AtriCure FY Conference Summary Company Overview - **Company**: AtriCure (NasdaqGM:ATRC) - **Event**: FY Conference on January 14, 2026 - **Speaker**: Mike Carrel, President and CEO Industry and Market Opportunity - **Industry**: Medical Technology focusing on Atrial Fibrillation (AFib) and pain management post-surgery - **Market Size**: AtriCure identifies a potential annual market opportunity of **$10 billion** related to their product portfolio [3][14] - **Global Reach**: AtriCure operates in **58 countries** and manufactures all products in the United States [4] Core Business Areas 1. **Atrial Fibrillation (AFib)** - **Patient Statistics**: Nearly **60 million** patients globally suffer from AFib, up from **30 million** a decade ago [6] - **Market Focus**: AtriCure targets patients with long-standing AFib, which represents **45%** of all AFib patients [8] - **Health Risks**: AFib significantly increases the risk of strokes and heart failure, with a five-year survival rate worse than two-thirds of cancers [10] - **Market Expansion**: The company aims to treat every patient undergoing cardiac surgery for AFib, with a market opportunity exceeding **$7 billion** [18] 2. **Pain Management Post-Surgery** - **Surgical Pain**: Millions undergo invasive surgeries, leading to significant post-operative pain [11] - **Cryoanalgesia**: AtriCure's cryo nerve block can reduce pain and opioid use, saving between **$8,000 and $15,000** in recovery costs [13][19] - **Market Size**: The pain management segment is valued at over **$2 billion** and is the fastest-growing part of AtriCure's business [19] Product Innovations - **Encompass Clamp**: Simplifies the ablation process, leading to increased adoption and growth rates in open ablation procedures [22] - **Flex Mini**: A new atrial clip device that enhances visualization and ease of use, contributing to significant growth in appendage management [23][60] - **Cryo XT**: A new product for pain management in amputations, aimed at reducing recovery time and opioid dependency [32] Financial Performance and Guidance - **Growth Rate**: AtriCure reported a **15% overall growth** and an **86% increase** in positive EBITDA for the year [38] - **2026 Guidance**: The company anticipates a revenue growth of **12%-14%** for 2026, with a focus on new product launches and market expansion [39][46] - **Profitability**: AtriCure expects to achieve net income for the first time in 2026, indicating strong financial health [39][68] Competitive Landscape - **Market Share**: AtriCure holds approximately **95% market share** in the ablation segment, despite competition from larger companies like Medtronic [63] - **Innovation and IP**: Continuous innovation and strong clinical evidence are key to maintaining market leadership [64][67] Challenges and Risks - **UK Market Pressure**: AtriCure faced challenges in the UK due to budget constraints affecting procedure volumes [42] - **Hybrid Business Segment**: The hybrid business has seen pressure, but there are signs of recovery with a sequential uptick in revenue [44] Conclusion - AtriCure is positioned as a leader in the medical technology industry, focusing on significant market opportunities in AFib and pain management. The company is committed to innovation and expanding its product offerings while navigating challenges in specific markets. The financial outlook remains positive, with expectations for continued growth and profitability.

Creating a World Class Platform JP Morgan Healthcare Conference Presentation January 2026 © 2026 AtriCure, Inc. All rights reserved. Forward Looking Statements and Non-GAAP Financial Measures This presentation and oral statements made in connection with this presentation contain "forward-looking statements," which are statements related to future events that by their nature address matters that are uncertain. Forward-looking statements address, among other things, AtriCure's expected market opportunity, gui ...

Core Viewpoint - AtriCure, Inc. announced preliminary financial results for Q4 2025, indicating a revenue growth of approximately 13% compared to the same quarter in the previous year, with expected revenue of $140.5 million [1] Financial Performance - Preliminary, unaudited revenue for Q4 2025 is projected to be $140.5 million [1] - This represents a growth of around 13% over Q4 2024 [1] Future Guidance - AtriCure provided financial guidance for the year 2026, although specific figures were not detailed in the announcement [1]

