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In 2023, CMS created MS-DRG 212 which moves cases with an AVR plus and MVR plus an ablation from MS-DRGs 216-221 to MS-DRG 212. In 2024, CMS created MS-DRG 317 which moves cases with ablation plus LAAM from MS-DRG 228/229 to MS-DRG 317. Healthcare providers are solely responsible for the accuracy of codes selected for the services rendered and reported.
Endorsed by the European Stroke Organisation (ESO). European Heart Journal, ehae176. Sources: Page 10: Treatment of Afib and LAAM Advancing Guidelines for Clinical Practice Page 11: Treatment of Afib and LAAM Improving Access through Reimbursement In 2021, CMS moved CABG plus ablation cases to MS-DRGs 223/234 from MS- DRGs 235/236. In 2022, CMS physician payment rates included new surgical LAA codes (CPT 33267, 33268, 33269).
V., Casado-Arroyo, R., Caso, V., Crijns, H. J., ... & Kotecha, D. (2024). 2024 ESC Guidelines for the management of atrial fibrillation developed in collaboration with the European Association for Cardio-Thoracic Surgery (EACTS) Developed by the task force for the management of atrial fibrillation of the European Society of Cardiology (ESC), with the special contribution of the European Heart Rhythm Association (EHRA) of the ESC.
Circulation, 149(1), e1-e156. Wyler von Ballmoos, M. C. W., Hui, D. S., Mehaffey, J. H., Malaisrie, S. C., Vardas, P. N., Gillinov, A. M., ... & Badhwar, V. (2024). The Society of Thoracic Surgeons 2023 Clinical Practice Guidelines for the Surgical Treatment of Atrial Fibrillation. The Annals of Thoracic Surgery. Van Gelder, I. C., Rienstra, M., Bunting, K.
Circulation, 140(2), e125- e151. Joglar, J. A., Chung, M. K., Armbruster, A. L., Benjamin, E. J., Chyou, J. Y., Cronin, E. M., ... & Van Wagoner, D. R. (2024). 2023 ACC/AHA/ACCP/HRS guideline for the diagnosis and management of atrial fibrillation: a report of the American College of Cardiology/American Heart Association Joint Committee on Clinical Practice Guidelines.
Journal of clinical anesthesia, 36, 174-177. Maguire, M. F., Latter, J. A. Mahajan, R., Beggs, F.D., & Duffy, J. P. (2006). A study exploring the role of intercostal nerve damage in chronic pain after thoracic surgery. European journal of cardio - thoracic surgery, 29 (6), 873-879. 6 1 in 7 thoracotomy patients develop opioid addiction 1 in 11 minimally invasive lung surgery patients develop an opioid addiction The Society of Thoracic Surgeons, Current News Release (1/30/2018): 1 in 7 Lung Surgery Patients at Risk for Opioid Dependence Key Abbreviations Afib or AF Atrial Fibrillation AVR Aortic Valve Repair / Replacement CABG Coronary Artery Bybass Graft CNB Cryo Nerve Block CPT Current Procedural Terminology code EP Electrophysiologist FDA Food & Drug Administration IDE Investigational Device Exemption IST Inappropriate Sinus Tachycardia LAA Left Atrial Appendage LAAM LAA Management MS-DRG Medicare Severity Diagnosis Related Groups MVR Mitral Valve Repair/Replacement PFA Pulsed Field Ablation PMA Pre-Market Approval POAF Post-Op Afib PVI Pulmonary Vein Isolation RF Radio Frequency RFA Radio Frequency Ablation RVU Relative Value Unit 29 References and Abbreviations 2025 AtriCure, Inc.
R. Keech, J., Selte, A., & Brennan, T.J. (2017). A prospective study of chronic pain after thoracic surgery. Anesthesiology: The Journal of the American Society of Anesthesiologists, 126(5), 938-951. Niraj, G., Kelkar A., Kaushik, V., Tang, Y., Fleet, D., Tait, F., & Rathinam, S. (2017). Audit of postoperative pain management after open thoracotomy and the incidence of chronic posthoracotomy pain in more than 500 patients at a tertiary center.
Clin Epidemiol 6 213-220 5 >5x higher risk of heart failure Boriani G, Proietti M (2017) Atrial fibrillation prevention: an appraisal of current evidence. Heart (0):1-6 5 >3x higher risk of dementia Bunch TJ et al. Arrhythmia & Electrophysiology Review 2019;8(1):8-12 6 30-50% patients report persistent pain lasting months after surgery Bayman, E.O., Parekh, K.
