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

AtriCure (NASDAQ:ATRC) issued its earnings results on Wednesday. The medical device company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02), Briefing.com reports. AtriCure had a negative return on equity of 7.55% and a negative net margin of 7.62%. The company had revenue of $108.90 million during the quarter, compared to analyst estimates of $106.86 million. During the same period in the prior year, the business earned ($0.23) earnings per share. AtriCure’s quarterly revenue was up 16.5% on a year-over-year basis. AtriCure updated its FY24 guidance to ($0.74)-($0.82) EPS and its FY 2024 guidance to -0.820–0.740 EPS.

AtriCure Price Performance

NASDAQ ATRC traded down $2.54 on Thursday, reaching $22.22. 2,753,181 shares of the stock traded hands, compared to its average volume of 710,448. AtriCure has a 12 month low of $20.19 and a 12 month high of $59.61. The company has a quick ratio of 2.66, a current ratio of 3.57 and a debt-to-equity ratio of 0.15. The firm’s fifty day simple moving average is $29.30 and its 200 day simple moving average is $33.32. The company has a market cap of $1.08 billion, a price-to-earnings ratio of -33.67 and a beta of 1.41.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ATRC. Stifel Nicolaus cut their price objective on shares of AtriCure from $50.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Oppenheimer upgraded shares of AtriCure from a “market perform” rating to an “outperform” rating and set a $32.00 price target on the stock in a research note on Tuesday, April 23rd. UBS Group boosted their price objective on AtriCure from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Canaccord Genuity Group lowered their target price on AtriCure from $57.00 to $49.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, JPMorgan Chase & Co. cut their target price on AtriCure from $42.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. According to MarketBeat, AtriCure currently has a consensus rating of “Moderate Buy” and an average target price of $49.78.

Insider Transactions at AtriCure

In related news, insider Karl S. Dahlquist sold 8,231 shares of AtriCure stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $37.36, for a total transaction of $307,510.16. Following the transaction, the insider now directly owns 52,839 shares of the company’s stock, valued at $1,974,065.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Karl S. Dahlquist sold 8,231 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $37.36, for a total transaction of $307,510.16. Following the completion of the sale, the insider now directly owns 52,839 shares of the company’s stock, valued at $1,974,065.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Justin J. Noznesky sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $30.39, for a total transaction of $45,585.00. Following the sale, the insider now owns 72,784 shares of the company’s stock, valued at $2,211,905.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,116 shares of company stock valued at $468,797. Corporate insiders own 3.20% of the company’s stock.

About AtriCure

AtriCure, Inc develops, manufactures, and sells devices for surgical ablation of cardiac tissue, exclusion of the left atrial appendage, and temporarily blocking pain by ablating peripheral nerves to medical centers in the United States, Europe, the Asia-Pacific, and internationally. The company offers Isolator Synergy Clamps, single-use disposable radio frequency products; multifunctional pens and linear ablation devices, such as the MAX Pen device that enables surgeons to evaluate cardiac arrhythmias, perform temporary cardiac pacing, sensing, and stimulation, and ablate cardiac tissue with the same device; and the Coolrail device, which enables users to make longer linear lines of ablation.