ATRC - Earnings call transcript Q1 2021

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Operator

Good afternoon and welcome to AtriCure's First Quarter 2021 Earnings Conference Call. My name is Mare [ph] and I'll be your coordinator for the call today. At this time, all participants are in a listen-only mode.

We will be facilitating a question-and-answer session towards the end of today's call.

As a reminder, this call is being recorded for replay purposes. to Gilmartin call introductory Group like Lewis to comments. now the from for would turn over the Lynn I a few Ma'am.

Lynn Lewis

of Thank received you now the copy you. release. earnings should press By a have

have one to have you XXX-XXX-XXXX emailed not please you. copy, If call a to received

Before we you me let that include remarks company's begin statements. today forward-looking remind the

opportunity SEC and expectations many filings. financial regarding time the beyond projected. AtriCure's the are Forward-looking update subject statements adoption for which will the to expectations but AtriCure's include to any are statements timing and response expectations results of time approve including These the numerous approval, CONVERGE FDA statements. potential uncertainties whether risks may those are timing, CONVERGE, launch of to in to of from procedure. differ materially it from obligation publicly risks and review AtriCure's forward-looking market regarding and CONVERGE, product uncertainties limited of described control CONVERGE results AtriCure not and FDA's potential no undertakes the the guidance,

measures most refer and our per revenue of we Executive non-GAAP comparable reconciliation share. like website. financial President With is Officer. to to over with adjusted press GAAP that, Mike? currency turn included Chief measures specifically EBITDA non-GAAP to available constant is A reported on loss in Carrel, measures financial these directly Mike basis, I'd adjusted Additionally, the a which release on our the call and

Mike Carrel

following a in The and the total X% start of a and XXXX procedures and growth well. hospitals. We we that the first resources quarter in sequential decreased spike safe the which hope This Good start resulted quarantines revenue the headwind of doing afternoon, us. XXXX. represents everyone to United off quarter and quarter. in relocation you flow extended At in cardiac cases improving fourth Thanks, you from thank the surgery a over the million for COVID-XX largely experienced joining for Lynn. patient States. revenue in $XX of We're reflects are strong within

in most steady areas our March growth of to in franchises. stabilized However, we States United across saw when all began

to While recovery quarter pent-up performance in was demand, and due has momentum slowing not in continued and as the March. improvement finished volumes procedure also of this rollouts. to we March. we in in Europe saw COVID-XX began Similar vaccine especially parts we Encouragingly, reflects United States Western with our strong Internationally, in experience in some believe the we to this improve resurgence April.

markets continued international consistent have the been not we months. our in and trends expect coming as However volatility in

quarter, healthcare the but prove; As below will levels. this as States. believe trend in we worldwide the to begin Conditions outlook that pre-pandemic yet. expect the improving United fully the not crisis Well the the experience variability hopeful remain recovery volumes quarter and is behind surgery cardiac continue second fair. we year international progresses. second the further we're that is in us are Therefore, upward some markets less we expect We won't

with Beginning at initiatives. while time. cannot completing of this PMA panel We growth the CONVERGE process. a our on approval details or update closer an either to meeting we're now Turning to provide

forward confident pathway eventual shortly. in we on that to approval an look are we remain update However, milestone a and providing this to

remain towards superiority to focused show sales a We randomized we continue for EP patient aMAZE goal by are specialist infrastructure XXX-patient randomized-controlled to where is strides on endocardial all making device more our broad robust our to and trial persistent other In new surgery become clearance dedicated programs. Afib. is field. the on submission US millions leader of consist critical on trial of the dedicated and PMA plus platform commercial and submission. training Currently, key steps data. very convergent professionals of over build endocardial year therapy ablation certain for reps a Who the to also aMAZE market for a longstanding sales continue of team sales includes XXX following the of aMAZE analysis and clear standard individuals the ahead. to expect our treatment and we commercial educational anticipate data of hybrid ahead centers support a followed focused the we therapy our opportunity is at year trial during delivery growth? significant have in Open supporting XX the commercial in This Clamp to and our XXX(k) Open and the release to launch The hybrid are and our team addition ablation catheter in XX We We're LARIAT our clearance designed cardiac our of Afib. arm. care April and of Additionally, of concentrated develop a progress our EnCompass than with now supporting catheter clinical the later a follow-ups training clinical in to and of thereafter. landmark us make in completely hybrid the versus nationwide XXXX study early The patients for trial. this launch the suture successfully We fall procedures this team track franchise,

a high in device As and a we reminder faster this and to the expect EnCompass cabin open surgeons. to ablating heart appeal procedures approach Clamp to volume the simpler provides

