AtriCure, Inc. (NASDAQ:ATRC) Q3 2023 Earnings Conference Call November 1, 2023 4:30 PM ET

Company Participants

Marissa Bych – Gilmartin Group, Investor Relations

Mike Carrel – President and Chief Executive Officer

Angie Wirick – Chief Financial Officer

Conference Call Participants

Robbie Marcus – J.P. Morgan

Danielle Antalffy – UBS

Mike Matson – Needham and Company

Sam Eiber – BTIG

Suraj Kalia – Oppenheimer & Co

Operator

Good afternoon, and welcome to AtriCure’s Third Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session towards the end of today’s call. As a reminder, this call is being recorded for replay purposes.

I would now like to turn the call over to Marissa Bych, the Gilmartin Group for a few introductory comments.

Marissa Bych

Great. Thank you. By now, you should have received a copy of the earnings press release. If you have not received a copy, please call 513-644-4484 to have one e-mail to you. Before we begin, let me remind you that the company’s remarks include forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond AtriCure’s control, including risks and uncertainties described from time to time in the company’s SEC filings.

These statements include, but are not limited to, financial expectations and guidance, expectations regarding the potential market opportunity for AtriCure’s franchises and growth initiatives, future product approvals, clearances, reimbursement and clinical trial outcomes. AtriCure’s results may differ materially from those projected. AtriCure undertakes no obligation to publicly update any forward-looking statements.

Additionally, we refer to non-GAAP financial measures, specifically revenue reported on a constant currency basis, adjusted EBITDA and adjusted loss per share. A reconciliation of these non-GAAP financial measures with the most directly comparable GAAP measures is included in our press release, which is available on our website.

With that, I would like to turn the call over to Mike Carrel, President and CEO.

Mike Carrel

Good afternoon, and thank you for joining us. I am delighted to announce another strong quarter for AtriCure, once again demonstrating the broad based activity in our business and global revenue drivers. In the third quarter, we achieved total revenue of $98 million, representing 18% year-over-year growth.

Our team continues to promote awareness and adoption of our therapies for the treatment of atrial fibrillation, LAA management, and postoperative pain management. As we increase our patient impact in these markets, we are also driving sustainable profitability. In the third quarter, we achieved positive adjusted EBITDA of approximately $5 million, driven by our growth on the top line, strong gross margins, and disciplined approach to investing in the future.