AtriCure swings to $4.06M Q3 profit as revenue rises
Management projects full-year 2026 revenue of approximately $606 million to $610 million and adjusted EBITDA of approximately $91 million to $94 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
AtriCure, Inc. (ATRC) reported third-quarter 2026 revenue of $154.5 million, up 15.0% year over year (15.1% on a constant currency basis). U.S. revenue was $128.0 million, up 17.1%; international revenue was $26.4 million, up 5.8%. Growth reflected sales of cryoSPHERE MAX, EnCompass, and AtriClip FLEX-Mini and PRO-Mini. Minimally invasive ablation sales declined amid continued reduction in Hybrid procedures as physicians adopt PFA catheters to treat patients.
Gross profit was $119.4 million and gross margin was 77.3%, up 180 basis points. Operating income was $4.4 million versus $0.2 million a year earlier; net income was $4.064 million versus a $267,000 net loss. Adjusted EBITDA, a non-GAAP measure, was $26.8 million, up 51%, and adjusted earnings per share were $0.18 versus an adjusted loss of $0.01. Management projects full-year 2026 revenue of approximately $606 million to $610 million and adjusted EBITDA of approximately $91 million to $94 million. Net income per share is expected at $0.21 to $0.27, adjusted earnings per share at approximately $0.40 to $0.46, and continued positive cash generation is expected for 2026.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue rose 15.0% to $154.5 million.
- Moderate pointAdjusted EBITDA increased 51% to $26.8 million.
- Moderate pointThird-quarter net income was $4.064 million, versus a $267,000 loss.
Negative
- Minor pointU.S. minimally invasive ablation revenue fell to $5.389 million from $7.428 million.
Filing Explained
In its third-quarter 2026 report, AtriCure reported
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $154.5 million; up 15.0% year over year
Gross margin: 77.3%; up 180 basis points
Net income: $4.064 million
+5 more
8 metrics
Third-quarter revenue
$154.5 million; up 15.0% year over year
Third quarter 2026
Gross margin
77.3%; up 180 basis points
Third quarter 2026 versus third quarter 2025
Net income
$4.064 million
Third quarter 2026; compared with a $267,000 net loss in third quarter 2025
Adjusted EBITDA
$26.8 million; up $9.0 million, or 51%
Third quarter 2026 versus third quarter 2025
U.S. minimally invasive ablation revenue
$5.389 million, compared with $7.428 million
Third quarter 2026 versus third quarter 2025
Adjusted earnings per share
$0.18, compared with an adjusted loss per share of $0.01
Third quarter 2026 versus third quarter 2025
Full-year revenue projection
Approximately $606 million to $610 million
Full year 2026
Full-year adjusted EBITDA projection
Approximately $91 million to $94 million
Full year 2026
Key Terms
constant currency, adjusted EBITDA, adjusted earnings per share, acquired in-process research & development
4 terms
constant currency financial
"15.1% on a constant currency basis"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
adjusted EBITDA financial
"Adjusted EBITDA for the third quarter 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
acquired in-process research & development financial
"Acquired in-process research & development expense"
Earnings Snapshot
Revenue: $154.5 million · Guidance included
Third quarter 2026
Revenue
$154.5 million
Up 15.0% year over year (15.1% on a constant currency basis)
Gross margin
77.3%
Up 180 basis points from third quarter 2025
Net income
$4.064 million
Compared with a net loss of $267,000 in third quarter 2025
Adjusted EBITDA
$26.8 million
Up $9.0 million, or 51%, from third quarter 2025
Guidance
Full-year 2026 revenue is projected at approximately $606 million to $610 million and adjusted EBITDA at approximately $91 million to $94 million. Net income per share is expected at $0.21 to $0.27 and adjusted earnings per share at approximately $0.40 to $0.46. Management expects continued positive cash generation for 2026.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did ATRC report in the third quarter of 2026?
ATRC reported $154.5 million in worldwide third-quarter 2026 revenue, up 15.0% year over year (15.1% on a constant currency basis). U.S. revenue was $128.0 million and international revenue was $26.4 million.
