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  "docSlug": "4dea9707af58",
  "documentTitle": "AtriCure, Inc. (ATRC)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-01 00:00:00",
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  "notes": "Includes specific footnotes (21, 22) challenging the company's interpretation of the STAR AF II trial results.",
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      "kind": "callout",
      "text": "AtriCure has been unable to demonstrate any operating leverage, let alone a trivial accounting profit, even as its core products have saturated their addressable market with little direct competition.",
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      "text": "Efficacy is defined in two ways: acutely and chronically. Speed has always been defined by the length of time. Safety, as defined by low rates of adverse events.",
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      "text": "In its presentation on the CONVERGE trial results, AtriCure references the results of the STAR AF II trial as evidence that catheter ablation can't effectively treat patients suffering from persistent AF.",
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      "text": "Either way, AtriCure has been unable to demonstrate any operating leverage... the days of double-digit growth are over.",
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      "kind": "quote",
      "text": "AtriCure's presentation of the STAR AF II results cuts off the published table documenting the trial's major efficacy outcomes, conveniently omitting the fact that - even 10 years ago! - two catheter ablation procedures consisting of PVI alone resulted in freedom from AF/AT/AFL 18 months after the initial procedure in 61% of patients suffering from persistent AF. — Kerrisdale Capital",
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      "text": "21 Verma, A, et al, Approaches to Catheter Ablation for Persistent Atrial Fibrillation. 22 AtriCure's presentation of the STAR AF II results cuts off the published table...",
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      "kind": "title",
      "text": "V. New technologies are revolutionizing cardiac ablation to the detriment of AtriCure",
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