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Investing.com - Canaccord Genuity raised its price target on AtriCure (NASDAQ:ATRC) to $53.00 from $51.00 on Wednesday, while maintaining a Buy rating on the medical device company’s stock. According to InvestingPro analysis, AtriCure appears to be currently undervalued based on our proprietary Fair Value model.
The firm’s decision follows AtriCure’s strong second-quarter performance, with revenue reaching $136.1 million, representing 16.5% year-over-year growth on a constant currency basis. This exceeded both Canaccord’s estimate of $130.7 million and the consensus forecast of $130.2 million. InvestingPro subscribers have access to over 30 additional financial metrics and exclusive ProTips that provide deeper insights into AtriCure’s growth trajectory.
AtriCure demonstrated improved profitability with adjusted EBITDA of $15.4 million, surpassing Canaccord’s projection of $11.1 million and consensus estimates of $10.0 million. The company also generated $17.9 million in cash flow and reported adjusted earnings per share of $(0.02), better than the expected $(0.14).
Management raised its guidance midpoint beyond the second-quarter beat, with growth expected from recently launched products in Pain Management and Appendage Management. While PFA (pulsed field ablation) continues to pressure minimally invasive ablation procedures, the company’s open appendage management, open ablation, and pain management segments are driving results. For a comprehensive analysis of AtriCure’s growth potential and competitive position, visit InvestingPro for exclusive insights and detailed financial metrics.
Canaccord’s price target increase reflects both comparable group multiple expansion and increased expectations for AtriCure, with analysts noting the company is "uniquely positioned to treat longstanding persistent Afib patients with EPi-Sense," which they project will return to growth by early 2026.
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