ATRC - Earnings call transcript Q3 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, and welcome to AtriCure's Third Quarter 2024 Earnings Conference Call. This call is being recorded for replay purposes. [Operator Instructions] I would now like to turn the call over to Marissa Bych from the Gilmartin Group for a few introductory comments.

Marissa Bych

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

not please a to you received If have copy, e-mailed you. have to call one XXX-XXXX (XXX)

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

to, franchises AtriCure's risks outcomes. expectations and initiatives, the filings. These Forward-looking differ potential uncertainties, which are statements update including for and include, many regarding statements. control, time-to-time from limited and uncertainties statements but reimbursement AtriCure's undertakes to described trial opportunity approvals, any product clinical materially beyond AtriCure competition, financial in publicly AtriCure's growth of guidance, clearances, subject obligation projected. market risks are future may expectations to no forward-looking numerous and from and those are AtriCure's results not SEC

to included our Additionally, turn reconciliation share. per measures, with the most the GAAP financial adjusted and our like on currency to Carroll, CEO. directly financial with call that, specifically President which A and EBITDA website. And I revenue, Mike to measures in non-GAAP would comparable we press is refer release, adjusted is loss available of over non-GAAP these constant measures

Michael H. Carrel

for broad-based everyone. Great. across quarter achieved third you thank afternoon, joining happy with demand of of $XXX another fibrillation patients for revenue products our atrial XX% total Good share showing to our for approximately that quarter us, growth, reflect and which and We results, post-operative I'm strong AtriCure. or innovative pain. million portfolio

EBITDA quarter. nearly make to top to expand our to the profitability, addition producing adjusted million positive line $X progress performance, continue we of In for

this consecutive of over $XX positive million cash flow quarter, our marking second generated quarter We flow. in positive also cash

a of XX% third year full growth of XXXX. we approximately strength reflecting of range the raising expect $XXX to guidance revenue quarter As full XX% our results, and to million million, our now result $XXX a year XXXX are in over

of EBITDA year $XX to $XX reaffirming million. deliver our adjusted are a plans also million We full to

updates which on business highlights our sales. quarter in management starting and XX% franchise, the marking grew in to another quarter, pain acceleration Turning worldwide, with our of

Our bolstered on by of our feedback U.S. reduction this nearly and XX% freeze sales positive seen half in performance markets Probe. We've outstanding partners our was our in the physician which international device, time. launch are of the pain hearing adoption by of in led and contributed from growth the management cryoSPHERE+ our quarter consistent

cryoSPHERE of We the are excited MAX recent upon also launch our which cryoSPHERE+. about success the builds of probe,

optimize efficiency MAX times a procedure Our features probe ball freeze cryoSPHERE+. by even further reducing larger than designed to the tip XX-millimeter

days seeing are Oncology Additionally, AATS supporting evidence Thoracic in at we City, therapy. Dr. a in the recent reduction At New hospital Surgical presented of and of College Georgia Cancer Medical the growing body Georgia health Chief Nerve Cryo more Block Nerve multicenter all XX cryoablation, Center, the Summit cost, Surgery for after York day XX% most opioid reduction less and XX cryoablation dosage refill patients by by reduced more of care opioid at and months $X,XXX chronic than duration X dosage users refill X less representing days cost $X,XXX than Block at of a Dan robust Miller, value demonstrating in opioid over the economic of Cryo XX% total Thoracic stay patients. for data, after

this establishing to past of growth. innovation with on the look reacceleration we X our new therapy remarkable has back leading been years, As progress in

atrial to the as we treatment confidence Our pain continue management also success explore us for addressable in even to centered gives thoracic an expand opportunity our fibrillation. franchises applications additional to on products broader of our markets. Shifting procedures our now and

nearly XX% Clamp in EnCompass the United grew Our worldwide, ablation driven growth States. the franchise XX% by open in

