AtriCure, Inc. reported preliminary fourth‑quarter 2025 revenue of $140.5 million, a 13 % increase from the $124.3 million earned in Q4 2024. Full‑year 2025 revenue reached $534.5 million, up 15 % from $465.3 million in 2024, driven by robust demand in the Pain Management, Open Ablation, and Open AtriClip® device segments. The company’s Pain Management line, which includes the cryoSPHERE+ and cryoSPHERE MAX probes, contributed a 20 % revenue lift, while the Open AtriClip® FLEX‑Mini™ device saw a 12 % rise in sales as surgeons adopt the new appendage‑management platform.
Operating performance improved markedly. Adjusted EBITDA for the full year was projected at $55 million to $57 million, up from the prior guidance of $44 million to $46 million. The upgrade reflects a combination of higher product mix, cost discipline, and the elimination of one‑time regulatory compliance expenses that weighed on the previous year’s earnings. Gross margin expanded to 74.7 % from 74.5 % in 2024, a result of higher pricing power in the high‑margin Pain Management segment and improved manufacturing efficiencies.
Cash and liquidity remain strong. AtriCure’s cash and short‑term investments totaled $167 million at year‑end, a 20 % increase over the $140 million reported in 2024. The company’s recent extension of its asset‑based revolving credit facility, coupled with a lower interest rate, further enhances its ability to fund ongoing clinical trials and product development.
Looking ahead, management raised its 2026 revenue guidance to $600 million to $610 million, a 12 % to 14 % increase over 2025, and projected adjusted EBITDA of $80 million to $82 million. The guidance signals confidence that the company’s pipeline—particularly the LeAAPS trial enrollment and the upcoming launch of the cryoSPHERE MAX—will sustain growth momentum. CEO Michael Carrel emphasized that “2025 marked another outstanding year for AtriCure, highlighted by strong growth and transformative innovation. We successfully launched several new products, completed enrollment in our LeAAPS trial, and drove significant leverage in the business, all while strengthening our commitment to advancing patient care.”
The results and outlook reinforce AtriCure’s position as a leading provider of atrial fibrillation and pain‑management solutions. The company’s market share in surgical AF ablation remains around 60 %, and its product innovations are expected to capture additional demand as the global AF treatment market expands toward $19.5 billion by 2032. The strong financial performance, coupled with a clear growth strategy, positions AtriCure to continue delivering value to patients and investors alike.
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