AtriCure (NASDAQ:ATRC) executives said the company’s 2026 revenue outlook is being supported by recent and upcoming product launches, continued adoption of its EnCompass ablation platform and expanding opportunities in pain management and appendage management.
Speaking at a Bank of America fireside chat, President and CEO Michael Carrel and CFO Angela Wirick discussed the company’s growth targets, profitability trajectory, competitive positioning and clinical trial pipeline. AtriCure delivered 15% revenue growth in 2025 and is guiding for 12% to 14% growth in 2026.
Product launches remain central to 2026 growth outlook
In pain management, executives highlighted cryoXT, a device aimed at the lower-extremity amputation market. Wirick said the product had a soft launch at the end of 2025 and has now moved into a broader launch, with more meaningful contribution expected in the back half of 2026 as the company develops the market.
Wirick said cryoXT gives AtriCure another growth driver as its core thoracic and sternotomy pain-management business becomes larger. She said the amputation market may ramp more slowly than thoracic because it represents a new therapy and call point, but physician and care-team feedback has been strong in the approximately two dozen accounts where the product is active.
Executives also said cryoSPHERE MAX is helping address surgeon concerns about procedure time in sternotomy nerve block procedures. Wirick said surgeons had seen the benefit of cryoablation but were concerned that legacy devices took too long, and cryoSPHERE MAX gives the sales team an opportunity to return to those accounts with a faster device.
EnCompass and AtriClip seen as having substantial runway
Carrel said AtriCure still sees a large runway in open ablation and appendage management, even though EnCompass is no longer a new launch. He said roughly 2 million patients undergo cardiac surgery each year, while just over 100,000 were treated last year with some type of AtriCure device.
“We took a procedure that was 40 minutes down to less than 10,” Carrel said, describing EnCompass as a tool that made ablation more approachable for surgeons. He said many surgeons are still new to treating these patients, leaving substantial room for adoption.
In appendage management, Carrel said the FLEX-Mini product has been well received due to its smaller size, ease of deployment and visualization. A next-generation AtriClip expected in 2027 will be an open-ended V-Clip version of the Mini platform, intended for surgeons who prefer that approach and for minimally invasive procedures that require passage through a smaller trocar.
Profitability improves as company continues to invest
AtriCure nearly doubled adjusted EBITDA in 2025 and is guiding to $80 million to $82 million in adjusted EBITDA for 2026. Wirick said the company’s profitability improvements have exceeded internal expectations, while AtriCure continues to invest in clinical trials that it believes can support longer-term growth.
The company reported its first quarter of positive GAAP net income in the fourth quarter of 2025 and is guiding for positive GAAP net income for the full year in 2026. Wirick said AtriCure remains focused on investing for organic growth, with capital allocation priorities centered on internal development opportunities.
Asked whether positive free cash flow could lead to a formal capital return program, Wirick said, “In the near term, no.”
Wirick also discussed a new manufacturing facility expected to come online in the second half of the year. She said the facility will be a modest near-term gross margin headwind as AtriCure begins to bear the cost of the facility before production scales. Longer term, she said the added capacity supports the company’s goal of reaching $1 billion in revenue as it exits the decade.
Management says competition validates market opportunity
Carrel addressed competition in appendage management, including prior concerns around PENDITURE and Edwards’ announced entry into the market. He said AtriCure views large competitors entering the space as validation that the market is significant.
Carrel said AtriCure’s competitive position is built on three factors: innovation, clinical evidence, and education and training. He said the company has continued to advance AtriClip from its original product to V-Clip and Mini versions, and is working on another generation. He also cited more than 21,000 patients studied, more than 100 peer-reviewed papers and multiple randomized controlled trials involving AtriCure products.
Regarding Edwards, Carrel said AtriCure respects the company but believes Edwards does not know the space as well. He said Edwards is primarily a valve company, while two-thirds of cardiac surgery patients are coronary bypass patients, where AtriCure participates with ablation and AtriClip products.
Clinical trials could expand the addressable market
Carrel called the LEAPS and BOX-X NOAF trials “game-changing,” saying AtriCure’s vision is for every cardiac surgery patient to receive ablation and AtriClip therapy where appropriate. LEAPS has reached more than 50% of its target event count, and Carrel said the readout is likely to come before 2030, though the exact timing remains uncertain.
Wirick said BOX-X NOAF enrollment is expected to complete around the end of 2026, with data targeted for presentation at a surgical conference in early 2027. She said FDA review typically takes about 12 months, suggesting potential approval in early 2028 if results are positive.
Carrel said successful trials could give AtriCure product-specific labeling claims, including stroke reduction, reduction in postoperative atrial fibrillation and reduction in clinical atrial fibrillation. He said competitors could continue selling products under existing clearances but would not be able to make the same claims.
Executives also pointed to updated Society of Thoracic Surgeons quality metrics, which Carrel said could pressure hospitals to treat more cardiac surgery patients with atrial fibrillation. He said only about 35% of those patients are currently treated and that the new metrics could become a meaningful tailwind.
In minimally invasive ablation, executives said pulsed field ablation has changed the landscape, but they still see a role for the Convergent procedure in longstanding persistent atrial fibrillation patients, particularly after catheter ablation failures. Carrel also highlighted AtriCure’s first-in-human treatments with a combined RF and PFA EnCompass Clamp, saying the technology could shorten ablation time and make the procedure easier for surgeons.
About AtriCure (NASDAQ:ATRC)
AtriCure, Inc is a medical device company focused on the development, manufacture and marketing of innovative therapies to treat atrial fibrillation (AF) and related conditions. Founded in 2000 and headquartered in Mason, Ohio, AtriCure has established itself as a leader in surgical ablation devices designed to interrupt the errant electrical pathways that cause AF. The company’s solutions are used by cardiac surgeons and electrophysiologists to reduce the risk of stroke and improve patient outcomes in the treatment of both paroxysmal and persistent AF.
The company’s product portfolio centers on its Synergy Surgical Ablation System, which delivers controlled radiofrequency energy in a minimally invasive format, and the cryoICE Cryoablation System, which offers an alternative ablation modality using precise freezing techniques.
