AtriCure at Canaccord Conference: Innovation Fuels Growth

On Tuesday, 12 August 2025, AtriCure (NASDAQ:ATRC) presented at Canaccord Genuity’s 45th Annual Growth Conference, detailing its strategic initiatives and financial performance. The company highlighted its leadership in AFib and pain management, emphasizing robust revenue growth and innovative product launches. However, challenges in the hybrid business due to PFA pressures were also acknowledged.

Key Takeaways

• AtriCure reported double-digit revenue growth, projecting continued profitability through the decade.
• Innovative products like the AtriClip Flex Mini and Cryosphere Max are driving growth.
• The company invests 17-20% of revenue in R&D to maintain its competitive edge.
• The LEAPS trial completion is expected to influence future financials positively.
• AtriCure aims for a cash flow positive status by 2025 and an EBITDA margin above 20% by decade’s end.

Financial Results

Revenue:

• Grew 17% year-over-year in Q1 and Q2.
• Guidance raised due to strong traction with new product launches.
• Hybrid business faces pressure from PFA.

Cash Flow:

• Generated $23 million in cash in Q2, marking a record quarter.
• Expects to be cash flow positive in 2025.
• Targets an EBITDA margin north of 20% by the decade’s end.

Gross Margin:

• Experienced a slight decrease of 15 basis points year-over-year in Q2.
• New products expected to contribute higher gross margins.

R&D Investment:

• Allocates 17-20% of revenue to R&D.
• LEAPS trial completion will reduce R&D expenses, shifting focus to the Box NO AF trial.

Operational Updates

New Product Launches:

• Cryosphere Max and AtriClip Flex Mini are key growth drivers.
• Significant volume increases noted for AtriClip Flex Mini.

Pain Management:

• Expanding into sternotomies and extremity markets.

Manufacturing:

• All products are manufactured in Mason, Ohio, minimizing tariff exposure.

LEAPS Trial:

• Completed enrollment of 6,500 patients.
• Aims to demonstrate stroke reduction with AtriClip.

Future Outlook

Growth Strategy:

• Focuses on innovation, clinical evidence, and education.
• Targets prophylactic treatment in cardiac surgery with ablation and AtriClip.

Financial Targets:

• Aims for cash flow positivity by 2025.
• EBITDA margin goal of over 20% by the end of the decade.

LEAPS Trial Impact:

• Expected to lead to guideline changes, enhancing market adoption.

Q&A Highlights

Hybrid Business:

• Facing PFA pressures, with stabilization expected post-2025.

Cash Usage:

• Prioritizes funding innovation, clinical trials, and organic growth.

Watchman Impact:

• Boston Scientific’s Watchman raises awareness in appendage management.

LEAPS Trial Data:

• Interim data anticipated by 2029 or 2030.

In conclusion, for a comprehensive understanding of AtriCure’s strategic direction and financial performance, readers are encouraged to refer to the full transcript.

Full transcript - Canaccord Genuity’s 45th Annual Growth Conference:

Bill, Canaccord Genuity: Device here with Canaccord Genuity. Welcome to our forty fifth annual growth conference. With us next, we have the management team of AtriCure. We have Mike Corell, CEO, and Angie Wirich, CFO. We will start out with a brief PowerPoint presentation, then we’ll shift it over to a fireside chat.

With that, I’ll invite Mike to the to the microphone.

Mike Corell, CEO, AtriCure: Thanks, Bill, and thanks Canaccord for having us here. And, Bill has told me I’ve got ten minutes to go through 50 slides, so I’m gonna go really, really fast for you guys. It’s gonna take me ten minutes just to move the way these PowerPoints go. All right, for those of you that don’t know much about AtriCure, at a real high level we are really focused on, as you can tell, AFib and pain after surgery, and really eradicating AFib is the goal of the company originally, and we’ve kind of moved into reducing pain after surgery because we got into using cryo to freeze nerves, and I’ll talk about that here in just a moment, by which blocking pain to the brain and reducing pain significantly after surgery as a result. I think what you’ll learn, and as you get to know AtriCure a little better, you’ll understand we have a deep and rich portfolio of products today, existing products.

