Adjusted EBITDA was $15.4 million, nearly doubling from $7.8 million in Q2 2024, and adjusted loss per share improved to $0.02 from $0.17.
AtriCure reported total revenue of $136.1 million in Q2 2025, a 17.1% year-over-year increase on a reported basis and 16.5% on a constant currency basis.
Cash and investments ended at $117.8 million, with $17.9 million generated in cash during the quarter including the milestone payment.
Gross margin was 74.5%, a 15 basis point decrease from Q2 2024, primarily due to less favorable geographic and product mix internationally.
International revenue grew 23.3% reported and 19.9% constant currency to $25.6 million, driven broadly across franchises and major markets.
Operating expenses increased 14.5% to $107.7 million, including a $5 million milestone payment under the PFA co-development agreement.
U.S. revenue was $110.6 million, up 15.7% from Q2 2024, with open ablation sales up 18.6%, appendage management up 18.9%, and Pain Management up 41.1%.
ANI achieved all-time highs in net revenue, adjusted non-GAAP EBITDA, and EPS in Q2 2025, driven by strong growth across Rare Disease and Generics units.
The company highlighted broad momentum, with Rare Disease demand accelerating, especially for Cortrophin Gel, and positive results in their retina franchise.
Management emphasized that the quarter's performance was driven by underlying demand rather than seasonality or one-time benefits, with new patient starts more than doubling year-over-year.
Dafinchi