XX% XXXX ablation continued platforms billions for of market As saw accounted appendage a Left expect our representing dollars of penetration the of and starting new management our thousands This of cardiac open sold patients opportunity Exclusion complemented devices revenue. beyond. is well We and atrial less AtriClip collective worldwide in first we by number quarter the hundreds Appendage annually. is our management The markets procedures. of record deepen of rise a LAA Atrial result, and and franchise in minimally plant for this to addressable of opportunity into the in the surgery

Our nerve growing total managing of first pain Appendage. in management Switching and our post-operative discussions. X% cryoSPHERE the track is in the revenue in with revenue to past society growth several encouraged at cryoSPHERE, market. accounts. sales which LAM Atrial probe the by solutions and growth of point [ph] cryoICE revenue business sequential new contributed over where focal the The LAA record continuous increasing growing fastest of sessions franchise our device the both meetings included to gears managing of and accounted since quarter. gaining is thoracic patients. years the Left is in quarterly interest parts traction delivering the in along awareness has our We're Cryo for is of opening is the launch approximately With block addition for dedicated one

believe technology for longstanding accelerated method to We uses these differentiated patients. from coming pain unique thoracic revenue therapy in a block will transmitting providing nerves a after drive relief Our growth pain freezing signals surgery this cardio years. the

while pandemic lives. the impacting Looking still our is ahead

see moving pathway hope. We of lessening toward of vaccines return rollout recovery. are are to momentum gives normalcy We're measures. which it of the with socially we in us and with The forward a some beginning restricted the gradual

towards future we're Our our team continues our initiatives positioned that strategic strongly multiple remain confident and with achievements in execute make and we catalysts. to

and We to Directors. Mark and like thank on service to accelerate take Scott Laning a closing, to their Drake moment our revenue have would underway dedicated Board our for In leadership I growth. of

Wirick, team. During management growth over of Officer the With to mission reduce entire Afib advancement call years our our that, grateful their for our experienced guidance more AtriCure now Financial results quarter. has epidemic. the tenure, to tremendous discuss of detailed Chief the the to I'll turn Angie and to We're global over their

Angie Wirick

Thanks Mike.

year-over-year quarter. first a The improving quarter US We procedures elective million revenue trends on in compared X% March. GAAP XX% quarter from as reflecting to X% first XXXX non-elective we $X.X results the procedures revenue elective on International compared growth growth GAAP a XXXX. increased In million and million US currency underlying in realized sales the the was XX% US quarter double-digit million up each first currency worldwide US basis on ablation basis, XXXX. the sales Minimally of Open On down first US was in increase and a EPi-Sense block basis appendage of and million down from re and $XX.X Our the basis from constant and a include product up increased $XX.X worldwide $X constant were were ablation improvement quarter products venue of experienced procedure XXXX revenue franchise XX% volume. of fourth primarily of when quarter XX% cryonerve in management XXXX. our of increase $XX.X the the first quarter first XX% of revenue throughout in XXXX. which in on to from revenue. growth invasive up a XXXX, sales from the first over the million our sequential a XXXX. XX% $XX.X basis sequential our over business to XX% were business

to XX% V international earlier, of sales XXXX. as by revenue to activity our metrics range historically. result related to - more our pressure first FLEX margin the accounted a device key for of first XX.X% experienced Western improvement XXXX the products mentioned and V mix. points - for compared gross was AtriClip contributing XX% markets product US heavier include a briefly gross a in from a Pro Touching in more geographic XXX largely Mike margin COVID-XX. EPi-Sense favorable worldwide was quarter driven and This Europe As of conditions we of Specific of XX% both on to up and sales. basis few quarter