Company Performance - AtriCure's shares have increased by 2.4% over the past month, reaching a new 52-week high of $43.18, with a year-to-date gain of 7.2% compared to the Zacks Medical sector's 7.8% and the Zacks Medical - Products industry's -0.5% return [1] - The company has consistently exceeded earnings expectations, reporting an EPS of -$0.01 against a consensus estimate of -$0.11 in its last earnings report on October 29, 2025, and beating revenue estimates by 2.09% [2] Future Earnings Projections - For the current fiscal year, AtriCure is projected to have earnings of -$0.08 per share on revenues of $533.17 million, while for the next fiscal year, earnings are expected to rise to $0.34 per share on revenues of $599.85 million, indicating year-over-year changes of 63.54% and 12.51%, respectively [3] Valuation Metrics - AtriCure has a Value Score of C, a Growth Score of A, and a Momentum Score of C, resulting in a VGM Score of B, which suggests a balanced investment profile [6] - The stock currently holds a Zacks Rank of 2 (Buy), indicating rising earnings estimates and meeting the criteria for potential investment [7] Industry Comparison - AtriCure's performance is favorable compared to its industry peers, such as VAREX IMAGING, which also has a Zacks Rank of 2 (Buy) and strong earnings performance, having beaten consensus estimates by 105.56% last quarter [8][9] - Despite the Medical - Products industry ranking in the bottom 67% of all industries, AtriCure and VAREX IMAGING are positioned to benefit from favorable market conditions [10]

Company Performance - AtriCure (ATRC) has gained approximately 32.7% year-to-date, significantly outperforming the average gain of 7.7% for Medical stocks [4] - The Zacks Consensus Estimate for AtriCure's full-year earnings has increased by 32.9% over the past quarter, indicating improved analyst sentiment and earnings outlook [3] Industry Comparison - AtriCure is part of the Medical - Products industry, which consists of 83 individual stocks and currently ranks 182 in the Zacks Industry Rank. This industry has seen an average gain of 1.9% year-to-date, further highlighting AtriCure's strong performance [5] - In contrast, the Medical - Nursing Homes industry, which includes Ensign Group (ENSG), has gained 31.7% year-to-date and is ranked 23 [6] Sector Ranking - AtriCure is a member of the Medical group, which includes 946 companies and currently holds the 4 position in the Zacks Sector Rank [2] - The Zacks Rank system, which emphasizes earnings estimates and revisions, currently assigns AtriCure a Zacks Rank of 2 (Buy), indicating a favorable outlook for the stock [3]

Group 1 - AtriCure (NASDAQ:ATRC) is recognized as a promising mid-cap healthcare stock priced under $50, with a bullish outlook from J.P. Morgan analyst Lilia-Celine, who raised the price target from $42 to $48, indicating over 17% upside potential for investors [1] - The company successfully completed its first-in-human atrial procedures using the new Pulsed Field Ablation (PFA) technology in combination with its existing Radiofrequency Ablation (RFA) technology, enhancing the efficiency of cardiac surgery ablation procedures [2] - Consensus sentiment remains bullish on AtriCure, with all six analysts covering the stock issuing Buy ratings, and a 1-year median price target of $51.83, suggesting a 26.6% upside [2] Group 2 - AtriCure specializes in innovative medical devices for Atrial Fibrillation (Afib) treatment, offering solutions for surgical ablation of cardiac tissues and management of left atrial appendage (LAA) [3]

Core Insights - AtriCure, Inc. is a leading innovator in surgical treatments for atrial fibrillation (Afib) and related conditions, participating in the J.P. Morgan 44th Annual Healthcare Conference [1][2] Company Overview - AtriCure provides innovative technologies for the treatment of Afib, which affects over 59 million people globally [3] - The Isolator® Synergy™ Ablation System is the first FDA-approved device for treating persistent Afib [3] - AtriCure's AtriClip® Left Atrial Appendage Exclusion System is the most widely sold device for left atrial appendage management worldwide [3] - The Hybrid AF™ Therapy offers a minimally invasive solution for long-standing persistent Afib patients [3] - AtriCure's cryoICE cryoSPHERE® and cryoXT® probes are designed for temporary ablation of peripheral nerves to alleviate pain in various medical procedures [3]

Core Insights - AtriCure (ATRC) has achieved a significant milestone in surgical ablation with the successful treatment of its first patients using a new dual-energy platform that combines Pulsed Field Ablation (PFA) and Advanced Radiofrequency Ablation (RFA) [1][8][12] Company Developments - The dual-energy platform aims to provide faster, more efficient, and flexible ablation options for surgeons, enhancing the overall surgical workflow [4][7] - Initial cases demonstrated the ability to achieve complete box lesions in under 60 seconds, showcasing the platform's efficiency [10][11] - AtriCure plans to initiate a clinical trial next year, which is a crucial step towards regulatory submissions and commercialization of the new platform [12] Market Position and Financials - AtriCure currently has a market capitalization of $2.05 billion [5] - Year-to-date, ATRC shares have increased by 35.5%, significantly outperforming the industry growth of 1.1% and the S&P 500's rise of 19.5% [3] Industry Outlook - The global atrial fibrillation market is projected to grow from $26.89 billion in 2024 to $65.33 billion by 2033, with a compound annual growth rate (CAGR) of 10.44% from 2025 to 2033 [13] - The growth is driven by an increasing disease burden, rapid technological advancements in treatment and diagnostics, and a shift towards remote patient monitoring [13]