Europe. in Clamp growth with accounts and surgeons core sustainable look first adding This device driving in market to new of this treatment are EnCompass worldwide. we surgery, the with cardiac forward completed accelerated and and has product We cases recently our our

our with chest third management quarter sales Next, achieved achieving In appendage devices, pioneering this with management quality devices, we XX% open reached enhanced devices. is we completed from XXX,XXX overwhelmingly positive, offering franchise XX% in the the life in the in appendage. enhanced launch adopters sold new market, a consecutive on the saw visibility the of appendage States, performance the We of and units United growth acceleration testament the The the a device AtriClip Feedback date. And quarter. which of third smallest device. worldwide to of on from clip have early cases third profile FLEX-Mini particularly access our of over FLEX-Mini AtriClip outsized and the contribution revenue open to front, U.S. the is visibility acceleration AtriClip innovation first been the following quarter. believe on design, growth has our with

thromboembolism. clinical AtriClip FLEX-Mini at franchise we through XX for drive management strong indication peer-reviewed will appendage While mark devices high on tailwind a devices into AtriClip an indication launch, CE wealth representing papers, data risk the AtriClip studied for anticipate to the resulted well XX,XXX analyzed. still a our expanded early for in of our The from include future. Internationally, received and over we expanded patients existing patients robust

the trial, benefit considerably. The will our and management investment market market through We show of enrolled stroke the on study by are to awareness have over addressable devices manage success clear patients a are we our anticipated clinical using LeAAPS patients, surgery expand patients AtriClip X,XXX million of who this patients in reduction trial to is evidence LeAAPS the global expected of LAA the To-date, globally. X,XXX enrollment and of diagnosis, when also adding in a benefits complete to which we well nearly undergo cardiac track Afib X mid-XXXX. in appendage without of pre-operative

number procedure as trends account accounts despite Finally, third our well of effects of a activations. AF the our continued we the adoption. with Convergent remains broadening therapy saw Hybrid new In market PFA resilient performing quarter, positive as

time the that know increased experiencing are practice on results only pace Hybrid However, AtriClip remains a ablation therapy and the pressure with focusing plays MIS We in physician of on we patients. durable adoption long-standing for U.S. and PFA, growth vital the therapy persistent given role and MIS AF on differentiated in

Therefore, in time, patients point, markets. the grown of Europe, have As PFA the expand broad therapies in we patient the surgical an therapy. To field expert the diagnosis surgery this to we is we to and treatment tailwinds with portfolio continuous over and be treatable foundational an another across the development Afib of we announce license agreement into expect PFA accelerate PFA technology element seen cardiac we entered on we have devices. has anticipate driving introduction are build of the number around exclusive of awareness PFA ablation devices. Ultimately, believe all our excited innovation to Afib that our for epicardial to that will of in

program quarter's business more our PFA development performance next quarter. clinical of closing, the our and details announce trajectory incredibly to early expect as on we year. In enter our We are fourth and we with progress third pleased

Angie care team Officer. with for made of of of turn our Our growth in product our of excited AtriCure. And education efforts strong a future standards the and is recent stems pillars over Wirick, clinical the business the to each entire I'll to across testament Chief our and the advance globally of Financial markets introductions to continued diversified strength that, portfolio. Furthermore, our innovation, from and science investments of have our call

Angela Wirick

Thank you, Mike.

basis, performance sequential procedures. Our revenue strong variation second the XXXX third products. On world on a underlying XXXX, X.X% worldwide quarter when impact in XX.X% from ongoing $XXX.X of normal seasonal reported third third around in demonstrating and of of our the a revenue range million the compared quarter basis basis the the of diverse quarter XX.X% decline constant XXXX markets to worldwide quarter in increased and currency on of a the to reflects key

a quarter of a new U.S. Third quarter management U.S. quarter existing XX.X% sales of million, across the XXXX. $XX.X appendage from sales revenue management XXXX and U.S. $XX.X Encompass were XXXX. invasive $XX.X from million, reaching sales increase minimally Within our X.X% accounts. U.S. XX% up AtriClip $XX.X driven in robust open XXXX. up of ablation of were up acceleration, were growth XX.X% realized product million, both appendage over third products Clamp U.S. third products sales sequential of XXXX Open was from million, appendage by XXXX. XX.X% the device, revenue, ablation third over over our Flex quarter V third management quarter the

