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

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

AtriCure Stock Up 21.0 %

ATRC stock traded up $6.17 on Wednesday, hitting $35.60. 1,737,958 shares of the company’s stock were exchanged, compared to its average volume of 727,017. The firm has a 50 day moving average price of $27.46 and a two-hundred day moving average price of $24.30. AtriCure has a 12-month low of $18.94 and a 12-month high of $43.00. The stock has a market cap of $1.69 billion, a P/E ratio of -44.70 and a beta of 1.44. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.93 and a current ratio of 4.13.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ATRC. BTIG Research reduced their price target on AtriCure from $58.00 to $53.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Stifel Nicolaus dropped their target price on AtriCure from $30.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price target on AtriCure from $30.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday. UBS Group boosted their price objective on shares of AtriCure from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, StockNews.com upgraded AtriCure from a “sell” rating to a “hold” rating in a research note on Saturday, September 14th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, AtriCure currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.67.

Insider Buying and Selling at AtriCure

In related news, Director Maggie Yuen sold 3,500 shares of AtriCure stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $24.07, for a total value of $84,245.00. Following the completion of the sale, the director now directly owns 8,970 shares in the company, valued at $215,907.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.20% of the stock is currently owned by company 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.