AtriCure, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>AtriCure, Inc. has filed its annual report detailing its 2023 financial performance and business operations.</b>

AI Summary

AtriCure, Inc. (ATRC) filed a Annual Report (10-K) with the SEC on February 16, 2024. AtriCure, Inc. filed its 2023 Form 10-K on February 16, 2024. The company is incorporated in Delaware and headquartered in Mason, Ohio. AtriCure, Inc. operates in the Surgical & Medical Instruments & Apparatus industry. The filing covers the fiscal year ending December 31, 2023. The company is classified as a Large Accelerated Filer.

Why It Matters

For investors and stakeholders tracking AtriCure, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of AtriCure's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. As a Large Accelerated Filer, AtriCure's detailed disclosures in this 10-K are subject to significant regulatory scrutiny, offering investors a high level of transparency into its business and financial condition.

Risk Assessment

Risk Level: medium — AtriCure, Inc. shows moderate risk based on this filing. The company's financial performance and future growth are subject to market dynamics and regulatory changes within the medical device industry, as detailed in its risk factors.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures in the 10-K to understand AtriCure's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-16 — Filing Date (Filed as of Date)
• 107 — Public Document Count (Public Document Count)
• 47,587,966 — Shares Outstanding (Shares Outstanding (as of 2023-12-31))

Key Players & Entities

• AtriCure, Inc. (company) — Filer
• Mason, OH (location) — Business Address City, State
• DE (location) — State of Incorporation
• 3841 (industry_code) — Standard Industrial Classification
• 08 Industrial Applications and Services (industry) — Organization Name
• 341940305 (tax_id) — IRS Number

FAQ

Risk Factors

• Market Acceptance and Competition [medium — market]: The company's success depends on market acceptance of its products and its ability to compete effectively in the medical device industry.
• Regulatory Approvals and Compliance [medium — regulatory]: Obtaining and maintaining regulatory approvals for its medical devices is critical and subject to stringent requirements.
• Financial Performance and Profitability [medium — financial]: The company's ability to achieve and maintain profitability is subject to various factors including sales, costs, and market conditions.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 2023 Form 10-K.
• 2024-02-16: Filing Date — Date the 2023 Form 10-K was officially filed with the SEC.

Filing Documents

• atrc-20231231.htm (10-K) — 1653KB
• exhibit1022-2023performanc.htm (EX-10.22) — 74KB
• exhibit1023-2023stockincen.htm (EX-10.23) — 44KB
• exhibit1024-2023stockincen.htm (EX-10.24) — 86KB
• exhibit19-insidertradingpo.htm (EX-19) — 131KB
• exhibit21-subsidiariesofth.htm (EX-21) — 3KB
• exhibit231-consentofdeloit.htm (EX-23.1) — 3KB
• exhibit311-section302ceo.htm (EX-31.1) — 10KB
• exhibit312-section302cfo.htm (EX-31.2) — 10KB
• exhibit321-section906ceo.htm (EX-32.1) — 6KB
• exhibit322-section906cfo.htm (EX-32.2) — 6KB
• exhibit97-incentivecompens.htm (EX-97) — 22KB
• atrc-20231231_g1.jpg (GRAPHIC) — 86KB
• 0001323885-24-000016.txt (&nbsp;) — 10363KB
• atrc-20231231.xsd (EX-101.SCH) — 58KB
• atrc-20231231_cal.xml (EX-101.CAL) — 109KB
• atrc-20231231_def.xml (EX-101.DEF) — 299KB
• atrc-20231231_lab.xml (EX-101.LAB) — 930KB
• atrc-20231231_pre.xml (EX-101.PRE) — 610KB
• atrc-20231231_htm.xml (XML) — 1471KB

BUSINESS

BUSINESS 2 ITEM 1A .

RISK FACTORS

RISK FACTORS 15 ITEM 1B. UNRESOLVED STAFF COMMENTS 32 ITEM 1C. CYBERSECURITY 32 ITEM 2.

PROPERTIES

PROPERTIES 33 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 34 ITEM 4. MINE SAFETY DISCLOSURES 34 PART II 35 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 35 ITEM 6. RESERVED 35 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 35 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 44 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 71 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 71 ITEM 9B . OTHER INFORMATION 73 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 73 PART III 73 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 73 ITEM 11 .

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 73 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 74 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 74 ITEM 14 . PRINCIPAL ACCOUNTANT FEES AND SERVICES 74 PART IV 75 ITEM 15 . EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 75 ITEM 16. FORM 10-K SUMMARY 76

SIGNATURES

SIGNATURES 77 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Form 10-K, including the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations", "Risk Factors" and "Quantitative and Qualitative Disclosures about Market Risk" contains forward-looking statements regarding our future performance. All forward-looking information is inherently uncertain and actual results may differ materially from assumptions, estimates or expectations reflected or contained in the forward-looking statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this Form 10-K. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Forward-looking statements often address our expected future business, financial performance, financial condition and results of operations, and often contain words such as "intends," "estimates," "anticipates," "hopes," "projects," "plans," "expects," "drives," "seek," "believes," "see," "focus," "should," "will," "would," "opportunity," "outlook," "could," "can," "may," "future," "predicts," "target," "potential," "forecast," "trend," "might" and similar expressions and the negative versions of those words, and may be identified by the context in which they are used. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without limitation, statements that address activities, events, circumstances or developments that AtriCure expects, believes or anticipates will or may occur in the future, such as earnings estimates (including projections and guidance), other predictions of financial performance, launches by AtriCure of new products, developments with competitors and market acceptance of AtriCure's products. Such statements are based largely upon current expectat

BUSINESS

ITEM 1. BUSINESS Overview We are a leading innovator in treatments for atrial fibrillation (Afib), left atrial appendage (LAA) management and post-operative pain management. Afib is an irregular heartbeat, or arrhythmia, which affects over 37 million people worldwide, including more than eight million people in the United States, and is a growing epidemic. It is the most common cardiac arrhythmia encountered in clinical practice and results in high utilization of healthcare services and significant cost burden. Patients often progress from being in Afib intermittently (paroxysmal) to being in Afib continuously. The continuous Afib patient population includes early persistent Afib, which lasts seven days to 6 months, persistent Afib, which lasts 6 months to one year, and long-standing persistent Afib, which lasts longer than one year. It is estimated that over 3.5 million people in the United States currently suffer from long-standing persistent Afib. Afib often occurs in conjunction with other cardiovascular diseases, including hypertension, congestive heart failure, left ventricular dysfunction, coronary artery disease and valvular disease. Our cardiac ablation and left atrial appendage management (LAAM) products are used by physicians during open-heart and minimally invasive surgical procedures. In open-heart procedures, the physician is performing heart surgery for other conditions, such as a mitral valve repair or a coronary artery bypass, and our products are used in conjunction with ("concomitant" to) such a procedure. Minimally invasive procedures are performed on a standalone basis, and often include multi-disciplinary or "hybrid" approaches, combining surgical procedures using AtriCure ablation and AtriCure LAAM products with catheter ablation performed by an electrophysiologist. Our pain management solutions are used by physicians to freeze nerves during cardiothoracic or thoracic surgical procedures. Recovery from cardiothoracic and thoracic surgery c

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View this 10-K filing on SEC EDGAR