XXXX. European once and constant million, revenue sales by again million. compared the and international international finally, Asia of quarter, results the the growth of our growth, $XX.X in cryoSPHERE+ with management XX.X% delivered business contributed reflecting experience reported we Probe. International currency respect basis on representing $XX.X launch grew quarter markets. of across we the As XXXX, major recent product excellent up trends and activating XX.X% a were first a million, basis third markets Mike mentioned grew all new of the uptake. And $XX.X to markets continue accounts in on his XX% pace nearly ordering, XX% on sales as are product pressure in $X.X accounts remarks, our key in to Similar AF of million therapy while up to positive although to to driven accelerated other Pacific XX.X% seeing half quarter of pain the third lines and the Hybrid XXXX, over with sales

well focus adoption continued product new business of expect introductions. on as we therapies we forward, Looking international strength our as our in as growing

teams Our R&D The and million in million, our product measured of favorable our the the totaled as clinical facilities third of in increase planned for we associated XX%. decrease for gross an development the development and $XX.X third primarily from in XX.X% completed FLEX-Mini thus geographic major probe. SG&A $X.X from rose product margin primarily increased was XXXX due this expenses quarter U.S. of XXXX, expansion. the quarter XX.X%, efforts enrollment our or clearance far the as XX.X%, Research of personnel MAX by was of expense third increase. third offset the a the with from the X% releases to expansion million quarter quarter costs driven XXXX, recently, and product driving X of for expansion $X.X trial of and XX with to $XX.X as quarter mix. Operating expenses well cryoSPHERE+ of LeAAPS timing globally onetime less from XXXX. costs points the was million Adjusted most consulting quarter Probe, costs expenses AtriClip XXXX, the for our increase EBITDA cryoSPHERE by basis development patient travel an quarter of have and compared

Our as quarter XXXX. the per compared well adjusted in diluted per share to XXXX loss the the of was third share as third $X.XX as basic quarter net in and loss $X.XX

of generation remains position in cash million quarter. the as we $XX.X capital cash for $XXX.X ended the overall million and with Our strong representing investments, quarter third positive

As expert agreement bring Mike this market advanced PFA mentioned technology and by our to with plans we entering to in in field. exclusive an into have an our co-development earlier, devices licensing

arrangement, we overall $XX As positive EBITDA for adjusted part is acquired will this incur XXXX. cash and excluded of million fourth the quarter, expect full EPS Absent charge a of our this quarter fourth in payment, the adjusted in R&D guidance. and we a for cash burn from which IP year generation the modest

achieve closing $XXX to our markets growth sustainable from reaffirming we growth with year delivering geographic be expect quarter million for varying compared we portfolio, impacts reflecting within year the margin we We potential extensive Considering of XX% XXXX the our revenue, to the serve third and to XXXX. XXXX to for underpenetrated full gross Now trajectory in globally. From full perspective, product million the with across approximately and large are XX% XXXX our a to results consistent outlook remainder roughly in with our business, confident our approximately year. now margin mix. remain $XXX

loss in bottom corresponding innovation. We $XX of and profitability, XXXX, the $X.XX. while that are maintaining we the approximately To to year to $XX commitment invest continuing driving to our share positive per end, approximately adjusted of to adjusted to our to million reiterate Turning increasing for outlook full also EBITDA growth $X.XX line. million

across progress financial many far are strategic metrics operational very and this year. We key our of proud so

The dedication by innovation, continue of awareness supported same continued mission, has multiple led company team's AtriCure's future. created in to propel into tens to science, us and has treated. for to of dedication our the avenues education Our growth will clinical patients thousands and investments of

back to turn call I'll the Mike. Now

Michael H. Carrel

Thank you, Angie.

