AtriCure (NASDAQ:ATRC) Issues FY 2024 Earnings Guidance

AtriCure (NASDAQ:ATRC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of -0.820–0.740 for the period, compared to the consensus EPS estimate of -0.780. The company issued revenue guidance of $456.0 million-$461.0 million, compared to the consensus revenue estimate of $462.0 million.

AtriCure Price Performance

NASDAQ:ATRC traded up $0.04 during midday trading on Tuesday, hitting $22.00. The company had a trading volume of 1,531,751 shares, compared to its average volume of 774,239. AtriCure has a 52-week low of $18.94 and a 52-week high of $57.77. The stock’s fifty day moving average price is $22.67 and its 200-day moving average price is $27.15. The company has a market capitalization of $1.05 billion, a PE ratio of -27.95 and a beta of 1.44. The company has a quick ratio of 2.83, a current ratio of 4.00 and a debt-to-equity ratio of 0.16.

AtriCure (NASDAQ:ATRC) last posted its quarterly earnings results on Wednesday, May 1st. The medical device company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.02). AtriCure had a negative net margin of 8.98% and a negative return on equity of 7.85%. The business had revenue of $108.90 million for the quarter, compared to analysts’ expectations of $106.86 million. During the same quarter in the previous year, the company earned ($0.23) earnings per share. The business’s quarterly revenue was up 16.5% on a year-over-year basis. As a group, research analysts expect that AtriCure will post -0.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ATRC. Oppenheimer upgraded shares of AtriCure from a market perform rating to an outperform rating and set a $32.00 target price for the company in a report on Tuesday, April 23rd. Canaccord Genuity Group decreased their price target on shares of AtriCure from $57.00 to $49.00 and set a buy rating for the company in a research note on Thursday, May 2nd. JPMorgan Chase & Co. decreased their price target on shares of AtriCure from $42.00 to $34.00 and set an overweight rating for the company in a research note on Thursday, May 2nd. Finally, Needham & Company LLC reissued a buy rating and issued a $40.00 price target on shares of AtriCure in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, AtriCure currently has a consensus rating of Moderate Buy and a consensus target price of $45.00.

Insider Buying and Selling

In other AtriCure news, insider Justin J. Noznesky sold 1,500 shares of AtriCure stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $24.09, for a total value of $36,135.00. Following the sale, the insider now directly owns 71,284 shares in the company, valued at approximately $1,717,231.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other AtriCure news, insider Salvatore Privitera bought 5,000 shares of AtriCure stock in a transaction dated Thursday, May 30th. The shares were purchased at an average cost of $22.25 per share, for a total transaction of $111,250.00. Following the acquisition, the insider now directly owns 103,290 shares in the company, valued at approximately $2,298,202.50. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Justin J. Noznesky sold 1,500 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $24.09, for a total transaction of $36,135.00. Following the completion of the sale, the insider now owns 71,284 shares in the company, valued at $1,717,231.56. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by corporate 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.