(2016). Atrial fibrillation and risks of cardiovascular disease, renal disease, and deaths systematic review and meta analysis. BMJ 2016; 354:i4482 5 46% greater risk of mortality Boriani G, Proietti M (2017) Atrial fibrillation prevention: an appraisal of current evidence. Heart (0):1-6 Zoni-Berisso M, Lercari F, Carazza T, Domenicucci S (2014) Epidemiology of atrial fibrillation: European perspective.
Y., Vinter, N., Guo, Y. & Johnsen, S. (2024). Atrial fibrillation: epidemiology, screening and digital health. The Lancet Regional Health-Europe, Volume 37, 100786, February 2024 5 45% with Afib greater than 1 year Percentages reflect percentage of diagnosed AF patience in long-standing persistent disease stage of AF progression 5 5x higher risk of stroke; Odutayo, A. et al.
Unrivaled commitment to develop and support our partners and patients. Driving profitable growth. Bright outlook for revenue growth coupled with operating leverage. Robust, organic R&D pipeline. Broad Innovation and Clinical Science initiatives across platforms. Vastly underpenetrated markets. Ability to grow within existing markets as we cultivate new opportunities. 2025 AtriCure, Inc.
Leading with innovation, clinical science and awareness to establish and grow our markets $10B+ Pain Management Ablation Thoracic Procedures Cardiac Surgery Open Ablation + LAAM Concomitant Treatment Pre-Op Afib Hybrid Therapy MIS Ablation + LAAM Standalone Treatment for Long-Standing Persistent Afib Cardiac Surgery LAAM Concomitant Treatment PMA study underway for Non-Afib LAAM Pain Management Ablation Sternotomy Procedures Hybrid Therapy MIS Ablation PMA study underway for IST Pain Management Ablation Extremities Cardiac Surgery Ablation Concomitant Treatment PMA study underway for Non-Afib Ablation Global Opportunity + Establishing AtriCure as the Standard of Care Estimated Total Market Opportunity Our Vision for Standard of Care Key Drivers Innovation Clinical Science Awareness Globally, all Cardiac Surgery patients benefit from ablation + AtriClip to reduce Afib and strokes. ~$7B+ Nearly 2 million patients annually EnCompass Clamp + AtriClip Dedicated Field Team Guidelines & Reimbursement Robust Education, Awareness LeAAPS Clinical Trial BoxX-NoAF Clinical Trial Cardiac Surgery Increase treatment of LS Persistent Afib patients with minimally invasive ablation + AtriClip. ~$3B+ Over 200,000 patients annually EPi-Sense System + AtriClip EP Focused Field Team Guidelines & Reimbursement Robust Education, Awareness CONVERGE Data CEASE AF and DEEP Studies PFA Platform Hybrid Therapies Cryo Nerve Block reduces pain, minimizes narcotic use, and improves recovery time in surgical procedures. ~$2B Nearly 1 million patients annually cryoSPHERE+, MAX, cryoXT Cryo Platform Dedicated Field Team Patient Awareness FROST Trial Economic Studies REDUCE Registry Pain Management 16 2025 AtriCure, Inc.
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.
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. Adjusted loss per share is a non-GAAP measure which calculates the net 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.
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 change 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.
Adjusted EBITDA is calculated as net 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.
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 unless required by law. To supplement AtriCure's 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 as supplemental financial metrics in this presentation.
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, 2024 filed with the SEC on February 14, 2025. 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.
Such statements are based only upon current expectations of AtriCure. All forward-looking information is inherently uncertain and actual results may differ materially from assumptions, estimates, projections or expectations reflected or contained in the forward-looking statements as a result of various risk factors. 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; 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; 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; 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.
Forward-looking statements address, among other things, AtriCure's expected market opportunity, future business, financial performance, financial condition, and results of operations, and often contain words such as "intends," "estimates," "anticipates," "hopes," "projects," "plans," "expects," "drives," "seek," "believes," "see," "focus," "should," "will," "would," "can," "opportunity," "target," "outlook," and similar expressions and the negative versions thereof.
AtriCure does not assume responsibility for coding decisions, nor recommend codes for specific cases. AtriCure also does not promote off-label use of its devices. Sources: 30