the line, China, EU the approved As as of the and in AtriClip strong on in expansion in and launch XXXX, the continued saw of MAX label geographic bottom and with we Mini expansion AtriClip of launches stroke our EnCompass well. half we second and the cryoSPHERE now enter our growth with our Europe innovation products top reach our Flex AtriClip

in therapies have to a built. of growth quarter portfolio third of revenue testament the the resilience the is diversification strong and Our we

the the is our with mind the profitability With in our AtriCure strength positioned come. And quality clinical our over little drive turn the data behind to worldwide, of and my doubt expand is and for growth team to operator. products we'll of that it that, well there to therapies, compelling years

Operator

comes first from Instructions] Robbie with [Operator our JPMorgan. question And Marcus

Lilia-Celine Lozada

for Lilly on is Robbie. This

are baking clip to And as Just ablation commonplace seeing from can your PFA to you both this on trends think to do assumptions the Or those guidance? of and thoughts becomes get the what business? sort in you new expect that you're regarding the dynamics the pressure PFA. into normal improve wanted MIS Is MIS market? momentum in with areas those more

Michael H. Carrel

Yes.

new of of as rest a et is say of products for this products, what lot seeing rest year. amount over out normal there's look causing et lot also you this I'd new new -- the incredible because up the funnel. into those be an at there's future, now, going the of site we coming As the of as distraction get kind year, a using patients into the coming cetera. But they But into more to running, new cetera, and that's right to we're the market, of looked

a top large. see funnel deal our And have patients in can So of we the that non-responders. that of is what Europe, they the eventually experience non-responders, with is very of great

that that, down funnel. PFA that so fall of needing what or more is to be third or they're don't patients anticipate going they going Once is lead to treated. do lot funnel a we respond And that to ablation, to kind to second

bit we any in original here some kind Now that, XXXX. involved the seen XXXX, of month or them you're to anticipate give little to that were that that see funnel, long-term that volume do huge the need in top of from probably But really start U.S. difficult-to-treat will another of in already believe we'll PFA any a to for in anticipate a we ablation see it spike that start patients. up patients the those. with see start do more of in out out We've the kind ready some of do necessarily. begin We trials Not of going kind quarter epicardially that those and to patients that lot of going help you're come to to some to

Angela Wirick

quarter I to year And very QX Lilly, last relative the know, guidance, Hybrid strong MIS would say, as a and our you our business. U.S. for also was AtriClip

one as the through rest thought of guide. we year that So was of kind the considerations of the

Lilia-Celine Lozada

who with here? you color line was is more as on expect a time then of Is could a you're launch I for can share on you follow-up, PFA should what the a bit sort hoping And there anything give this we partnership. working partner that and

Michael H. Carrel

made done obviously, We're really signed course, talked in that about. last of addition progress X we development But a months good the feel tremendous of we've Angie and of Yes, we obviously were check we is excited the I we'll like writing there. on development, agreement, announce anticipated. able the about well. for reason be we're to and place that to that now over question The really appreciate a in and the as that, what amount course we've

into time, But is definitely or or when due in trial on is to to it that first us yet. a confidence lot clinical might there's going that will cardiac lines devices. Not human going of to the come be go real give who a on our we time technology out. partner surgery into side our this with a that's in for embedded So be ready

Operator

William Our next Plovanic with question comes Canaccord. from

William Plovanic

XX%, first just EnCompass Is Just clarify, U.S. that grew business, X-X the I on Clamp, to percent the you say year-over-year. that wanted did correct? Clamp

Angela Wirick

it the third XX% Clamp quarter. of in about Yes, growth was EnCompass the

William Plovanic

mark. just that Okay. got And OUS, you EnCompass think then as CE about we

as fourth growth I anything, given you that destocking you and that about impact forward seen the didn't what a think mark, see benefit from have you. really the go Given that. How from would in into third OUS in that have we quarter, CE that now we've what assume you product? that or If the seen should might have U.S. quarter you the some

