AtriCure (Nasdaq: ATRC) today announced preliminary fourth-quarter revenue results that beat the expectations of Wall Street analysts.
The Mason, Ohio–based developer of surgical tools for atrial fibrillation (Afib), left atrial appendage (LAA) management and post-operative pain management expects to report Q4 2023 revenue of $106.5 million, up 21% year-over-year. The consensus on The Street was $102.43 million.
Preliminary, unaudited revenue for full-year 2023 is expected to be $399.2 million, representing roughly 21% growth over full-year 2022. AtriCure’s management now expects revenue to grow another 15–17% in 2024, reaching $459–466 million, reflecting growth of approximately 15% to 17% over full year 2023
ATRC shares were up more than 6% to $35.03 apiece by the close of trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 1%.
“We continue to see substantial opportunities in each of our markets and are well positioned to deliver robust growth and increasing operating leverage in 2024 and beyond,” AtriCure CEO Michael Carrel said in a news release.
Mike Matson, senior research analyst at Needham & Co., was encouraged by the strong 2024 guidance despite medtech giant Medtronic launching a competitor to AtriCure’s AtriClip left atrial appendage (LAA) exclusion device.