AtriCure (NASDAQ:ATRC) Releases Earnings Results, Misses Estimates By $0.02 EPS

AtriCure (NASDAQ:ATRC) issued its quarterly earnings data on Wednesday. The medical device company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02), Briefing.com reports. AtriCure had a negative return on equity of 7.55% and a negative net margin of 7.62%. The business had revenue of $108.90 million for the quarter, compared to analyst estimates of $106.86 million. During the same period in the previous year, the business posted ($0.23) earnings per share. The firm’s revenue for the quarter was up 16.5% compared to the same quarter last year. AtriCure updated its FY24 guidance to ($0.74)-($0.82) EPS and its FY 2024 guidance to -0.820–0.740 EPS.

AtriCure Stock Down 10.3 %

NASDAQ ATRC traded down $2.54 on Thursday, hitting $22.22. 2,753,181 shares of the stock were exchanged, compared to its average volume of 710,448. AtriCure has a fifty-two week low of $20.19 and a fifty-two week high of $59.61. The company has a 50-day moving average price of $29.30 and a 200-day moving average price of $33.32. The company has a quick ratio of 2.66, a current ratio of 3.57 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.08 billion, a PE ratio of -33.67 and a beta of 1.41.

Analyst Upgrades and Downgrades

ATRC has been the topic of a number of research analyst reports. StockNews.com downgraded shares of AtriCure from a “hold” rating to a “sell” rating in a research note on Wednesday, March 27th. Oppenheimer upgraded AtriCure from a “market perform” rating to an “outperform” rating and set a $32.00 price target on the stock in a research note on Tuesday, April 23rd. Needham & Company LLC dropped their price objective on AtriCure from $46.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday. UBS Group boosted their price objective on AtriCure from $57.00 to $58.00 and gave the company a “buy” rating in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. lowered their target price on AtriCure from $42.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, AtriCure has an average rating of “Moderate Buy” and an average price target of $49.78.

Insider Activity

In related news, insider Justin J. Noznesky sold 1,500 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $36.72, for a total transaction of $55,080.00. Following the completion of the transaction, the insider now owns 74,284 shares in the company, valued at $2,727,708.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Justin J. Noznesky sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $36.72, for a total value of $55,080.00. Following the completion of the transaction, the insider now directly owns 74,284 shares of the company’s stock, valued at $2,727,708.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karl S. Dahlquist sold 8,231 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $37.36, for a total transaction of $307,510.16. Following the sale, the insider now directly owns 52,839 shares in the company, valued at approximately $1,974,065.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,116 shares of company stock worth $468,797. 3.20% of the stock is currently owned by corporate insiders.

AtriCure Company Profile

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.