ATRC - Earnings call transcript Q3 2021

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Operator

00:05 Good afternoon and welcome to AtriCure's Third Quarter twenty twenty one Earnings Conference Call. My name is Catherine and I'll be your operator for today's call. 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. like Gilmartin the introductory Group now Marissa over comments. would with Bych for I to call turn to XX:XX a few

Marissa Bych

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

you remarks have emailed today, include to let forward-looking If call remind you we XX:XX one not statements. copy, to received please have that XXX-XXX-XXXX Before me you. begin a the company's

to obligation of to measures, loss financial uncertainties control, any XX:XX are described AtriCure's reported expectations forward-looking share. specifically and statements uncertainties, guidance statements. are publicly time with may many those from risks we of including measures update non-GAAP a AtriCure and expectations, reconciliation franchises currency subject adoption differ A and risks I'd undertakes beyond are include, market on initiatives, EBITDA, projected. basis, to, non-GAAP is per statements website. revenue in adjusted and no Forward-looking most time adjusted and regarding AtriCure's from is Officer. Executive comparable financial and which These our XX:XX call available reimbursement. to to turn these to AtriCure's the opportunity press President on directly the not for procedure, to With AtriCure's which filings. results constant release, the potential CONVERGE financial numerous of SEC in materially CONVERGE refer included including and the Chief the measures GAAP limited but that, growth over like Carrel, our Mike Mike? future Additionally, and

Mike Carrel

growth of over represents XX:XX driven sequential the solid third We hope revenue. This twenty saw including thanks and from from a States, year and pandemic everyone, accounts. franchises headwinds, one XX:XX and percent performance total in Europe We lines percent the by with ablation hospital therapy began peers impact see results. our twenty September, robust COVID-nineteen compared in pleased continuing key joining third and five to in across industry growth quarter sales that difficult We quarter staffing of performance dollars one product the second a of brought across new in decline quarter began management third our driven afternoon, reaching third United in strong surges today. twenty Against year to however, As delivered Good contribution twenty pandemic. year, the the a addition seventy open with million from and us which Marissa. twenty challenges our record and pain Thanks, some XX:XX quarter were month appendage continue July. have affected constraints, we with In you're many well. management by point backdrop for nine hybrid hospitalizations we also along COVID cases the the the We in quarter August Asia. stated, broadly.

healthcare are systems have workers beats, to managing there not a through many healthcare options immune these COVID While few mitigate and of at to are the shortages we become developments. adopt related

of FDA our forty we as noted, Afib, quarter, approximately growth early use therapy. training represents persistent having standalone received This country, small trial. dedicated PMA on system programs, In marks twenty several treatment CONVERGE one our approval over add addition way our achievement the of percent mobile to with beginning our patients a very efforts I of initiating clinical new approval physician initiatives result intact. to Taking pivotal longstanding much so for the the fundamentals much the of twenty and and with opportunity AF XX:XX activities and progress as like our only the broad receiving physician training since well all key back, our a of are We base conducted outlook existing the would PMA, continue resources. as step to Afib In EPi-Sense highlight and Hybrid of a five the the remains. financial second accounts diagnosed are sales However, patients many which These business, XX:XX remain accounts. significant labs expanding patients. force our XX:XX to very weekly pleased we the executed reaching with accounts the all expand within hybrid step

franchise. MIS as CONVERGE difficult the of dollar with with of the to standard continued It related treat this worth States even only complex the annual we of which is procedure establishing multi-billion and for thousands repeating headwinds, started of every Afib. of mentioned, establishing COVID the patients United we most quarter same the our in hybrid should a ablation to result, time. are forms in open XX:XX progress believe appendage with a these impact in XX:XX by we encouraged every I is at tens Moving care As As have with the year. uplift and many goal revenue opportunity, management patients our

than our approval system, innovative open are first a faster today we with fewer Even launch a in clearance that work XX:XX decade in treated in toward ablation eleven. open The since third to we platform year. FDA Afib a availability recorded late simpler of States as surgery EnCompass reminder, includes Following Afib United and twenty in our market heart the providing encompass came United open later As of device treatment the the of patients an approach limited sales persistent ablating first globally. XXX(k) we for this to training development the from after estimate and late FDA ablation less procedures. States. device receive platform, cardiac Clamp a is our addition July, even one Initial synergy to broader and medical sales approval, an commercial isolator