of for quarter We of million have EBITDA million the $X.X an adjusted to XXXX. loss adjusted of first an EBITDA compared loss $X.X

show our improvement to outpacing revenue bottom-line expenses While the year-over-year increased operating results growth investments. the

the per loss each respectively. Our $X.XX compared in of quarter $X.XX was and loss $X.XX in first XXXX period $X.XX to quarter loss the XXXX share per adjusted the while was per first share share

to detail for expenses and the moving operating Now quarter.

by cost spends the meetings. and influenced effects $XX.X $XXX quarter from in the and as XXXX travel $X recurring XXXX. The as We first mainly levels where internal meetings are line comparability lower historical and $XX.X expenses, million shows from in stock-based reduced first our are and compensation quarter for trial will cash my variable to trade non-cash exclude we areas and from consideration currently top increased million clinical training investments. partially to savings quarter experiencing to increased cash pandemic XX% expenses travel, results or For and increased. such expect operating in with events we liability restored by and of of and change Total travel adjustments ended the Certain of comments. first I million improved discretionary offset contingent million

stock upon quarter our burn due first compensation the year is vesting on higher annual of typically reminder variable remainder and tax a cash the As cash payout. than based payments

We intervention specifically of And $XXX in a decision achieve quarterly for finally, burn the remainder XXXX. the cash year. to expect our for the Justice expect of recent reduce to in their approximately now the pleased to to development investigation decline with significantly our We for we're Department $XXX year. underlying turning to revenue outlook million the case. And lastly, million in

Given quarter. the second to the momentum observed first we from we reduce quarter, project in the impact exiting COVID

As experience earlier, regional to volumes procedural continue operating Mike normal variability. generally below mentioned we with

reiterate In the of the addition our remainder year. view to for

We through the quarterly XXXX. of sequential to the to a steadily growth expect revenue volumes cardiac resulting for procedure improve surgery remainder continue year

which margin very the While gross This XX% we're quarter. believe favorable in was we first by driven unique was to quarter. pleased result the report mix largely geographic to

of years. for adjusted scale do EBITDA should XXXX. we maintain the we And to in operations million reach corresponding quarterly realize a improvement expect With to gross top $XX coming expect throughout our line improvements business and the We in continue approximately We adjusted to consistently. a full loss XXXX. year margin As the the our EBITDA. XX% to

to continue loss to to At turn adjusted XXXX Mike the expect will share I call per be this for for approximately also We comments. back $X.XX. point, closing

Mike Carrel

by for workers world you, helping this the scientific thanking healthcare in community the We overcome Angie. end want Thank to pandemic.

on AtriCure. for Chair. we're Her the move in Kris our growth-oriented about forward our will that Board medical toward extensive invaluable many as appointment recovery, we with deliver Johnson be about companies catalyst as today. of earlier the also we've pleased experience As device We're and talked we excited path of

today and long-term. questions. over we'll and turn bright joining accelerated Thank it remains growth outlook us you that, over sustainable for Our the again and with for with

Operator

the line from from [Operator Instructions] your question first comes Robbie JP Marcus of Morgan.

Your open. line is now

ask your question. You may

Unidentified Analyst

This for is Thanks Liliann for actually the [ph] Robbie. taking question.

or sounds a panel. be It CONVERGE. already on like So what guys you know progressing they'll approval without approval

half the moving And FDA to first in of your one have update from conversations I What fact just the it that year? recently like you Thanks. then with some reasonable is been the follow-up. forward still a helping are what's So of here. assume quick sort and

Mike Carrel

to as to holding not is It's Once hand know question relative we or very to that. going What's to got my the we're right, asked, reasonable it's you're in in shortly from very just assume and panel update up the or that I the comments you paper do mentioned the just answer we've able that, approval. we we'll need we whether have to to announce be going did FDA.

data. though, As there. chance in mentioned We comments obviously the I feel very that in approval our seen confident my eventual of you've all getting

about what the can we really piece that's say So time. CONVERGE this at

Unidentified Analyst

continued out rate one April And over the range that's March just follow-up so Thank you there. what year, much. cadence how and quick your assumes? Thanks of sort coming great. exit provide Okay, Any into and color could the on of guidance you.

