Mason, Ohio-based AtriCure, a specialist in surgical treatments and therapies for atrial fibrillation, left atrial appendage management, and post-operative pain management, saw substantial revenue growth in Q4 2025.
The company saw a 13.1% year-over-year growth for the quarter, reaching worldwide revenues of $140.5 million. Full year 2025 worldwide revenue reached $534.5 million, an increase of 14.9% year-over-year.
AtriCure credits its growth to a few factors, including expanded use of new products, including cryoSPHERE MAX and AtriClip FLEX-Mini, and the continued adoption of EnCompass clamp.
“Our 2025 performance reflects strong execution and continued momentum in our business. We delivered 15% revenue growth for the year and strengthened profitability while advancing key innovation and clinical initiatives, including enrollment of our LeAAPs clinical trial, and the initiation of our BoxX-NoAF trial, that position the company for sustained value creation,” Michael Carrel, President and Chief Executive Officer at AtriCure, said during the company’s earnings call.
“Entering 2026, we remain focused on driving durable growth, expanding margins and executing on strategic priorities that enhance AtriCure’s leadership position across our markets.”
As a result of the revenue growth, the company has updated its full year 2026 revenue projection from approximately $600 million to $610 million, reflecting growth of approximately 12% to 14% over full year 2025.
Following the earnings call, shares of ATRC rose to 7% to $35.26 apiece in pre-market trading on February 18. They had ticked up 1% to $32.97 after hours yesterday, February 17, after the company first reported the results.
In pain management, AtriCure saw a 24% growth in Q4 revenue, credited to the continued adoption of the cryoSPHERE MAX device, with the company ending the year with roughly 500 U.S. accounts using cryoSPHERE MAX and surpassed 100,000 patients treated with cryoSPHERE probes since the franchise launched in 2019.
Revenues also grew 15% in appendage management, with open left atrial appendage growth outpacing minimally invasive devices. The AtriClip FLEX MINI and AtriClip PRO MINI were credited as key drivers due to the low profile of the “mini” devices. The company exited 2025 with more than 300 active accounts purchasing FLEX MINI, which contributed 18% of worldwide left atrial appendage management revenue in 2025.
In open AFib ablation, revenue grew 17%, primarily driven by the Encompass clamp. Encompass was present in more than 830 accounts worldwide, and U.S. open ablation sales were $143.8 million, up 16.3% year over year, with Encompass contributing more than 60% of U.S. open ablation revenue in 2025.
On the other hand, in the earnings call, Carrel described AtriCure’s AFib treatment franchise as a “headwind,” under pressure from PFA growth in the U.S. MIS revenue for the company was down 31.2% in 2025, with customers prioritizing PFA catheters.
The company also noted it has several clinical trials in the pipeline, on top of new product developments for 2026.
Its ongoing LEAPS trial, which currently has 6,573 patients enrolled, is aimed at expanding treatment in cardiac surgery patients without pre-existing AFib.
Its 960 patient BOX X NoAF trial is evaluating ablation intended to reduce postoperative AFib in cardiac surgery patients without pre-existing AFib.
ArtiCure is also working on a dual-energy EnCompass clamp intended to shorten RF ablation times and add PFA as a complementary energy source.
As ArtiCure starts its own expansion into PFA, it will likely continue to be a headwind for the company, as there are a number of strong existing competitors in the space.
Medtronic just s
aw its PFA portfolio in the U.S.
grow 137% in the U.S., while
Boston Scientific
and
Abbott have also made
major strides in the space.
In addition, Edwards Lifesciences recently announced its plans to introduce a surgical left atrial appendage closure device this year. This device had been anticipated by investors for many months.
“While we acknowledge competition is an overhang on ATRC's stock, we emphasize that ATRC had been anticipating this competition and that the company successfully fended off a prior competitive entrant over the past couple of years. ATRC believes that their products and expertise in ablation as well as appendage management offer an advantage in concomitant valve procedures. We expect this expertise to be part of ATRC's competitive moat,” BTIG analysts wrote.
As a result of ArtiCure outpacing previous analyst expectations, and increasing its revenue projections for 2026, analysts at BTIG have reiterated their rating of the company as “buy.”
“ATRC shares were impacted last week by the announcement of emerging competition for AtriClip. However, this competition was expected eventually, and we believe the co. will be ready to combat share loss, particularly with competitive barriers like ablation expertise, a commitment to clinical R&D work, and a long-standing relationship with customers,” analysts wrote. “ATRC's fundamentals across its main franchises remain strong, and profitability metrics continue to exceed long-range targets. We acknowledge sentiment around competition but view ATRC as undervalued.”