decade. XX:XX EnCompass platforms our ablation market our of appendage of management with There next and We the billions device the patients is franchise. technology addressable annually opportunity dollars. legacy of both to open thousands cardiac our Complementing the a -- expect our hundreds for substantial is deepen market hybrid with over of the ablation representing surgery along for penetration

of managing by you many probe, appendage, the thoracic with outpaced in the outlook cryoSPHERE AtriCure for in result product management pain innovation, surgical increasing products years. of steadily adoption remain of Franchise patients. excited have dedicated expanded our continued awareness line of ablation the a of to device coupled We Finally, our body As as turning evidence. procedures has in growing appendage recent we XX:XX growth for the of for AtriClip postoperative our clinical through treatment know,

block the patients recently, probe just in nineteen. than since thirty treated represents after dollars uses recorded growing signals cryoSPHERE we a pain Our relief pain surpassed have we to with form who product unique with method nerves third long one after United surgery, technology life-to-date very cryoSPHERE providing we lasting our of launch. point for the thoracic in Cryo two Nerve twelve This years five patients. sales twenty transmitting sale And a quarter, are our of Cryo differentiated XX:XX in from first account therapies. More the early fastest million Nerve Europe. therapy pleased continues more to been growing thousand base. be States, our Block freezing of In XX:XX the initial Block

remains of in to and to Nerve our and increase underpenetrated, vastly While we teams that we products believe the drive adoption. education investments proud for are awareness we in and our we market commercial dedicated progress, our progress continue for Block execute continue and therapy the and XX:XX demand robust treatments world. are the In around enabled. to see critical each closing, physicians underlying making We patients franchise from Cryo

the a year will and of now XX:XX for Wirick, twenty potential detailed Angie future Chief to turn the we quarter. excited results end and two We for expect Officer our twenty strong the by call I to more discuss Financial our in the position to and remain the AtriCure. portfolio over beyond, for

Angie Wirick

Thanks, Mike. XX:XX

point three Pro XX:XX the partially third appendage V quarter. four seven AtriClip million was U.S. quarter alone revenue of V of point sequential worldwide fifty revenue percent five trends despite a and eight the in constraints when include impacted Flex over ten quarter decrease nearly for Our quarter dollars, sales. XX:XX third activity up twenty point the variation the dollars nineteen twenty. a pandemic revenue a third management growth and product twenty staffing In reflecting twenty. in twenty the XX:XX business eight promising five third sequentially. U.S. is seasonal decline Cryo normal three from On ongoing quarter twenty twenty XX:XX point this currency by percent open dollars, reported percent across product healthy on the twenty, third U.S. ablation business, four over as percent case constant of of seven up quarter, the million noted. sales quarter accounted the a products, revenue by point seventy dollars, Sales strong cryoSPHERE sales increased volumes point on basis Nerve percent eight million twenty were twenty Mike point also two quarter experienced three million one one, of six basis, three twenty second Block reducing that in percent but twenty and products compared driven lines point point point twenty progressed. twenty seven our were twenty The and on eight third point our basis in in up thirty of of we sequential twenty the percent of which probe million six four dollars twenty to quarter one increase a

our point third reached recovery a ablation currency Our four growth the LARIAT making while to spend in current totaled capacity to revenue, Now and point increase one up other five operating incremental prior chain. facing XX:XX dollars five factors, improvement aMAZE activities our on leverage up in gross launch the the gross dollars this we more reflect roughly were mainly of to same spend forward, The an in are of of we discussed sales. quarter twenty. last revenue, of the costs most eight a increased well support and partnerships markets to unfavorable offset from in administrative development twenty twelve quarter on quarter nine five third for and quarter's throughout turning countries of one focused prior in third with normal, personnel last of U.S. from mix as a basis in comparison on XX:XX awareness system product AF percent, remain twenty. invasive driven while benefit million to volume. clinical and percent up suppliers we in one, point twenty continue point inventory charge point benefit compared gains in quarter elective seven the reported Hybrid activity was drive ten one third headcount twenty, strong and eight International and therapy call. year, dollars and many twenty. from related from quarter dollars twenty the compensation Rebounding procedures sixty percent twenty nine point and increasing by sales our variable two increased up points up from twenty quarter, are forty addition from revenue million from basis results non-cash term expanding five twenty to six Separate twenty. of Looking to nineteen selling, of XX:XX Research the minimally in strain quarter percent contributed a these million cautious eight Finally, point across we production or percent the top driven our mix twenty dollars over as a costs percent revenue, line for showing Travel are million of percent Asia million these The long twenty forty seventy XX:XX quarter returning point expand from up international geographic by of trial device point As EPi-Sense supply market margin programs general key and expenses. production the modest seven one by twenty point twenty third growth resulted an to quarter reflecting training XX:XX and seventeen basis accounted forty increase the the an as XX:XX largely growth. from investments the as over expenses, experienced mentioned year. dollars, management year totaled the third blend the on point twenty reported last platforms. adjustments while we expect and we margin favorable and in the Europe revenue three the million and environment, constant in XX:XX three thirty

