AtriCure Raises 2026 Adjusted EBITDA Outlook

The Tip Desk · November 4, 2026 · 3 min read

Third-quarter revenue reached $154.5 million as year-over-year growth accelerated to 15.0% and the company lifted full-year adjusted EBITDA to about $91 million to $94 million.

AtriCure, Inc. (ATRC), a developer of surgical treatments for atrial fibrillation, left atrial appendage management and post-operative pain, reported third-quarter 2026 worldwide revenue of $154.5 million, up 15.0% from a year earlier, or 15.1% on a constant-currency basis. That pace was faster than 12.8% growth in the second quarter and 14.3% in the first.

The company said U.S. revenue was $128.0 million, an increase of $18.7 million or 17.1% from the third quarter of 2025, after 13.6% growth in the second quarter and 14.9% in the first. International revenue was $26.4 million, up 5.8% (6.1% constant currency), slower than 9.6% growth in the second quarter and 11.5% in the first.

U.S. growth, the company said, was driven by sales of the cryoSPHERE MAX probe for post-operative pain, the EnCompass clamp in open ablation, and AtriClip FLEX-Mini and AtriClip PRO-Mini devices for appendage management. Minimally invasive ablation sales declined as Hybrid procedures continued to fall and physicians adopted PFA catheters.

On a three-months-ended-September 30 footing, U.S. pain management revenue was $28.06 million, versus $20.84 million a year earlier. U.S. appendage management was $51.60 million, versus $45.45 million. U.S. open ablation was $43.00 million, versus $35.59 million. U.S. minimally invasive ablation was $5.39 million, versus $7.43 million.

Gross profit was $119.4 million, and gross margin was 77.3%, up 180 basis points from the year-ago quarter, after 269 basis points of expansion in the second quarter and 246 basis points in the first. The company said the increase was driven primarily by favorable product and geographic mix. Income from operations was $4.4 million, compared with $0.2 million a year earlier.

Net income was $4.1 million, or $0.08 a share, versus a $0.01 loss a share a year earlier. Adjusted earnings were $0.18 a share, versus a $0.01 adjusted loss a share. Adjusted EBITDA was $26.8 million, up 51% from the year-ago quarter, after 78% growth in the second quarter and 95% in the first. The company recorded $4.50 million of acquired in-process research and development expense in the quarter, versus none a year earlier. Research and development expenses were $32.12 million, versus $22.89 million a year earlier.

President and Chief Executive Officer Michael Carrel said third-quarter results demonstrated the strength of the portfolio and disciplined execution, and that rapid progress of the BoxX-NoAF clinical trial reinforced confidence in opportunities ahead.

After the second quarter, full-year 2026 revenue was projected at approximately $602 million to $610 million and adjusted EBITDA at approximately $85 million to $89 million. After the third quarter, the company now projects full-year 2026 revenue of approximately $606 million to $610 million and adjusted EBITDA of approximately $91 million to $94 million. Full-year 2026 net income per share is expected to be in the range of $0.21 to $0.27, and adjusted earnings per share of approximately $0.40 to $0.46. Management expects continued positive cash generation for 2026.

Cash and cash equivalents were $187.0 million at September 30, 2026. Long-term debt was $61.0 million.