Core Viewpoint - AtriCure (ATRC) is currently outperforming its Medical sector peers, showing strong year-to-date performance and positive analyst sentiment regarding its earnings outlook [1][3]. Company Performance - AtriCure has gained approximately 30.4% year-to-date, significantly outperforming the average return of 6.1% for Medical companies [4]. - The Zacks Consensus Estimate for AtriCure's full-year earnings has increased by 32.9% over the past quarter, indicating improved analyst sentiment [3]. Industry Context - AtriCure is part of the Medical - Products industry, which includes 83 companies and currently ranks 155 in the Zacks Industry Rank. This industry has seen an average gain of 3.1% year-to-date, highlighting AtriCure's superior performance within this group [6]. - Another notable company in the same industry, Boston Scientific (BSX), has also outperformed the sector with a year-to-date return of 9.2% [4][5]. Sector Ranking - The Medical sector, which includes AtriCure and 948 other stocks, ranks 3 in the Zacks Sector Rank, reflecting a strong overall performance among its constituents [2].

Summary of AtriCure Conference Call Company Overview - **Company**: AtriCure - **Industry**: Medical Technology, specifically in cardiac solutions Key Points and Arguments Product Performance and Growth - **Q3 Growth**: AtriCure reported an 18.5% growth in Q3, marking an acceleration compared to the previous six quarters, driven primarily by the Flex Mini product [3][5] - **Flex Mini Product**: The Flex Mini is 60% smaller than existing products, enhancing visibility and ease of use for clinicians, which has led to its adoption in over 30% of systems across the U.S. [3][5][9] - **Market Penetration**: The Flex Mini could potentially become the predominant clip sold, with expectations of reaching similar penetration levels as the Flex-V product, which accounted for 75%-80% of volume in open test procedures [22] Competitive Advantage - **Patented Technology**: AtriCure's technology includes unique fabric around the clip and a parallel closure mechanism, making it difficult for competitors to replicate [23] - **Pricing Strategy**: The average selling price (ASP) for the Flex Mini ranges from $1,750 to $2,250, indicating a significant bump compared to previous products [24] Encompass Product Line - **Encompass Clamp**: Represents over 50% of AtriCure's revenue in the U.S. and has significantly reduced procedure times from 30-40 minutes to under 10 minutes [35][36] - **Market Opportunity**: There is a 60% penetration goal for AFib treatments, with additional opportunities in non-AFib patients, indicating substantial growth potential [36] Clinical Trials and Future Developments - **Box No AF Study**: A trial involving 960 patients aims to reduce post-operative AFib rates from 35%-40% to below 10%, with results expected in early 2028 [42][52] - **LEAPS Study**: No data is expected from the LEAPS study until the end of the decade, but the company remains optimistic about its progress [54][56] Pain Management Business - **Performance**: The pain management segment is performing well, driven by the cryoSPHERE MAX product, which has improved procedure times and outcomes [59][60] - **Market Size**: The U.S. market opportunity for amputations is approximately 180,000-190,000 cases, with a pricing of about $3,500 per device [73] Financial Outlook - **EBITDA Improvement**: AtriCure has seen a $25 million improvement in EBITDA, with expectations for continued growth driven by R&D investments [106][110] - **Earnings Potential**: The company anticipates strong double-digit revenue growth and a potential surprise in EPS growth due to high gross margins and effective cost management [115][116] Challenges - **MIS Business**: The minimally invasive surgery (MIS) segment has been soft, attributed to the current market dynamics where physicians are opting for initial ablations with other devices before considering AtriCure's offerings [90][93] Additional Important Insights - **Innovation Pipeline**: AtriCure is focused on maintaining its leadership in AFib solutions by integrating multiple energy sources, including RF and PFA, into its devices [104][105] - **Market Dynamics**: The company is aware of competitive pressures but believes its unique offerings and established market presence will sustain its growth trajectory [26][29] This summary encapsulates the key insights from the AtriCure conference call, highlighting the company's growth strategies, product innovations, market opportunities, and financial outlook.