AtriCure, Inc.

Second-quarter 2026 worldwide revenue was $153.6 million, up 12.8% reported and 12.4% constant currency versus Q2 2025; U.S. revenue was $125.6 million, up 13.6%, and international revenue was $28 million, up 9.6% reported. Gross margin was 77.2%, about 270 basis points higher year over year. Adjusted EBITDA was $27.3 million versus $15.4 million a year ago; net income was $9 million versus a $6.2 million net loss; EPS and adjusted EPS were both $0.18 versus a loss per share of $0.13 and adjusted loss per share of $0.02 in Q2 2025. For 2026, AtriCure now expects revenue of $602 million to $610 million, adjusted EBITDA of $85 million to $89 million, full-year EPS of $0.05 to $0.13, and adjusted EPS of $0.24 to $0.32; management also said Q3 revenue should be down 1% to 2% sequentially from Q2 before a rebound in Q4.

Mike Carrel framed the quarter as broad-based execution with strong adoption across multiple franchises and said the company is entering the back half of the year with confidence. He emphasized BoxX-NoAF as a major strategic catalyst, noting enrollment is running ahead of schedule and could support data readouts in the first half of 2027. He also positioned AtriCure's moat around three pillars: product innovation, clinical evidence, and physician education.

Angela Wirick highlighted that revenue growth, product mix, and operating leverage drove the quarter. She cited gross margin of 77.2%, adjusted EBITDA of $27.3 million, cash and investments of $167.8 million, and about $22 million in cash generated during the quarter, with positive cash generation in the first half of 2026. She said gross margin should remain supported by newer U.S. products, though the new manufacturing facility will create a small headwind in the back half, and she described SG&A growth as mid to upper single digits while still supporting growth initiatives.

Analysts focused on the competitive launch in appendage management, the sustainability of pain management growth, reimbursement for cryoSPHERE/MAX, and timing for BoxX-NoAF and the PFA program. Management said competition is already included in guidance, but argued AtriClip is ahead on product design, clinical evidence, and field support; they also said trialing by competitors may occur in the back half of the year. On pain management, they said growth was not driven by stocking, cryoSPHERE MAX is now about 75% of U.S. pain revenue, reimbursement is still being pursued but would require data, and the PFA/EnCompass IDE submission is targeted for later this year or early next year with a trial start by the end of next year.