AtriCure, Inc. (NASDAQ:ATRC) Q3 2024 Earnings Conference Call October 29, 2024 4:30 PM ET

Company Participants

Marissa Bych - Investor Relations
Michael Carrel - President and Chief Executive Officer
Angela Wirick - Chief Financial Officer

Conference Call Participants

Lilia Lozada - JPMorgan
Mike Matson - Needham
Danielle Antalffy - UBS
Suraj Kalia - Oppenheimer & Co.

Operator

Good afternoon. And welcome to AtriCure's Third Quarter 2024 Earnings Conference Call. This call is being recorded for replay purposes. And at this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session following prepared remarks from AtriCure's management.

I would now like to turn the call over to Marissa Bych, from 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-mailed to you.

Before we begin today, 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 AtriCure'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, competition, 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 constant currency revenue, 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.

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

Michael Carrel

Great. Good afternoon and thank you for joining us, everyone. I am happy to share that our third quarter results which reflect another strong quarter for AtriCure. We achieved total revenue of $116 million or approximately 18% growth, showing broad-based demand across our portfolio of innovative products for patients with atrial fibrillation and postoperative pain.

In addition to our top line performance, we continue to make progress to expand profitability, producing nearly $8 million of positive adjusted EBITDA for the quarter. We also generated over $16 million in positive cash flow this quarter, marking our second consecutive quarter of positive cash flow. As a result of the strength in our third quarter results, we are raising our full year 2024 revenue guidance, and now expect a range of $459 million to $462 million, reflecting growth of approximately 15% to 16% over a full year 2023. We're also reaffirming our plans to deliver a full year adjusted EBITDA of $26 million to $29 million.