We don’t have to go out and acquire new products, we do a lot of innovation and development internally, and have continued to expand through that. The other thing that’s super unique about AtriCure is that of course everybody’s going to get up here and talk to you about large growing markets. If they didn’t, they probably wouldn’t be running a public company and trying to talk to you about getting investments or having people look at their businesses. But what’s unique about us is that every one of the markets that we go into, we’re basically establishing new standards of care, so we’re really kind of finding areas where there is a real unmet need. In our case, it’s super complex AFib and pain after surgery, but in each one of those you can have extensions about that, and I’ll talk about that in a moment as well.

We’re not talking about small markets, we’re talking about multi billion dollar markets at the end of all of these. We are a global provider. We sell in over 70 countries. In today’s environment, with all the tariffs, etcetera, I think something super unique about us when you look across all of med tech is that we build all of our products in Mason, Ohio. We have done that for a lot of reasons.

We didn’t do it because of the tariffs, but 100% of our products are actually made here, so we have got pretty much limited to no exposure from a tariff standpoint from a manufacturing bet. Now, do sell in those other countries, but from a manufacturing standpoint, there really is nothing there. And then obviously, you’ve got a bright future that I talked about briefly. So I’ll hit real quickly on the two main areas. AFib, it’s a serious problem.

It affects almost 60,000,000 people around the globe. And I think anybody if you’re in med tech today, you know this is one of the fastest growing areas within med tech. It leads to higher stroke rates. It is a precursor to heart failure. And obviously you don’t live as long when you’ve got AFib because you’re not getting enough oxygen throughout the body from that standpoint.

So one of the unique ones, though, is in the day and age now where you’re talking about Alzheimer’s and dementia, a little known fact is that you’ve got a three times more likely chance of going and having dementia if you’ve got AFib. It actually makes a lot of sense. Think about not getting enough oxygen to your brain. It’s going to cause all those different microbubbles that you have, and as a result of that, it’s going to lead towards obviously not great brain development over time. On top of that from a pain standpoint, which is the business that we got into about six years ago, is that when you undergo surgery and you hit across nerves, it’s incredibly painful.

Not just ripping nerves, we’re talking about just expanding nerves, moving them around. If you’re going through a thoracotomy or anything like that, These are incredibly painful procedures. Just think to yourself for a moment getting punched in the rib, or you see boxers that go down. Why? Because they have that excruciating pain.

The nerves are there to protect your heart and your lungs, of course, right? But when somebody undergoes surgery for that, they are in pain for a very long period of time as a result, and they take more opioids. They recover it’s a very long recovery, and it’s incredibly, incredibly painful. When you freeze that nerve, you temporarily block that pain, but not just for a seventy two hour period, like while you’re in the hospital. It lasts about six to eight weeks.

It allows your body to recover, which allows you to be able to get up faster, be able to talk, be able to breathe, have your lungs coming in and out without that excruciating pain, so that you can actually recover more quickly. That’s the problem that we’re trying to solve, and it’s a $10,000,000,000 market when you look at our overall markets. Now you can see on this slide, on the left hand slide over here, you’ve got our traditional businesses that we’ve been in. And it’s an important slide. You can find this on our website.

But our cardiac surgery business, which is the business when you’re opening up the chest and you have afib while you’re also undergoing cardiac surgery, we are in that market and this actually should be a little bit larger, but if you’ve pre op afib, about thirty five percent to forty percent of those patients get treated today, but the guidelines and the reimbursements say one hundred percent. On the pain management side, that’s the new one I just talked about, you’re talking about thoracic procedures primarily. That was what I was just referring to before. And then our hybrid therapy is one in which it’s a large market, but it’s for the complex ones that fail, the PFA and the catheter based solutions eventually lead to that. What we’re expanding into, and we’re already in a lot of these, is that you’re going into managing patients prophylactically.

There are two million patients that undergo cardiac surgery every year around the globe. We believe every one of those should have an ablation and an AtriClip to stop or reduce that stroke rate, and we’ve run big clinical trials to affect that change. On the pain management side, you’re getting into sternotomies, so you’re moving outside of here. Where else do you have surgeries that are affecting those nerves? Sternotomy is obviously a big one, and we’re just launching going into the extremity market, which is for amputations primarily.

The way we win in these markets is that we innovate, we bring science, we expand it through education, and we’re going to show you profitable growth here in a moment. I’ll get into that in a minute. And you can see that innovation engine in clinical is that those investments we’ve made you see it in our P and L. When you look at our income statement, you’ll see that we invest around the high teens to 20% in R and D. The reason for that is we think that we’re building a huge moat for others to enter into.