Mike Carrel

strong. really what March. into and our have exited already a We'll be back se into had as and strong. strong I really means. know the better month during don't into quarter a in we initially than my the has originally be and second remarks. March, We I picked continued rate guidance numbers end we'll we if month to that rate the per It year had you was do half we'll as that the mentioned March April the of of as exit well exited think very We - We back think having half year. the of February about continue the strong anticipate continued up of But the I we anticipated. at put anticipated our of revenue.

softness that to increased. kind going that probably and we of the of the guidance original we've most updated and some So of have second our is come into where which now is quarter

Operator

line comes The of next question from Wise Stifel. from Rick the

Your line is now open.

You may ask question. a

Rick Wise

performance. of given the just I what's Left couple of a just on major question your product area Just Management of - guess little and continued sense more growth drivers maybe next appreciate confidence focus if us help mean, sort you could might I from a Maybe that my us separate recovery sort rollout? it give that of, next. granular specifically. What's sustain amazing help your Atrial in

Mike Carrel

the drive might move late some the coming several I point in are history Afib to Rick. pipeline next appreciate that considerable question, at growth. the catalyst We're years that I down over the going

You're it degree. seeing numbers some in our of some to

MIS The obviously first and foremost, CONVERGE that will our business. drive

part significant of very think year and we saw, and seen MIS other inquiries of HRS But had of and quarter. are that's a of places have data comments of kind lots and impact at inbound be that. people that We going to has there adopting our interested You driver A that of since data is of growth. that and to because and out the because been the a May last also really COVID. strong part people that's

going that some We an AtriClip to short-term. specifically the Left driving in data. attachment eventually or on you're the get clip-on that. as of that's think LARIAT's CONVERGE procedure top so therapies so of CONVERGE top to to the percent that's growth even aMAZE Hybrid that the going possibly with and the continue Appendage seeing a You We're also of actually the increase of some add the Atrial and

rich So great Atrial aMAZE pipeline AtriClip. that products getting on on fully to got Left the with the of second But up enrolled Appendage? with piece, just followed obviously which and We've is trial. having a not

standard and of years We're data. of as the care. getting then a a within as that on that well compiling move position great we're another forward that in to Now approval couple

in that, treating we believe is ridiculously do on then that it clearance that that and population. almost some right the and for with combine time that only growth with over probably new it to longstanding sure really, quarter really will down EnCompass is on still on out drive the sequential the XX to pipeline. product. to will that, the the we top I we're of top kind continues surgery out There's now. Afib be robust management quite team We aggressively every of up area. one have catalyst rate as EnCompass in patient other great ability we're add with months seen the which You penetration low XX coming single market doubling and we've serve patients. had help for mentioned The next of every interest you've there rolling since that. growth got your building huge that plan franchise CONVERGE getting where pain that On of you've persistent this We cardiac

Rick Wise

that. for one Angie for maybe thanks margin. And on Yes, gross

going right be XX%, for I then rest for sure roughly that if margin was do memory. we XX% the to again, very suggesting about that, about and think be the quarter clear, first the the AtriCure international But way I won't - not gross think thinking that'll about I we international or products year. should that dynamics things that year understand or You're make about guess the and it is to so to it, there be were strong that must of so do like clear Are my was record how the I two because you recover weak want I'm is think in I that sure how the sustain we Angie? drag. so that and certainly the think understand really is I and

Angie Wirick

rest We typically percentage and a international of headwind of is about what with think history. we best was Rick, revenue in and total recent are and the XX% margins US mix we'll the XX% revenue. saw XX% of that's we you have from to we'll the to a great that most expect play memory, year see the XX%. contribution down bigger is quarter overall XX% for The the coming our unique this of so US when one contributing rebound

show towards historically Our on think and progress more full continue modest that I in take a year some we've improvement target will years. consistent is and been to of the But coming outlook XX%. a long-term where basis

Operator

you. Thank

Your from line Mike Needham. of from next Matson comes question the

now is Your line open.