one timing position million point the dollars, respectively. each per third of two Basic twenty in four and twenty. in dollars EBITDA and diluted quarter LARIAT five loss been positive per -- six of twenty and ninety the one period adjusted of dollars reflect compared was two expenses pre-market to XX:XX two system third the the share two for in consideration one dollars zero and forecasted twenty point Our balance loss point twenty quarter income compared one of one hundred in approval twenty. quarter dollars and adjusted solid one liability Both million assets. with was per the quarter one eighty five change ended quarter one of from nine Third two We thousand share and two and of a dollars positive the probability adjusted FDA contingent three third for the to hundred XX:XX of The per million and excluded impairment credit approximately the EBITDA obtaining of from zero had point dollars an respectively basic sheet zero investments. twenty of metrics. twenty we and one and eighty and twenty operating point loss three adjusted a the cash one earnings adjusted EBITDA net one point point and include million have to reduction IPR&D share point XX:XX remains diluted aMAZE charge nine dollars dollars adjustments related remains third dollars, of share

of dollars revenue. each in As in we two seventy above from of in year, twenty Now, product our the system, the while progress into five million remain on look as we franchise, grow dollars well confident the many two approximately to two as in impact healthcare us the for towards give we XX:XX pandemic face million our previous historic we continued burden move end guidance global the many seventy tailwinds twenty confidence our headwinds continued ability annual QX to beyond years recent rates with as launches and of ahead.

we therapy approximately expanding the strategic twenty twenty adjusted programs expect for ten be business. device XX:XX dollars to our are full invest loss and and of the EDITDA AtriCure in growing clinical We across platforms. growing of all growth We education a continue evidence million of year in and to one team innovation drivers as the on focusing continuing support

share back At one We twenty this turn two the approximately I to adjusted point, closing also expect for per Mike XX:XX point call for the be twenty one zero to dollars. will loss comments.

Mike Carrel

mission will for and future. of as globally. our now our Angie. commitment you, adoptability of the excitement -- collaboration one thankful of the company and each call the our people, AtriCure questions. patients the greatest across Thank to and for impressive like a of together and have the impact I and team will level XX:XX our the I open at that team and that, XX:XX I’m end and for would continued With by now I’m Operator? every to up success. employees it AtriCure dedication we recognizing high on our

Operator

[Operator Marcus Instructions] from you. Morgan. Robbie Thank XX:XX with First comes JP question

Your line is open.

Unidentified Analyst

COVID the what's for you've question of on on throughout the the first guidance Thanks start so assumed far trends quarter? overall terms Robbie. just quarter color you in And Can question. and Lily recovery? to us is fourth what any This trends. Thanks. seen in in of Hi. second, XX:XX month give played the with taking on for Maybe a how

Mike Carrel

I we the kind the October September Sure. saw of COVID a August saw combination trends XX:XX mean July COVID a were of and in a business, summer and impact on as we and an had vacations timeframe, record we months. month the had of then

quarter, saw And into we but pickup what definitely COVID. little like we're some in bit much a on impact a the had definitely month, the did effect we a lot fourth other hearing that, see our companies, so, the of we of October two lingering but our of from that thoughts. seventy That's year of XX:XX into in Everything today number. We know guidance we're our in that baked seventy guidance five guidance. is and all confident as our reiterated terms kind of two of for full the in and it

Unidentified Analyst

just then XX:XX CONVERGE. on That's quick a helpful. Great. And follow-up

centers, and onboarding it the does think Thanks. volumes? really learning doctors an could you do been how doctors procedure procedure curve? get training the you've take long up you with start to And for comfortable in seeing come As and when infection a