So when these trials are successful, we think we’ve got multi billion dollar opportunities that are going to be very difficult for others to enter into. That’s why we not only invest in the innovation side, but also the clinical evidence. But you’re also seeing and if you just look at our numbers this year, and you look at the results that we’ve shown, you can see on the slide AtriClip Flex mini device, the Cryosphere Max probes, those are driving the growth of our business. So new products that have come to market drive growth, and they don’t just drive it for one year. They wind up driving it for three to five years after coming to market, because we’re not only getting that price lift increase that people talk about, but what you’re getting is actually better and more adoption as well, because we’re the first to market.

We’re effectively out innovating ourselves to get more adoption into the market. We hear the market, we listen to them, and then we improve our products from that standpoint. The guidelines I’m not going to go into the details of The guidelines support us. You can see back in kind of the 2014 time frame, they were lower level guidelines. Almost all of our therapies are high level guidelines to be adopted today.

Also, to that point, on the AFib side of our business, there is excellent reimbursement. All that data we gather on the clinical evidence side, the logical thing is you lead to guideline changes, which lead to reimbursement changes. And for us, you can see that just over the last several years, we’ve had major changes in reimbursement because of the investments we’ve made in clinical evidence have led to big increases. And you can see these numbers are not small. If you have coronary bypass and you add surgical ablation, you get 8,000 to $14,000 additional for that procedure, for doing the work that you’re doing with our products.

We’ve also got reimbursement for the managing of the left atrial appendage. You’ve had an increase, if you have a double bowel procedure, by almost $24,000 What CMS is telling those physicians is we know it’s economical and beneficial to treat that patient because they’re going to cost the health care system less money. We’re going to spend the money today to save money longer term. And then finally, we’ve seen some increases on our hybrid business as well, which has led to what you can see here is great double digit revenue growth year after year after year. We’re going back all the way to 2013.

You can see this year and last year we grew 17%. Our guidance this year is very strong. We just beat the numbers for the first quarter by a considerable amount and grew 17% in the second quarter, dropping quite a bit to the bottom line as well. So when you think about AtriCure, you should think about a company that is number one in each of our categories and each of the areas that we’re in, creating these new markets, large, multibillion dollar markets. Our investments in R and D are leading to a future in which we can keep those accelerated growth rates through the end of the decade and well beyond.

Each one of our markets you saw those dark blue lines are very small in the midst of they’re underpenetrated, so we’ve got lots of room for growth, so there’s confidence that those end user markets are there. And what we’ve really demonstrated recently is that we can drive all of that growth, and we can do it profitably. We generated $18,000,000 worth of cash in the second quarter of this year. We’ll be cash flow positive through this 2025, our first year, and we’re generating over an EBITDA of north of 10% at this point. And we have also put a stake in the ground that when you look out for the end of the decade, that we will be at north of 20% profitability and growing at about almost 14% through the end of the decade, and we’re ahead of plan.

So with that, I’ll open up to questions.

Bill, Canaccord Genuity: Excellent. We’ll invite Angie up here. Thank you. The clicker. Are you putting me in control, Mike?

Sure.

Mike Corell, CEO, AtriCure: Go for it.

Bill, Canaccord Genuity: That’s dangerous.

Mike Corell, CEO, AtriCure: You could probably give the presentation, you know us well.

Bill, Canaccord Genuity: Great. Thanks. That was a fantastic overview and as promised in ten minutes. So I’m I’m gonna start out with financials and work my way through here. As we think about the revenue guidance, it was pretty straightforward.

We know your philosophy. Remind us what is considered in the new guidance you raised by more than a q two beat and some viewed it as conservative. Angie always says prudent.

Angie Wirich, CFO, AtriCure: Prudent. Yes.

Bill, Canaccord Genuity: But what what help us understand what was considered in there and what wasn’t.

Angie Wirich, CFO, AtriCure: Yeah. As we started the year, we had a couple of new product launches that we said, look. Based on the results that we’re seeing, the traction with the new product launches, there is upside to the guide, and that’s exactly what you’ve seen in the performance of the business so far this year, specifically our Cryosphere Max of Pain Management and then the AtriClip Flex Mini and our open appendage management segments had really great quarters, really great contributions, lifted overall growth rates. Even beyond just the pricing impact, we saw really strong volume growth in both of those areas. I’d say to the, you know, and throughout the business, think performing as good if not better than our expectations to start the year.

