AtriCure, Inc.

Good afternoon, and welcome to HRCure's second quarter 2026 earnings conference call. This call is being recorded for replay purposes, and at this time, all participants are in a listen-only mode. We will be facilitating a question and answer session following prepared remarks from HRCure's management. I would now like to turn the call over to Marissa Byte from the Gilman Group for a few introductory comments. You may begin.

Thank you. By now, you should have received a copy of the earnings press release. If you have not received a copy, please call 513-644-4484 to have one emailed to you. Before we begin today, let me remind you that the company's remarks include forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond HSR's control, including risks and uncertainties described from time to time and Atricure's SEC filings. These statements include, but are not limited to, financial expectations and guidance, expectations regarding the potential market opportunity for Atricure's franchises and growth initiatives, future product approvals and clearances, competition, reimbursement, and clinical trial enrollment and outcomes. Atricure's results may differ materially from those projected. Atricure undertakes no obligation to publicly update any forward-looking statements. Additionally, we refer to non-GAAP financial measures, specifically constant currency revenue growth, adjusted EBITDA, and adjusted earnings or loss per share. A reconciliation of these non-GAAP financial measures with the most directly comparable GAAP measures is included in our press release, which is available on our website. And with that, I would like to turn the call over to Mike Carrel, President and CEO.

