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

AtriCure (NASDAQ:ATRC - Get Free Report) posted its quarterly earnings data 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. The business had revenue of $108.90 million for the quarter, compared to analyst estimates of $106.86 million. AtriCure had a negative return on equity of 7.55% and a negative net margin of 7.62%. AtriCure's revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.23) EPS. AtriCure updated its FY24 guidance to ($0.74)-($0.82) EPS and its FY 2024 guidance to -0.820--0.740 EPS.

AtriCure Stock Down 10.3 %

Shares of AtriCure stock traded down $2.54 during trading on Thursday, reaching $22.22. The stock had a trading volume of 2,753,181 shares, compared to its average volume of 710,448. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -33.67 and a beta of 1.41. The stock has a fifty day moving average price of $29.30 and a two-hundred day moving average price of $33.32. AtriCure has a 52 week low of $20.19 and a 52 week high of $59.61. The company has a current ratio of 3.57, a quick ratio of 2.66 and a debt-to-equity ratio of 0.15.

Insider Activity

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

Analysts Set New Price Targets

Several research firms have commented on ATRC. Canaccord Genuity Group cut their price target on AtriCure from $57.00 to $49.00 and set a "buy" rating for the company in a report on Thursday. Oppenheimer raised AtriCure from a "market perform" rating to an "outperform" rating and set a $32.00 target price for the company in a report on Tuesday, April 23rd. StockNews.com cut AtriCure from a "hold" rating to a "sell" rating in a report on Wednesday, March 27th. UBS Group increased their target price on AtriCure from $57.00 to $58.00 and gave the stock a "buy" rating in a report on Friday, February 16th. Finally, Needham & Company LLC decreased their price target on AtriCure from $46.00 to $40.00 and set a "buy" rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target 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.