ATRC - AtriCure Inc. (ATRC) Q1 2024 Earnings Call Transcript
2024-05-02 01:48:02 ET
AtriCure, Inc. (ATRC)
Q1 2024 Earnings Conference Call
May 1, 2024 16:30 ET
Company Participants
Marissa Bych - Investor Relations
Mike Carrel - President and Chief Executive Officer
Angie Wirick - Chief Financial Officer
Conference Call Participants
Robbie Marcus - JPMorgan
William Plovanic - Canaccord Genuity
Marie Thibault - BTIG
Danielle Antalffy - UBS
Daniel Stauder - Citizens JMP
Mike Matson - Needham & Company
Suraj Kalia - Oppenheimer
Presentation
Operator
Good afternoon and welcome to AtriCure’s First Quarter 2024 Earnings Conference Call. This call is being recorded for replay purposes. And at this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session following prepared remarks from AtriCure’s management. I would now like to turn the call over to Marissa Bych from the Gilmartin Group for a few introductory comments.
Marissa Bych
Thank you. By now, you should have received a copy of the earnings press release. If you have not received a copy, please call 513-644-4484 to have one e-mailed to you.
Before we begin today, let me remind you that the company’s remarks include forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond AtriCure control, including risks and uncertainties described from time-to-time in AtriCure’s SEC filings. These statements include, but are not limited to financial expectations and guidance, expectations regarding the potential market opportunity for AtriCure’s franchises and growth initiatives, future product approvals, clearances, reimbursement and clinical trial outcomes. AtriCure’s results may differ materially from those projected. AtriCure undertakes no obligation to publicly update any forward-looking statements. Additionally, we refer to non-GAAP financial measures, specifically revenue reported on a constant currency basis, adjusted EBITDA and adjusted loss per share. A reconciliation of these non-GAAP financial measures, with the most directly comparable GAAP measures, is included in our press release, which is available on our website.
And with that, I would like to turn the call over to Mike Carrel, President and CEO.
Mike Carrel
Thank you, Marissa. Good afternoon, everyone and thank you for joining us today, I am pleased to report a strong start to 2024 as we expand our global impact on patients with atrial fibrillation and postoperative pain. In the first quarter, we achieved total revenue of $109 million, reflecting 16% growth from the first quarter of 2023, driven by steady demand and activity across our franchises and geographies. In addition, we improved gross margins and expanded profitability with a nearly 50% increase in adjusted EBITDA in the first quarter of 2024 compared to the first quarter of 2023....
AtriCure, Inc. (ATRC) Q1 2024 Earnings Call Transcript