AtriCure (NASDAQ:ATRC) Announces Earnings Results, Beats Estimates By $0.02 EPS

AtriCure (NASDAQ:ATRC) issued its quarterly earnings results on Tuesday. The medical device company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.02, Briefing.com reports. The company had revenue of $115.91 million for the quarter, compared to the consensus estimate of $112.23 million. AtriCure had a negative return on equity of 8.39% and a negative net margin of 9.33%. AtriCure’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.20) earnings per share. AtriCure updated its FY 2024 guidance to -0.800–0.740 EPS.

AtriCure Stock Performance

Shares of NASDAQ ATRC traded up $6.17 during midday trading on Wednesday, reaching $35.60. 1,737,958 shares of the company were exchanged, compared to its average volume of 727,017. The company has a current ratio of 4.13, a quick ratio of 2.93 and a debt-to-equity ratio of 0.16. AtriCure has a 1 year low of $18.94 and a 1 year high of $43.00. The stock has a fifty day simple moving average of $27.46 and a 200 day simple moving average of $24.30. The stock has a market cap of $1.69 billion, a P/E ratio of -44.70 and a beta of 1.44.

Wall Street Analyst Weigh In

Several research firms have commented on ATRC. UBS Group boosted their price objective on AtriCure from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Oppenheimer boosted their price objective on AtriCure from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday. Needham & Company LLC boosted their price objective on AtriCure from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler cut their price objective on AtriCure from $65.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Finally, StockNews.com upgraded AtriCure from a “sell” rating to a “hold” rating in a research note on Saturday, September 14th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $42.67.

Insider Buying and Selling

In related news, Director Maggie Yuen sold 3,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $24.07, for a total transaction of $84,245.00. Following the transaction, the director now owns 8,970 shares of the company’s stock, valued at $215,907.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 3.20% of the company’s stock.

About AtriCure

AtriCure, Inc develops, manufactures, and sells devices for surgical ablation of cardiac tissue, exclusion of the left atrial appendage, and temporarily blocking pain by ablating peripheral nerves to medical centers in the United States, Europe, the Asia-Pacific, and internationally. The company offers Isolator Synergy Clamps, single-use disposable radio frequency products; multifunctional pens and linear ablation devices, such as the MAX Pen device that enables surgeons to evaluate cardiac arrhythmias, perform temporary cardiac pacing, sensing, and stimulation, and ablate cardiac tissue with the same device; and the Coolrail device, which enables users to make longer linear lines of ablation.