You may question. ask your

David Saxon

quarter. I Saxon any Thanks sales the the for David serves hybrid question. first there memory hires team. on is taking weren't for This so much this Mike. guess If new

the you make anything guess I with to hirers. or be that other you convergent So expect then before a additional And than do launch? happy guys approval are you potential into team to [indiscernible] needs else going approval accomplished

Mike Carrel

adding, we'll added to be hybrid feel the actually area layer kind coming We're ready of the launch. reps would over significantly number like Director. great position converted years. actually for adding management a We're in reps a team where we've the some of a we're of with of We the into

is team six on that now we're now and for that the So them. areas staffed then fully are fully country, backed

it's well. to we've hiring. well out to of the we've have to add people [indiscernible]. got we're on of a In and to robust been have to mentioned management them team on larger on in positioned. So take that, we'll of continue as We On continue actually covered. roles effectively training the front that hire this been about number the of place But kind a on really education order But who team some and We front. we'll education we're training to top and I got the promoted really and there role team. have more that like been good country backfilling feel go

the course add And so headcount of over continue yes, to year. the we'll

David Saxon

guidance. Okay, just on one great. guess I

maintaining You're raising revenue but EBITDA.

call Thanks hires. I that you other that guidance. guess new that maintaining So loss is want guess in Any much. EBITDA I resulting so to mean I out, investments the than other

Mike Carrel

Angie. on go mean, I Sure

You got it.

Angie Wirick

education behind see this shifted and spend thought of and quarter the anticipating catalyst and line We the a pretty program, future into training heavier mean called of out. typically the $XX bottom kind launches in rest managing to of leaning adding first I number. and and million for sizable you year. out. team the the adding some the that We're loss the project to it our That's the

Operator

you. Thank

from question next from Your SVB of comes the Danielle Leerink. Antalffy line

line Your open. is now

You question. may your ask

Danielle Antalffy

previously you just revenue heading seeing just I it as potentially better prior follow-up to Mike, QX. mentioned, the miss Maybe the wanted is guidance. to expected relates question into But modeling of street sort momentum you QX. are this on now a than

by consensus by But million. up beat a taking like you're number You $X range. It about looks only midpoint the it the at the the beat. of

about, and It's to follow-up. side then know curious help if normal I more just sort on tend bridge just one us be So of the have you I conservatism. conservative could guys you there.

Mike Carrel

come with in I've continue, in We're uncertainty strength just And of at here, some place from half back Sure, quarter. anticipate just this that second out in previously have we guided looked sure is to. that QX it just the from a what that has of do kind strength is, the then continued making solid overall. in pandemic as April sure have that much making you the we standpoint we'll it obviously change shouldn't

Danielle Antalffy

fair be upon can be comes when On that's and upside question. you and sort should market? my to just we But there strategic prepared to thinking early get then could this I How mentioned this depending much perspective. of launch when launch. and and follow-up how of about potentially the a guidance guess I we Okay, from the fully days CONVERGE on to how CONVERGE your ramp quickly actually news guess

Mike Carrel

upside be mostly there's year on for to always This COVID. But CONVERGE. going to is due the potential really obviously it's

that's we As back in I April continued and the has and COVID March what comes in think timeframe. saw

both on of side as business up and of pain to these of they're beds our the That's obviously and business on as drive sides procedures the hospital management side going inclusive occur. in XXXX. what allowing for Just to well. upside us our our open Both ablation

top That's the of with we really XXXX. two because a where see where of attachment see rate going and that in in start CONVERGE getting will clearly what's the clip-on those driver that some anticipate kind upside to to drive be you'll for acceleration from it. the in significant really we XXXX. that's CONVERGE of So That's XXXX. growth

