AtriCure Inc. published the transcript of its fourth-quarter and full-year 2025 earnings conference call (Feb. 17, 2026), led by President and CEO Michael Carrel and CFO Angela Wirick, with investor relations represented by Marissa Bych. Analysts on the call included representatives from Canaccord Genuity, Piper Sandler, Needham & Company, BTIG, JPMorgan, Citizens JMP, Stifel, UBS and Oppenheimer. Management highlighted full-year 2025 revenue of $534.5 million (about 15% growth), adjusted EBITDA of $61.8 million, and cash generation of roughly $45 million, alongside accelerating growth in pain management and appendage management. “2025 was an exceptional year at AtriCure with achievements across our business,” Carrel said, adding the company is “well positioned for the year ahead” and reaffirmed 2026 revenue guidance of $600 million to $610 million (12% to 14% growth). The company discussed progress in major clinical and product initiatives, including completion of enrollment in the 6,573-patient LeAAPS trial and initiation of the 960-patient BoxX-NoAF trial, as well as development of a dual-energy EnCompass Clamp incorporating PFA, with first-in-human treatments completed in December. On LeAAPS interim checkpoints, Carrel said the company does not release early data, but receives DSMB feedback: “What we get is a positive thumbs-up…continue the trial.” AtriCure also addressed competitive dynamics in left atrial appendage management, with Carrel saying new entrants “validate our market,” while emphasizing AtriCure’s scale and track record, citing “over 750,000 implants” and “an incredible safety rate of 0.07.” Wirick said 2026 guidance already assumes “some very, very mild competitive pressures…in the back half of the year.” Operationally, management cited strong adoption of cryoSPHERE MAX in pain management and FLEX-Mini/PRO Mini in appendage management, while noting ongoing pressure in U.S. minimally invasive/hybrid AF therapy due to PFA catheter adoption. Wirick also flagged international headwinds from the U.K., where NHS funding and reimbursement uncertainty reduced quarterly sales by a little over $1 million versus a prior ~$4 million run rate. The full transcript can be accessed through the link below.
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