0001323885-26-000035
SEC filingQ2 2026 营收增长 12.8%，扭亏为盈，毛利率提升 269 bps，盈利质量显著改善。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $153,604K | $136,139K | +12.8% |
| Gross Profit | $118,629K | $101,482K | +16.9% |
| Gross Margin | 77.2% | 74.5% | +269 bps |
| Operating Income | $9,665K | $(6,192)K | — |
| Operating Margin | 6.3% | (4.5)% | +1,080 bps |
| Net Income | $8,955K | $(6,190)K | — |
| Diluted EPS | $0.18 | $(0.13) | — |
| Operating Cash Flow | $18,196K (H1) | $10,591K (H1) | +$7,605K |
| Free Cash Flow | $10,578K (H1) | $5,748K (H1) | +$4,830K |
Q2 2026 营收 $153.6M，同比 +12.8%（constant currency +12.4%），主要受 Pain Management（+27.8%）、Appendage Management（+14.4%）和 Open Ablation（+12.1%）驱动。Minimally Invasive Ablation 下滑 23.1%，因医生转向 PFA 导管，Hybrid 手术减少。
Gross Margin 提升 269 bps 至 77.2%，主要受益于 favorable product and geographic mix 和 manufacturing efficiencies。Operating Margin 转正至 6.3%，主要因营收增长和 2025 年同期 $5.0M PFA 里程碑付款消失。
盈利质量显著改善：Net Income 转正至 $9.0M，Operating Cash Flow 上半年 $18.2M，同比 +$7.6M，主要因 improved operating results 和 no acquired IPR&D expense。剔除一次性项后，run-rate 盈利能力更强。
| 分部 | 营收 | 同比 | 驱动 |
|---|---|---|---|
| Open ablation | $40,885K | +12.1% | EnCompass clamp |
| Minimally invasive ablation | $6,031K | -23.1% | PFA 导管竞争 |
| Pain management | $27,058K | +27.8% | cryoSPHERE MAX 探针 |
| Appendage management | $51,614K | +14.4% | AtriClip FLEX-Mini / PRO-Mini |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & cash equivalents | $167,786K | +$358K |
| Total Debt | $61,000K | -$865K |
| Inventory | $83,925K | +$5,433K |
| Accounts Receivable | $79,981K | +$13,328K |
| Operating Cash Flow (H1) | $18,196K | +$7,605K |
| Capex (H1) | $7,618K | +$2,775K |
| Free Cash Flow (H1) | $10,578K | +$4,830K |
Net Debt = $61,000K - $167,786K = -$106,786K（净现金）。FCF 转化率 = $10,578K / $9,063K ≈ 117%。