Michael H. Carrel

Yes.

really I'll early October. First, part the cardiac European -- is about Clamp. meeting over And the the called start. team was I major in there the EACTS excited I just mean, EnCompass surgery society of at over

and simulation lab, a the that. meant about had while also standing we there. We packed. We was were officially of product audience was had had physicians then product a a well. actually our market room-only kind talk over through booth XXX Our leveraging we go And for visit launched people booth, as and it lab, simulation we what the that -- and to

anticipate we positioned there sure and as impact just won't as it team They've quarter really the obviously get the for countries different well year have market. kind It is that, through impact XXXX. have been see U.S. of individual go we the cetera. ready that next per market. We they're So to of fast impact in enter on will do fourth But do se, excited. won't and the trained some as but in an see we in much an on reimbursement plays, because it the et

Angela Wirick

kind open outside Yes. Bill, markets just the to of international our ablation would more Europe. relative add, numbers by impacted of in

that ordering strong. the kind Our distributor was in third This European of more growth very quarter growth. impacted in open ablation the was open

William Plovanic

kind of I more flow PFA you've give positive. of I getting you'll the consistently us curious, cash kind I'm to but had that of on just partnership, then know And details future, in Okay. think plans this

an as cardiac this intermediate-term maybe of priorities or R&D? change R&D the Does devices. in within the spend talking investment you're near-term, just shifting about for you're outlook this increasing that the an PFA kind Now is

Angela Wirick

a I'd say upfront terms R&D in spend overall a of or was relative to the for and fourth But year of in modest expected here for while. quarter overall cost. XXXX. No part outlook plan full cash been that for Obviously, to the with take change be this we'll an our charge overall burn. burn has of even kind charge,

So now no like working while a longer-term there, and of trajectory something change we've relative towards, that been to Mike plans. for said, part it's and our the

Michael H. Carrel

that for has before we're talked Angie consistent year-to-year. giving And fact improve to what always we're but we've XXXX, when bottom stated guidance about we've I the from think not that's line -- at we with to look continue going and that our

so And changed changed not has any at with that thoughts haven't and in all, on our way. that

Operator

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

Unknown Analyst

Any This U.S. growth quarter for competitor Is open [ the in great it on ] perhaps I Phil thoughts here quarter? relation this on is just a say the safe is in what market aiding of in XX% guess, growth? Matt. grew underlying market that to bigger market general your to third that into coming another business. domestic

Michael H. Carrel

mean market described. the definitely that's create you mean, in, coming somebody thing as I at When about the else earlier awareness and seeing a good created benefits the it as a in always competition talked question, market we treating it's we the that -- great Yes. talking And Phil. greater looked we there because we're competition I said exactly is of about by out does appendage. get awareness, think having I

underlying and and call been the -- feel talked original simple I lot we as the that on It them this it's can't the exceptional a receiving much for some product say and the our before market. I've I'd has and know Obviously, been use market at out are an -- product incredible sales that first absolutely. still was talking competition so And time, road FLEX-Mini they're feedback. of out they the V about best we great growth, is been like specific is product, FLEX some the just reviews. on looking that profile customers, the the give it product is to our is on a kind but of getting getting a is answer answer FLEX-Mini feedback the but share. there, product getting the the just on I smaller

So the make difference, big that just this product also to of for but is end a year, come. for years not many going to

Unknown Analyst

-- helpful. study. second And my is on hearing chatter some the That's been question on HEAL-IST we've recent just the

renewed talked Any little it in haven't time. there? be updates Any about helpful. a of bit would You interest

Michael H. Carrel

HEAL-IST is an important patient I relative mean population. a study to

sites sinus For our tachycardia. with solution the do electrophysiologist a those business. enrollment train for necessarily the get believe don't it's surgeon We zero that and solve we an in that, it's market solid our quite there long-term got has really where working difficult for to now. We've had this recall, Hybrid as patients out but not patient important, running. is to have very we've aspect right inappropriate them that all up frankly, It's of but growth, to-date, for these

in So we hasn't sort anticipate there we look that update been data, at we can enrollment time. per se in until a of give the reporting sometime lot of some to and get at can kind point out that more we which XXXX, to actually