What is ATRC's 2026 financial outlook?
AtriCure projects full-year 2026 revenue of approximately $606 million to $610 million and adjusted EBITDA of approximately $91 million to $94 million. It expects net income per share of $0.21 to $0.27, adjusted earnings per share of approximately $0.40 to $0.46, and continued positive cash generation.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 3, 2026
(Exact name of registrant as specified in charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices, and Zip Code)
(513 ) 755-4100
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On November 3, 2026 , AtriCure, Inc. issued a press release regarding its financial results for the third quarter ended September 30, 2026. The Company will hold a conference call on November 3, 2026 at 4:30 p.m. Eastern Time to discuss the financial results. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of Form 8-K and in the press release attached as Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in Item 2.02 of this Form 8-K and Exhibit 99.1 shall not be incorporated by reference in any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing or document.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
| No. | Description | |||||||
| 99.1 | Press Release dated November 3, 2026, relating to financial results for the third quarter ended September 30, 2026. | |||||||
| 104 | Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ATRICURE, INC. | |||||||||||
| Dated: | By: | /s/ Angela L. Wirick | |||||||||
| Angela L. Wirick | |||||||||||
| Chief Financial Officer | |||||||||||
 | Exhibit 99.1 | ||||
For immediate release
November 3, 2026
AtriCure Reports Third Quarter 2026 Financial Results
•Third Quarter 2026 worldwide revenue of $154.5 million, an increase of 15.0% year over year
•Profitability expansion in the Third Quarter 2026, with net income of $4.1 million and adjusted EBITDA of $26.8 million
MASON, Ohio, November 3, 2026 – AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in surgical treatments and therapies for atrial fibrillation (Afib), left atrial appendage (LAA) management and post-operative pain management, today announced third quarter 2026 financial results.
“Our third quarter results demonstrate the strength of our broad portfolio and our team’s disciplined execution,” said Michael Carrel, President and Chief Executive Officer. “Adoption of our innovative technologies is driving strong growth and expanding profitability, while the rapid progress of our BoxX-NoAF clinical trial reinforces our confidence in the opportunities ahead. We are well positioned to extend our leadership in cardiac surgery and post-operative pain management, creating lasting value for patients and our shareholders.”
Third Quarter 2026 Financial Results
Worldwide revenue for the third quarter 2026 was $154.5 million, an increase of 15.0% over third quarter 2025 revenue (15.1% on a constant currency basis). U.S. revenue was $128.0 million, an increase of $18.7 million or 17.1%, compared to the third quarter 2025. U.S. revenue growth was driven by sales of our cryoSPHERE® MAX™ probe for post-operative pain management, EnCompass® clamp in open ablation, and AtriClip FLEX-Mini® and AtriClip PRO-Mini® devices for appendage management. Minimally invasive ablation sales declined during the quarter from continued reduction in Hybrid procedures as physicians adopt PFA catheters to treat patients. International revenue increased $1.4 million or 5.8% (6.1% on a constant currency basis) to $26.4 million, with growth in all franchises.
Gross profit for the third quarter 2026 was $119.4 million compared to $101.3 million for the third quarter 2025. Gross margin was 77.3% for the third quarter 2026, an increase of 180 basis points from the third quarter 2025, driven primarily by favorable product and geographic mix. Income from operations for the third quarter 2026 was $4.4 million, compared to $0.2 million for the third quarter 2025. Basic and diluted net income per share was $0.08 for the third quarter 2026, compared to basic and diluted net loss per share of $0.01 for the third quarter 2025.
Adjusted EBITDA for the third quarter 2026 was $26.8 million, an increase of $9.0 million or 51% from the third quarter 2025. For the third quarter 2026, adjusted earnings per share was $0.18, compared to $0.01 adjusted loss per share for the third quarter 2025.
Constant currency revenue, adjusted EBITDA and adjusted earnings (loss) per share are non-GAAP financial measures. We discuss these non-GAAP financial measures and provide reconciliations to GAAP measures later in this release.
