AtriCure, Inc. ATRC

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 59.88 USD on Nov 2, 2026, +51.4% year to date

Quant rating

Quant rating A Rank 25 of 565 in Health Care

Growth A 50 of 565
Valuation D 431 of 565
Quality A 67 of 565
Revisions B 188 of 565
Momentum A 32 of 565

Wall Street consensus Buy (2.11)Average target 61.71 USD +3.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.0B
Enterprise value: 2.9B
52-week range: 25.37 – 62.87
3-year range: 19.86 – 62.87
Dividend yield: –
Beta (5 years): 1.21
Shares outstanding: 50.9M
Next earnings: Nov 3, 2026

About the company

AtriCure, Inc. provides technologies for the treatment for atrial fibrillation (Afib), left atrial appendage (LAA) management and post-operative pain management. The Company's cardiac ablation and left atrial appendage management (LAAM) products are used by physicians during open-heart and minimally invasive surgical procedures. Its pain management solutions are used by physicians to freeze nerves during cardiothoracic or thoracic surgical procedures. The Company's products for open and minimally invasive ablation include Isolator Synergy Clamps and Multifunctional Pens and Linear Ablation Devices. Its products for open ablation include cryoICE Cryoablation System. Its products for minimally invasive ablation include EPi-Sense Guided Coagulation System with VisiTrax Technology. Its appendage management products include AtriClip System. The Isolator Synergy Ablation System clamps are single-use disposable radio frequency (RF) products with jaws that close in a parallel fashion.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	535	465	399	330	274	–
Revenue growth	14.9%	16.5%	20.8%	20.4%	32.8%	20.9%
EPS (basic, normalized)	−0.24	−0.67	−0.66	−1.02	1.09	–
EPS growth	–	–	–	–	–	–
Gross margin	75.0%	74.7%	75.2%	74.4%	75.0%	74.9%
Net margin	−2.1%	−9.6%	−7.6%	−14.1%	18.3%	−3.0%
ROE	−2.4%	−9.6%	−6.6%	−9.9%	11.2%	−3.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	168
Current ratio	4.22x
Long-term debt (mil)	66.3
Net debt (mil)	−100
Total equity (mil)	516
Net debt / equity	−0.19x
Net debt / EBITDA	−1.62x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	535	+14.9%	5.5x	61.8	+124.2%	47.7x	−0.24	+64.2%	−249.5x
2026	606	+13.4%	4.9x	87.5	+41.6%	33.7x	0.15	+163.0%	396.3x
2027	680	+12.2%	4.3x	102	+16.5%	28.9x	0.44	+193.3%	135.1x
2028	765	+12.5%	3.8x	124	+21.2%	23.8x	0.70	+57.5%	85.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	606	0.0%	0.0%	+0.2%	0.15	+4.2%	+4.9%	+168.6%
2027	680	+0.1%	+0.1%	+0.3%	0.44	0.0%	+0.3%	+29.7%
2028	765	0.0%	+0.1%	+0.2%	0.70	+0.1%	+0.3%	+18.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	109	116	116	124	124	136	134	140	141	154
Sales mean (mil)	107	116	112	122	123	130	131	140	140	152
Surprise	+1.8%	+0.1%	+3.3%	+2.0%	+0.6%	+4.6%	+2.3%	+0.5%	+1.0%	+1.2%
EPS reported	−0.28	−0.17	−0.17	−0.08	−0.14	−0.02	−0.01	0.04	0.00	0.18
EPS mean	−0.23	−0.17	−0.19	−0.23	−0.23	−0.17	−0.11	−0.10	−0.06	0.00
Surprise	−22.6%	−1.2%	+12.7%	+65.1%	+38.9%	+88.1%	+91.3%	−142.1%	+100.0%	+3,954.1%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ATRC AtriCure, Inc.	3.0B	−1.62x	−2.1%	5.90x	396.3x	135.1x	33.7x	28.9x
ABT Abbott Laboratories	190.6B	2.36x	14.7%	3.73x	20.0x	18.6x	16.5x	15.0x
MDT Medtronic PLC	127.0B	1.99x	13.2%	2.53x	16.6x	15.5x	13.2x	12.6x
SYK Stryker Corporation	116.8B	1.65x	12.9%	4.98x	20.7x	18.8x	16.4x	15.3x
BSX Boston Scientific Corporation	64.2B	2.03x	14.4%	2.57x	14.0x	14.2x	12.1x	12.1x
EW Edwards Lifesciences Corporation	53.8B	−1.98x	17.5%	5.06x	31.1x	27.6x	23.5x	21.0x
Mean		0.74x	11.8%	4.13x	83.1x	38.3x	19.2x	17.5x
Median		1.82x	13.8%	4.35x	20.3x	18.7x	16.5x	15.2x