Operator

next And from BTIG. Marie question Thibault with our comes

Marie Thibault

that trying as in XXXX. now for I Definitely how launching think guidance, and a products but quarter. XXXX, the to think to to that Congrats on anniversarying throughout throughout be other you just see might XXXX. things a not I understand tailwinds, enjoyed products market understand catalysts about if could product those looking might headwinds, just rundown of kind we of see here nice catalysts, you've wanted catalysts that about

Angela Wirick

where That franchise, MAX offering efforts times, some U.S. said, say start seen the the continue catalyst we to expansion Marie. both business a FLEX-Mini pain our the that being is in this this we we year We've management say still time. under we're We've in likely within on about catalyst point franchise, the our for to obviously within accounts. reach cryoSPHERE+ with at as as at this think quarter little at year's think Clamp I'd the expand EnCompass the on over full that have obviously you'll as Great big to to franchise, of management worth no for We've activity we international full continue Europe, U.S. of as you'll are see pressure, of and se we our markets. so still And nice in activity per question, in into progress think the that management, the within freeze I'd continue front. Within top Probe, the see the appendage this Hybrid activity is that we'll us in expansion say I'd the in U.S. great accounts China to reduced our thing well a well past growth. cryoSPHERE of the will Europe, our point clip, front, there. U.S. When full enhanced as which be open pain one this accelerating seen Europe. grow year AtriClip a a of additional particular our labeling made XXX throughout time, and room in if our

So I of pretty nice probably couple the years. we off to the and progress of for we runway biggest think, we're that past I law large expecting numbers, of continue just over the think here headwind growth make growth for great us, a that

Marie Thibault

product? risk on of changed? replaces vision a partnership. MIS PFA the Really known of the Is also it ablation appreciate the helpful that. closely a rundown. At PFA open sort naive, for is Angie, know the space franchises? PFA And follow-up for precipitated sort What the this within followed the and what sounding of you've that decision? product? little My your I for I very, years. RF few this eventually very Is

Michael H. Carrel

it X products. PFA been of cardiac getting at surgery our in for over We've looking years Yes. terms into

isn't at very actually give point to testing able very a just -- feel change. some that really close and actually we it. that could guidance on got specific we're you there coming deadlines being to It's now that we've actually the some out and finally realization giving to milestones We've got comfortable product, we're So the market. here we've we got done

But of talked so a of we've Angie want And really there we kind for as about any isn't preliminarily long on working earlier. kind it to and that. time, say changes been

is of products. details bringing In through all ablation our the terms our later anticipate our incredibly incredibly it RF on We'll and to do and and work to really at strategy, They're incredibly durable. date, are RF market We cryo. well a that not cryo They're market replacing plan and the focus It's epicardial those. they great in give bring it's in. of safe, our products. but planning today. more

want Afib whatever an to be may ablation all they physicians that and we have that like on need we're to might we feel to ablation to as company, to better to However, and or based able technologies they which their and use. types offer preferences choice people not then give are may what of tools

their of our give to have the overall that treat physicians can how best. of they patients yes, But into existing so vision to want is to disposables terms our that our solution be a And we to we technology as provide embedded in full today. some will it able our choice customers, a so be

Angela Wirick

And cardiac expect, finer Marie, prepared the his a on that, to by Mike invasive first comments, point step as put clamp, work minimally be would we would some in maybe space. in more Yes. then an said open followed

Operator

Our Matson next with Instructions] Mike question from [Operator Needham. comes

Michael Matson

a question Maybe pain quarter. strong the for on management. Congrats

original you both market ] break the cryoSPHERE more think I a to to product of Plus or [ about cryoSPHERE. into as being had opposed the sternotomy really MAX talked

sternotomy are guess, now that expectations your I in the -- MAX for the has XXXX what So what market been launched?

