MASON, Ohio - AtriCure, Inc. (NASDAQ: ATRC), a company specializing in surgical treatments for atrial fibrillation and pain management, announced the launch of its new cryoSPHERE+ cryoablation probe.
The device features innovative insulation technology that promises to cut down freeze times by 25% compared to its predecessor, the cryoSPHERE. Currently in a limited launch phase in the United States, the company expects a full rollout by the end of the second quarter.
The cryoSPHERE+ is designed for blocking pain by ablating peripheral nerves in adult patients and intercostal nerves in adolescent patients between the ages of 12 and 21. The device, part of the cryoICE platform, has been cleared by the FDA and builds upon the safety and effectiveness of the original cryoSPHERE, which has been used in over 60,000 procedures since its clearance in November 2018.
Michael Carrel, President and CEO of AtriCure, expressed confidence that the cryoSPHERE+ will improve patient care and enhance surgical outcomes. Dr. Mario Gasparri, a cardiothoracic surgeon at Froedtert & the Medical College of Wisconsin, highlighted the device's potential to expedite procedures, which is particularly beneficial when performing multiple ablations on a single patient.
The advancement comes as a response to the opioid crisis, with statistics from The Society of Thoracic Surgeons indicating that 14% of lung surgery patients become persistent opioid users post-surgery. AtriCure's cryoICE technology aims to offer long-lasting nerve blockage to manage pain and potentially reduce post-operative opioid dependency.
Dr. Scott Goldman from Main Line Health praised the integration of the cryoSPHERE+ into his surgical workflow, suggesting that the device could be transformative for medical practices.
This announcement includes forward-looking statements regarding the product's potential impact, and the company directs interested parties to its official website for further details on risk factors and legal disclaimers.
AtriCure is known for providing technologies to treat atrial fibrillation, a condition affecting millions globally, and has developed several FDA-approved solutions for cardiac and thoracic procedures. The cryoSPHERE+ represents the company's continued commitment to innovation in medical technology.
This article is based on a press release statement from AtriCure, Inc.
InvestingPro Insights
AtriCure, Inc. (NASDAQ: ATRC) has been making waves with the introduction of the cryoSPHERE+ cryoablation probe, but what does the financial data say about the company's performance? According to InvestingPro data, AtriCure has a market capitalization of $1.13 billion and a high gross profit margin of 75.23% for the last twelve months as of Q4 2023.
Despite the company's innovation in medical technology, it's worth noting that AtriCure is not expected to be profitable this year, with a negative P/E ratio of -33.14, reflecting challenges in turning revenues into net income.
InvestingPro Tips suggest that AtriCure's stock is currently in oversold territory, which could be an indicator for investors to watch. The company's stock has also been trading near its 52-week low, which may present a potential entry point for those believing in the company's long-term prospects.
Moreover, AtriCure operates with a moderate level of debt and its liquid assets exceed short-term obligations, providing a degree of financial stability.
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Whether AtriCure's new cryoSPHERE+ will bolster the company's financial standing remains to be seen, but the current data and insights from InvestingPro provide a valuable perspective for stakeholders and potential investors alike.
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