Technical analysis

1M+8.6%
3M+58.6%
1Y+73.3%
3Y+63.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AtriCure, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	535	465	399	330	274	207
Cost of revenue	134	118	98.9	84.4	68.5	57.2
Gross profit	401	348	300	246	206	149
Selling, general & administrative expenses	311	291	250	231	205	147
Research & development	96.2	93.2	73.9	57.3	48.5	43.1
Depreciation/amortization	3.0	3.0	3.0	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	1.4	0	0	82.3	3.8
Other operating expenses	0	0	0	0	−185	0
Operating income	−9.4	−41.4	−26.7	−42.7	55.2	−44.2
Net interest income (expense)	−1.4	−2.0	−3.1	−3.0	−4.5	−3.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.7	−0.3	0	−0.5	−0.4	0
Net income before taxes	−10.2	−43.7	−29.8	−46.2	50.4	−48.0
Provision for taxes	1.3	1.0	0.6	0.3	0.2	0.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−11.4	−44.7	−30.4	−46.5	50.2	−48.2
Extraordinary items	–	–	–	–	–	–
Net income	−11.4	−44.7	−30.4	−46.5	50.2	−48.2
EBIT, normalized	−9.4	−40.0	−26.7	−42.7	138	−40.4
EBITDA, normalized	11.1	−21.3	−10.8	−31.0	148	−30.8
Basic EPS, normalized	−0.24	−0.67	−0.66	−1.02	1.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, AtriCure, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	167	123	137	121	119	244
Receivables	66.7	60.3	52.5	42.7	33.0	23.1
Total inventory	78.5	75.3	67.9	45.9	39.0	35.0
Prepaid expenses	9.9	9.4	8.6	5.5	5.0	4.3
Other current assets	0	0	0	0	0	0
Total current assets	323	268	266	215	196	307
Property, plant & equipment	46.0	47.4	46.8	42.6	36.2	30.2
Goodwill	235	235	235	235	235	235
Intangibles	48.0	56.5	64.0	39.3	43.0	128
Long-term investments	–	–	0	51.5	104	14.2
Note receivable	–	–	–	–	–	–
Other long-term assets	2.9	2.9	2.2	2.0	1.0	0.4
Total assets	654	609	614	585	615	715
Liabilities
Accounts payable	25.3	25.0	27.4	19.9	18.6	12.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	54.8	47.2	46.1	34.2	35.5	27.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1.3	1.2	1.1	4.3	0.9	0.8
Other current liabilities	0.1	0	0	0	1.5	7.9
Total current liabilities	81.5	73.4	74.6	58.4	56.4	49.1
Long-term debt	67.8	69.1	68.7	66.0	69.8	64.4
Minority interest	–	–	–	–	–	–
Other liabilities	12.9	5.8	4.5	4.3	5.3	189
Total liabilities	162	148	148	129	132	302
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0	0	0	0	0
Additional paid-in capital	905	864	824	787	765	742
Retained earnings (accumulated deficit)	−413	−402	−357	−327	−280	−330
Treasury stock	–	–	–	–	–	–
Other equity	0.6	−1.0	−1.0	−4.1	−0.9	0.3
Total equity	492	461	466	457	484	412
Total liabilities & shareholders' equity	654	609	614	585	615	715

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AtriCure, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−11.4	−44.7	−30.4	−46.5	50.2	−48.2
Depreciation, depletion & amortization	20.5	18.7	14.8	11.7	10.4	9.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	52.5	56.5	38.3	31.5	−69.6	25.4
Changes in working capital	−4.3	−18.4	−18.2	−18.9	−4.8	−6.6
Cash from operations	57.3	12.2	4.5	−22.1	−13.8	−19.9
Investing activities
Capital expenditures	−15.1	−23.5	−42.0	−16.9	−9.8	−5.3
Other investing cash flows	0.5	53.7	63.8	60.9	33.3	−151
Cash from investing	−14.6	30.2	21.8	44.0	23.5	−156
Financing activities
Financing cash flow items	−4.9	−8.0	−6.6	−12.2	−19.2	−13.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	6.1	4.4	6.6	5.1	11.5	202
Cash from financing	1.2	−3.6	0	−7.1	−7.6	189
Foreign exchange effects	0.7	−0.4	−0.1	−0.4	−0.4	0.1
Net change in cash	44.7	38.4	26.2	14.4	1.7	13.5
Free cash flow	42.3	−11.3	−37.5	−39.0	−23.5	−25.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.