2026 Financial Guidance
Full year 2026 revenue is now projected to be approximately $606 million to $610 million, and management also projects full year 2026 adjusted EBITDA of approximately $91 million to $94 million. Full year 2026 net income per share is expected to be in the range of $0.21 to $0.27 and adjusted earnings per share of approximately $0.40 to $0.46. Additionally, management expects continued positive cash generation for 2026.
Conference Call
AtriCure will host a conference call at 4:30 p.m. Eastern Time on Tuesday, November 3, 2026, to discuss third quarter 2026 financial results. To access the webcast, please visit the Investors page of AtriCure’s corporate website at https://ir.atricure.com/events-and-presentations/events. Participants are encouraged to register more than 15 minutes before the webcast start time. A replay of the presentation will be available for 90 days following the presentation.
About AtriCure
AtriCure, Inc. provides innovative technologies for the treatment of Afib and related conditions. Afib affects more than 59 million people worldwide. Surgeons around the globe use AtriCure technologies for the treatment of Afib, reduction of Afib related complications, and post-operative pain management. AtriCure’s Isolator® Synergy™ Ablation System is the first medical device to receive FDA approval for the treatment of persistent Afib. AtriCure’s AtriClip® Left Atrial Appendage Exclusion System products are the most widely sold LAA management devices worldwide. AtriCure’s Hybrid AF™ Therapy is a minimally invasive procedure that provides a lasting solution for long-standing persistent Afib patients. AtriCure’s cryoICE cryoSPHERE® and cryoXT® probes are cleared for temporary ablation of peripheral nerves to block pain, providing pain relief in cardiac, thoracic and amputation procedures. For more information, visit AtriCure.com or follow us on X @AtriCure.
Forward-Looking Statements
Except for historical information, certain statements in this press release, including financial guidance and outlook, are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Such statements are covered by the Private Securities Litigation Reform Act safe harbor. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. These risks and uncertainties include, but are not limited to, the following: our estimate of the market for our products; the rate and degree of market acceptance of our products; negative clinical data; clinical trial enrollment, readouts and outcomes; competition from existing and new products and procedures, including the development of drugs or catheter-based technologies; our reliance on independent distributors to sell our products; inventory-related charges; the timing of and ability to obtain and maintain regulatory clearances and approvals for our products and launching our products; impacts of rising healthcare costs; our ability to comply with extensive FDA regulations; the timing of and ability to obtain third party payor reimbursement of procedures utilizing our products; unfavorable publicity; the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make; disruptions to our manufacturing operations; the impact of tariffs or other restrictive trade measures; our failure to properly manage growth; disruptions of critical information systems or material breaches in the security of our systems; our ability to manage our intellectual property rights to provide meaningful protection; fluctuation of quarterly financial results; fluctuations in foreign currency exchange rates; reliance on third party manufacturers and suppliers; and litigation, administrative or other proceedings. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026, and our subsequent Quarterly Reports on Form 10-Q. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change, except as required by law.
Use of Non-GAAP Financial Measures
To supplement AtriCure’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, AtriCure provides certain non-GAAP financial measures in this release as supplemental financial metrics.
Revenue reported on a constant currency basis is a non-GAAP measure, calculated by applying previous period foreign currency exchange rates to each of the comparable periods. Management analyzes revenue on a constant currency basis to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on revenue, the Company believes that evaluating growth in revenue on a constant currency basis provides an additional and meaningful assessment of revenue for both management and investors.
Adjusted EBITDA is calculated as net income (loss) before other income/expense (including interest), income tax expense, depreciation and amortization expense, share-based compensation expense, and non-recurring charges that are not reflective of the operational results of the Company’s core business and may affect comparability of results period-over-period. Non-recurring charges include acquisition costs, acquired-in-process research and development (IPR&D) and related milestone payments arising from asset acquisitions, legal settlement costs, impairment of intangible assets and changes in fair value of contingent consideration liabilities.
