rights reserved.
Slide 28: References and Abbreviations
References and Abbreviations © 2025 AtriCure, Inc. All rights reserved.
Slide 29: References and Abbreviations
References and Abbreviations Page Metric Reference Key Abbreviations Linz, D., Gawalko, M., Betz, K., Hendriks, J. M., Lip, G. Y., Vinter, N., Guo, Y. & Johnsen, S. (2024). Afib or AF Atrial Fibrillation 59 million people with Afib 5 Atrial fibrillation: epidemiology, screening and digital health. T
Slide 30: References and Abbreviations
References and Abbreviations Page 10: Treatment of Afib and LAAM Page 11: Treatment of Afib and LAAM Advancing Guidelines for Clinical Practice Improving Access through Reimbursement Sources: Sources: January, C. T., Wann, L. S., Calkins, H., Chen, L. Y., Cigarroa, J. E., Cleveland Jr, J. C., ... &