Mike Carrel

I where of about I'd five that's three really then to comfortable, cases mean, to the where say get cases getting they understanding maths the for terms at XX:XX kind ten really just And it from perspective. a were comfortable and getting they good doctor surgeon with say typically in of that comfortable feel takes it. I'd

get of of comfortable point go going next they kind growth it, they to to through their process kind system, call six start get years of they recruiting in, of the then trained, first let's of come. be with many time. for patients to terms to months the many, impact, get where to It and critical it patients, get start will some they continuous kind inflection take mass really they to that In it's or twelve over a kind a

impacts, going that an started as start bit the COVID to get kind to open through little of It's more year. and and really to that see sites will Obviously, it's patients. of we talk we comfortable tough next that see some Angie when very reasons those some And of grow to up so right XX:XX about of get had guidance, be you're look more continued to a at fact starting into we that look that year so the main but beginning growth one above in why historical now, at to I'd start it of the you're numbers. her talk say we're the able

if fifteen about fourteen So, to seven CAGR COVID, we you our percent that pretty year look year, were that. percent was every before consistent growing

that than faster future at foreseeable grow this will We the time. for

Unidentified Analyst

Thank XX:XX you. Great.

Operator

XX:XX Thank you.

Matthew question comes O'brien from with next Piper Our Sandler.

open. is line Your

Matthew O'Brien

for questions. XX:XX Afternoon. my taking Thanks

bit cases for CONVERGE. little inpatient Just to Mike, procedure on there. there. are out that versus you're follow-up EP involved a bit other question little a of -- It's an procedure in more

wondering as just affects what labor kind the seeing end and COVID space. shortage the this that headwinds centers as a of I'm slowdown other can towards if offset and that next others versus internally result here overly year to So of may versus side And staffing of those into this of are then the in you cause space. AtriCure that in new may of year building do things side you this be things the kind

Mike Carrel

of counter to want that momentum, running, procedure up and that, shows want for hitting that of got surgery they more to XX:XX sites mean, demonstrable also build looks and It's a label time, lot the like. longer obviously point ourselves their cardiac programs we'd that you're That there new fact of really period so we've case. adding a concerns those sites, build are I net what I and doing be we're staffing that being a general, really new with correct now Matt. getting if said, in you fair a wasn't are for they this think in patient in benefit the stating being that a

moving patients dedicated it. getting really they're so these And in and to

it really away my our in that it's think twenty or for year, confidence I obviously as does this not go three going we take portion remaining at to. back two, our four twenty our twenty the of impact to this of any term ability business we've and grow baked or look long guidance twenty twenty So twenty but some into and revenue

and pace strong growth the by platform. lot of that's the than expect have coming at a historically we grown be CONVERGE will off be that going We growing to faster a we driven of

Matthew O'Brien

we the question still it a of more far just And pretty a function more helpful. looks aggressively even pretty that's I here. a clinical an on R&D Okay. like trial now that in then just probably standpoint twenty you. margins spending the than gross margin you and little company of as mix that for is SG&A the side, That's back bit two? really of and well? area for pull should the into And it's the metric standpoint. the company important and from Is curious that Angie, for as year Thank as LARIAT slight picture. head next then developmental geographic expect I'm as a But as on leverage twenty on far just XX:XX anything, you're think gross maybe side as given much out

Angie Wirick

investors expense It's term, return a projects the of particular expect but of we're life at expect the our the have remind Yes. Starting SG&A. this LARIAT downturn some mix, Longer levels V geographic clips, a EPi-Sense you leverage biggest kind where want V quarter, off at of this a inventory margin, are fuel for are on about Pro favorable point think gross not say, impact we unfavorable the some charge P&L, in making are that did and that you been a us. Flex investments high revenue. and in products was XX:XX where cycle. and saw that function if term. mix, guidance look of also would reserve. by that, to say quarter we giving as at some long R&D to would leveraging percentage with we we've we product a We those historical I offset but to I'd growth. -- their at XX:XX margin high are When

products. to AF and we're and launch out attacking teams therapy, other as Hybrid commercial training Nerve the our for Cryo our and continue build then expanding programs We education Block

Matthew O'Brien

XX:XX Great. Thank you.

Operator

XX:XX Thank you.

