AtriCure (NASDAQ:ATRC) Issues Earnings Results

AtriCure (NASDAQ:ATRC) released its quarterly earnings results on Wednesday. The medical device company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02), Briefing.com reports. The business had revenue of $108.90 million for the quarter, compared to analysts’ expectations of $106.86 million. AtriCure had a negative return on equity of 7.82% and a negative net margin of 8.98%. The business’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.23) earnings per share. AtriCure updated its FY24 guidance to ($0.74)-($0.82) EPS and its FY 2024 guidance to -0.820–0.740 EPS.

AtriCure Stock Performance

Shares of ATRC opened at $20.89 on Friday. The company has a 50-day simple moving average of $28.81 and a 200-day simple moving average of $33.13. The company has a quick ratio of 2.66, a current ratio of 3.57 and a debt-to-equity ratio of 0.15. AtriCure has a 52 week low of $20.19 and a 52 week high of $59.61.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ATRC shares. 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. UBS Group boosted their price target on AtriCure from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Needham & Company LLC reduced their price target on AtriCure from $46.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday. StockNews.com lowered AtriCure from a “hold” rating to a “sell” rating in a research note on Wednesday, March 27th. Finally, JPMorgan Chase & Co. dropped their price objective on AtriCure from $42.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.78.

Insider Activity

In other news, insider Justin J. Noznesky sold 1,500 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $2,727,708.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Justin J. Noznesky sold 1,500 shares of the stock in a transaction dated Tuesday, March 12th. The shares were 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 owns 74,284 shares of the company’s stock, valued at $2,727,708.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karl S. Dahlquist sold 1,885 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $32.16, for a total transaction of $60,621.60. Following the completion of the transaction, the insider now directly owns 50,954 shares of the company’s stock, valued at approximately $1,638,680.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,616 shares of company stock valued at $504,932. 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.