AtriCure (NASDAQ:ATRC) Announces Earnings Results

AtriCure (NASDAQ:ATRC) posted its earnings results on Tuesday. The medical device company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.02, Briefing.com reports. AtriCure had a negative net margin of 8.70% and a negative return on equity of 8.14%. The business had revenue of $115.91 million for the quarter, compared to analysts’ expectations of $112.23 million. During the same quarter in the prior year, the business earned ($0.20) EPS. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. AtriCure updated its FY 2024 guidance to -0.800–0.740 EPS.

AtriCure Price Performance

Shares of ATRC stock opened at $33.18 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.93 and a current ratio of 4.13. AtriCure has a one year low of $18.94 and a one year high of $43.00. The company’s fifty day moving average price is $27.86 and its 200-day moving average price is $24.43.

Insider Buying and Selling

In other AtriCure news, Director Maggie Yuen sold 3,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $24.07, for a total transaction of $84,245.00. Following the sale, the director now directly owns 8,970 shares of the company’s stock, valued at $215,907.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Canaccord Genuity Group increased their price objective on shares of AtriCure from $49.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday. UBS Group raised their price target on AtriCure from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. BTIG Research reduced their price objective on AtriCure from $58.00 to $53.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. JPMorgan Chase & Co. raised their target price on AtriCure from $30.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Needham & Company LLC upped their price target on shares of AtriCure from $34.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.11.

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.