AtriCure (NASDAQ:ATRC) Announces Quarterly Earnings Results, Misses Estimates By $0.02 EPS

AtriCure (NASDAQ:ATRC) released its quarterly earnings data on Wednesday. The medical device company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.02), Briefing.com reports. The business had revenue of $108.90 million during the quarter, compared to the consensus estimate of $106.86 million. AtriCure had a negative return on equity of 7.82% and a negative net margin of 8.98%. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period last year, the business 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 Down 6.0 %

Shares of NASDAQ ATRC opened at $20.89 on Friday. The firm has a fifty day simple moving average of $28.81 and a two-hundred day simple moving average of $33.13. AtriCure has a 12 month low of $20.19 and a 12 month high of $59.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.66 and a current ratio of 3.57.

Analysts Set New Price Targets

Several analysts have issued reports on ATRC shares. Oppenheimer upgraded shares of AtriCure from a “market perform” rating to an “outperform” rating and set a $32.00 target price on the stock in a research note on Tuesday, April 23rd. Stifel Nicolaus reduced their target price on shares of AtriCure from $50.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, February 16th. Canaccord Genuity Group reduced their target price on shares of AtriCure from $57.00 to $49.00 and set a “buy” rating on the stock in a report on Thursday. Needham & Company LLC cut their price target on shares of AtriCure from $46.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday. Finally, StockNews.com lowered shares of AtriCure from a “hold” rating to a “sell” rating in a report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.78.

Insider Activity at AtriCure

In other news, insider Karl S. Dahlquist sold 8,231 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $37.36, for a total value of $307,510.16. Following the completion of the transaction, the insider now owns 52,839 shares of the company’s stock, valued at approximately $1,974,065.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Justin J. Noznesky sold 1,500 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $36.72, for a total transaction of $55,080.00. Following the sale, the insider now owns 74,284 shares in the company, valued at approximately $2,727,708.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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 in the company, valued at approximately $1,974,065.04. The disclosure for this sale can be found here. Insiders have sold 14,616 shares of company stock worth $504,932 over the last 90 days. 3.20% of the stock is 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.