AtriCure, Inc. (ATRC) · Nov 3, 2026 · Earnings
Beat — GAAP EPS $0.08 vs ~$(0.05) consensus; revenue $154.5M vs ~$151.1M
AtriCure’s Q3 earnings beat revenue and EPS expectations, while the medical-device maker raised its 2026 revenue, EBITDA and EPS outlook.
AtriCure is a surgical medtech company expanding beyond its cardiac-ablation base into appendage management and post-operative pain management, while minimally invasive ablation is losing volume as physicians adopt PFA catheters. Pain management, open ablation and appendage devices are currently carrying the growth story; the filing says U.S. revenue growth was driven by the cryoSPHERE MAX probe, EnCompass clamp and AtriClip devices. 〔0〕
| Metric | Q3 2026 | Q3 2025 | Consensus / prior guidance |
|---|---|---|---|
| Revenue (Financial Highlights) | $154.5M (+15.0%) | $134.3M | ~$151.1M consensus |
| GAAP diluted EPS (Financial Highlights) | $0.08 | $(0.01) | ~$(0.05) consensus |
| Adjusted EBITDA (Reconciliation) | $26.8M (+51%) | $17.8M | — |
| Gross margin (Financial Highlights) | 77.3% | 75.5% | — |
| FY2026 revenue guide (Outlook) | $606M–$610M | — | $602M–$610M prior |
| FY2026 adjusted EBITDA guide (Outlook) | $91M–$94M | — | $85M–$89M prior |
| FY2026 adjusted EPS guide (Outlook) | $0.40–$0.46 | — | $0.24–$0.32 prior |
This was a real earnings beat, not just a return to profitability. Revenue of $154.5 million exceeded the published consensus of roughly $151.1 million, while GAAP diluted EPS of $0.08 compared with expectations for a small loss of about $0.05. The result also came with better quality in the operating numbers: gross margin reached 77.3%, operating income rose to $4.4 million from $0.2 million, and adjusted EBITDA increased 51% to $26.8 million. The filing reports, “Gross margin was 77.3% for the third quarter 2026,” and “Adjusted EBITDA for the third quarter 2026 was $26.8 million, an increase of $9.0 million or 51% from the third quarter 2025.” 〔1〕
The bigger surprise is the breadth of the guidance increase. After Q2 guidance of $602 million–$610 million revenue and $85 million–$89 million adjusted EBITDA, AtriCure now expects $606 million–$610 million and $91 million–$94 million, respectively. It also lifted the full-year net-income EPS range from $0.05–$0.13 to $0.21–$0.27 and adjusted EPS from $0.24–$0.32 to $0.40–$0.46. That is stronger than simply maintaining the outlook and indicates that the Q3 profitability improvement is flowing through the year, not being treated as a one-quarter anomaly. Prior guidance was $602 million–$610 million revenue and $85 million–$89 million adjusted EBITDA.
The growth engine is becoming more diversified, but one franchise remains under pressure. U.S. revenue rose 17.1%, with pain management revenue up about 35% year over year and appendage management up about 14%; open ablation also grew strongly. Minimally invasive ablation revenue fell about 28% in the U.S. as Hybrid procedures continued to decline alongside PFA adoption. The mix shift is favorable for current growth and margins, but it means AtriCure still needs its newer pain and appendage franchises to offset disruption in the minimally invasive business. The filing explicitly says, “Minimally invasive ablation sales declined during the quarter from continued reduction in Hybrid procedures as physicians adopt PFA catheters to treat patients.” 〔2〕
Bottom line: AtriCure delivered ahead of expectations and raised every major 2026 profitability target, materially strengthening the execution story. The main unresolved issue is whether pain management and appendage growth can keep outrunning the PFA-driven decline in minimally invasive ablation.
Q4 earnings report and 2027 outlook, expected February 2027
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