Management believes in order to properly understand short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. The excluded items vary in frequency and/or impact on our continuing results of operations and management believes that the excluded items are typically not reflective of our ongoing core business operations and financial condition. Further, management uses adjusted EBITDA for both strategic and annual
operating planning. A reconciliation of adjusted EBITDA reported in this release to the most comparable GAAP measure for the respective periods appears in the table captioned “Reconciliation of Non-GAAP Adjusted Income (Adjusted EBITDA)” later in this release.
Adjusted earnings (loss) per share is a non-GAAP measure which calculates the net income (loss) per share before non-cash adjustments in fair value of contingent consideration liabilities, acquired IPR&D and related milestone payments arising from asset acquisitions, legal settlement costs, impairment of intangible assets and debt extinguishment.
The non-GAAP financial measures used by AtriCure may not be the same or calculated in the same manner as those used and calculated by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for AtriCure’s financial results prepared and reported in accordance with GAAP. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business.
CONTACTS:
Angie Wirick
AtriCure, Inc.
Chief Financial Officer
(513) 755-5334
awirick@atricure.com
Marissa Bych
Gilmartin Group
Investor Relations
(415) 937-5402
marissa@gilmartinir.com
ATRICURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| United States Revenue: | |||||||||||||||||||||||
| Open ablation | $ | 43,003 | $ | 35,592 | $ | 122,968 | $ | 105,368 | |||||||||||||||
| Minimally invasive ablation | 5,389 | 7,428 | 17,806 | 23,747 | |||||||||||||||||||
| Pain management | 28,057 | 20,837 | 77,474 | 59,275 | |||||||||||||||||||
| Appendage management | 51,600 | 45,450 | 151,594 | 132,649 | |||||||||||||||||||
| Total United States | 128,049 | 109,307 | 369,842 | 321,039 | |||||||||||||||||||
| International Revenue: | |||||||||||||||||||||||
| Open ablation | 11,178 | 10,852 | 31,937 | 30,196 | |||||||||||||||||||
| Minimally invasive ablation | 1,903 | 1,862 | 5,836 | 6,247 | |||||||||||||||||||
| Pain management | 2,440 | 2,080 | 6,810 | 5,902 | |||||||||||||||||||
| Appendage management | 10,880 | 10,168 | 34,878 | 30,644 | |||||||||||||||||||
| Total International | 26,401 | 24,962 | 79,461 | 72,989 | |||||||||||||||||||
| Total revenue | 154,450 | 134,269 | 449,303 | 394,028 | |||||||||||||||||||
| Cost of revenue | 35,100 | 32,937 | 102,013 | 98,586 | |||||||||||||||||||
| Gross profit | 119,350 | 101,332 | 347,290 | 295,442 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development expenses | 32,116 | 22,892 | 82,753 | 74,704 | |||||||||||||||||||
| Selling, general and administrative expenses | 82,881 | 78,232 | 249,993 | 232,676 | |||||||||||||||||||
| Total operating expenses | 114,997 | 101,124 | 332,746 | 307,380 | |||||||||||||||||||
| Income (loss) from operations | 4,353 | 208 | 14,544 | (11,938) | |||||||||||||||||||
| Other expense, net | (336) | (294) | (707) | (585) | |||||||||||||||||||
| Income (loss) before income tax expense | 4,017 | (86) | 13,837 | (12,523) | |||||||||||||||||||
| Income tax expense (benefit) | (47) | 181 | 710 | 681 | |||||||||||||||||||
| Net income (loss) | $ | 4,064 | $ | (267) | $ | 13,127 | $ | (13,204) | |||||||||||||||
| Basic net income (loss) per share | $ | 0.08 | $ | (0.01) | $ | 0.27 | $ | (0.28) | |||||||||||||||