Operator

you. Thank

comes Piper Your from line Matthew Sandler. the next from question O'Brien from

is line now open. Your

a question. You may ask

Matthew O'Brien

push on just Mike, CONVERGE. a to little bit

I one the terms expected soon the way in be call, of out going or kind think coming the of other it's lot us of QX of to decision so.

might bit a I helpful more just little be talk about. to think it investors for

you think had sense it back said I you then. a it for

terms felt going You bite and back how that's from see Is at the that a delay of the in now getting an that pretty there forward it Slow we good Is tangible little agency? months. we a paperwork. specific it tangible be on, something we're much to? the down change? about to that more can that Is it's there might what little of fast administration reviewer? bit more then that It's a same. couple of look understand a can us down that something Is helps we

Mike Carrel

one I good can't point. - don't bit I and A could or I I feel I it's had kind to really to more I But of administrative the that little this would kind than [indiscernible] anything all It's an administrative announce on thing a date. all I at of above, And about and say. else. hand wish think say I something

obviously done delay top has back team but meeting. on the the they was a definitely think ours, we the terms obviously a fundamentally of Again, in same Again that really collaborative delay that can't. of Branch did think a more could administrative level which that kind mostly any more of came than to side. was it's understand do why There's obviously probably anything on That of pieces. that was part that your the the had wrong did your than asking time that other this say it's on occurred expected I'd an meeting had job. been that panel I in you're to quarter. else. I thing anyway But they our and in to than point in from causes of some took. But definitely wish They leave Chief had perspective. good Interim The say I shape side been I on has nothing or of person wonderful review aspect quarter was you that that. If It I panel question. spend something of the today much form administrative

Matthew O'Brien

helpful. Okay, January then pretty soft, was that's everybody March. the look a some slowdown some was But much if pretty maybe up two-year that. on Appreciate there it so there's US you on things catch I'm And But for stack. sounds like although some up sure business there. very at in MIS catch

put not X.X last the growth the business have MIS in over that level You of years.

is deeper do existing of going potentially procedural So those more anything terms lines? up hey now and they're clearly outside the to there in something that people catch on some cases, a along any anything taken maybe accounts line new and it's on up or and those to point Is volumes. for while to clinicians or in get there, program's starting look at data, process running to

Mike Carrel

was thing got things. a that, side. seeing the for MIS that of COVID impacted two one combination definitely I You're is first mean the sure by

to a session data to get a is got January. we go has incredibly for and presented up at continues the valid, of is show at in XXXX. long-term and last point come those have say, - it, were now. year. sure back durable out more data It's that your and continues of there the begin doing very HRS so do procedure you've did works November an week wait well and that end this say sick out more really procedure to and March patients come running around that that that and in look then I'd evidence published that it and and down begin It's a came they out, patent. you're out in totality these of I'm been to programs just take starting see special second it, presented. But second. to HRS put willing in been May So to on in been the

of that beginning that happening you're see I the So definitely for think sure. starting to

Operator

Thank you.

from comes line Your of Plovanic the next Bill question from Canaccord.

line now is open. Your

You may a question. ask

Bill Plovanic

to questions type just admin. I animal or data final asked. CONVERGE There know is any It's been need On to three data any truly you of provide. have no clarify or

You're just relative you're and waiting bit. investment was I more But spoke R&D could wondering you question the of on on a it Thanks. to if this and on your at just follow-up kind there? about little then granularity provide what point is Angie working really spend a my

Mike Carrel

Sure.

to this. anything is relative Angie and details it I'll to R&D Just turn an spend. work at give the to maybe It be there's time additional else in no clarify animals more admin piece. on administrative point to is or on this for some it to purely done data

Angie Wirick

[indiscernible] the Bill. Sure, trial. continued Couple on are key Patient follow-up other areas during aMAZE quarter. work the the

We heavy access say deep includes the other further continued and enrollment I'd from new patient development with study. in have that aMAZE particular then that protocol pipeline Couple about clinical coming also spend ongoing. product a trials EnCompass few years. projects perspective from been you're in hear the are within that's us clamp in that seeing opened, the other you'll pretty new that and then

