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  "documentTitle": "AtriCure, Inc. (ATRC)",
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  "notes": "This is a research note from Kerrisdale Capital criticizing AtriCure's strategic pivot to hybrid procedures.",
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      "text": "The ill-conceived Convergent procedure will fail to gain any traction against catheter ablation in persistent AF",
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      "text": "Since 2005, with the initiation of the RESTORE-SR II trial, AtriCure has tried to develop a minimally invasive surgical ablation procedure... Over time though, AtriCure abandoned the idea of a pure stand-alone ablation in favor of a \"hybrid\" approach.",
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      "text": "It was always understood by AtriCure's management team that limiting surgical ablation primarily to patients who were undergoing open-heart surgery would severely restrict the company's addressable market.",
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      "text": "There are two ways to interpret the CONVERGE results. AtriCure's interpretation is that the \"hybrid\" Convergent procedure(s)... is superior to performing a catheter ablation alone. That's not what we heard from the electrophysiologists...",
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      "text": "7 That is the clear implication of the description and outcome measures of the RESTORE-SR IIB trial...",
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