Thank you, Marissa, and good afternoon, everyone. Thank you for joining us on today's call. A-Secure delivered solid second quarter results with worldwide revenue of $154 million and growth of 13%. Our U.S. business led the growth with an increase of 14% year-over-year, fueled by continued adoption of CryoSphere Max and Cryo XT probes in our pain management franchise, Atriclip Flex Mini and ProMini devices in our appendage management franchise, and the Encompass clamp in our open ablation franchise. We also generated over $27 million of adjusted EBITDA and $9 million of net income, further reinforcing the outstanding progress we are making to improve profitability and demonstrate the overall strength of our business. As we enter the back half of the year, the breadth of our platform gives me tremendous confidence, and I'm energized by what our team can accomplish as we advance our key strategic initiatives. To that point, I would like to take a moment to highlight one of these strategic initiatives, the Box NOAAF clinical study, the benefits of ablation and LAA management in cardiac surgery procedures for patients without a history of atrial fibrillation. We started enrolling this trial in the fourth quarter of last year and have now surpassed the 50% enrollment mark with over 500 patients in the trial. We remain on track to complete full enrollment of 960 total patients by the end of this year, well ahead of our original plan. We believe the speed of enrollment and site engagement reflect a strong interest and value that cardiac surgeons place on managing the most common complication of cardiac surgery and the sheer size of the market opportunity. Postoperative AFib places a significant burden on their patients and the need goes beyond patient care. In the United States alone, healthcare spending for postoperative AFib exceeds $2 billion annually. The magnitude of this unmet need further underscores the critical importance of this trial. Based on our current trajectory, we are positioned for clinical trial data readouts in the first half of 2027 and are excited about the opportunity to advance preventative therapies in cardiac surgery. Meanwhile, we are making great progress with our LEAPS clinical trial, which is investigating the stroke reduction benefit of left atrial appendage management in cardiac surgery patients without AFib. We continue to follow the more than 6,500 patients enrolled in LEAPS as we get closer to the clinical trial outcomes. Together, these two clinical trials give AtriCure multiple complementary paths for label expansion on our devices and represent powerful catalysts for AtriCure in the cardiac surgery market. Now, I will walk you through our franchise performance in the second quarter. Pain management had another fantastic quarter delivering 27% worldwide growth, driven primarily by the adoption of CryoSphere Max. While we continue to add accounts at a robust pace, we remain at the front end of a long growth trajectory as we penetrate deeper into thoracic surgery and see building traction in sternotomy procedures. We recently completed evaluations of Cryoster Max at two major cancer centers in the United States with positive outcomes and continue to expand our field team to support this growth. Additionally, I want to highlight our newest product innovation in pain management, the Cryo XT probe designed for use in amputation procedures. Our team recently attended the Society for Vascular Surgery annual meeting in Boston where Cryo XT was included in a presentation on optimizing outcomes in below the knee amputations. The message was clear and mirrors what we are seeing in the early adopters with Cryo XT. Surgeons and care teams see a difference with Cryo XT and the patient experience and an improvement in the recovery from their surgeries. While we are still in the early stages of therapy awareness and adoption, we are encouraged by our progress and expect CryoXD to contribute more meaningfully in revenue in the back half of this year. Turning to our cardiac ablation franchises. Open ablation revenue increased 11% worldwide in the second quarter, led by continued adoption of the Encompass clamp. We are four years into our full US launch and still see Encompass driving strong growth. In key international markets, we are gaining momentum behind the more recent encompassed launches. Looking ahead, we anticipate an uptick in adoption as a result of the new STS quality metric on concomitant AFib treatment. As we highlighted in our first quarter call, quality metrics have historically been powerful catalysts for the adoption in cardiac surgery. We believe this change will further increase the use of surgical AFib ablation and left atrial appendage management, creating a meaningful and sustainable growth catalyst for the business with significant long-term growth opportunity. Our minimally invasive ablation business remained under pressure in the second quarter with the continued focus in the market on treating patients with PFA catheters. We believe there's a role for hybrid AFib therapy for patients with long-standing persistent AFib and are directing our efforts to support hybrid therapy customers. We have seen referral patterns for hybrid procedures stabilize over the last several quarters in a small subset of accounts. However, we need to see this stabilization across a broader customer base before we can expect a return to growth for this franchise. And finally, our appendage management franchise grew 14% in the second quarter, driven by both our open and minimally invasive appendage management products. In the U.S., Growth was fueled by the adoption of the Atroclip Flex Mini in open chest procedures and Atroclip Pro Mini for minimally invasive surgery. Both products now account for 45% of our appendage management revenue in total and in open and MIS appendage management categories, respectively. Surgeon feedback on the Atroclip Mini devices is incredibly positive, with a significant size reduction proven product and clinical performance of the Atroclip platform, underscoring their feedback. Internationally, growth has been supported by the continued utilization of our legacy Atroclip devices. The upcoming European launch of Atroclip Flex Mini and Pro Mini, coupled with the ongoing expansion of our Atroclip portfolio across Asia, is a long-term strategy. I'd like to take a moment to address new entrants into the appendage management market, as I understand this topic is top of mind for many of our shareholders. First and foremost, we believe it is validation of the market opportunity. When larger medtech companies invest in your core markets, it is a strong signal that the markets are robust and have a long runway for growth. Atricure has always believed this area of cardiac surgery is incredibly compelling, and as a result, we have approached our business proactively. We have invested significant resources in continual product development to improve and enhance the features of our Atricure platform, and the many devices are the most recent example of incredibly impactful product innovation that is meeting a clear market need. But continuous and robust innovation alone is not enough. Atricure has also funded landmark clinical trials like LEAPS and BoxNO-AF and proactively studied and accumulated outcomes on our Atriclip devices over the last decade, resulting in a clinical compendium that simply has no rival today or for the next decade. Finally, we have made physician education and clinical support the foundation of our business model, with large global field and professional education teams that are experts in AFib and surgical appendage management. We believe these three pillars of innovation, clinical science, and education will prove to be extremely difficult to replicate and are prepared to protect our leadership position in the cardiac surgery treatment of AFib and left atrial appendage management. To conclude, the second quarter of 2026 was another healthy quarter overall for our business. We are well positioned to deliver for the remainder of this year, and our progress on strategic initiatives paves the way for market expansion and growth through the end of this decade and beyond. And with that, I will turn it over to Angie Wirick, our Chief Financial Officer. Angie?