Needham Keeps Their Buy Rating on Atricure (ATRC)

By Jason Carr

In a report released today, Michael Matson from Needham reiterated a Buy rating on Atricure (NASDAQ: ATRC), with a price target of $39. The company’s shares closed yesterday at $32.54.

Matson observed:

“On 10/3/18, ATRC preannounced 3Q18 revenue that was above consensus as 3Q18 revenue accelerated to 18.6% from 13.5% in 2Q18. We note that ATRC had an easy comp due to last year’s hurricanes; management estimates revenue growth was ~16% adjusting for this. Management raised its 2018 revenue guidance but lowered its adjusted EBITDA guidance. Excluding certain items, gross margin declined Y/Y by 40 bps while operating margin improved Y/Y by 360 bps. We believe recent society guidelines, new products, and surgeon training activities should drive strong growth in the near-term and that CONVERGE could be a significant longer- term tailwind and we reiterate our Buy rating.”

According to, Matson is a 5-star analyst with an average return of 11.6% and a 62.3% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.

Atricure has an analyst consensus of Strong Buy, with a price target consensus of $38.33.

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The company has a one-year high of $36.49 and a one-year low of $14.88. Currently, Atricure has an average volume of 245.5K.

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AtriCure, Inc. engages provision of treatment of atrial fibrillation and left atrial appendage. It operates through the following geographical segments: United States, Europe, Asia, and Other International.