REVENUE
The Company develops, manufactures and sells devices designed primarily for surgical ablation of cardiac tissue, exclusion of the left atrial appendage, and temporarily blocking pain by ablating peripheral nerves. These devices are marketed to a broad base of medical centers globally and primarily used by cardiothoracic and thoracic surgeons. The Company recognizes revenue when control of promised goods is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods.
United States revenue by product type is as follows:
| | | | | | | | | | | | | | | | | |
| | 2025 | | 2024 | | 2023 |
| Open ablation | $ | 143,847 | | $ | 123,647 | | $ | 105,287 |
| Minimally invasive ablation | 31,475 | | 45,737 | | 44,577 |
| Pain management | 81,923 | | 61,844 | | 49,199 |
| Appendage management | 178,127 | | 151,588 | | 134,481 |
| Total United States | $ | 435,372 | | $ | 382,816 | | $ | 333,544 |
International revenue by product type is as follows:
| | | | | | | | | | | | | | | | | |
| | 2025 | | 2024 | | 2023 |
| Open ablation | $ | 41,040 | | $ | 34,693 | | $ | 31,483 |
| Minimally invasive ablation | 8,371 | | 8,104 | | 6,670 |
| Pain management | 7,692 | | 5,624 | | 2,013 |
| Appendage management | 42,053 | | 34,070 | | 25,535 |
| Total International | $ | 99,156 | | $ | 82,491 | | $ | 65,701 |
Revenue attributed to customer geographic locations is as follows:
| | | | | | | | | | | | | | | | | |
| | 2025 | | 2024 | | 2023 |
| United States | $ | 435,372 | | $ | 382,816 | | $ | 333,544 |
| | | | | |
| Europe | 61,493 | | 49,874 | | 38,469 |
Asia-Pacific | 30,723 | | 27,379 | | 24,526 |
| Other International | 6,940 | | 5,238 | | 2,706 |
| Total International | 99,156 | | 82,491 | | 65,701 |
| Total Revenue | $ | 534,528 | | $ | 465,307 | | $ | 399,245 |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.