Michael H. Carrel

or going usage get be we'll to thoracotomies primary any seeing that anticipate that potential it after saying it market not surgeon and a That also the get is it yet. more be adopting half to for be affects it's it. But technology reasons we're going Yes. to did commit about us, and could something that Once kind that in very was mini-thoracotomies add and of I it think time it a that people to much talk in we to organically. more that and to in grow be any time at willing of let more kind kind of of for for quite time. the pretty the approachable not every quite We mean the definitely is focused We're to do able to already being sternotomy. something kind but one much are going it benefit to people procedure get, we on quickly. definitely their going that the they reduce market We're regular are guidance sternotomy doing we sternotomy of today. we're want of other relative feedback kind We to of to some spend very, yet. have we revenue

Michael Matson

on maybe And Okay. flow. then one cash

a have positive I you had excluding cash next couple said think of Angie, quarter the of we charge positive flow. quarters would cash flow. You cash

So are I'm guys consistently you moving that forward cash into XXXX? is moving how AtriCure thinking Do just kind of about positive think you wondering, flow forward?

Angela Wirick

I on full likely year XXXX positive. be flow think a to cash basis

heavy heavy be compensation, structurally The tends quarter et in cetera, of tends the cash a first the payments first some with burned. just that It's made to to be very burn. are variable quarter around

our flow that But a on would and be progress You've expect number now. to just to in really happy continue seen enhance -- I and of by the forward. the area cash going able making that end for with years to saying, balance we're this

Operator

from Danielle next with And Antalffy our question UBS. comes

Danielle Antalffy

here. quarter strong really a on Congrats

quick business. the product One on questions. X Just AtriClip

dynamic here? I'm And dynamics would U.S. year, we adopt little I'm that? just the sort of nadir the talked helpful. competitive give the you're Mike, comment maybe at the clip any and bit look sort curious, competitive past if growth. of have the it trend here. You product be you with on lost was And the how Are the if maybe throughout feels trialing seeing both can would AtriClip wondering could you for centers agree centers? we commentary QX or Any there like a you about you

Michael H. Carrel

market earlier, And growth I what questions Yes. new do in the space. referred I we're mean think definitely acceleration there. competition in see the out seeing to That's result of also what of one had the is is innovative as that, ours. Plus, and as overall a we're Danielle, products. you I we is up bringing in competition why growing saw having an obviously,

And so kind is products. to which rates up they a catch a good demonstrating in to just the and are the in bring come that. papers V those with I relative those the that. how of to you XX,XXX We FLEX-Mini, with and the it's rates closure drive and this, we innovations see over choice many that or what of those see the I've Europe very their conversations to we they clinical what happened with they're out growth can something choice they lot personal the the kind them invested product, and -- on both of this also are of of the meet we've definitely both some our here. to in even So make way going in that's that's in the had the evidence, stroke accounts. and do to peer-reviewed in kind with whether else and to of anatomy for the feel -- original some on the XX technologies. to And that it. But label use anticipate that had haven't us product, some accounts patients, outstanding completely, lost Europe. In the running we're nice opportunity relative over you with market help that FLEX-Mini making just of them, relative the quality own And long basically impact physician really an on trial accounts with actually that evidence that quality FLEX of accounts, got are of I confident anybody fact terms

cardiac I think and investments aren't more investments surgery that tripling patients, we're of LeAAPS is million long really making just term that to the existing globally. for right types the patients size for all market Afib of about X the that undergo getting over And this franchise. the for

pretty we good where the it's market we're excited and for are. competition, kind about for really the but So Again, think overall. see I do us of we

Danielle Antalffy

you Okay. this has the market, helpful. question for up seemed great for just especially CABG really I on to another guys. That's then Clamp mean EnCompass. open And quick a just quarter

you've from the penetration X curious been Just we can this what's far in what here years, about, now that it I rolling a point perspective like are say as got where out you as at guess, CABG EnCompass with U.S.?

