AtriCure, Inc. (NASDAQ:ATRC) Q1 2024 Earnings Call Transcript

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Mike Carrel: The complementary aspect is think about PFA catheter today, if it’s going to do the pulmonary veins, that’s exactly what is being used and has been used with CONVERGE. When you do a CONVERGE procedure and you do a lot of the back wall ablation, in our trial, it was RF, in our upcoming trial and a lot of the usage today it’s with cryo doing just the PDI on it and kind of finishing up the veins. PFA can be used very similar to that, so the EPs may choose to use that instead of using their cryo or their RF, when they complement it with what they are getting from the epicardial surface approach that we bring to the table. We absolutely believe and has been showing clinical trial after clinical trial, but when you add epicardial to endocardial, you get a much more durable long lasting lesion.

And you get almost double the success rates as a result of that. And so you are definitely you are starting to see people begin to use that both in Europe and in the U.S to complement what they are doing. They are just kind of using that instead of some other capital that they would have otherwise used when they were doing the endocardial portion.

Suraj Kalia: So, Mike, just to be clear and forgive me for belaboring this, the argument being made is that PFA doesn’t achieve transmuralality.

Mike Carrel: No, no, I am not saying PFA, it is what I am suggesting is, PFA works incredibly well and we have seen the data from the results, in these and most of them have been for the pulmonary veins. And so CONVERGE, there is a really good back wall ablation to areas that catheters don’t typically get to or get to very well. And that they can’t get transmural for a variety of reasons, some of which is the safety reasons, some of which is that there are fat pads and other things, and there are differences between the epicardial surface and the endocardial surface where the epi and the endo together getting much better results. The endocardial products do very well during the pulmonary veins, as you well know, Suraj. And so I am not saying that they don’t get transmural, they get transmural in the veins for sure, and we have seen that and I think you have seen that with the PFA technology that they have been doing a very good job on the veins for sure.

Suraj Kalia: Got it. And Mike, I know, forgive me, I have to ask, did you quantify the impact of LARIAT in the quarter? Obviously, LARIAT is MIS, you have AtriClip MIS, you have AtriClip Open and then AtriCure Open [ph]. You are just kind of quantifying these two buckets, what impact you all saw from, let’s say, from AtriCure for Open and LARIAT for MIS? Thank you for taking my questions.

Angie Wirick: Yes. Suraj, on the LARIAT question, it’s roughly 50 basis points of growth impact for the company overall for the quarter, when you exclude LARIAT. Again, it was an outsized kind of Q1 in 2023, we saw decline throughout 2023. And just a very soft first quarter, again a very limited number of users, with this particular product supported by a 510-K clearance. But not at other clinical data otherwise and on the Open AtriClip side of our business just would reiterate that we drove growth of 15.4% for the quarter and feel really good about those results.

Suraj Kalia: Thank you.

Operator: Thank you. I am showing no further questions at this time. I would now like to turn it back to Mike Carrel, President and Chief Executive Officer for closing remarks.

Mike Carrel: Great. Thank you again everyone for joining us on the call today. Another great quarter for AtriCure and enjoyed the question-and-answer session here. Everybody have a great evening. Bye now.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.

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