AtriCure, Inc. reported significant financial developments in its 10-Q filing for the third quarter of 2024, highlighting a robust increase in revenue and strategic advancements. For the three months ended September 30, 2024, the company generated revenue of $115.9 million, a 17.9% increase from $98.3 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $341.0 million, up 16.5% from $292.7 million year-over-year. This growth was driven by strong performance in both the U.S. and international markets, with U.S. revenue increasing by 16.8% to $95.5 million in Q3 2024 and 14.9% to $281.2 million for the nine-month period.
Gross profit for the third quarter was $86.8 million, representing a gross margin of 74.9%, slightly down from 75.2% in Q3 2023. Total operating expenses rose to $94.2 million for the quarter, up from $82.0 million, primarily due to increased personnel costs and consulting fees. The net loss for the third quarter was $7.9 million, an improvement from a loss of $9.1 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $29.1 million, compared to $20.6 million in the prior year.
AtriCure's cash and cash equivalents increased significantly to $130.3 million as of September 30, 2024, compared to $84.3 million at the end of 2023. The company also reported total assets of $615.1 million, a slight increase from $613.9 million at year-end 2023. The accumulated deficit grew to $386.2 million from $357.1 million, reflecting ongoing investments in growth and development.
Strategically, AtriCure entered into a credit agreement in January 2024, establishing a $125 million asset-based revolving credit facility, which provides additional financial flexibility. The company also launched several new products, including the cryoSPHERE®+ cryoablation probe and the AtriClip® FLEX-Mini™ device, enhancing its offerings in the surgical treatment of atrial fibrillation.
Research and development expenses increased by 15.3% to support ongoing clinical trials, particularly the LeAAPS trial, while selling, general, and administrative expenses rose by 18.2%, reflecting headcount growth and increased marketing efforts. The company continues to monitor macroeconomic conditions, including inflation and interest rates, to maintain financial stability.
About AtriCure, Inc.
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