Michael H. Carrel

it's cardiac XX% that to call I still that tells way question. to there's which that to long it, treated probably do treated. go. that say I'd I that the Yes. We're still patients XX% the XX% think quote today mean great Afib, actually And still of be getting for treating, that I used are should a overall -- adoption to surgery patients have closer for we you have we're to we mean XX%. of sure we're XX% on impact making of but a people

also have All in covers XA Class STS, mean the it ACC, for let Europe, from with as society, of this Europe EACTS, level and one managing ablation over me both in all treating of cardiology every an HRS, with which and population, be which Every is globally covers that globally, and the ERAS guideline cardiac well, the surgery I that. in which guidelines them surgical one guidelines patient over U.S. repeat you the every appendage. a should

unlock hopefully, to within I that lot a to standpoint, our us And we easier still it patient from population go think to for so that. treated. patients a long it EnCompass the way and ahead get just lot growth And think of to a is going of that Clamp, make there's with

Operator

comes question Suraj with Our next Kalia & [Operator Co. from Instructions] Oppenheimer

Suraj Kalia

Congrats on a nice quarter.

one to Mike. I'll Mike, you, one first pose for you, the Angie, So for and one question

point argument was Hybrid products, esophageal there can off whole do the surgical ablation. so time, wall Convergent, look, on was Mike, On the like, a specifically fistulas, back in or Hybrid prevents PFA you picking

a to catheter I clinical PFA, how product modality. help have for existing terms surgical me clinical is all to for understand through new you all new thinking guess, be energy the obvious energy additive very you It to to this whole of are in have So regulatory isn't do new this. argument. this is what us When going surgical ablation, modality? pathway? was Also, trials need Would the is That what right? products a from the

Michael H. Carrel

for clinical Suraj. great be to question, It's answered benefit I think about And there's a questions a is PFA. what going be lot to really the additional of

it RF. As I this believe our energy basically cryo around that a well we great bring of imperative that us products as important source great it so the mentioned, could we do excitement We solution. have was and with into and to it for as offer obviously all

to area. Relative it like kind the that's relative going an the of relative -- able that into it cryo the bit, or of like type to is RF a the is think more the through we the to where EPi-Sense going we matter to to frankly, probably space be run time point putting to some have quite at something that this not on trials really, I out to device, determined you'll whether it it in learn little have that. is than is comes MIS efficacious or take and technologies, clamp When be to to time. because that to speed

on. not MIS on -- using is on side. the not mostly in se. in per open take the side, is cardiac that's getting the the time clamps for access with The not you open necessarily out some RF speed, time but time cardiac based to the On it, where the can different it's That's

for be from will And a standpoint. so case there it use different that

process of the So that's it. thought behind some

have I to have think we it.

about. think a learn study very the PFA made pathway. have type it's believe clear that the go I to that to will and FDA energy technology likely to has PMA important it down epicardially I an

like, anticipating what once in I about of we're that kind we're at and we'll that's say point. so the that -- give future why lines And time guidelines might look

Suraj Kalia

was the just the one What quarter? ASP what in new Mike, for pain probes? impact I the for I contribution you. question was management, Angie, ASP cryoSPHERE transparency. for of guess, line net the appreciate

Angela Wirick

the Almost cryoSPHERE+ question. is contributor nothing. cryoSPHERE the not The legacy a at the ASP majority good as cryoSPHERE Suraj, our cryoSPHERE+. devices. in MAX, was big of the quarter. same revenue third

that volume So all XX.X% when growth. you is in the see quarter, growth

Operator

closing time. Carrel to Mike no for further this like showing turn I I'm back now questions it at remarks. would to

Michael H. Carrel

for Great. after you Again, today, thank now. look the we you a to fourth joining Have evening. Bye everyone, talking great to us call. and quarter forward

Operator

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

may disconnect. You now

AtriCure (ATRC) 29 Oct 242024 Q3 Earnings call transcript