AtriCure Reports Fourth Quarter 2025 and Full Year 2025 Financial Results (Form 8-K)

AtriCure Reports Fourth Quarter 2025 and Full Year 2025 Financial Results

•Fourth Quarter 2025 worldwide revenue of $140.5 million - an increase of 13.1% year over year

•Fourth Quarter 2025 net income of $1.8 million and positive adjusted EBITDA of $19.9 million

•Full Year 2025 worldwide revenue of $534.5 million - an increase of 14.9% year over year

•Full Year 2025 net loss of $11.4 million and positive adjusted EBITDA of $61.8 million

•2025 growth marked by expanding use of new products, including cryoSPHERE® MAX™ and AtriClip FLEX-Mini®, and the continued adoption of EnCompass® clamp

MASON, Ohio, February 17, 2026 - AtriCure, 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 fourth quarter 2025 and full year 2025 financial results.

"Our 2025 performance reflects strong execution and continued momentum in our business. We delivered 15% revenue growth for the year and strengthened profitability while advancing key innovation and clinical initiatives, including enrollment of our LeAAPs clinical trial, and the initiation of our BoxX-NoAF trial, that position the company for sustained value creation," said Michael Carrel, President and Chief Executive Officer at AtriCure. "Entering 2026, we remain focused on driving durable growth, expanding margins and executing on strategic priorities that enhance AtriCure's leadership position across our markets."

Fourth Quarter 2025 Financial Results

Revenue for the fourth quarter 2025 was $140.5 million, an increase of 13.1% over fourth quarter 2024 revenue (12.1% on a constant currency basis), reflecting growth across the business globally, partially offset by declines in our minimally invasive devices. U.S. revenue was $114.3 million, an increase of $12.8 million or 12.6%, compared to fourth quarter 2024. U.S. revenue growth was driven by sales of our cryoSPHERE MAX® probe for post-operative pain management, AtriClip® FLEX-Mini® device for appendage management and the EnCompass® clamp in open ablation. International revenue increased $3.5 million or 15.3% (9.9% on a constant currency basis) to $26.2 million, with growth in most of our key international markets.

Gross profit for the fourth quarter 2025 was $105.3 million compared to $92.6 million for the fourth quarter 2024. Gross margin was 75.0%, an increase of 45 basis points from the fourth quarter 2024, driven by more favorable product mix. Income from operations for the fourth quarter 2025 was $2.5 million, compared to a loss from operations of $14.5 million for the fourth quarter 2024. Basic and diluted net income per share was $0.04 for the fourth quarter 2025, compared to net loss per share of $0.33 for the fourth quarter 2024.

Adjusted EBITDA for the fourth quarter 2025 was $19.9 million, compared to $12.7 million for fourth quarter of 2024. Adjusted income per share for the fourth quarter 2025 was $0.06 compared to adjusted loss per share of $0.08 for the fourth quarter 2024.

Constant currency revenue, adjusted EBITDA and adjusted income/loss per share are non-GAAP measures. We discuss these non-GAAP measures and provide reconciliations to GAAP measures later in this release.

2025 Financial Results

Revenue for 2025 was $534.5 million, an increase of $69.2 million or 14.9% (14.4% on a constant currency basis), compared to 2024 revenue. Our revenue grew as a result of expanding adoption of our pain management, open ablation and appendage management product lines. U.S. revenue was $435.4 million, an increase of $52.6 million or 13.7%. International revenue was $99.2 million, an increase of $16.7 million or 20.2% (17.5% on a constant currency basis). Gross profit for 2025 was $400.8 million compared to $347.5 million for 2024. Gross margin increased to 75.0% for 2025, an increase of 29 basis points from 2024.

Loss from operations for 2025 was $9.4 million, compared to $40.0 million for 2024, reflecting strong revenue growth, cost efficiencies and improving operating leverage. Basic and diluted net loss per share was $0.24 for 2025, compared to $0.95 for 2024.

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Adjusted EBITDA was $61.8 million for 2025, an increase of 98% when compared to $31.1 million for 2024. The adjusted loss per share for 2025 was $0.11 compared to $0.67 for 2024.

2026 Financial Guidance

Management projects full year 2026 revenue of approximately $600 million to $610 million, reflecting growth of approximately 12% to 14% over full year 2025. Management also projects full year positive adjusted EBITDA of approximately $80 million to $82 million in 2026, with full year positive net income. Full year 2026 adjusted earnings per share is expected to be in the range of $0.09 to $0.15, and net earnings per share is expected to be in the range of $0.00 to $0.04. Additionally, management expects continued positive cash generation for 2026.

Conference Call

AtriCure will host a conference call at 4:30 p.m. Eastern Time on Tuesday, February 17, 2026, to discuss its fourth quarter 2025 and full year 2025 financial results. To access the webcast, please visit the Investors page of AtriCure's corporate website at https://ir.atricure.com/events-and-presentations/events. Participants are encouraged to register more than 15 minutes before the webcast start time. A replay of the presentation will be available for 90 days following the presentation.

About AtriCure

AtriCure, Inc. provides innovative technologies for the treatment of Afib and related conditions. Afib affects more than 59 million people worldwide. Surgeons around the globe use AtriCure technologies for the treatment of Afib, reduction of Afib related complications, and post-operative pain management. AtriCure's Isolator® Synergy™ Ablation System is the first medical device to receive FDA approval for the treatment of persistent Afib. AtriCure's AtriClip® Left Atrial Appendage Exclusion System products are the most widely sold LAA management devices worldwide. AtriCure's Hybrid AF™ Therapy is a minimally invasive procedure that provides a lasting solution for long-standing persistent Afib patients. AtriCure's cryoICE cryoSPHERE® and cryoXT® probes are cleared for temporary ablation of peripheral nerves to block pain, providing pain relief in cardiac, thoracic and amputation procedures. For more information, visit AtriCure.com or follow us on X @AtriCure.