AtriCure (NASDAQ:ATRC) Issues Quarterly Earnings Results

AtriCure (NASDAQ:ATRC) released 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 business had revenue of $108.90 million for the quarter, compared to the consensus estimate of $106.86 million. During the same quarter in the previous year, the company earned ($0.23) earnings per share. The firm’s revenue for the quarter 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 Trading Down 10.3 %

ATRC traded down $2.54 during midday trading on Thursday, hitting $22.22. 2,753,181 shares of the company were exchanged, compared to its average volume of 710,448. The firm’s 50 day moving average price is $29.30 and its 200-day moving average price is $33.32. AtriCure has a 1-year low of $20.19 and a 1-year high of $59.61. The firm has a market capitalization of $1.08 billion, a P/E ratio of -33.67 and a beta of 1.41. The company has a quick ratio of 2.66, a current ratio of 3.57 and a debt-to-equity ratio of 0.15.

Insider Activity

In related news, insider Justin J. Noznesky sold 1,500 shares of AtriCure stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $36.72, for a total value of $55,080.00. Following the transaction, the insider now directly owns 74,284 shares of the company’s stock, valued at $2,727,708.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other AtriCure news, insider Karl S. Dahlquist sold 1,885 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $32.16, for a total transaction of $60,621.60. Following the sale, the insider now owns 50,954 shares of the company’s stock, valued at $1,638,680.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Justin J. Noznesky sold 1,500 shares of AtriCure stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $36.72, for a total value of $55,080.00. Following the completion of the transaction, the insider now directly owns 74,284 shares of the company’s stock, valued at $2,727,708.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,116 shares of company stock valued at $468,797. Company insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

ATRC has been the topic of several research analyst reports. Stifel Nicolaus reduced their price objective on AtriCure from $50.00 to $42.00 and set a “buy” rating on the stock in a research note 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. Canaccord Genuity Group decreased their price target on shares of AtriCure from $57.00 to $49.00 and set a “buy” rating on the stock in a report on Thursday. Needham & Company LLC dropped their price objective on shares of AtriCure from $46.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday. Finally, StockNews.com cut AtriCure from a “hold” rating to a “sell” rating in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $49.78.

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.