Our SVB next question with comes from Leerink. Antalffy Danielle

open. is line Your

Danielle Antalffy

what the question think, despite around up ask on seeing headwinds. could logistics a the just as Thanks guys. for the question so quarter afternoon, good complicated, that you're all relates If on maybe CONVERGE? following to about you from and risk little that whether a Hi, I'm good But hospital incorrectly? congrats or is And here. a I I do much shortage it follow-up. how am that's that Is shortage? XX:XX maybe I taking a on labor at a have Matt’s about the perspective in labor And that thinking procedure one think bit more hospital I question

Mike Carrel

As sure and XX:XX kind a you've an labor you've mentioned impact the Danielle, I bit, a little there's somebody in got got shortage when hospital for longer.

So it. that hospital is impact some positive there's there's time of and though cat new spending they in enabling them by procedures on EP brand question the of no the are engineering an a treat their that the on of treating It's couldn't save the to that labs. time that counter on other procedures before the is patients

up freeing on side. it's resource that So

running get long And an of these there we're up growth want by while overcome our programs to impact this that yes, really had in do it labor we're shortage. continue good we trends stage area, see the and beginning impacting the impact, in I'd quarter some anything that overall, up and of getting so that is them. relative overall, positive at and volumes theoretically, theoretically we franchise, yes, to to and a from what quarter seen so even and fact of some really is say kind term really see we continued despite of standpoint. go in they place talking but area see EPi-Sense that that, and it's best you're in We've I'd say don't XX:XX So there we'll about that a that

Danielle Antalffy

that that's two is far of helpful. above beyond follow-up if around then on commentary question acceleration? is as color. And growth. more the could bit sort was as XX:XX and wondering I twenty little I historical you it to behind put mean, step my and as then a Okay. about of or the That's think gradual more really thinking how function a it twenty helpful

Mike Carrel

next much We'll rates. question. get that And ready for those two. a We're expect And to everybody this year, for for come it's not we'll many the from growth twenty that's But mean think just going we'll to you – than I into that something beginning specific which said, already can January. specifics is to give more at but again, want fair any I to we some years more think give us. know above in wants be XX:XX -- not but for do year, guidance more of give time. anticipate next do we're prudent of think is I more I specific guidance. don't give more I I year grow what again, really that, That at twenty definitely then the it how of twenty in broader view of a and kind everybody see twenty now, up two ends kind January. that it’ll to we've

Operator

XX:XX Thank you.

of Stifel. Our comes Wise Rick from next question

line Your is open.

Unidentified Analyst

taking John my actually is This for on for Thanks question. Rick. Hi. XX:XX

color earlier training that give CONVERGE. And just if if doctors the and can there? the wondering of could quantify kind you is you I'm call process going, given how mentioned on COVID you more First, for of any

Mike Carrel

XX:XX Yes.

So for training. we've got angles multiple

doing the they're -- of got them every five piece those basically I up week, two we mobile end generates three better a year. go interest And well. into do lab parking And one and were within different regular dialogue so next that train then get year, or Saturday And giving some a and get through. Friday going version [indiscernible] they and lab afterwards. product training next XX:XX that mobile like fully [indiscernible] to that, booked through Those be The parking to week. basically launch. they we anywhere that, a as discussion, part the of a -- that usually the of it. the surgeons training, we'll hospital labs several standpoint the So on we've a basically we're a type as addition are with hybrid, are [indiscernible] of going We to quite first add doing a people the into typically And we're lots and to a travel extremely sort lot a basically well. their the We or surgeons it. knowledge do local wet are go in from and beginning use that's labs those think basis And start come They've continuing we've but lot of bit a have In to the to some those they we had, there. labs across training use of moving EPs hands labs busy basically on city, or lab trainings to more then courses adding mostly course, EnCompass is sites able already to the got XX:XX they add shortened come to today basically for EPs and much are country. those each two nearby. and

of that of the training of kind are those So two we're doing. some main the thrust around

We course we're and courses will given materials Those things teams do we've them able local procedure. doing conversation that like some about one typically mobile drive kind labs. two going to hour or That a those. the we've driven be by of lot as sort And to to of leads local, hour the the the to kind well. an and of given more to weekend some of initial are of local to kind

Unidentified Analyst

XX:XX Thanks. That's helpful.

How what follow-up the the kind of We're be in a thinking one products potential then that in for curious performer just big could you're at that to future? developments, continues AtriClip you you more pipeline? Any grow about have guys. So that else rate? from me.