So expecting that we continue to see strong traction with the new product launches through the rest of the year. We did kinda start the year also saying, look, hybrid would be a bit of a drag on the overall business. The outlook there with PFA pressure, you know, contributing to volumes being down year over year, and as we’re entering the second half of the year, I’d say less optimistic that we’re gonna see an inflection and that’s starting to improve. And I think you look at that and say, even with the results in that area of the business, which is a small portion of our overall business, company still grew 17%. It’s a great outlook for the rest of the year.

Bill, Canaccord Genuity: Yeah. I think, I’m gonna I’m gonna own in on that because let’s let’s of course, we always poke the holes where we can. So, that’s I think the the the hybrid business plus the clip that goes with it is probably, like, 10% ish of revenues plus minus a point or two. That’s right. The the question we get asked often is that’s that that’s continued to see pressure.

It’s actually going down, not even sideways. Right?

Mike Corell, CEO, AtriCure: Mhmm. Yep.

Bill, Canaccord Genuity: When’s it stop? Yeah. I mean, it’s become such a small piece of the business. It’s becoming less and less impactful, but it would be fantastic if it just stabilized. Like, what what are you seeing?

What do you think? Any updated thoughts?

Angie Wirich, CFO, AtriCure: Yeah. We’d we’d love to be able to predict that. You know, I think we would love to be in a position to say it’s this specific point in time. We had expected, I think, at this part in the year that you would start to see kind of less of a decline. I think we were pretty clear to begin the year that the year over year results were gonna be down.

You know, don’t expect growth out of this area. All that being said, there are bright spots. We could point to specific accounts. We’re seeing the right kind of turnaround. We’re seeing the right kind of fall through from PFA failures, converge, procedures uplifting.

It’s just not broadly across the customer base at this point. I think it we’re looking at beyond 2025 before we say stabilizing and just staying flat.

Bill, Canaccord Genuity: I think the rest of the business is doing so well. It’s kinda like if that momentum comes and then stabilization, you you might be a 20% grower.

Mike Corell, CEO, AtriCure: Wouldn’t we all love that?

Bill, Canaccord Genuity: From my lips to God’s ears. You generated about, 23,000,000 in cash when you add back the r and d collaboration. I do.

Angie Wirich, CFO, AtriCure: Yeah.

Bill, Canaccord Genuity: Because I view those as one time events.

Mike Corell, CEO, AtriCure: Great.

Bill, Canaccord Genuity: That’s a huge I think is that that’s gotta be the best quarter ever

Angie Wirich, CFO, AtriCure: for me, if I’m honest.

Bill, Canaccord Genuity: Yeah. From a cash flow generation standpoint. What level of revenue do you need to be consistently cash flow positive, like, a quarterly run rate?

Angie Wirich, CFO, AtriCure: Yeah. I’d love to we have a heavy burn in the first quarter. It has been that way forever. Variable comp, stocks, stock based comp vesting. You saw that in the first quarter this year.

I think we’re close, probably not 2026. I’d probably set the expectation. Twenty twenty seven’s the point where at the revenue level, you’ve kinda derisked any kind of burn in the first quarter, but we it’s an outsized burn in that quarter. As Mike said in his comments, we will generate cash for the full year. Taking out the onetime item, we’re neutral year to date, you know, gave given the burn in the first quarter and what we generated in q two.

Bill, Canaccord Genuity: So just to be clear, though, for 2026, if you’re cash flow positive this year, there’s no reason you wouldn’t be next year. You’re just saying in 2027, like, all quarters potentially That’s could be right. Scale. Okay. I just wanted to be clear.

And then in terms of the OpEx, I think, you know, we’re seeing this massive lift in your profitability. Yep. Is this are there you know, if you have to invest in a separate sales force for extremity or anything else, does that kinda throw us off, or do you continue to see a lot of what type of leverage do you see?

Angie Wirich, CFO, AtriCure: I think we see we are so far ahead of our plan when we put out the targets on a long range basis. I think that gives us flexibility to make investments like a Cryo XT, Salesforce, should we need to do that. I think we’ve got the ability to do that and not take steps backwards on the trajectory that we’re on. So we’re seeing great leverage within s g and a. You know, the efficiency of our commercial teams, the efficiency of our training and education, back office functions, you’re just operating at a bigger size and scale, don’t need to make the same level of investments.

