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

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

AtriCure Stock Performance

NASDAQ ATRC traded up $6.53 on Wednesday, reaching $35.96. The stock had a trading volume of 455,168 shares, compared to its average volume of 720,908. AtriCure has a 1-year low of $18.94 and a 1-year high of $43.00. The company has a debt-to-equity ratio of 0.16, a current ratio of 4.13 and a quick ratio of 2.93. The company has a market cap of $1.71 billion, a P/E ratio of -44.95 and a beta of 1.44. The firm has a fifty day moving average of $27.46 and a two-hundred day moving average of $24.30.

Analyst Upgrades and Downgrades

ATRC has been the subject of several analyst reports. Stifel Nicolaus decreased their target price on shares of AtriCure from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. BTIG Research cut their target price on shares of AtriCure from $58.00 to $53.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. StockNews.com raised AtriCure from a “sell” rating to a “hold” rating in a research report on Saturday, September 14th. Piper Sandler decreased their target price on AtriCure from $65.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Finally, Needham & Company LLC raised their price target on AtriCure from $34.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $41.11.

Insider Transactions at AtriCure

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