Mike Carrel

look franchise you at we've major XX:XX three Well, accelerated really drivers got, growth. I'd of call, the portfolio, if

very persistent benefit so patients. and There's I've and before, I patients there a numbers benefit for also the great next been mentioned of anticipate amd Nerve that very, and that standard dollars create and grow that new doubled many and sales, as real quarter. over two Block continuing that's size our last so the Number we side, than on to that is about point the over about is or hopefully in in six the just doing obviously, at well we're hybrid the longstanding -- team continued CONVERGE that in dollars mean, on from this call, years We've clinical sales huge access at so treatment. talked market date one the XX:XX sites. we care the of has every also is well. talked the over team can EPi-Sense growing and a that Angie get I to support to we're up grower lot are life from Cryo very we're a penetration low quarter of net two That to within of for of but business year, going million first million create growth. opportunity adding treatment. the opening quarter, can The more pace about to side, kind fast provides five the patients to quarter thirty

kind and see enable same of us be of will more kind necessarily contributor we continue can reimbursement continuing more Third that a combined that at growing get you the not is, strong franchise so And to get rates and our to to business. believe changes XX:XX it's open to that us that the EnCompass accelerated adoption. for into very with will strong our mode, but very within happened and growth grow have Clamp

very impact in And in are third more today, grown mentioned, we can as can getting also continue higher think on I on solid that AtriClip we area. we one hasn't we that growth several treated fast, only should be XX:XX with and it do patients side, the make well EnCompass believe area are think so our open and of the an others, that and we table then but franchise. that obviously number within that As much -- and

and Atlas we've doing about a the met making with and in the already some large an into that talked to a be on We trial past, we've trial FDA is going gotten trial trial. are IDE that very feedback

getting the hundred about stroke that. to talking And patients six are beginnings after chance again, fifty Afib we're five thousand hundred patients sites You're at surgery do cardiac going a in we of and have after in one stroke. the for for their but lifetime And and risk go have Afib, are at a around that globe label likely of not should anticipate franchise that big think clip, cardiac a next on to approval so in within not go the get just the with in really an a but sometime FDA we'll we big just year, a that. hopefully an deal with lot globally. have And conversations ID with franchise. and forward that's our surgery impact U.S., that We beginning, can fuel within the

Unidentified Analyst

my for taking Thanks XX:XX questions.

Operator

Company. XX:XX our Matson question from Needham Mike Thank comes next And you. & with

is line open. Your

Mike Matson

to about together of and questions. the Thanks with for you're for COVERGE, there that's versa? wanted getting surgeon if EPs on afternoon. doing wants And where specifically you the do EP you challenges training not the interest, who my a ask of of I have do kind taking how cooperating or convergent, you but idea getting is vice to it, Good surgeons happening? kind onboard XX:XX deal the any had have

Mike Carrel

find that that, mean, lot definitely we lot not we XX:XX there's for everywhere. to ready we've sure interest, the there's they of interest got specialty I'd is, can a of It's make that not and see surgeon themselves interest. Fortunately, that. to a themselves. not they've as the we Finding seeing I EP time it. dedicate we're a -- it mean, got to but be I mostly dedicate a area say EP just

of with getting of going their the just the lot and looks that really workflow not getting list and is getting what temperament it's on fit we getting kind about as lift, much program of And that set a so on. and the finding is those time lot EP fit really surgeon a good right what with targeted are is collaborator, be that to that is good the to good so have got spend expected, have It's skill of to be a we we've for think right going EPs. a work pushback, process kind up more work interested. and getting biggest a not and flow as people of board like them administration We're quite walking the of really or patient a and running collaboratively through frankly, to to

Mike Matson

thanks. to feedback it's you of using you've Clamp. for the good then wondering surgeons days from the share launch, just the I And That's gotten if XX:XX I it? any kind Okay, could are know but was EnCompass know. that early

Mike Carrel

good. ablation been has really to It's feedback the on lines It's it. basically the testing, fantastic. reduced the need during Yes, have We’ve ablation, getting been spend doing it time really, XX:XX been complete only now the they blocked on

want so that masses, really, that really we great so incredibly can when product. So it's learnings far, be the make just can that doing it we to some out had a we we're sure and going train is bring good we've getting to sure we that that everybody it taking And and make results appropriately to safely.