| Diluted net income (loss) per share | $ | 0.08 | $ | (0.01) | $ | 0.27 | $ | (0.28) | |||||||||||||||
| Weighted average shares used in computing net income (loss) per share: | |||||||||||||||||||||||
| Basic | 48,893 | 47,920 | 48,633 | 47,680 | |||||||||||||||||||
| Diluted | 49,831 | 47,920 | 49,385 | 47,680 | |||||||||||||||||||
ATRICURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 187,031 | $ | 167,428 | |||||||
| Accounts receivable, net | 76,128 | 66,653 | |||||||||
| Inventories | 87,310 | 78,492 | |||||||||
| Prepaid and other current assets | 12,921 | 9,944 | |||||||||
| Total current assets | 363,390 | 322,517 | |||||||||
| Property and equipment, net | 66,667 | 39,123 | |||||||||
| Operating lease right-of-use assets | 5,711 | 6,868 | |||||||||
| Goodwill and intangible assets, net | 275,656 | 282,807 | |||||||||
| Other noncurrent assets | 6,112 | 2,864 | |||||||||
| Total Assets | $ | 717,536 | $ | 654,179 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 80,245 | $ | 78,399 | |||||||
| Other current liabilities | 3,727 | 3,121 | |||||||||
| Total current liabilities | 83,972 | 81,520 | |||||||||
| Long-term debt | 61,000 | 61,865 | |||||||||
| Finance and operating lease liabilities | 32,105 | 11,516 | |||||||||
| Other noncurrent liabilities | 7,235 | 7,343 | |||||||||
| Total Liabilities | 184,312 | 162,244 | |||||||||
| Stockholders' Equity: | |||||||||||
| Common stock | 51 | 50 | |||||||||
| Additional paid-in capital | 933,234 | 904,522 | |||||||||
| Accumulated other comprehensive income | 15 | 566 | |||||||||
| Accumulated deficit | (400,076) | (413,203) | |||||||||
| Total Stockholders' Equity | 533,224 | 491,935 | |||||||||
| Total Liabilities and Stockholders' Equity | $ | 717,536 | $ | 654,179 | |||||||
ATRICURE, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS
(In Thousands)
(Unaudited)
Reconciliation of Non-GAAP Adjusted Income (Adjusted EBITDA)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss), as reported | $ | 4,064 | $ | (267) | $ | 13,127 | $ | (13,204) | |||||||||||||||
| Income tax expense (benefit) | (47) | 181 | 710 | 681 | |||||||||||||||||||
| Other expense, net | 336 | 294 | 707 | 585 | |||||||||||||||||||
| Depreciation and amortization expense | 5,474 | 5,169 | 16,055 | 15,424 | |||||||||||||||||||
| Share-based compensation expense | 12,478 | 12,424 | 36,064 | 33,425 | |||||||||||||||||||
| Acquired in-process research & development expense | 4,500 | — | 4,500 | 5,000 | |||||||||||||||||||
| Non-GAAP adjusted income (adjusted EBITDA) | $ | 26,805 | $ | 17,801 | $ | 71,163 | $ | 41,911 | |||||||||||||||
Reconciliation of Non-GAAP Adjusted Earnings (Loss) Per Share
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss), as reported | $ | 4,064 | $ | (267) | $ | 13,127 | $ | (13,204) | |||||||||||||||
| Acquired in-process research & development expense | 4,500 | — | 4,500 | 5,000 | |||||||||||||||||||
| Non-GAAP adjusted net income (loss) | $ | 8,564 | $ | (267) | $ | 17,627 | $ | (8,204) | |||||||||||||||
| Adjusted earnings (loss) per share | $ | 0.18 | $ | (0.01) | $ | 0.36 | $ | (0.17) | |||||||||||||||
| Adjusted earnings (loss) per diluted share | $ | 0.17 | $ | (0.01) | $ | 0.36 | $ | (0.17) | |||||||||||||||
| Weighted average shares used in computing adjusted earnings (loss) per share | |||||||||||||||||||||||
| Basic | 48,893 | 47,920 | 48,633 | 47,680 | |||||||||||||||||||
| Diluted | 49,831 | 47,920 | 49,385 | 47,680 | |||||||||||||||||||