AtriCure Sizeable Profitability Upside Offsets a More Measured Revenue Raise

研报英文原文证据摘录

AtriCure Sizeable Profitability Upside Offsets a More Measured Revenue Raise

J P M O R G A N North America Equity Research

23 July 2026

AtriCure Neutral

ATRC, ATRC US

Sizeable Profitability Upside Offsets a More Measured Price (23 Jul 26):$33.00

Revenue Raise Price Target (Dec-26):$36.00

Profitability was the bright spot for AtriCure in 2Q, with EPS and adjusted Medical Supplies & Devices

ACEBITDA coming in a healthy amount higher than the Street despite a more modest Lilia-Celine B Lozada

revenue beat and raise. Sales of $153.6M (+12.8% reported, +12.4% organic) were (1-212) 622-1019

~$2M ahead of consensus, in line with the $2-3M beat we were looking for. lilia-celine.b.lozada@jpmchase.com

However, this didn’t translate to a commensurate raise, with guidance only moving Robbie Marcus, CFA

up at the low end to $602-610M (+13-14%) in light of incremental headwinds in (1-212) 622-6657

the European business. However, we think the more important takeaway from the robert.j.marcus@jpmorgan.com

quarter was the profitability, with EPS $0.17 ahead of the Street and adjusted Allen Gong

EBITDA $7M ahead. With guidance that points to a sequential decline in EPS and (1-212) 622-9520

allen.gong@jpmorgan.com

adjusted EBITDA in 2H, we see a path to further upside off of product mix and

Henry Householterefficiencies from scale. Following Edwards’ recent FDA approval of Ecliptis, all

(1-212) 464-5599

eyes will be on the launch slated for 2H. We’ve learned from the launch of henry.householter@jpmorgan.com

Medtronic’s Penditure that a launch from a large competitor doesn’t automatically J.P. Morgan Securities LLC

result in meaningful share loss, though Edwards has a much larger presence in the

cardiac surgery market as the leading surgical valve replacement manufacturer.