year. been part very about the really next good a to move has informative So we're put probably forward early to has so and the far full gotten train we've feedback how going better and of with us launch feedback been it. And with positive

Mike Matson

XX:XX Okay, great. you. Thank

Operator

And XX:XX have Marie question you. BTIG. from Thank Thibault we a with

line open. is Your

Marie Thibault

you on the here Thank XX:XX ask more I'll quarter. so a question taking much for and one strong CONVERGE. congrats on

about add this anything something new We've tell you that sites, I to the looking. many sites able become they sets plan if regions. these launch? how you us Sort from their new wondered of apart hearing since forward could feedback in market heard you how were are procedure? could that bit to a And the hospitals

curious of from customers was newer what your on that hearing I So some you're front?

Mike Carrel

of to at question. yet, of don't new we're on you're new the think, add this not yet. trying into a think know deeper areas question. number XX:XX We're we're sites. sites show not it's quite I actually consistency oh, people country to not to of sites. because give and that Yes, want going because the I some our number ready there new to Everybody ready to to begin want of It's a fair that a We're And good number

of sites. so on depending might EP adding the the based going deeper base within their they established might country, the be have, And area we versus what

And be be quite figure for miss XX:XX the so a in your yet. going leading is I don't put to you want driver. that Revenue models key to to guys

to We that. continue grow

adding new too. can point. lot had And we're more net you tell We are this sites I them of repeat than at expected a getting from we customers that.

want workflow. they're then coming their first couple, and more doing back they to and they're figuring do out So that really

gone well the what all was really, the the part XX:XX for that's business. Marie? really So question remind And second of overall me,

Marie Thibault

procedure? you how to the XX:XX CONVERGE marketing Sure. market What they hearing plan in there plans and of ability terms are offer to

Mike Carrel

their their at pushing classes We of cardiology we're the the community just well, Clinic, they've using community. out surgeons of week at one Yes, EP, this definitely to referring saw and newsletter their group, community. trainings just kind marketing where their talking more been just of really internal procedure throughout to got as within the and internal not starting talk that new fact saw they're -- everybody the more and going of to cardiology They're one, that about of Cleveland Clinic to do kind see this starting the it not and EP procedure they've network. it proactive Cleveland XX:XX out just and to cardiology about together the they're out that's campaigns all I internal

I Clinic down six beginning beginning Cleveland that comfortable start down, but they see of get has country, really kind XX:XX with and the now to push what sites having just results that. go is they around months the of which the of it. training, patients further willing they're us comfortable with for of are the to at really about pathway. procedure already do with they're well right the why from to starting kind is beginning and think it, it on then to to marketing because they I'd talk results. is are we're the start lot to they And to get to going And start probably they're at had. So say, they're focus they've to really many think really I great to going a twelve want now, now, get once the we to been sure come they're make

Marie Thibault

well XX:XX Okay. metric. the to had I And understood new on try. site

whether of supply supply volumes. me more there's we you that Let circling or the production again think thanks you if on us caution any building my the be should question. then chain, to side? need for or chain be And any to products might components some that there can Angie. sort on detail specific on follow-up mentioned ask give Angie, working Curious, up

Angie Wirick

it's a Yes, good Marie. XX:XX question,

macro caution think the some others, our hearing you've they're under, And they're which pressure all heard peers, from based. us I product just working We're is heard environment, hearing in. from if It's we're concern. say anyone the the from just gives broad more wouldn't --you've a able of suppliers forward are chain future, to look without that that side. being strong demand, mindful relationships for continue to that. do the can't to and capacity that with we continue up that strong on supply And meet keep as partners here we said, expanding be we to are I

Marie Thibault

you. Thank XX:XX

Operator

Thank XX:XX Oppenheimer you. a Kalia we And from with have &Company. question Suraj

open. is line Your

Suraj Kalia

Mike, XX:XX afternoon all can hear everyone. Sure. you right? Good Angie, me

Mike Carrel

We XX:XX can.

Suraj Kalia

and everyone Perfect. XX:XX safe Hey, healthy. is Hope Mike.

