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

AtriCure (NASDAQ:ATRC - Get Free Report) announced its quarterly earnings data on Tuesday. The medical device company reported ($0.17) earnings per share for the quarter, beating analysts' consensus estimates of ($0.19) by $0.02, Briefing.com reports. AtriCure had a negative net margin of 9.33% and a negative return on equity of 8.39%. The firm had revenue of $115.91 million during the quarter, compared to analysts' expectations of $112.23 million. During the same quarter in the previous year, the business posted ($0.20) earnings per share. The business's quarterly revenue was up 17.9% compared to the same quarter last year. AtriCure updated its FY 2024 guidance to -0.800--0.740 EPS.

AtriCure Stock Performance

Shares of ATRC stock traded up $5.35 during mid-day trading on Wednesday, hitting $34.78. The stock had a trading volume of 2,423,994 shares, compared to its average volume of 730,284. The firm has a market cap of $1.66 billion, a PE ratio of -44.50 and a beta of 1.44. The company's 50-day simple moving average is $27.46 and its 200-day simple moving average is $24.30. The company has a debt-to-equity ratio of 0.16, a current ratio of 4.13 and a quick ratio of 2.93. AtriCure has a fifty-two week low of $18.94 and a fifty-two week high of $43.00.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ATRC. Needham & Company LLC upped their price target on AtriCure from $34.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday. Oppenheimer increased their target price on shares of AtriCure from $32.00 to $36.00 and gave the company an "outperform" rating in a research report on Wednesday. Stifel Nicolaus reduced their price target on shares of AtriCure from $30.00 to $26.00 and set a "buy" rating for the company in a research report on Wednesday, July 31st. Canaccord Genuity Group boosted their target price on AtriCure from $49.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Piper Sandler cut their price target on AtriCure from $65.00 to $40.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 31st. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $43.11.

Insider Transactions at AtriCure

In other news, Director Maggie Yuen sold 3,500 shares of the firm's stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $24.07, for a total value of $84,245.00. Following the completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company 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.