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

AtriCure (NASDAQ:ATRC) posted its earnings results 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. The company had revenue of $108.90 million during the quarter, compared to analyst estimates of $106.86 million. AtriCure had a negative net margin of 7.62% and a negative return on equity of 7.55%. AtriCure’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.23) EPS. 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 10.9 %

Shares of AtriCure stock traded down $2.69 during trading on Thursday, reaching $22.07. The company had a trading volume of 1,610,671 shares, compared to its average volume of 696,773. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.66 and a current ratio of 3.57. AtriCure has a fifty-two week low of $20.19 and a fifty-two week high of $59.61. The firm’s fifty day moving average is $29.30 and its 200-day moving average is $33.32. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -33.20 and a beta of 1.41.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ATRC shares. JPMorgan Chase & Co. decreased their price target on AtriCure from $42.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday. UBS Group raised their price target on shares of AtriCure from $57.00 to $58.00 and gave the company a “buy” rating in a report on Friday, February 16th. Needham & Company LLC cut their price objective on shares of AtriCure from $46.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday. StockNews.com cut shares of AtriCure from a “hold” rating to a “sell” rating in a research report on Wednesday, March 27th. Finally, Oppenheimer raised AtriCure from a “market perform” rating to an “outperform” rating and set a $32.00 target price on the stock in a research report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.88.

Insider Buying and Selling

In other AtriCure news, insider Justin J. Noznesky sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $30.39, for a total transaction of $45,585.00. Following the sale, the insider now owns 72,784 shares in the company, valued at $2,211,905.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other AtriCure news, insider Justin J. Noznesky sold 1,500 shares of AtriCure stock in a transaction on Monday, April 1st. The shares were sold at an average price of $30.39, for a total value of $45,585.00. Following the completion of the transaction, the insider now owns 72,784 shares of the company’s stock, valued at $2,211,905.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Karl S. Dahlquist sold 8,231 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $37.36, for a total transaction of $307,510.16. Following the sale, the insider now owns 52,839 shares of the company’s stock, valued at approximately $1,974,065.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,116 shares of company stock worth $468,797. Corporate insiders own 3.20% of the company’s stock.

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.