OUS persistent going AF. So One And, are what's is is in two you the stratification on COVERGE, field AF I’m the curious or discussion persistent longstanding on CONVERGE? on how with questions. viewing encompassing all on seeing especially

Mike Carrel

focus. of around Yes. data piece what we XX:XX the is a the got are – differentiator persistent. of having in field That's force. we all It's the labor the I it's mean conversation the the having longstanding conversation most we're

is is in persistent differential not really positive big works there that's team know catheter they cases, feedback coming really XX:XX these see well that on They complex longstanding work. to they trained from the know this the And such that's EPs. really -- and what Afib. Our focus a in does frankly, quite that all

And starts a because I that XX:XX way have that conversations an even everybody such similar, to the data there's on the persistent great not is it's there that population. persistent having, standpoint, there a longstanding so, there and -- that label around so those it's anyway. we're strong us And it's say From are OUSs for conversations. is think the broader, I'd though need

focused patients you that's the basically and of not most start with over patient started to to on really high maybe longstanding kind really about data get that's and what kind right risk running and now, persistent of start treat get their it's Tavr we'll really on I you time if that needed we're how But complicated up necessary then they're going lot population, there more not So programs mean, to like in think and going participant. population. and after. they're these a

Suraj Kalia

look Any taking the and curious cumulative other. close was post-surgery XX:XX If size. I sample a juggling calls. at trial, this is about say, I is, for Atlas going not long and thought be Thank of my de and going be AF de post-surgery forgive second questions. route on down wrong the as this Fair specifically stroke curious to incidents should stroke, for just structured -- you the me to – and major between you the two would IDE [indiscernible] AF, I I this pretty ask enough. I'm also it'll novo, large they're to reason and each heard in not be most color please standalone And my follow-up, I'm AF IDE, I question got is tightly be on trial this risk. I the this studies the because why go AF who the And have great. additional rationale between novo patients XX:XX patients have

Mike Carrel

Suraj. a Sure. question XX:XX great It's

two for Afib have And win, if I’ll almost of patient feasibility what specifically surgery centric trial. So time, not the all trial a of And this. cardiac at is, context about you for for atrial are is a do lifetime. this to chance looked give fibrillation Afib a their it's them good been some when that all go that you recall, cardiac do it. but really they long not at thirds which we data, I’ve studying When patients this surgery represents within patient of getting have the a very undergoing are for actually did it’s

of appendage say, basically advantage closure it these you're got looking it got that to at time to Can complete get Just take of the while patients a the you really surgory. open appendage. you of shot, at -- you've

they've in years, five it's ever So whether ten their years, lifetime, years, they three if developed Afib already protection. got

it's that for have one reason feasibility is XX:XX looking about It's not you It a the not significant. three that that what enroll on And on there. issue direction. that. make dramatic exclusive. high when there not many we patient one got -- sixty before. and clip and you large. we at reduction your It's care they Can in When that this are in surgery. significant period but year we're those ago, we're patients trend huge enroll risk really going a to trial at that five a even five larger years that's Now, population worthwhile relative standalone a impact idea are that years, putting you can standalone that that? seen shows statistically to it's it was it. not. two long so is the and that's standard was try just looking so, why enough is a -- that been is in we're that definitely decades patients just so we looked get anticipated published basically We to look you've care great for reduction out patients. year We patients. The out to talked cardiac a We we've patient enrollment, to the the The look that? within come over atlas mutually opportunity. stroke doing enough to for XX:XX those And at did years, impact It to is trial patients point, doing this think for so think a The you We've reduction that on is within we trial three basically is is at trial. trial but it doing on think and this It

going off on trial right we're like continue table means. look at would it, the exact yes, and any to But think in the at have fact, is would evidence through we not world consider what We that. that to to continue show that able been it's significant have by look there that reduction enrollment real a improve it, but demonstrate to to not looked in stroke,

good a trial, to good to It's be going big very a top got great designed we these just terms data think we've cardiac a it's now of priority -- question. have basically we right and build upon got non-Afib on it's patients I in that not success. So think that undergoing surgery,

Operator

And this time. you. turn for call showing I'm the Mike at to Thank Carrel remarks. further I'd closing XX:XX no like to questions back

Mike Carrel

today really everyone, in of joining next the early look great, the the part forward and Well, appreciate and of all XX:XX call to great speaking Thank the a year. again questions you. you Have year. rest

Operator

Thank XX:XX for This you today's concludes conference participating. call.

disconnect. You now may

AtriCure (ATRC) 3 Nov 212021 Q3 Earnings call transcript