Bill Plovanic

I there. and if could Okay in throw a follow-up

the have fit the How about as LARIAT questions one is think then aMAZE the we LARIAT think and now out to [indiscernible] you I the that and trial going to is, into having coming portfolio the got there? talk the we well. you're going if about of as is. bring get Just You've CONVERGE AtriClip

Mike Carrel

really obviously be in realm, by used primarily kind Whether cardiologist point this time. it's the or into the that it serve interventionals. for obviously electro an to trade both characteristics of got same there's gets in and us put mean the to it very interventional a epicardial less hand going actually AtriClip similar does. It's to at the that I invasive them it's so has EPs it's and outside. Yes physiologist the it's from that [indiscernible] product into ways. way But outs their

ablation can that, strategy Afib the outcomes. in combination with is improve Our believe we really that other techniques

superior not overall. It anything and If the you technology inside appendage leave take a completely. out does is

to we've already aMAZE clip the shown with able and reduce be we to to prove to from We're with position robust in give And that to standpoint. choice of and a offer electrical well really have to we're out to holistic and to good that. them be kind trial going so the feel us that That the going solution suited obviously position make. the that's going really able to be you're like Afib

Operator

Thank you.

question line the Suraj from and Oppenheimer next comes of Company. Your Kalia from

open. now is line Your

You may ask a question.

Suraj Kalia

Mike, two side. questions from my

Bill's piggybacking on Just question.

So since [indiscernible] Mike, and LARIAT. outcomes it's a will positive gone conclusion. reduction AF the of aMAZE show with burden use full to

reimbursement guess for complete you portfolio the we LARIAT. said bifurcation more I at management us the I'm within different. user AtriClip The a looking physician interested different. is you're should Help is [indiscernible] expect So itself. how Like right. end understand the pathway when versus the product in

a the there should - forward because LARIAT to pull for with going would framework it will the be the through to loss say be or going LARIAT we I is think trial. of Moving be how within one the about AtriClip is tangible to aMAZE data,

Mike Carrel

and going good offer they differentiators very their a to physician it's to we're bit little our what's of that actually for their it's choices think work Yes, both. best be up patients. that patient It's particular facility going to terms treat of I provide how want to going I question to the actually for and and of one think a in best with

Some pathway support be are physicians the able and are to comfortable down to be we'll going LARIAT them. going to not very go

EP probably the so them build they the questions you're some we'll the going come on skill they and the to and to they program and talking what the way will data, so don't to interest then to and we're that several going in go, there which manage to Either which they Some both how LARIAT put and what's then the options leave to we appendage years market because it's can't Right the and them and pathway a down interesting not the to really want and are in that indifferent. themselves really getting on out. and sets. them think is have they their for world. change yet. they'll it's what up aMAZE want ever LARIAT you them Many of go the in the going like to obviously get support want LARIAT? now wait they that's we're down get to with want do out We the talk not really clip aMAZE to the and down be options best Once the asked, managing to just dictate they clip going to approved, get really way both to be we about line to Do them the attached to patient that best see and depending go. providing into we'll others, that is becoming we and appendage see that we're interest good that's want down you move we're them. we LARIAT what and We're to out clip some again able going have

Suraj Kalia

me about Thank approval and demand at if fruit we used let's Mike hanging label? reason to understand the three been it. have uptick change quarters ask post comments is have least off guys panel. memory or we question. the it next technically CONVERGE so approval done, reported you should you Help should in taking step we're a the your CONVERGE, I'm I that low there. and X,XXX Got listen to a dictates is, being imminent is four the CONVERGE me if But correct I or on procedures bypass wrong because say in a then the past and logic to gradual in for expect expect for going tells us