It’s enabling us to invest very highly in r and d, and I think we’ve got room to make, you know, incremental commercial investments should we need to.

Bill, Canaccord Genuity: And as you think about the new products you’re launching and GM contribution, do they tend to be at above? How should we

Angie Wirich, CFO, AtriCure: Above. One of our primary goals beyond the innovation that you’re building into new products is to be able to lift the overall margin of each product. So we are intentionally looking at ASP as well as COGS to find ways to and I think you saw that in the second quarter even though year over year, our gross margin was down 15 basis points, so down slightly. It’s the highest contribution from international that we’ve had in a quarter. I think that’s masking what you saw the new product contribution in terms of lifting gross margin.

Bill, Canaccord Genuity: Okay. And then, last finance question, I promise, but you got a lot of cash. It’s going up. It’s either champagne problems. What are the best uses of that?

you prioritize paying off debt, m and a, stock buyback, dividend?

Angie Wirich, CFO, AtriCure: Oh, definite no. No. No. I think I think this is one think our best priority at this point is to continue to fund the innovation engine, you know, fund our clinical trials, really fund the organic activities within the business. Over time and at scale, sure, you think about retiring the outstanding debt.

We’re in a good place with that right now, and I think, you know, the other problems that you talked about in the end are so much further out, and it’s just not even on the radar here. So

Bill, Canaccord Genuity: Okay. And talk about, appendage management. Q two is, was really solid for the AtriClip all around, as both volume and growth. The the open business is degrading a level a little. I wanted to level set investors on the open versus the the the MIS and the the mix of that business today.

I guess we think about it because I think the MIS component is down to teens or

Angie Wirich, CFO, AtriCure: So in appendage management, if we’re talking about The US, second quarter, we did 45,000,000 in revenue, 38,000,000 was in open appendage management, the remaining was minimally invasive. So that’s about 82, 83% open appendage management versus the remaining being minimally invasive. I think at your conference last year, we were talking about a split split around 75, 77%. Progressively, you’re seeing good growth in our open appendage management. And given the pressure in hybrid ablation, which is where the minimally invasive clips are placed, we’re not seeing growth there.

We’re seeing declines.

Bill, Canaccord Genuity: And with the launch of the new MIS clip, could the pricing offset at least the the revenue degradation there? Or

Angie Wirich, CFO, AtriCure: Yeah. I don’t think it’s enough of an uplift in pricing to completely offset the decline in volume, but we do think that there will be good conversion and a way to kinda mitigate kind of decline there.

Mike Corell, CEO, AtriCure: Okay. What you’re seeing on the open side, and I think it’s important to note, is that, yes, we’ve gone from 75% to 82%. A lot of that’s been driven by

Bill, Canaccord Genuity: the fact that if you

Mike Corell, CEO, AtriCure: just look at the the last six quarters, our year over year growth rate’s gone from 15% to seventeen percent twenty to 21 to 24 to 30. What drives that? First and foremost, you heard me talk earlier, innovation. Innovation drives that. So the new Flex Mini device is an exceptional device.

It’s obviously got a little bit of a price increase, but more than anything, actually getting ton of a ton of volume increase with it. Yeah. We’re just using it more often on more cases.

Bill, Canaccord Genuity: How do we think about one of the questions I get is just with Boston Scientific with Watchman. How does how does them on the LAA space from a endovascular standpoint impact you, if at all?

Mike Corell, CEO, AtriCure: For ten years, we’ve been asked this question around, like, what what is the impact of it? It’s been it’s been helpful to us because everybody now knows that managing the appendage is the right thing to do. They realize what the benefits of managing that appendage are, which leads to whether you’re in kind of the interventional space like Boston, or if you’re in the cardiac surgery space like us, that they look at the appendage, they’ve got a clean look at it on the table, they’re gonna manage it every time, they’re hearing about it every conference they go to, etcetera. So from our standpoint, that’s only been a positive kind of tailwind for us in our business.

Bill, Canaccord Genuity: And there haven’t been enough of them implanted that by the time the patient gets to you in the open that they’ve already had

Mike Corell, CEO, AtriCure: a I’m lot of blood not gonna say you never see them, but it’s not that often.

Bill, Canaccord Genuity: Too small at this point.