Mike Carrel

used off not being label. actually it's Well

address absolutely going before for want I that a It's an to even the I parts the I was to today. do used label today ablation make cardiac So product approval very to does tissue use mean happen. that. is being we the have and so how strong of just on-label today

to said, being question the what terms uptick. mean asked this of that relative you does an Now for in

country. beachhead of see that that regardless to we territory segmented advantage the go anticipate going We've the by to every we're that make then ramp the if education in to has learning we sites. to hanging really key we're when know year about sure some do start picked approached see approval out you'll to That to that, up XXXX really already that this being They're said, there to say ramp begin panel the to approval We before to and you'll programs, that organically We're is more get whenever that the providing. it I having quarters. get before of as you'll when every take start that We accelerating. from certain think three mainly, training What or after happened take kind kind out build building kind want led we hand. are and going them that getting because getting like don't see area look and into, You actually official we those that in I rest I established able see and would the view by And even strategic this of low starting and fruit. the of got of some up of But put of call would terms of very of approval running. sites time by that's is we're up. sites. them, four or being XXXX that's they've utilized going an accelerated growth again and building XXXX. in up programs

Operator

Marie question from from next comes BTIG. Thibault Instructions] line [Operator the of

is line now open. Your

ask may question. a You

Marie Thibault

products up I'll new today right too really we in front. haven't discussion. of ask both touched here On on two the much that them

is first cryo The on nerve block.

comment is cryo making, said of can material you're block you impressive. be use investments It Wondering think sort terms appreciate of and What your sort in to of question. mentioned this there that the X% revenue you EnCompass. the on something open of use once what revenue be you product of and there into where surgeons the grow XXXX. of helping and expand nerve to in to plans go that in encourage which doing could see your what terms a prepared faster. in of certainly secondly the that you I to hand And get market total then the approved that's like that's sounded cardiac are early and material more

Mike Carrel

you the pain thank Marie, cryo On Well management appreciate Great. block. nerve question.

of field You're right now exciting XX invested it's the we've got that so added part significantly people your right that grow. the team. that We've on have or around headcount continues we business and an to on

United cover because areas we coverage cities to investment and need major We all So the number to the one major States. is get to people get that. do in when

actually would the trained. it. the person and them than of The the that the Now for and side see open right how you to Afib on we've less get learned city get is up what pattern training

there to growing business business The people getting our to for a year the do have and impact out getting of key years that bit So and us we is. is year. can bit of continue major next more a come. goes kind then will to coverage. continue on your quickly to part an and of investment where part we a more little more to going to be again this the and accelerate That's anticipate as It's

is need that The invest continuing data. to we clinical in really second get piece to

way matters. the believe me data change heard We about people talk therapies. of a and as that. all really so It treat clinical result does You've drug can

products. upside we'll Europe further one to anticipate IDE they the definitely [indiscernible] what getting be Europe into use to coming have want access We will but already years to out to over continue hear to conferences cryoSPHERE piece and US that and in trials. applied are data trials probably therapy about third us. trials various to that get into looking shows.' the in it we the we chomping even to The that's being it, another that the somewhat invest and really data so invest get to They're different from we so necessarily and the Not for eventually going try is to can and than suggest probe at

question. great relates great As excited to EnCompass really it EnCompass a it's it. is product. about a We're

the of in single As digits grow kind through allow products really I people of to helps us. But us to build that area. surgery cardiac mid-to-high going and franchise upon What see enable believe penetration EnCompass we getting it continue necessarily mentioned to that into more use the what kind open that's in That earlier. for call we to years is, ups isn't come. to believe growing that's we so

you're kind really going big clip see that is or is those cryo Excuse not nerve to growth to in-contact the as now product she me see to goes. points. are EnCompass. with sense the hockey inflection or be curve up where so to you're EnCompass to start of steady the and going to going to going have going is stick LARIAT or the You're the that block be

Marie Thibault

Thank you, Mike.

Operator

turn There time. call further for over would Carrel to closing to the Mike are I at question like Mr. this no remarks.

Mike Carrel

now. joining about you Great have everybody wonderful the XXXX again a for in learning And to be and quarter you and have thank and we a all going is banner today. We Bye us really great the wonderful catalyst evening. year. it. listening Appreciate appreciate,

Operator

participating. for that conference you gentlemen, call. today's and concludes Ladies Thank all

now may You disconnect.

AtriCure (ATRC) 28 Apr 212021 Q1 Earnings call transcript