Mike Corell, CEO, AtriCure: And it’s also a different patient population, as strange as that may sound. Because a lot of patients getting WATCHMANs are older. They may not be candidates to go in for cardiac surgery. They may be going in and getting stents or TAVRs or something along those lines. Whereas your cardiac surgery patients, your sickest sick patient sitting at 62 years old, they’re opening up the chest to do triple vessel disease.

I mean, it’s a it’s just a different kinda patient flow, and and the sickness of that patient is different.

Bill, Canaccord Genuity: Perfect. LEAPS is completing enrollment. Sounds like it’s been be a little while before we get some interim follow-up data. First of all, guess when we get the first look at some interim data. What do you think it’ll be?

Mike Corell, CEO, AtriCure: I’m not gonna guess. It’s no. I’m not gonna guess on that. So, yeah, we’re pretty excited about LEAPS. LEAPS enrolled.

It’s 6,500 patients. Just a reminder, it’s the largest cardiac surgery trial ever done. It’s one of the largest device trials ever done. 6,500 patient randomized, one to one. Half the patient get the AtriClip, half the patients do not.

They get nothing. And we’re looking at, do you have a reduction in stroke? It’s an event driven trial. Four sixty nine events have to accrue. Once they have that, we can look at the data and look and see, did we win on that trial relative to the increased stroke rate in the patients that do not get the Atria Cup?

We’re very confident, based on all the work that we’ve done before, that we will win the trial at the end, but there is a follow-up on it. Predicted was a five year follow-up. I’m hopeful that that will be earlier than five years. I’d love to say there’s gonna be some, you know, kind of miraculous things can happen in the next year or two, but it would be miraculous if we got data before then.

Bill, Canaccord Genuity: Okay. Well, that answers the question. Not the way I wanted it, but I’ll take it. That’s alright.

Mike Corell, CEO, AtriCure: But if you’re still here in ’29 or thirty, you’re gonna be very happy.

Bill, Canaccord Genuity: I I don’t know if I’m ever going every anywhere. I’ve done this my whole life. What type of impact does completion of the LEAPS trial have on the financials? Right? As you said, half of them got the clip, half didn’t.

Yep. But they were treating patients, prophylactically. So are they gonna keep doing that? It’s kinda becoming the standard of care, and they just do it on all their

Angie Wirich, CFO, AtriCure: Yeah.

Bill, Canaccord Genuity: I think isn’t an issue if they do.

Angie Wirich, CFO, AtriCure: Yeah. I think there’s kinda three different camps. We definitely had surgeons who believed in doing this for patients before we even started the trial. They were forced to randomize to be part of the trial. They go back to treating every patient.

So I think they’re going back to business as usual. I do think we had a cohort of surgeons who participated in the trial, were exposed to a lot of data around the AtriClip, around why you would manage the appendage, and they’ve come to the conclusion on their own through this process, you know, I will start doing this for my patients. So I think their behavior changes as a result of being in the trial. And then there is a third camp, surgeons who said, I’d like to see how the science plays out. I wanna be part of the trial.

They’re gonna go back and only do this, only manage appendage on, Afib patients. So I think the the blend of all of those three says really no impact to us. I think, where we’ve seen tend to see growth in appendage management beyond just adoption on Afib patients happens to be know, in some of the prophylactic treatment areas. So we’ve talked about that before. Rest of the p and l, you take a step down on r and d expenses because enrollment is done.

We still have robust follow-up on the trial to do. We’ll be replacing kind of that spend with the box no AF trial, which is up and coming.

Bill, Canaccord Genuity: So you’ve run the clock out, Angie, but I’m gonna ask one more question. Open ablation, you’ve launched ENCOMPASS OUS. I think it’s grown, but it’s not really accelerated like we’ve seen in The US yet.

Angie Wirich, CFO, AtriCure: Yeah.

Bill, Canaccord Genuity: Do you think we see that acceleration, or is it a different market, OUS versus US, with a reimbursement barrier or something of that nature?

Angie Wirich, CFO, AtriCure: I think it’s a consideration on the reimbursement side. The excitement is no different from what we heard from surgeons in The US. I would look at Encompass outside The US and say this is a nice long tailwind for growth for many, many years to come.

Bill, Canaccord Genuity: Alright. We’re gonna end it there. Thank you very much.

Mike Corell, CEO, AtriCure: Thank you.

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